Yesterday I wrote on Honest.cash about my belief there will be more than one cryptocurrency in the future. Many will try to resist or dominate that multi-coin future. Some of the top (or wannabee) cryptos are now or will be attacking the others for market share. Anti-crypto forces are probably attacking as I write. One way I think a cryptocurrency (or a group of them) might lose most of their users would be a flippening or Mass Migration. Here I will discuss factors that could lead to this problem. It might take more than one of these at the same time to move the masses?
- Unfair ownership of the coins
Bitcoiners tend to be happy to take wealth FOR our younger generations from the old-money banker types. However, I believe many of those old-money types are growing big stacks during these mega-pumps and dumps (I wrote about on Honest.cash recently). So, I think things are a bit unfair from an old-school Bitcoiner perspective. Very Ironically, the even younger/newer people who are starting to flood into crypto now will see even us Bitcoiners as the Old-Moneyed types. They may really like an (improved?) new coin that comes out with a very fair distribution (gives everyone some?). Coins with a big pre-mine or known inequitable distribution will be especially vulnerable to this attack vector.
- major hack or bug
The obvious concern. Especially if unrecoverable such as a chain "wipe".
Major scandal affecting the Dev team or coin creators
Security system attack
Hashpower attack for POW, 51% coin ownership attack for POS, Social engineering the democracy of a DPOS.
- Major policy or code change without community support
Dev team gone wild, individual bad actor, …
- Unexpected move towards centralization
Of governance/code development or the security system
- Major infrastructure attack/damage
Coordinated?, Physical, "Act of God", WW3, solar flare, alien invasion, …
- Inspiration by a charismatic leader of a "movement"
Freedom, fairness, anarchy, revolution, human rights, environmental protection, …
- Major attack on the Dev team
Infiltration attacks, bribery, coordinated physical attacks, blackmail, pass-code theft, …
- Major unexpected or unnecessary loss of privacy
Many of the above factors Could be faked or exaggerated using well orchestrated social engineering efforts. The attacker(s) might also expertly hide their intentions like I think Blockstream has done so well for so long.* I am still in awe about how effective these tactics can be (see below).
I hope all the best coins are aware and vigilant about this sort of stuff (and more I'm sure I missed). When the value of a coin goes up these vectors may become more important to guard against. At some point my crazy paranoias may suggest we need to lock our dev's in camo-painted ivory towers in secret locations, lol. Seriously, though, crypto is young and vulnerable and we are poking big Bears every day.
* Although not a simple mass migration (more of a pretty successful coin and community take over), the "Blockstream" example displays some of these factors to be aware of. As I see it, the grand daddy of crypto (Bitcoin Core aka BTC) was captured by a corporation and their supporters who apparently intend to use the coin for increasing their corporate profits while limiting Miner's profits severely. They may plan to centralize mining (like they have effectively done to code development) after block rewards are no longer sufficient to sustain outside miners. Some claim Blockstream's primary intent was to destroy or delay Crypto adoption.
I believe Blockstream's epic attack was (and still is) a dev team infiltration, a major policy or code change without real community support, a major unexpected move towards centralization, bribery of many and a massive communication infrastructure take over. This was all well hidden by a socially engineered disinformation campaign using a troll/shill army embedded almost everywhere people discuss crypto.. If I am right, the truth will come out and books will be written and university classes will study this amazing event we are still experiencing today. The social engineering has been so well implemented that years later, many many people still think BTC continues to be decentralized and is the "real Bitcoin".
I am job hunting at the moment, so, I am available to consult on various subjects including how to prepare to resist these attack vectors. I accept most cryptos! If your well-intentioned and plan to create a fairer coin or inspire a movement, sign me up :-). If you wish I would shut up, I am broke and vulnerable so make me an offer (I could go back to playing computer games and making bubbles all day instead of trying to make the crypto world a better place). Since there does not seem to be a messaging system on HC, I can also be found here: https://www.reddit.com/user/Big_Bubbler
Thanks for considering my ideas,
- Big Bubbler
As always, I want to encourage people with feedback and differences of opinion to speak up. Maybe I can refine my ideas (or spelling/grammar). If your going to spew Blockstream/Core social-engineering talking points, I hope we can all see through the disinformation and clutter. I believe Bitcoin-BTC is currently "wearing no cloths" (lacks the necessary fundamentals for wide-scale adoption as a cryptocurrency). My hopes are not high, but, I do hope BTC fixes it's problems.