Like on a Cigarette Box, Every Bitcoin Trade Should Carry a Sudden Death Warning Label

Bitcoin traders exhibit a firm faith that since no one to date published a way to crack Bitcoin, then it must be true that no one found a mathematical formula to crack the currency.

Non mathematicians have this faith as a matter of common sense, arguing: we trust the mathematicians. If Bitcoin had faced such existential threat as the alarmists warn, then they, the mathematicians, would have admitted it and toned down the trade. But what is actually happening is the opposite: From the President of the United States down through the mavens, the people of authority, the people with top mathematical credentials, they are celebrating Bitcoin and the rosy future it ushers.

Mathematicians on the other hand do realize that Bitcoin today is based on the unproven premise that the mathematical innovation that is needed to break bitcoin will not be realized. In other words, mathematicians who give credence to Bitcoin are betting against innovation -- and are fully aware of it!

Mathematicians, like everybody else, of course, have the freedom to bet against anything, but they do have to own up to their responsibility towards the general public. Millions and soon billons, of people who buy and sell Bitcoin rely on the mathematical class for the robustness and integrity of the coin, long into the future. They, the people, must be aware that mathematicians take a risk and bet against innovation.  The people should be in a position to decide for themselves whether to join the bet that innovative Bitcoin-busting will not come to pass -- or to bet otherwise.

The public and social conclusion from this short blog is that mathematicians should not hide from the public the vulnerability of Bitcoin to a mathematical catastrophe that would wipe out the entire wealth held by the currency.

I call upon my colleagues to stop the coverup, to realize that silence is misleading and it puts in danger millions of people who today transfer their assets to Bitcoin. The public today buys Bitcoin believing that the math is solid and unassailable.  The trading public deserves to know that Bitcoin faces a sudden death scenario.

Once the prospect of` Bitcoin catastrophe is put on the public table, then the door will open to investigating remedy. Today there are several plans to capture the magic of Bitcoin without exposing it to the prospect of catastrophic collapse. For example, LeVeL by BitMint.  LeVeL offers its traders the advantage of Bitcoin, but it is not vulnerable to adversarial innovative math because unlike Bitcoin, LeVeL assumes the existence of a smart mathematician, and it handles this reality with a Darwinian  approach: The LeVeL coin foretells how fast an attacker moves, and simply moves faster. One would expect better solutions for a robust Bitcoin than LeVeL, but to find them, we need to understand that we need a fundamental solution to the present day vulnerability of the currency that sucks in more and more of humanity's wealth.

The call of the hour is for the mathematical class to come out with a warning that is reminiscent of the warning label put on every cigarette box.

The Federal Reserve: (On advice of mathematicians)  Bitcoin is vulnerable to Unpublished Math. All its coins may vanish without recourse.

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