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MIT Comes Up With Three Ways To Destroy Bitcoin

•, By Molly Jane Zuckerman

he first option, according to the article, is a government takeover of Bitcoin with the creation of a Federal Reserve-backed coin (Fedcoin):

"The year is two-thousand-something-big, and it's the day your taxes are due. But you don't file them. Instead an algorithm automatically makes a withdrawal from your electronic wallet, in a currency called Fedcoin."

This new blockchain would have verified financial institutions as the authorized nodes instead of peer-to-peer networks, "basically, trusted institutions," Yale undergrad Sahil Gupta told the MIT Technology Review. The article notes that the Bank of Canada built a simulation of such a system on Ethereum (ETH) in 2016.

Option two is a Facebook stealth takeover of Bitcoin, which involves the social media site creating a BTC wallet for all of its users, rewarding them in the cryptocurrency for interacting with ads, and giving them an ad-free experience if they let Facebook mine on their computer's unused power (as Salon offered earlier this year):

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