Even though the upsurge of six hundred dollars ($600) in a day has led to Bitcoin price to cross the eight thousand five hundred dollar barrier ($8,500) but it still doesn’t guarantee that Bitcoin (BTC) is in a safe state.
As per Cory Fields from MIT and Greg Maxwell, Block Stream’s ex-chief technology officer (ex-CTO), bitcoin can still be considered unsafe due to its status as an “experiment”. They admitted that it was commendable for Bitcoin (BTC) to last as long as ten years without disintegrating.
However, when it comes to investments, America has long-lived options as compared to the BTC which is comparatively a “baby” and thus weaker.
Bitcoin price movement and 51% attacks
The crypto-traders are largely petrified of fifty-one (51) percent attacks. This usually occurs when a company owns more than half of the shares of the bitcoin mining operations; thus companies like Bitmain are the epicenter of these apprehensions.
However, according to Greg Maxwell, the fifty-one percent attacks aren’t entirely possible. He believes, people use this mysterious theory as a distraction and should have a rational approach to things.
Maxwell explains that the bigger problem crypto sphere may face is the fact that if the voting system changes and the decentralized currencies are centralized, they would lose their essence and value.
It would put mankind in grave danger. If the currency is to be centralized, people won’t pay heed to it. They wouldn’t try to understand why it is happening and will thus make no effort to prevent it. The fake decentralization to lure investors only to rip them off is more likely to occur than the expensive attacks people ponder over.
On the other hand, Cory Fields has different reservations. Fields believes that the Bitcoin could eventually have to confront a fatal bug which would, in turn, produce deceptive clones for Bitcoins, eventually devaluating it.
He mentions having come across one such bug himself which he disclosed and diminished it which gave rise to a series of discussions regarding the matter. A few months later, a similar bug was discovered again which would allow for money-printing out of nowhere.