Market manipulation with a “currency” backed by nothing???
Say it isn’t so!
Say it isn’t so!
Bitcoin and its vulnerabilities
- Thread starter TopGunTrading
- Start date
That's an interesting point.
What would you say best backs a currency?
how about a strong economy for starters
Nonsense, quantum computing is already here, we are at thousands of quebits if not close to millions, only matter of time. You wont find these computers at your local best buys, they are more likely to be found in state government research labs. The exact governments that bitcoin is trying to put out of business.
Think about that for a minute.
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First of all, the most powerful quantum computer in existence is I think at 64 qubits. Not thousands.
Second, "quantum computer" is a bit of a misnomer. These extremely expensive experimental systems are custom built for a particular computing problem, usually a pretty esoteric one, and are not in any way "general purpose". AFAIU, the algorithm used for bitcoin, though simple enough, is not something that a quantum computer would be good for - see https://www.forbes.com/sites/rogerh...l-not-break-cryptocurrencies/?sh=3873768167b5
Apart from the fact that bitcoin chain growth encryption is self-adjusting to the total computation speed of its network, and will just adjust the difficulty as the technology improves. Yes, even in the unlikely event of quantum computers entering the fray.
The genius of Satoshi Nakamoto, whoever he/they was/were, was in coming up with a methodology that has stood the test of time and new technology and remains just as tamper resistant as it was when computers were orders of magnitude slower and will remain just as resilient when computers are orders of magnitude faster than today. It was a flash of brilliance that continues to amaze.
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Strong economies come and they go.
Currencies come and they go.
Ya pays your money and ya takes your ride.
What choices for Backing a currency would you say exist in 2021?
What Best choices for Currency would you say exist in 2021?
A hacker doesn't need to break the blockchain, just your key so he can steal your coins. Once that happens the confidence as currency or store of value is zero. People will not keep coins offline since that will prevent it going mainstream. Its the achilles heel of crypto.
Wall street guys are dumb as a rock, they only see the money.
why would a hodler keep all the booty under one key?
what about the millions of stashes out there?
people will not keep coins offline?
could you detail this logic further?
how widespread would this threat be?
Certainly, much to your dismay, it’s going mainstream currently.