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That sounds like an ad-hominem attack to avoid the question, tbh.
At the risk of sounding snarky: It wasn’t. It does however, answer the question. “We” do not need to change our allocation strategy whatsoever because “we” didn’t allocate any resources towards this and “we” aren’t the arbiter of what others can or cannot do with their resources.
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I had the same reaction. Isn't Bitcoin wasting enough energy as it is?
What if it’s 100% green energy? Is it a waste?
It is very much not: https://www.theguardian.com/technology/2022/feb/18/bitcoin-m...
Do they have a buyer for that $400k? If not, it's not worth $400K.
One of the most profoundly dumb comments I have read here. It takes 3 seconds to look up the 24h volume for BTC and it is $9.6 Billion
Plenty of banks will freeze your bank account instantly.
And good luck convincing them that you stumbled upon $400k by solving a puzzle - only takes one suspicious fraud/risk manager to conclude that there’s a higher chance of fraud than legitimacy.
(But you are right, no problem to find someone to pay you the market price. That’s a done deal in seconds)
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>Or whoever created the puzzles leaking their information. Or getting hacked. This is super common among people who are known to have high value wallets. Between physical attacks and zero days in everyday software, there's no chance to stay safe when you put that kind of target on your back.
> there's no chance to stay safe when you put that kind of target on your back. Vitalik Buterin seems to be a counter example here, his net worth peaked around $1.46 billion. He has some interesting writing on how he stays secure. At one point the SHIBA token sent a huge amount of funds to his cold wallet and he details what he did to securely access those funds: https://decrypt.co/91000/ethereum-founder-vitalik-bute…
Maybe not the best example of cryptographic security.
Discussion thread here: https://bitcointalk.org/index.php?topic=1306983.msg64526037#... Bitcoin puzzles are private keys with just a few unknown bits so that anyone can bruteforce them to collect a reward. Puzzle 66 contained 66 unknown bits and had 6.6 BTC deposited into it by the initial puzzle creator. The private key was 0x000000000000000000000000000000000000000000000002832ed74f2b5e35ee or 256 bits with mostly ze…
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What if it’s 100% green energy? Is it a waste?
I would argue that it's still a waste, because that energy could be put to an otherwise better use. Now that energy has to be replaced by a non-green counterpart since it's been spent.
Discussion thread here: https://bitcointalk.org/index.php?topic=1306983.msg64526037#... Bitcoin puzzles are private keys with just a few unknown bits so that anyone can bruteforce them to collect a reward. Puzzle 66 contained 66 unknown bits and had 6.6 BTC deposited into it by the initial puzzle creator. The private key was 0x000000000000000000000000000000000000000000000002832ed74f2b5e35ee or 256 bits with mostly ze…
Am I correct in assuming that beyond a certain point, this is basically an existence proof for somebody having a quantum-supreme solution to Shor's Algorithm? "Here's $400,000 sitting on the table, hope nobody takes it" which triggers an alarm telling us to replace all our old prequantum cryptography.
The reason that we use elliptic curves these days, or if we must then something like 8k bit keys to get 128 bits of security over finite fields, is that for the old Z^*_q/Z_p setup, such a faster algorithm exists (index calculus).
Someone could in theory find a better calculus that works only for groups with some specific characteristics of Curve25519, for example. No quantum computers needed.
EDIT: we know that no _generic_ faster algorithm exists, that is one independent of the representation of the group involved, for the traditional computing model. But that doesn't exclude algorithms, as I said above, that work for very particular cases.
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Is this a "puzzle"? Throwing compute at brute-forcing a random number doesn't seem like solving a puzzle to me, it's basically how bitcoin works.
PoW crypto is an exercise in finding new ways to spin boiling the oceans as actually being productive.
But I think you are one of those people that threw out that baby with the bath water long ago.
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1. Create Coinbase account 2. Deposit bitcoin 3. Market order sell all 4. Withdraw USD
Step 2.5 Argue with Coinbase about if you're a legitimate owner or not Step 2.6 Coinbase blocks your account citing "Suspicious activity" Step 2.7 Sign up to three other exchanges, split the loot across them Step 5 Argue with the bank about the source of funds Step 6 Argue with tax agency that you'll fill out your taxes correctly
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One of the most profoundly dumb comments I have read here. It takes 3 seconds to look up the 24h volume for BTC and it is $9.6 Billion
Might sound dumb, but there are still places in the world where having $400k worth of BTC != $400k in the bank. Plenty of banks will freeze your bank account instantly. And good luck convincing them that you stumbled upon $400k by solving a puzzle - only takes one suspicious fraud/risk manager to conclude that there’s a higher chance of fraud than legitimacy. (But you are right, no problem to find someone to pay you…