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

[TheFsf]

love how you go super in-depth with all of your content! The patreon + discord also give more info and are a steaaal for anyone interested

[Sethseneca]

Correction: the three branches of government: Legislative, judicial, and executive.

[Mike-ddbd]

I think bitcoin bugs underestimate how much power governments actually has when it comes to this stuff. Banning bitcoin would stop institutions and the average joe person from investing. Although bitcoin would still exist and would be accessed with work arounds for individuals in certain countries. The government can also apply a special tax rate for crypto making them less appealing. The governments around the world can't ban bitcoin outright but they can sure make it less appealing of a investment.

[ulharuzo]

Hi. I am Brazilian and folow your channel. I do speak English, but would like to share with friends who don't. Could you change the settings of your videos so that they show subtitles in Portuguese?

[dpsnodgrass]

I'm from the future. China banned Bitcoin mining and now there's far less threat of a 51% Attack 😁

[andreas]

Yes! I love critical thinking. Thank you for seriously discussing the possible downside. You got a subscriber.

[darbo]

Yes, you are truly on it! Implications of quantum computers was a key question I had for crypto.

[Clichea]

Your subs are growing exponentially!! congrats

[suertepanda]

Thank you! I appreciate how you examine the cons and not just the pros.

[rangerdoc]

If quantum computing gets ubiquitous enough to threaten the bitcoin network, a lot of legacy finance will get destroyed first. Online banking is magnitudes less secure.

[akasickform]

Fantastic and frank advice.

Also wondering about the who artist was that created the artwork behind you?

[lcr]

Thankyou !!! Great stuff.... people tell me I’m insane to hold Bitcoin due to REGULATIONS....

[andrevaillant]

This is may be abit unconventional but I was wondering if you could outline the energy consumption/environmental effects due to bitcoin. Perhaps a risk management perspective on behalf of humanity rather than investors!

Cheers :)

Nothing to worry about at least for 8-10 years....

8-10 years isn’t exactly a long time if this is supposed to be the new gold. Am I missing something ?

[cjnow]

Look at that growth! The Subs are stacking up! Yes sir....

[steadycasemiro]

Love your videos. This is enlightening and I’m enjoying learning more about Bitcoin. I have a question though which may be really stupid. If Bitcoin has a limit of 21 million, and as you’ve already mentioned previously, the actual number is lower because of lost Bitcoin. Does it not stand to reason that the amount of Bitcoin in existence will just continue to drop over time as Bitcoin gets lost and would this potentially kill Bitcoin in the long run by gradual extinction? This may be a very stupid question.

[za]

Thank you, sir, we are all blessed to hear your knowledge, hopefully, one day I can meet you as a mentor!

[nicholasdc]

Hello, could you please
deliver a video on the Taproot upgrade? And also how Bitcoin ETF’s will help it propel further? Thanks in advance. Great work btw.

[didactica]

I appreciate the variety of education on crypto you offer on your channel, ty! ❤

[Legendata]

Can a 51% quantum attack speed up the mining speed and compromise the network?