Bons believes that the collapse will contribute to the reduction of miners for mining for the production of the block, which occurs every four years. According to the halving schedule, by 2036, remuneration will be reduced to 0.39 BTC per block. At current prices, this means that the annual budget for ensuring the safety of the network of the first cryptocurrency will be about $ 2.3 billion. This amount is not enough to protect bitcoin, whose market capitalization is now $ 2.2 trillion, the businessman insists.
In his opinion, a decrease in the award will make an attack economically advantageous 51%, so attackers will be able to manipulate transactions and undermine the confidence in the blockchain. Bons drew attention to restrictions on the structure of Bitcoin management. The Bitcoin Core developers team, which controls the key updates, refused to increase the size of the unit and inflation, exceeding the limited Bitcoin offer of 21 million coins.
The founder of the Cyber Capital fears that such ossification, which arose even during the disputes about the size of the block in 2015-2017, can provoke a blockchain split or inflation, destabilizing the network. We must not forget about the development of quantum calculations, with the help of which there is a possibility of hacking the cryptographic protection of bitcoin – this is especially true for old addresses, the businessman warned.
Earlier, Bons already called on investors not to relate seriously on investment in Bitcoin, calling the first cryptocurrency “dying dinosaur.” The businessman claimed that Bitcoin has lost its resistance to censorship, immutability and decentralization.
Source: Bits
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