Bitcoin

[fmyth]

I have no idea what you guys are talking about. Sounds like some dungeons and dragons stuff

Meanwhile the Worlds largest asset management company bought another billion dollars worth last week. Probably nothing. Surely its just a fad/pyramid scheme/ponzi etc.....

BlackRock Buys Another $1,000,000,000 Worth of Bitcoin in a Week To Control 2.7% of BTC Supply - The Daily Hodl

New data from blockchain analytics firm Arkham reveals that asset management titan BlackRock piled up another $1 billion in Bitcoin (BTC) last week.

dailyhodl.com

 

[coyotecreek]

Meanwhile the Worlds largest asset management company bought another billion dollars worth last week. Probably nothing. Surely its just a fad/pyramid scheme/ponzi etc.....

BlackRock Buys Another $1,000,000,000 Worth of Bitcoin in a Week To Control 2.7% of BTC Supply - The Daily Hodl

New data from blockchain analytics firm Arkham reveals that asset management titan BlackRock piled up another $1 billion in Bitcoin (BTC) last week.

dailyhodl.com

I wasn't criticizing, I was being honest. I have no idea what you are talking about. I thought this was a hunting forum.

 

[CorbLand]

I wasn't criticizing, I was being honest. I have no idea what you are talking about. I thought this was a hunting forum.

It is a hunting forum but we have threads not related to hunting. This thread is related to Bitcoin...hence the title.

 

[coyotecreek]

It is a hunting forum but we have threads not related to hunting. This thread is related to Bitcoin...hence the title.
View attachment 830376

I get that, I just don't know what a Bitcoin is

 

[CorbLand]

I get that, I just don't know what a Bitcoin is

What Is Bitcoin? How To Buy, Mine, and Use It

BTC meaning: a digital currency that uses peer-to-peer technology to facilitate instant financial transactions and removes the need for third-party involvement.

www.investopedia.com

Bitcoin - Wikipedia

en.wikipedia.org

What is Bitcoin? | Learn all about BTC | Get Started with Bitcoin.com

Get a straightforward introduction to Bitcoin and why it matters.

www.bitcoin.com

 

[coyotecreek]

I just googled it and it is some Dungeons and Dragons stuff. I think I'll stick to hunting. Nevermind

 

[IBen]

https://www.cnbc.com/2024/12/22/what-google-quantum-chip-breakthrough-means-for-bitcoins-future.html

“According to recent reports, Google's latest quantum computing breakthrough, using a chip called "Willow," can perform a calculation in under five minutes that would take a traditional supercomputer an estimated 10 septillion years to complete, marking a significant leap in quantum computing speed.”

What does everyone think about quantum computing cracking the code? Hypothetically speaking, if bitcoin is being accepted as currency by major investors/nations, it would become a serious target for hackers/enemies of the state at the highest levels. Thinking about the next 10 years or so…


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Already answered earlier in the thread

 

[CorbLand]

I just googled it and it is some Dungeons and Dragons stuff. I think I'll stick to hunting. Nevermind

Ok, cool. Thank you for gracing us with your presence and letting us know that you will be sticking to hunting. Couldnt have lived without that information.

 

[Jake Larsen]

Already answered earlier in the thread

My bad. I tried to look for it, didn’t see it.


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[IBen]

My bad. I tried to look for it, didn’t see it.


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“the Willow chip’s 105 qubits fall far short of the estimated 13 million qubits needed to threaten Bitcoin’s encryption.”

 

[Jake Larsen]

That doesn’t worry you AT ALL? If quantum computing follows anything like Moors law or similar, it won’t be long before theres significant concern. Computing speed has been exponential up to this point. Dont see why it’d be different t moving forward. The problem being it’s got time on its side. 10 years, 20 years, 50 years…if BTC is going to survive the long haul, it’s got to survive all those years of innovation

Speaking in terms of bitcoin as a fiat replacement, not an investment vehicle

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[IBen]

That doesn’t worry you AT ALL? If quantum computing follows anything like Moors law or similar, it won’t be long before theres significant concern. Computing speed has been exponential up to this point. Dont see why it’d be different t moving forward. The problem being it’s got time on its side. 10 years, 20 years, 50 years…if BTC is going to survive the long haul, it’s got to survive all those years of innovation

Speaking in terms of bitcoin as a fiat replacement, not an investment vehicle

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bitcoin security can be innovated and seeing as its a 2 trillion dollar asset there is a lot of incentive to keep that security well beyond any quantum computing. But if it were to ever get to that point banks will be the first to go since your bank money is just numbers on a computer

 

[Jake Larsen]

bitcoin security can be innovated and seeing as its a 2 trillion dollar asset there is a lot of incentive to keep that security well beyond any quantum computing. But if it were to ever get to that point banks will be the first to go since your bank money is just numbers on a computer

I’m no computer nerd. Don’t understand the programming side of BTC beyond the very basics. I’m very familiar with the concept of BTC as a value storage solution/replacement for fiat. I like the idea a lot, and own some.

Genuine question - if bitcoin security is “upgraded” or innovated, wouldn’t that kinda destroy the whole concept of bitcoin? Isn’t the security of bitcoin the bitcoin itself? Can the security aspects of BTC be changed with without fundamentally changing the nature of BTC?

I agree that fiat is just “numbers on a computer”. I’ve got zero faith in our financial system not inflating to the moon over time, just like every other fiat system has. But the above question (possibly?) makes it different. Security systems can innovate to protect fiat banking systems. But If the nature of BTC can be exploited by quantum computers, theres a big difference. The fundamental nature of fiat isn’t zeros and ones. The fundamental nature of bitcoin is…


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[D S 319]

@Jake Larsen if you’re interested this will give you a little more insight.

Quantum computing and Bitcoin - Bitcoin Wiki

 

[IBen]

I’m no computer nerd. Don’t understand the programming side of BTC beyond the very basics. I’m very familiar with the concept of BTC as a value storage solution/replacement for fiat. I like the idea a lot, and own some.

Genuine question - if bitcoin security is “upgraded” or innovated, wouldn’t that kinda destroy the whole concept of bitcoin? Isn’t the security of bitcoin the bitcoin itself? Can the security aspects of BTC be changed with without fundamentally changing the nature of BTC?

I agree that fiat is just “numbers on a computer”. I’ve got zero faith in our financial system not inflating to the moon over time, just like every other fiat system has. But the above question (possibly?) makes it different. Security systems can innovate to protect fiat banking systems. But If the nature of BTC can be exploited by quantum computers, theres a big difference. The fundamental nature of fiat isn’t zeros and ones. The fundamental nature of bitcoin is…


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I’m not a developer either and I’m not the one to answer these questions but some of the largest companies, banks, and governments etc are hiring developers who do know and the result is they are buying. I believe in bitcoin as an asset that solves a lot of problems but thats only half the reason I buy the other half is “number go up” and I think that number is going to keep going up for the foreseeable future.

 

[Jake Larsen]

@Jake Larsen if you’re interested this will give you a little more insight.

Quantum computing and Bitcoin - Bitcoin Wiki

Thanks for this. Little tidbit right at the very end - sounds like there’s some security measures that are “add on” as a softfork in the most vulnerable part of the system. Also sounds like there’s definitely some system wide concern in the next 10-20 years. I want BTC to win haha. I’m just trying to be realistic about its potential to transcend fiat in the long haul


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[D S 319]

Thanks for this. Little tidbit right at the very end - sounds like there’s some security measures that are “add on” as a softfork in the most vulnerable part of the system. Also sounds like there’s definitely some system wide concern in the next 10-20 years. I want BTC to win haha. I’m just trying to be realistic about its potential to transcend fiat in the long haul


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Pretty old video here, but he kind of talks about it (51% attack). he is a smart fella when it comes to btc. I’d like to think if we are cracking btc, we are able to crack literally anything and it don’t matter at that point lol.

 

[Nickofthewoods]

I have no idea what you guys are talking about. Sounds like some dungeons and dragons stuff

What's dungeons and dragons?

 

[IBen]

What's dungeons and dragons?

New meme coin he lost money on

 

[MountainTracker]

I’m no computer nerd. Don’t understand the programming side of BTC beyond the very basics. I’m very familiar with the concept of BTC as a value storage solution/replacement for fiat. I like the idea a lot, and own some.

Genuine question - if bitcoin security is “upgraded” or innovated, wouldn’t that kinda destroy the whole concept of bitcoin? Isn’t the security of bitcoin the bitcoin itself? Can the security aspects of BTC be changed with without fundamentally changing the nature of BTC?

I agree that fiat is just “numbers on a computer”. I’ve got zero faith in our financial system not inflating to the moon over time, just like every other fiat system has. But the above question (possibly?) makes it different. Security systems can innovate to protect fiat banking systems. But If the nature of BTC can be exploited by quantum computers, theres a big difference. The fundamental nature of fiat isn’t zeros and ones. The fundamental nature of bitcoin is…


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I’m also no programmer, I heard this when all the quantum computing stuff was being takes about. The world money supply is $89.2 trillion currently. The market cap of BTC is $2.02 trillion. It would take less energy and time for a quantum computer to steal all the worlds money then it would to take btc, due to the amount of computing power used to secure it.


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