Bitcoin ‘vampire attacks’ warning sparks strong reaction in the crypto community
A post by Bitcoiner Duo Nine has caused a significant stir in the crypto community, warning of so-called "vampire attacks" on Bitcoin.
While the community remains generally optimistic, eagerly anticipating Bitcoin’s approach to a new all-time high and a bull market, YCC founder and long-time Bitcoiner since 2014, Duo Nine, has warned of potential dangers from activity outside Bitcoin's main network and from players profiting from it.
Duo Nine likened practices such as creating exchange-traded funds (ETFs) and wrapping (converting Bitcoin for use in the Ethereum ecosystem) to "vampire attacks," criticizing Coinbase, BlackRock, and other numerous ETF issuers.
He referred to Satoshi Nakamoto's warnings about intermediary risks, noting that Bitcoin's main chain remains inactive while its value is exported and abstracted elsewhere.
According to Duo Nine, this deprives the main network of fees, reducing the funds available for maintenance and security.
He also highlighted the vulnerability of investors who do not directly own Bitcoin but rather its derivatives, warning of potential abuses by intermediaries that could leave investors with nothing.
And yet the fears are exaggerated. Commentary by leading expert of Traders Union Anton Kharitonov
Leading expert Anton Kharitonov from Traders Union also advises investors to store their BTC in cold wallets and avoid wrapped Bitcoin, though he considers fears of a "vampire attack" on Bitcoin exaggerated.
Kharitonov suggests that the flow of Bitcoin into wrapped tokens does not undermine network stability, as miner rewards are minimally impacted.
The rise of BTC and the decline of ETH indicate that no 'value flow' to other networks is occurring.
As for the 'freezing' of Bitcoin by the financial sector, this process merely reflects its role as a store of value and a liquid asset (similar to global gold reserves)."
Bitcoin is primed for a potentially record-setting November due to a combination of institutional buy-ins and favorable economic factors, inducing considerable interest among investors who anticipate a bull run.
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