Why Are 2017’s Network Attacks “Actual” or Are Bitcoiners Growing Paranoid?

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Why Are 2017’s Network Attacks “Real” or Are Bitcoiners Growing Paranoid?

Technology

Over the last year or so there’s been a good deal of discussion concerning ‘attacks’ about the Bitcoin network. Around forums and social networking, the valuations out of bitcoin proponents of what an ‘assault’ on the community is has come to be a very contentious matter.

Are 2017's Network Attacks Real or Are Bitcoiners Growing Paranoid?

From the first days, bitcoin lovers sometimes discussed network attacks, typically discussing things such as the 51 percent assault, quantum pc strikes, or an intense denial of service onslaught from some central bank or government thing. However, these days the term ‘assault’ can be used a bit more broadly than ever, as the argument has made people believe everything is a Bitcoin networking invasion.

For example, when other development teams decided to make alternative customers, some individuals within the open source bitcoin community stated that alternative implementations were more offensive. Another example is when one aspect of the climbing debate told the other hand to “proceed and fork,” and they did, but were subsequently considered ‘attackers.’ Further, the ASIC Boost controversy that this season was deemed an assault by some, while others believed that it was mining hardware optimisation.

This week was no different with the rising price of bitcoin cash and the legacy chain’s network congestion. One Reddit post exemplifies lots of bitcoiners think the system is under continuous assault. The Redditor /u/logical states:

Spam transactions galore; fud on each crypto Reddit; hash electricity temporarily drained off to bitcoin cash. Honestly, we’ve seen each one of these. Nothing differs.

What is the Biggest Threat Bitcoin Will Face?

After a massive swathe of individuals were crying that the weekend’s bitcoin cash price increase was an ‘assault,’ Antonopoulos clarified  that he believes BTC and BCH will “coexist.” But, 1 bitcoiner told Antonopoulos that he must speak up about the “biggest danger bitcoin faces,” and go after the “bad actors.” Antonopoulos disagrees with the biggest threat statement, and reacted by saying:   

This is not even close to the biggest threat Bitcoin faces and I won’t be feeding the drama, distracting from the important work that has to be done.

Are 2017's Network Attacks Real or Are Bitcoiners Growing Paranoid?
The famous bitcoin proponent and author Andreas Antonopoulos.

After the opinions given by Antonopoulos, a Reddit user produced a chart that describes a vast quantity of possible bitcoin network attack scenarios. There are 3 classes of invasion that include delaying bitcoin improvement, and even slowing down attacks on infrastructure and bitcoin’s efficiency, BTC adoption. These courses are broken down into subsets as PR, Financial, along with Hybrid, as well cyber warfare, such as legal attacks attacks. The chart has approximately 40 attacks that the founder says are either ongoing or could occur later on. The chart reveals the likelihood of the assault during the next ten years, and the chance of damages in a low, medium, and high scale.  

Are 2017's Network Attacks Real or Are Bitcoiners Growing Paranoid?
Photo created by Reddit user /u/themetalfriend

Ever since bitcoin was first unleashed, there has been concern about central banks, authorities and crony corporatism trying to infiltrate the decentralized money’s network. As the bitcoin marketplace captures a market capitalization of more than 100 billion, and the development of mainstream adoption becomes more obvious, community participants are becoming more paranoid about attacks.  

Recently, much of the paranoia seems to be coming from the debate that’s been ongoing for years and the blowback of community participants not being able to come to consensus. Whether these attacks are legitimate concerns or not has been the biggest question at hand nowadays, as some skeptics believe some folks are just crying ‘wolf’ for no reason.

What can you believe about bitcoin attacks? Are you worried about the system being infiltrated and would you believe the protocol is currently being attacked? Let’s know what you believe in the comments below.


Pictures via Pixabay, Monodomo along with the Reddit user /u/themetalfriend.


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