LOL 🤣
This article must be satire. The level of misinformation in this article is so bad
That’s just one of the implications of a study appearing in the February 2025 issue of the Quarterly Journal of Economics. Another is that, because the cost of trying to prevent hacks such as North Korea’s will continue to grow, bitcoin will never become the major player in the global monetary system that its champions hope.
Budish’s research focuses on what it takes to protect crypto from not just hacks as North Korea’s but also from an even more devastating threat — what’s known as a “majority,” or a “51%,” attack. In these more serious attacks, a bad actor would gain control of more than 50% of the crypto network, which could in turn lead the crypto’s market value to plunge or even be wiped out altogether.
Enthusiasts believe that cryptocurrencies are protected from such attacks by the huge costs involved in gaining majority control — costs that are high enough to dissuade bad actors from wanting to mount such attacks in the first place. But Budish says there is an Achilles’ heel to their argument: For this protection to be credible, the cost of majority control must grow in lockstep with a cryptocurrency as it becomes more economically significant. Budish points out that “securing against a $1 billion attack is 1,000 times more expensive than securing against a $1 million attack.”
Yikes so much more education is needed