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Misleading ideas of Bitcoin’s vulnerabilities

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A huge increase in the cost of a cryptocurrency suggests that the idea of a virtual currency was picked up with colossal force. The more people use Bitcoin, the more incentive to competitors to doubt the security of this type of payment. As a result, some sensational headlines try to mislead the public into presenting vulnerabilities where there is nothing to worry about, at least in the things that these articles point out.

Bitcoin’s vulnerabilities

Recently, News.bitcoin.com has issued an article presenting the research of ETH Zurich and Hebrew University. In this study, they speak about the discovered methods of ‘hijacking’ Bitcoin. The click-bait of the headline: “Research shows how Bitcoin can be attacked via internet routeing infrastructure.”

Omitting numerous scientific terms, this Coingeek.com article points out the peculiar guile of the research alongside with the aforesaid vulnerabilities only use to Bitcoin transactions done through the Bitcoin Core group’s SegWit sidechain dongle, as usual, Bitcoin transactions do not need the usage of an online wallet.

The current split between the Bitcoin Core and Bitcoin Unlimited parties do not show any signs of bringing down and one observer even penned an op-ed on Coindesk wailing the ‘civil war’ overwhelming the Bitcoin industry.

In his article, Nozomi Hayase uses hard comparisons with the hyper-partisan US political climate and persuades creators to “solidify our commitment to this technology’s fundamentals” and return to “the honest, collaborative work of writing code.”

Nozomi Hayase gives, even more, evidence why Bitcoin Core and the big banks funding should be so strongly withstood. He praises the Bitcoin technology’s “commitment to decentralisation”, but Core’s SegWit would give control to very financial establishments from which Bitcoin was going to free e-commerce.

It is no doubt that the website supports Bitcoin Unlimited, as it provides the online gambling sphere (which is difficult to imagine without Bitcoin that reached the current level of activity) with a rather good solution for improving transaction speed while limiting the costs, and this will also prevent the possibility to ‘highjack’, which is now done by the Core block.

Using the political analogy of Hayase, the US together with the whole world might yet survive four years of Trump’s President, but the independence of Bitcoin will not survive the victory of Bitcoin Core. The doctors in some very conservative countries do miracles with reconstructing the hymen but none of these cosmetic corrections will ruin Core’s violation of founding principles of Bitcoin.

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