It is about Bitcoin?

[Leonore Johnson]

Will quantum computing destroy Bitcoin? Thank you for your thoughts!

 

[JEREMY HAWKE]

No

 

[Mark T Jones]

I think bitcoin has pretty much destroyed itself.

 

[fisicx]

Will quantum computing destroy Bitcoin? Thank you for your thoughts!

What a stupid question. You obviously have no idea what either of these two technologies are.

 

[jack.ashton]

I think bitcoin has pretty much destroyed itself.

Can you explain this please?

 

[OMGVape]

What a stupid question. You obviously have no idea what either of these two technologies are.

I’m thinking the only reason you get away with being so rude to people is because you are a moderator ?

 

[Inva]

When bitcoin came out years ago i thought what a stupid idea! Who could possibly seriously use this thing besides crooks and criminals? If i was smarter i'd realise that would be exactly the reason it would succeed and would buy myself some. As it turns out those groups have been keeping it alive and well and i don't see it going away for as long as criminals can trade with it anonymously from their computer.

Of course the price has been ridiculous at times (and maybe is still) but i don't see it going away.

 

[Mark T Jones]

When bitcoin came out years ago i thought what a stupid idea! Who could possibly seriously use this thing besides crooks and criminals? If i was smarter i'd realise that would be exactly the reason it would succeed and would buy myself some. As it turns out those groups have been keeping it alive and well and i don't see it going away for as long as criminals can trade with it anonymously from their computer.

Of course the price has been ridiculous at times (and maybe is still) but i don't see it going away.

I think a key point here is that ****** currency probably will have a role to play in the future - possibly a significant role.

Whether the ****** of choice is Bitcoin will depend on many things one of which, ironically is stability.

Unfortunately it isn't only used by crooks, it is also sold by them - about 80% of trading in Bitcoin is via dubious, sometimes outright illegal MLM and pyramid schemes, relying on foolish investors to 'buy and hold' to sustain an artificial value.

Until that is resolved Bitcoin simply won't work as currency

 

[londonbiz]

When bitcoin came out years ago i thought what a stupid idea! Who could possibly seriously use this thing besides crooks and criminals? If i was smarter i'd realise that would be exactly the reason it would succeed and would buy myself some. As it turns out those groups have been keeping it alive and well and i don't see it going away for as long as criminals can trade with it anonymously from their computer.

Of course the price has been ridiculous at times (and maybe is still) but i don't see it going away.

Except that assessment is wildly wrong. Bitcoin is absolutely NOT anonymous and it is very easy to track all transactions. There are many companies which specialise in doing just that, alongside law enforcement.

 

[londonbiz]

I think a key point here is that ****** currency probably will have a role to play in the future - possibly a significant role.

Whether the ****** of choice is Bitcoin will depend on many things one of which, ironically is stability.

Unfortunately it isn't only used by crooks, it is also sold by them - about 80% of trading in Bitcoin is via dubious, sometimes outright illegal MLM and pyramid schemes, relying on foolish investors to 'buy and hold' to sustain an artificial value.

Until that is resolved Bitcoin simply won't work as currency

I think a key point here is that ****** currency probably will have a role to play in the future - possibly a significant role.

Whether the ****** of choice is Bitcoin will depend on many things one of which, ironically is stability.

Unfortunately it isn't only used by crooks, it is also sold by them - about 80% of trading in Bitcoin is via dubious, sometimes outright illegal MLM and pyramid schemes, relying on foolish investors to 'buy and hold' to sustain an artificial value.

Until that is resolved Bitcoin simply won't work as currency

"about 80% of bitcoin trading is via dubious, sometimes outright illegal MLM and pyramid schemes"

Where is the data to support this? I think you'll find the vast majority of bitcoin trading is by people wanting to get rich quick.

There are very few Bitcoin pyramid/MLM schemes used on a wide scale, in fact there was only really ever one, Bitconnect, which collapsed.

 

[Inva]

Except that assessment is wildly wrong. Bitcoin is absolutely NOT anonymous and it is very easy to track all transactions. There are many companies which specialise in doing just that, alongside law enforcement.

https://www.independent.co.uk/life-...ryptocurrency-zcash-monero-dash-a8174716.html

It's a no-brainer, would not need any research to figure this out.

 

[Mark T Jones]

"about 80% of bitcoin trading is via dubious, sometimes outright illegal MLM and pyramid schemes"

Where is the data to support this? I think you'll find the vast majority of bitcoin trading is by people wanting to get rich quick.

There are very few Bitcoin pyramid/MLM schemes used on a wide scale, in fact there was only really ever one, Bitconnect, which collapsed.

With about 10 seconds research, here’s a top 10

Those seem to be at the relatively honest end of the market. As far a# I can make out USI was the most prolific crooked one

 

[fisicx]

I’m thinking the only reason you get away with being so rude to people is because you are a moderator ?

No, it was a stupid question. ****** currency and quantum computing aren’t even vaguely connected.

 

[londonbiz]

A no brainer you say?

How about the Met police chief outrightly saying Bitcoin is not anonymous? (see telegraph from March of this year as I cannot post links), or the FBI tracking Silk Road sellers from BTC transactions, or any number of other examples

I am not referring to monero for example, I am referring to Bitcoin, the subject of this thread

Anyone who believes Bitcoin is anonymous is incredibly naive

 

[londonbiz]

Or we could go with FBI testimony from the Ross Ulbricht Silk Road trial itself:

"Bitcoin transactions are anything but anonymous"

 

[dan19900]

With about 10 seconds research, here’s a top 10

Those seem to be at the relatively honest end of the market. As far a# I can make out USI was the most prolific crooked one

There were a lot of ponzi schemes, there aren't really any anymore. People stopped 'investing' into them after the big ones stopped paying out the start of this year.

 

[wevet]

Just a thought:
If you look at the Bicoin activity you can see that on average under 100k are traded every day and worldwide under 250k transactions. What this suggests to me is that the fiction of "value" is being maintained by the opaque, unregulated exchanges.

There might also be fear on the part of these exchanges that to mark the currencies at heir real value, nearer zero, would wipe out a big lump of drugs profits antagonizing organized crime across the world.

If you are a genuine business can you accept payment in a medium that might worth 15% less this afternoon. Conversely, if you are a holder of there lines of code, will you spend them when they might be worth 15% more this afternoon?

Of course this might a huge FBI sting so, when they judge t right they pull the plug on Bitcoin and bankrupt the mafias around the world.

 

[wevet]

I don't think bitcoin will ever destroy. It's going down but surely go high after some time.

Blockchain has a place for verified transactions. But those coins should not be at a premium it should be 1:1. To do otherwise is a nonsense. Obviousy if someone wants to pay me a premium for my paypal account which is nothing other than lines of code with a balance I am more than happy to consider a premium of x150. Any takers?

Of course not.

Simply because something is rare or limited in supply does not make it valuable. If that were the case my limited supply of fluff in my navel should command a huge price!

 

[Noah]

Blockchain has a place for verified transactions.

I am inclined to believe that it is more the case that blockchain is a solution looking for a problem. I read an article recently (maybe from this site?) that suggested if, for example, all VISA transactions were validated through blockchain rather than the existing mechanism, the increase in computing power required would be ridiculous.

 

[steve23]

No, it was a stupid question. ****** currency and quantum computing aren’t even vaguely connected.

Unless I'm misunderstanding things (or what one means by quantum computing) they are very much related and the very same concern I had some while back myself. To explain to those who dont see a connection, Bitcoin and friends function by having unbreakable encryption that modern computers cant come close to challenging even if strung together in vast underground government hacking complexes - but.....a quantum computer could (in theory, and of course, its all theory at this moment) be able to break the encryption, therefore making such ****** currency almost useless. Some may say a stupid question as they doubt such quantum devices will ever be made, but id say anyone saying its stupid just because they have failed to see the connection may owe someone an apology.....just my 2 bits anyway (or bytes....)

 

[mattk]

If a quantum computer could be used to decrypt and amend a blockchain, then wouldn't using quantum computers as the nodes in the blockchain negate that?

 

[steve23]

If a quantum computer could be used to decrypt and amend a blockchain, then wouldn't using quantum computers as the nodes in the blockchain negate that?

I dont know enough about any of the tech myself to know, but I was thinking along those sort of lines myself, ie the tech could also benefit ****** - but my best hope is it just never comes, which is a bit selfish so rather, let it come after ive had some more bitcoin profit ! Say a few years down the line

 

[mattk]

****** has had it's day. I actually sold my few remain ETH the other week, as I was bored of watching the price continually drop.

 

[The Byre]

QC is coming. Hundreds of billions are being sunk into this field.

Public key cryptographic systems will have to go.

https://en.wikipedia.org/wiki/Quantum_computing

 

[Inva]

I am inclined to believe that it is more the case that blockchain is a solution looking for a problem. I read an article recently (maybe from this site?) that suggested if, for example, all VISA transactions were validated through blockchain rather than the existing mechanism, the increase in computing power required would be ridiculous.

I read the same and from what i have seen it makes sense. People talk as if the cost of "mining" is 0.

 

[Flatspin]

What a stupid question. You obviously have no idea what either of these two technologies are.

It's not that stupid. Quantum computers will obliterate any levels of cryptography generated on existing PC architecture, and will provide true crypotography that is unhackable once it becomes widespread. Quantum computers already exist, they're just not publicly available, and still under development.

The technology may be in its infancy, but I am guessing you have read about Ray Kurweil, and his theories on The Singularity? Technology is advancing at a rate far faster than ever before, largely in part due to Moore's Law.

Just look at the recent leap we took from mainstream quad-core processors to octa-core processors with Hyperthreading (SMT) thanks to AMD's Ryzen?

A simplistic way to explain it all would be to look at how an investment sitting idle for years suddenly shoots up in value because now the compound interest component of that investment is starting to pay dividends. That is what is happening with technology right now.

Unless I'm misunderstanding things (or what one means by quantum computing) they are very much related and the very same concern I had some while back myself. To explain to those who dont see a connection, Bitcoin and friends function by having unbreakable encryption that modern computers cant come close to challenging even if strung together in vast underground government hacking complexes - but.....a quantum computer could (in theory, and of course, its all theory at this moment) be able to break the encryption, therefore making such ****** currency almost useless. Some may say a stupid question as they doubt such quantum devices will ever be made, but id say anyone saying its stupid just because they have failed to see the connection may owe someone an apology.....just my 2 bits anyway (or bytes....)

+1

I am inclined to believe that it is more the case that blockchain is a solution looking for a problem. I read an article recently (maybe from this site?) that suggested if, for example, all VISA transactions were validated through blockchain rather than the existing mechanism, the increase in computing power required would be ridiculous.

Which is why we should move from "proof of work" to "proof of stake". It boggles the mind that we are ever conscious of the effect our activities are having on the earth's ecosystem, but we allow cryptomining activities to use massive amounts of energy, and that there is determined drive to add billions of IoT devices (which all consume energy) to the Internet. On one hand we are pushing for energy efficiency, while the other does everything it can to compound the problem?

 

[Noah]

Technology is advancing at a rate far faster than ever before, largely in part due to Moore's Law.

That statement really undermines your credibility - perhaps unfairly, but words matter. Moore's observation is no sort of Law - who or what enforces that law? It was an observation of a phenomenon, and in no way explains or drives that phenomenon - in fact, the opposite is precisely true.

 

[Inva]

Furthermore technological advance has slowed down. When i bought my 1st computer it was considered somewhat old after only 6 months. There were computers twice as powerful in the market at the same price. On current technology a new computer will last at least 15 years of normal use before noticing any kind of performance issues.