If one would crack Bitcoin they would be stupid to drive the price to zero. You don't kill the goose that lays golden eggs.
Who says Bitcoin can't change it's proof of work algorithm?
Who says Bitcoin can't change it's proof of work algorithm?
BTC is destroying the traditional central/statist banking model and poised to begin the same process of disintermediation for stock exchanges. Central banking and financial markets are two geese which lay very large golden eggs for some very powerful status quo powers that be. They have an overwhelming interest in killing BTC before it kills their ability to collect rent.
If you are long Litecoin or otherwise short BTC, driving the price to zero would make you a fortune.
If BTC changes its PoW algorithm, it's not longer BTC because the ASIC-based infrastructure currently securing its blockchain would be useless.
Yes I was implying individuals but I can see governments killing Bitcoin so we can still live in fairytale land
However cracking Bitcoin would also crack their security You are implying a fixed relationship between LTC and BTC. This might not always be true. Yes shorting would make you a fortune but milking BTC would make you more since you can sell stolen coins and resteal them.
Why is BTC no longer BTC if the PoW changes? Why are ASICs securing the blockchain? Anyone running the Bitcoin client can process transactions you don't specifically need an ASIC. Before and after all coins are minted people will fight over either the blocks or the transaction fees no matter which PoW scheme is used. If everyone would stop using their ASICs the difficulty would go down and people could process transactions with their GPU or even CPU.