Yes, the guys from the MIT apparently know how Bitcoin could be destroyed. They even came up with 3 possible scenarios on how it could take place. Personally I don't think that it's possible but let's take a look at what they came up with...
Scenario 1 - The Fedcoin
“The year is two-thousand-something-big, and it’s the day your taxes are due. But you don’t file them. Instead an algorithm automatically makes a withdrawal from your electronic wallet, in a currency called Fedcoin.”
Yep a Fedcoin, that's the first way the MIT imagines Bitcoin could eventually be destroyed. A centrally issued currency that's fully controlled by the banks and governments. So pretty much the exact opposite to the vision of freedom that Bitcoin holds.
It's actually quite likely that something like a Fedcoin might possibly exist in the future but I somehow doubt that it will replace Bitcoin or even destroy it. Cause as we all know, no one can really cease your BTC but they could take all your Fedcoins within a second...
Scenario 2 - Facebook Takes Over
“If Facebook could persuade a large enough fraction of Bitcoin users and miners to run its own proprietary version of the Bitcoin software, the company would thereafter control the rules. It could then refashion Bitcoin as a corporate version of the Fedcoin described above.”
Okay, so honestly that scenario just made me laugh. As if Facebook would still be around in the future. For me it's pretty obvious that steem and SMT's will have taken over by then easily. Our children might eventually ask us one day what the hack we thought back then to use such social media platforms xD
Scenario 3 - Multiple Cryptocurrency
“You’re in the checkout line at the grocery store. Inside your phone’s digital wallet you find not only Fedcoin and FacebookCoin but also AppleCash, ToyotaCash, and a coin specific to the store you’re standing in. There’s also a coin redeemable for babysitting services, and another that gets you rides on your local subway system.”
True, that scenario actually sounds at least a little bit more realistic. But honestly, whenever every company got its own token, how shall the customers get their hands on them? Oh and further do we really think that every small business owner will have its own cryptocurrency and only accept that one in his/her store?
So the longer you think about it the less likely it gets that company coins will destroy bitcoin. Maybe I'm just too enthusiastic about BTC in general but come on, who of you would exchange some Bitcoin for a Facebook- or ToyotaCoin? I definitely wouldn't...
My Conclusion/Opinion
For me personally those 3 scenarios are actually more nonsense than a real possibility. Maybe I'm just not thinking abstract enough but honestly it sounds like someone had too much to drink and came up with some cool fictional stories on how Bitcoin could be destroyed.
Of course that's just my 2 cents but I'd definitely as well be interested in your opinion on those scenarios. Are they likely/possible to happen or just pure nonsense?
(Source - Cointelegraph.com)
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