Hey JessCoiners
I came across this question while speaking to my dad, his quite the naysayer when it comes to cryptocurrency. I guess he prefers systematic economic oppression, but hey, everyone should be allowed to choose what they want to do. A lot of people in cryptocurrency are tied to a brand or an idea, a protocal or mechanism of consensus. To me, cryptocurrency regardless of the one you choose is about owning your purchasing power and the value you earn through your time.
As I venture deeper down the rabbit hole, I openly admit I become more radicalised against fiat, how it is used, how exploitative it is, and how it has been used and abused. That's not to say cryptocurrency cannot be exploited and abused, but at this point, it seems a safer bet. It has an incentive to provide a better option since we are free to choose to leave.
Take our purchasing power elsewhere and support something we feel maintains the value we put in and provides us with additional value.
Image source: - smartereum.com
Can Bitcoin be taken over?
So back to the question or rather a statement my dad made. He was like if governments wanted to, they could set up mining pools, buy them out and start to build towards 51% ownership of the network. They could change transactions, freeze them, double spend and bring down the network.
This would require a substantial amount of money, time, resources and expertise, and even if they could get it right, it would not be the end for crypto as we know it.
However, once they revealed themselves, we could fork them out of the network and move on with our lives. Their coins would be worth fuckall as people dump it as quickly as possible and the stake would be returned/allocated from a blockchain snapshot.
At this point, I'm relatively confident that cryptocurrency has reached a point of being unstoppable by law, regulation or a planned attack. As the network effects keep growing each year, it continues to become stronger and even beefing up the strength of altcoins which are more vulnerable to an attack by a central body.
Have your say
What do you good people of steem think? Do you think crypto can be stopped?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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