The following is an expansion (and update) to Mike Adam’s 6 step recipe to destroy Bitcoin.
- Buy lots of currency
- Give some away – Bitcoinbillionare
- Blame the Libertarians – Reddit
- Sell lots of currency way below market bid – 69,000 BTC
- Wait for market to crash
- Disrupt Mt.Gox and Bitstamp so nobody can short or buy – DDoS
- Demonize currency in mainstream media – Forbes, Bloomberg
- Shut down exchanges – Bitfloor, Bitcoin-24
- Disrupt access to wallet services – Blockchain
Exactly what comes next I’m not entirely sure. But it sure looks like cattle being herded as traders are goaded to Mt.Gox. Bitcoin is in the process of being de-decentralized. This only ends one of two ways, with the total destruction of the Bitcoin economy, or regulated beyond all recognition.