In the realm of the worst things that could happen to Bitcoin in these times, one stands out above the rest. They call it the 51% onslaught.
The 51% onslaught is regarded as the end of the days for Bitcoin if it carries over as predicted. The worst case scenario that has been pictured is having a group of assailants that hold 50% of the hashing capacity to stop Bitcoin operations altogether. Neither confirmations, nor reversals could happen, bringing down the system for good.
Bitcoin development and design platform has been set up to fight this specific contingency. And so far it has worked smoothly until now.
Recent developments have put in motion an event where a number of players within the cryptocurrency industry are setting up a unanimous attack on the Bitcoin structure. The 51% onslaught is coming, and a large group of miners along a few Blockchain startups will begin the operation on November 16 to create a hard fork. The endgame is to increase the block size.
The people behind the 51% onslaught have gone beyond the creation of a new fork with their plans. The current development calls for a complete transformation in the status quo of the way cryptocurrencies are handled. The exclusion of replay protection will make sure of that.
The 2x fork will handle the transactions done in one of the forks, and replay them in the second one. This should mean that users should have funds on both blockchains. But from that moment on any operation they do in one of the blockchains will be reflected on the other as a loss.
Replay protection is there to make sure that every operation goes smoothly. By removing the security protocol there will be a great deal of disruption on transactions. The 2x attack will cause massive problems for small chains, turning them irrelevant of making them disappear.
The gathering of people promoting the 51% onslaught wants the current structure gone for good. And with their coordinated efforts they might just achieve what they have set out to do. The most baffling part of this saga is that the consortium of companies and individuals looking to expand the block size are real supporters of Bitcoin and cryptocurrencies in general that want an expansion in the operations the hard way.
The outcome doesn’t look bright after the hard fork is implemented by the 51% onslaught. Ina worst case scenario it backfires, the system could suffer a complete shutdown, the structure of the blockchain system could be lost or collapsed for a long time and new issues about security will arise for users. Also, forget about those commanding premiums for Bitcoin, demand will likely drop down after this.
Getting the best out of the worst
There is a good chance of things going the other way around after the hard fork. If the technical team of Bitcoin proves to be up to the challenge and withstand the 51% onslaught, they will set the cryptocurrency supremacy on stone.
We can’t stress enough how key is this moment for the digital currency. Its reliability is hanging of a thread as its being targeted by interest groups that pose a real threat. They justify their actions under the voice of an alleged expansion that may not work out at all.
If Bitcoin somehow manages to survive the experience it will become into a true juggernaut in the trade market. Cryptocurrencies as a field experiment will be done. And they’ll become a market staple. Don’t expect this to be the last drama though. The future is bright, but it’s full of bumps along the way for all digital currencies.