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The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin

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abstract

As Bitcoin's popularity has grown over the decade since its creation, it has become an increasingly attractive target for adversaries of all kinds. One of the most powerful potential adversaries is the country of China, which has expressed adversarial positions regarding the cryptocurrency and demonstrated powerful capabilities to influence it. In this paper, we explore how China threatens the security, stability, and viability of Bitcoin through its dominant position in the Bitcoin ecosystem, political and economic control over domestic activity, and control over its domestic Internet infrastructure. We explore the relationship between China and Bitcoin, document China's motivation to undermine Bitcoin, and present a case study to demonstrate the strong influence that China has over Bitcoin. Finally, we systematize the class of attacks that China can deploy against Bitcoin to better understand the threat China poses. We conclude that China has mature capabilities and strong motives for performing a variety of attacks against Bitcoin.

fields

cs.CR 1

years

2019 1

verdicts

UNVERDICTED 1

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Showing 1 of 1 citing paper.

  • Map-Z: Exposing the Zcash Network in Times of Transition cs.CR · 2019-07-23 · unverdicted · none · ref 16 · internal anchor

    First long-term Zcash network measurement study with a timing-analysis inference method for node interconnections validated at 50% precision and 82% recall.