China could destroy bitcoin

A study carried out by personalities of the Universities of Princeton and Florida assure that China has all the potential necessary to finish with the bitcoin network.

The study details that thanks to the political and economic control that the Chinese government currently has, it could be a great threat against the cryptocurrency.

“One of the most powerful potential enemies is China, which has expressed adverse positions on the cryptocurrency and demonstrated powerful capabilities to influence it,” the investigation detailed.

Another point where the researchers emphasize is that the mining pools are “strongly centralized” highlighting that at least 80% of this activity is carried out from addresses that are located in China.

“If the Chinese government took over the control of domestic hashpower, this property would give them an advantage in the selection of blocks for the general ledger, which is important for some types of attacks“, they said.

The main reason that China could have to make an attack of this style is that the nation would like to discredit the idea of ​​a decentralized network, since this completely breaks with the schemes of the Asian political system.

K. Tovar

Source: Arxiv

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