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Can someone explain why Bitcoin isn't crashing due to quantum?

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Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#31

Post by rcxdude »

barbarr wrote: post #29
lesuorac wrote: post #26

The world doesn't operate with code as law. If somebody steals all the bitcoins in the world then they'll just fork it [1]. A significant amount of bitcoins are held by known entities (exchanges) so it's pretty trivial for institutions to keep their coins after a fork. Those of you self-hosting might have some losses. [1]: https://en.wikipedia.org/wiki/Ethereum_Classic

+1, the tokens from before a quantum hack will be transferred to a new fork. So at that moment, the value of BTC will go to 0 and the value of BTC v2 will take the value of BTC. However at the moment, the community seems to be leaning towards pay-for-quantum-resistance [0] [0] https://github.com/bitcoin/bips/pull/1670

I'm not so sure this will apply to BTC. It more or less has the staying power that it has because it hasn't changed at all, in fact pretty much everyone involved with it has resisted changing it, and it's not obvious there's anyone with enough political capital to make the fork, because anyone, right now, can make a fork of BTC and none of them have ever done well.

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#32

Post by brazukadev »

amanaplanacanal wrote: post #18

Why do you think quantum computers are going to get that good in the next couple of years? I suspect the odds of that happening are approximately zero.

Why, you ask? It is because AI won't get that good in the next couple of years so the hype people are positioning themselves for the next cycle.

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#33

Post by rcxdude »

XiphiasX wrote: post #12
gethly wrote: post #8

Because bitcoin is a bubble. Many do not want to hear it but that is what it it. Bitcoin has no intrinsic value. It is no different than beanie babies, baseball cards or any collectibles from the past that people thought would make them rich. The power of bitcoin is in hodling - convincing people to never sell, so the price will keep going up ad infinitum. Once that belief fades away, the entire thing will collapse l…

Your argument makes no sense. Many things can become bubbles. Land can be bubble, physical gold can be bunble, oil rigs in the sea can be bubble. Yet people choose to focus on Bitcoin which WILL be cracked by quantum, and not physical gold which will NOT be cracked by quantum. According to this knowledge, physical gold, land and emerald mines are severely underpriced and Bitcoin is severely overpriced. How am I wrong…

Bitcoin is not unique in being hard to block, in fact it's not particularly good at it compared to some other cryptocurrencies. So why should Bitcoin have the largest market cap of any chain, and why should it be worth anything near what it is if it's main purpose is as a medium of exchange and not as a buy-and-hold asset?

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#34

Post by brazukadev »

XiphiasX wrote: post #12
gethly wrote: post #8

Because bitcoin is a bubble. Many do not want to hear it but that is what it it. Bitcoin has no intrinsic value. It is no different than beanie babies, baseball cards or any collectibles from the past that people thought would make them rich. The power of bitcoin is in hodling - convincing people to never sell, so the price will keep going up ad infinitum. Once that belief fades away, the entire thing will collapse l…

Your argument makes no sense. Many things can become bubbles. Land can be bubble, physical gold can be bunble, oil rigs in the sea can be bubble. Yet people choose to focus on Bitcoin which WILL be cracked by quantum, and not physical gold which will NOT be cracked by quantum. According to this knowledge, physical gold, land and emerald mines are severely underpriced and Bitcoin is severely overpriced. How am I wrong…

> How am I wrong?

How are you right? do you believe in yourself enough to put your money at it? If not, this conversation makes no sense.

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#35

Post by constantcrying »

trallnag wrote: post #22
constantcrying wrote: post #19

Bitcoin hasn't crashed because it is non-functional as a a currency, why would it crash because it's cryptography might break at some point in the future? >Institutions hold Bitcoin. Institutions are smart. Come on! Especially financial institutions have a serious track record of ignoring obvious problems, outright fraud and monumental incompetence.

Why is it non-functional? Over ten years ago I was able to use Bitcoin to buy stuff on one of the Silkroad derivatives. And I assume this is still possible to this day. It's better than nothing.

>Why is it non-functional?

The main reason, ironically, is because it can not be regulated. This puts it in direct conflict with every government, who all desire control over their own currency. This guarantees that Bitcoin will only ever be used for things which can only happen outside a regulated banking system. It is also not particularly good at criminal transactions, since it is more transparent than a bank account. Here in Germany crypto is essentially illegal. Of course you can buy it, but transactions require you to deanonymize.

Another reason is of course that it has become an object of intense speculation, which creates high volatility. This drastically decreases it's usefulness as a currency, since holding Bitcoin is a major risk.

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#36

Post by globular-toast »

rcxdude wrote: post #31
barbarr wrote: post #29

Earlier quoted context omitted.

+1, the tokens from before a quantum hack will be transferred to a new fork. So at that moment, the value of BTC will go to 0 and the value of BTC v2 will take the value of BTC. However at the moment, the community seems to be leaning towards pay-for-quantum-resistance [0] [0] https://github.com/bitcoin/bips/pull/1670

I'm not so sure this will apply to BTC. It more or less has the staying power that it has because it hasn't changed at all, in fact pretty much everyone involved with it has resisted changing it, and it's not obvious there's anyone with enough political capital to make the fork, because anyone, right now, can make a fork of BTC and none of them have ever done well.

It will change if it has to. When everyone knows they have to do something it tends to actually happen. See COVID lockdowns, for example.

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#37

Post by XiphiasX »

lesuorac wrote: post #26

The world doesn't operate with code as law. If somebody steals all the bitcoins in the world then they'll just fork it [1]. A significant amount of bitcoins are held by known entities (exchanges) so it's pretty trivial for institutions to keep their coins after a fork. Those of you self-hosting might have some losses. [1]: https://en.wikipedia.org/wiki/Ethereum_Classic

So what will people who self-host can or will do?

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#38

Post by XiphiasX »

amanaplanacanal wrote: post #18

Why do you think quantum computers are going to get that good in the next couple of years? I suspect the odds of that happening are approximately zero.

Because advanacements accelerate with geometric progression, not linear one.

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#39

Post by XiphiasX »

chistev wrote: post #24
XiphiasX wrote: post #9

Earlier quoted context omitted.

Gove me logical argument why Bitcoin won’t get cracked by quantum computers.

Short it, then.

I can’t because exact moment is not presictible. It can be cracked in2 years or 5, but it WILL. This is not shortable info

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#40

Post by XiphiasX »

brazukadev wrote: post #34
XiphiasX wrote: post #12

Earlier quoted context omitted.

Your argument makes no sense. Many things can become bubbles. Land can be bubble, physical gold can be bunble, oil rigs in the sea can be bubble. Yet people choose to focus on Bitcoin which WILL be cracked by quantum, and not physical gold which will NOT be cracked by quantum. According to this knowledge, physical gold, land and emerald mines are severely underpriced and Bitcoin is severely overpriced. How am I wrong…

> How am I wrong? How are you right? do you believe in yourself enough to put your money at it? If not, this conversation makes no sense.

I do, I have begun accumulating physical gold, because it will spike to heaven once quantum cracks all systems.
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