Digital Currency Past Present Future - Operation Dragonslayer Disclosed
Bitcoin's fast and furious climb to popularity did not only capture the hearts and minds of investors but also attracted con artists. The disruptive power of bitcoin has provided a hack to the millionaires club that was never seen before. This lure of easy money and fame has breed heroes and villains alike that are now flacking the blockchain ecosystem.
There is an unverified report about a fully hatched plan to destroy bitcoin and gain billions in the process. The code name - Dragonslayer. I'm writing this post for the purpose of making fellow investors aware of the risks associated with the plot but short of verifying the accuracy of the plot.
What's the Plan?
Replace bitcoin core with bitcoin cash as the top crypto in terms of capitalization. The plan involves several strategic moves to inflate the price of bitcoin to around $10,000 and then dump it until the price drops to below the demand level of $1,000. After which, the majority of the bitcoin miners will stop supporting bitcoin core and will dedicate all mining power to bitcoin cash. Participating exchanges will likewise terminate the BTC / BCH trading.
Whose Driving This?
It's a known fact that a large majority of the mining power for bitcoin is located in China. For this plan to work, all Chinese miners would have to work together to successfully execute this plan.
Will They Succeed?
The plot seems to exploit the key weakness of the bitcoin protocol (or any other crypto for that matter) - whoever controls the majority of CPU power, controls the fate of the crypto.
Bitcoin's continued existence is guaranteed as long as the majority of CPU power is controlled by nodes that are not cooperating to attack the network. If all the Chinese miners who control the majority of the mining power launch a coordinated attack against the bitcoin core network, the covert plot should be taken seriously.
What can you do?
Complex problems have simple solutions. In line with this adage, one way to mitigate the risks associated with this plot is to hold an equal amount of both bitcoin core and bitcoin cash. This is the simplest way to protect your investments, given our current understanding of the rumored plot, especially for long-term investors.
Resist the temptation of dumping either coin when the prices is at ATH. And to better protect yourself against yourself, keep your coins in a ledger nano wallet. This wallet is the most secure and at the same time is not easy to use and makes it difficult to withdraw your coins unlike, desktop-based or phone wallets.
Stay safe and more profits to all by trading or holding cryptos!
See Also Previous Posts:
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After the Bitcoin Cash, Bitcoin Gold and SegWit2x forks (which had finally failed), the Bitcoin Diamond hard fork took place this morning at 10:20 at block 495 866.
The ad does not seem to have had a lot of enthusiasm on the part of most Twitter users we follow. Some people seem surprised by the proliferation of forests:
What are the reasons for this fork?
As its official website indicates, Bitcoin Diamond is the result of a collaboration between three entities, "EVEY", "007", as well as an entity without a pseudonym. Together they gave birth to the Bitcoin Diamond Foundation.
If they decided to set up a fork, it is because they believe that the current Bitcoin does not manage to "scaler", that is to say to cope with the intensification of the pace of transactions. They also mention the lack of confidentiality inherent in the Bitcoin protocol.
For some members of the community, this approach is not very original, since many crypto-currencies are already trying to find solutions to the "limits" of Bitcoin:
What are the characteristics of Bitcoin Diamond?
Bitcoin Diamond will use a new "proof-of-work" algorithm, which, according to the development team, would be more efficient than that of Bitcoin.
Bitcoin Diamond aims to:
Offer users a certain amount of confidentiality: the sums transferred, as well as the BCD balances, will be encrypted on the Bitcoin Diamond network.
offer faster transaction confirmations, thanks to an 8 MB block size (same as Bitcoin Cash)
lower the "minimum threshold of participation" by increasing the maximum amount of money
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