How Government can Achieve Full Control of Bitcoin with Little Extra Computational Power Required
A Response to the Idea that “There Just is not Enough Computational Power in the World” to Overwhelm the Bitcoin Hash Rate
Edited March 23, 2022, Last Edited December 16, 2022
“To do a successful attack against the network lots of power and energy would be needed, meaning … even in the event of malicious attempt when money is not the motivation, there is just not enough computational power in the world to achieve this.” Alberto Guerrero, in ‘Does Bitcoin Make Any Sense At All?’
That is a pleasant thought, Alberto! However, for the following reasons the Bitcoin network is far from invincible.
Turn the Bitcoin Network on Itself. Use Bitcoin’s Own Computational Power to Control all Bitcoin.
The legislative apparatus of Western governments are directed by multinational banking interests that are intent on promoting global Central Bank Digital Currencies (CBDCs). Bitcoin is an uncontrolled alternative to CBDCs. There are many methods governments can use to reign in Bitcoin.
“While cryptocurrencies are often thought to operate out of the reach of national regulation, in fact, their valuations, transaction volumes, and user bases react substantially to news about regulatory actions.
News events related to general bans on cryptocurrencies or to their treatment under securities law have the greatest adverse effect on valuations, followed by news on combating money laundering and the financing of terrorism, and on restricting the interoperability of cryptocurrencies with regulated markets. News pointing to the establishment of…