But why? The entire conversation was about divisibility, and then you quoted my response to your previous response.
The hard cap of 21 million doesn't really mean much if you can just adjust how it can be divided is the point. Either way, it doesn't really matter because there are already couple hundred thousand satoshis for every person on earth.
I'm not following your concerns about Bitcoin being divisible?
Are you suggesting that will diminish investment returns to holders?
I'm not following your concerns about Bitcoin being divisible?
Are you suggesting that will diminish investment returns to holders?
It’s a banner point from BTC boosters that the hard cap of 21 million makes it deflationary and a hedge against inflationary US dollars. There’s actually 2.1 quadrillion satoshis though. If BTC were to hit dino’s expected value of $1M, a satoshi would be worth one cent.
As you approach this, people no longer deal in fractions of a Bitcoin and instead switch to multiples of a satoshi. Right now some use mBTC which is 100,000 satoshis. Worth $44 USD today and a much more manageable dollar conversion in certain situations. When you’re buying your groceries in the future with BTC (lol) it’s easier to be told you owe 3000 satoshis than you owe three hundred thousandths of a BTC.
As soon as it exceeds $1M there’s no way to send anyone an equal conversion between standard currency and a fraction of a Bitcoin. You’d also have no decimal remainders left for calculations based on a %, like fees, or interest. So you’d need to update the divisibility and doing so eliminates the scarcity.
Meanwhile Quantum Computing experts calculate that it will take a few decades for the Computing power to be available but Quantum computing's method of calculation mean they will be able to crack crypto transactions instantly making the whole enviroment less secure than a standard bank card with a pin of 1234
Meanwhile Quantum Computing experts calculate that it will take a few decades for the Computing power to be available but Quantum computing's method of calculation mean they will be able to crack crypto transactions instantly making the whole enviroment less secure than a standard bank card with a pin of 1234
lol quantum computing could hack your bank account faster than you can blink along with every other piece of secure information you have stored anywhere
Meanwhile Quantum Computing experts calculate that it will take a few decades for the Computing power to be available but Quantum computing's method of calculation mean they will be able to crack crypto transactions instantly making the whole enviroment less secure than a standard bank card with a pin of 1234
Quantum Computing will change security as we know it, any article discussing this as a true downside to crypto-assets and not just a warning about the potential issues down the road is being a bit manipulative.
There is a huge risk that the projects don't update fast enough, Ethereum is a great example of developers who can't implement the critical needs and keep getting distracted by the new shiny. Whereas a corporation like a bank will tell their vendors, to fix this now and her is the stack of cash to fix it.
The greatest impediment that I see to crypto-assets being used as a currency is us, the humans, we forget our passwords ALL the time. Look at the constant articles over wire transfers being lost for months, at least the money is recoverable. With a lost authentication method, good luck.
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lol quantum computing could hack your bank account faster than you can blink along with every other piece of secure information you have stored anywhere
If you have the encrypted string, hash (salted or unsalted), or can bypass the lockout on the offline pin - yes.
If you don't have any of these, your bank should protect you with non-encryption-related systems.
Honestly hacking a bank account this way isn't worth it, card swipers + cameras or social engineering would work just fine for the majority of us humans and not cost you a fortune.
just saying, Crypto not being secure in 30 years should be the least of his worries...especially for someone that called the demise of crypto in 2018,2019,2022
A lot of things will need to be updated in the age of quantum computing
just saying, Crypto not being secure in 30 years should be the least of his worries...especially for someone that called the demise of crypto in 2018,2019,2022
A lot of things will need to be updated in the age of quantum computing
100% Agree, Quantum computers are around the corner has been a thing since the 90s. While we seem to be making progress at the supercomputer level outside of state-actors of countries hackers just won't have access.
There is a Chinese company that claims to have built a 120+ pound desktop that is a quantum computer; however, from what I've read this can only do very simplistic quantum calculations.
But if they do figure it out, they better start calling quantum network routers, spooky-routers!!!
Stolen Bitcoin worth more than $5bn (£3.7bn) has been seized by the US Department of Justice - the largest ever confiscation of its kind.
According to Justice Department officials, a hacker breached the platform, made more than 2,000 unauthorised transactions and then funnelled the money into a digital wallet allegedly run by Ilya Lichtenstein, 34, of New York.
A criminal complaint alleges Lichtenstein and his wife, Heather Morgan, 31, laundered about 25,000 of the stolen Bitcoin through various accounts over the past five years and used various methods to cover their tracks, from fake identities to converting their Bitcoin into other digital currencies.
Listened to the new What Bitcoin Did podcast with Jack Mallers. That kid gets me so excited for the future every time he’s on. I would love to be a fly on the wall when cameras aren’t recording. He knows what’s happening in the world.
Listened to the new What Bitcoin Did podcast with Jack Mallers. That kid gets me so excited for the future every time he’s on. I would love to be a fly on the wall when cameras aren’t recording. He knows what’s happening in the world.
I got a whole pile of money to sink into NFT's. Where should I go?
It’s a banner point from BTC boosters that the hard cap of 21 million makes it deflationary and a hedge against inflationary US dollars. There’s actually 2.1 quadrillion satoshis though. If BTC were to hit dino’s expected value of $1M, a satoshi would be worth one cent.
As you approach this, people no longer deal in fractions of a Bitcoin and instead switch to multiples of a satoshi. Right now some use mBTC which is 100,000 satoshis. Worth $44 USD today and a much more manageable dollar conversion in certain situations. When you’re buying your groceries in the future with BTC (lol) it’s easier to be told you owe 3000 satoshis than you owe three hundred thousandths of a BTC.
As soon as it exceeds $1M there’s no way to send anyone an equal conversion between standard currency and a fraction of a Bitcoin. You’d also have no decimal remainders left for calculations based on a %, like fees, or interest. So you’d need to update the divisibility and doing so eliminates the scarcity.
Fun fact about bitcoin:
There are roughly 115 million wallets. Based on current usage the last new bitcoin to be minted will happen around the year 2140. In todays money the cost of electricity to do the work and mine the final bitcoin is $1 billion dollars. Source: that crazy McAfee guy (RIP)
For me the questions are do I think bitcoin will be mined to the last one; and do I think electricity prices will go up, down, or stay the same around the time it happens?
Fun fact about bitcoin:
There are roughly 115 million wallets. Based on current usage the last new bitcoin to be minted will happen around the year 2140. In todays money the cost of electricity to do the work and mine the final bitcoin is $1 billion dollars. Source: that crazy McAfee guy (RIP)
For me the questions are do I think bitcoin will be mined to the last one; and do I think electricity prices will go up, down, or stay the same around the time it happens?
Wouldn't advances in computer power also change this?
I don't really understand mining but wouldn't Energy consumption go down as the mining rigs get more powerful in their computing power?
Kind of like how a call phone has more computing power than a giant desktop from 10 years ago?
Wouldn't advances in computer power also change this?
I don't really understand mining but wouldn't Energy consumption go down as the mining rigs get more powerful in their computing power?
Kind of like how a call phone has more computing power than a giant desktop from 10 years ago?
Not really, because the difficulty for each new block to be mined goes up, requiring more power than the previous one. With a proof of work system as BTC is, all miners are doing the calculation in a race for the block reward. So power requirement goes up for all miners. Best case scenario would be that computing power efficiency would offset difficulty caused energy increase and keep it flat. Doubt it has historically yet though.
Proof of stake cryptos are more efficient.
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Ok, let's say a crypto newbie has seen that the government clearly can and will take your money whenever they feel like for some arbitrary reason.
What are the basic steps one would take to hedge one's finances with some crypto? Which crypto would you suggest for money storage - BTC? Obviously, I think, private wallet? Which one? Thanks.
Ok, let's say a crypto newbie has seen that the government clearly can and will take your money whenever they feel like for some arbitrary reason.
What are the basic steps one would take to hedge one's finances with some crypto? Which crypto would you suggest for money storage - BTC? Obviously, I think, private wallet? Which one? Thanks.
Longterm storage with minimal risk? A pure stable coin LP farm on Polygon stuffed into a Ledger X not merged with a Web3 wallet. Will earn a passive 20-30% APY and would only be accessible through a cold wallet.
Longterm storage with minimal risk? A pure stable coin LP farm on Polygon stuffed into a Ledger X not merged with a Web3 wallet. Will earn a passive 20-30% APY and would only be accessible through a cold wallet.
Ok, now on language a 5 year old would understand. Thank you.
“We expect that our circuit innovations will deliver a blockchain accelerator that has over 1,000x better performance per watt than mainstream GPUs for SHA-256 based mining,” Intel's General Manager for Graphics, Raja Koduri, said in the announcement. (SHA-256 is a reference to the mining algorithm used to create Bitcoins.)
Could possibly make a drastic reduction in Bitcoin mining electrical demand.
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Thank you.
