MIT Plans to ‘Destroy’ Bitcoin

The MIT Technology Review journal has come up with three ways to destroy Bitcoin.

Morgan peck suggests three instances that she thinks could destroy Bitcoin in an article titled “Let’s Destroy Bitcoin.”

According to the article, the first approach is a “government takeover” that will involve the federal government launch its own Cryptocurrency called “Fed coins” which will supposedly “improve upon the efficiencies of Bitcoin,” while also cutting down the popularity of all other Cryptocurrencies.

The second approach involves “tokenization of everything.” This approach involves economic changing into hyper-effective-mass- barter system, where every firm launches its cryptocurrency and immediately allows customers to trade their “FacebookCoins” for “ToypotaCash.”

“Think of this as an incredibly efficient barter system,” says Campbell Harvey, a finance professor at Duke University. “Barter is generally inefficient, but if you have a network and you tokenize the goods and services and enable it with a blockchain, it can become very efficient.”

The third approach involves all social media websites joining with Facebook in order to surpass all Cryptocurrencies.

According to Peck: “For those who already use Bitcoin, the experience is so vastly superior to what they’ve previously experienced that they immediately migrate their funds to their Facebook wallet. Those who don’t yet own any Bitcoin, or have never heard of them, could be given the option of earning some on the site, either by watching advertisements or by writing Facebook posts for others to see.”

For the time being, the firm would discretely introduce a mining operation, which could give users alternatives to a Coinhive-style mining script in exchange for an ad-free browsing experience.

But could these strategies be successful in getting rid of Bitcoin? Pecks is sure of this. But there are still doubts.