What can kill Bitcoin? The biggest threats analyzed with conclusion.

#Bitcoin #CryptoHack #51Attack #QuantumComputing #BitcoinKillers #Regulation
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0:00 Introduction to the 3 potential Bitocin Killers
0:40 Quantum Computing Solving Cryptography 72 qubits now needs 2334 to break Bitcoin Network
1:30 Safe for the next 10+ years, at least. Let’s wait until 2029 to worry about it. In the meantime, Bitcoin should be safe.
2:01 Time Saving: Even if there are quantum computers that use Grover's algorithm, it still would not save much time. Quantum Computers
2:11 Plus, if a quantum computer exists that can solve cryptography, it will be able to hack into our bank accounts, etc. BTC Least of our Worries if Quantum Computers can solve any encryption.
2:30 Good News The national Institute of standards and technology NIST is planning to issue #QuantumSafe encryption algorithms
2:45 Good News Aka Quantum resistant cryptography should be available in the year 2022. The bitcoin network will need an update over the next decade most probably.
3:00 51% Attack “Centralized production of mining equipment can have a bad outcome.”
3:15 Jimmy Song Quotes: 2 Biggest Risks Think: all ASIC chips made Bitmain Beijing and Microbt Shenzen “The more dangerous scenario is the concentration of hash power. Especially if a single company controls more than half of the network’s power.” Think: 23rds China
4:00 What Is a 51% Attack? An attack on a BTC blockchain by a group or pool of miners controlling 51% or more of the network's mining hash rate or computing power.
4:45 What Is HashPower? The power that your computer or hardware uses to run and solve different hashing algorithms.
5:14 Top 4 Chinese mining pools 51% of the hash rate
6:30 A 51% attack isn't possible without 51% of the hash rate. Even then, what would the pool do? Partition the network, double-spend, and hope nobody notices? Say You Get 51% It would cost billions. No one would trust BTC anymore. Theoretically possible. End game? Complete destruction of BTC because a country feels threatened by it.
6:48 Double Spend - BTC To Zero
8:00 Attackers would be able to prevent new transactions from gaining confirmations, allowing them to halt payments between some or all users. They can mine empty blocks. They can double spend BTC for a limited time
8:37 Can’t Do: Attackers can’t steal bitcoin. Can’t increase bitcoin supply ie hard limit at 21M remains. Can’t hack into Satoshi’s stash
9:00 Net Net - Damage Potential Attackers would be able to reverse transactions that were completed while they were in control of the network, meaning they could double-spend coins.
9:20 The Power of Consensus Mechanisms: How they protect Bitcoin
9:26 #1 Bitcoin Strength – Pieter Wuille “One of bitcoin’s strengths – the most important in my opinion even – is the low degree of trust you need in others.”
10:00 #2 Bitcoin Governance
10:56 #3 Sybil Resistance Honest
12:00 Any Precedent?
12:18 Back to How Simple theory! The cost to conduct one is punitive.
13:12 Regulation - no.
CONCLUSION
13:54 #1 Can quantum computing crack Bitcoin encryption? Maybe after 2030. The network can be made QuantumSafe by upgrades. We will have bigger issues to worry about.
14:20 #2 A 51% attack? It’s possible but unlikely. The impetus to do it defies logic and human motivations.
14:46 #3 Regulation Can Bitcoin be regulated? In short, no. Spiders command and control system! The starfish represents decentralized structures.
15:10 Patreon
15:30 SCAMMERS