You can't shut down every internet connection or/and every BTC/ETH node.
You're funds aren't on your wallet they are on the blockchain. With the key phrase written on a paper you can access your funds from any device with a connection in the future if anything drastic happens to your software or your national internet grid.
What is your alternative to storing large amounts of assets away from the long arm of the system?
Precious metals: Too many, too dangerous to store residential, dont trust deposit boxes
Real estate: They're coming for that soon
And look into Monero that's the real deal. And learn about DEFI.
Any concerns about quantum computing decrypting Blockchain?
Hasn't FBI already successfully traced Bitcoin transactions to catch pedos?
I'm not really pro or con Bitcoin. I think it has its advantages and disadvantages. The concept is interesting and maybe can be improved upon. Much of criticism of Bitcoin is silly coming from people dealing in fiat Jew bucks aka federal reserve notes which is worthless paper especially when Biden prints $16 trillion in short time diluting the whole supply to cover up crimes in Ukraine.
I tried to perform more research on this future proof encryption against quantum computing and it seems the crypto currency community was already thinking ahead about this dilemma over 5 years ago.
Theoretical quantum computers, if successfully built, is a threat to all encryption. Blockchains adds time complexity for each block appended to the chain. It will be the last system to break, and won't be of any use if that happens as the market valuation would instantly drop to $0 shortly after the first theft occurs.
Then a fork would be made, using a new quantum secure algorithm and a snapshot from before the thefts begun. This will restore everything almost instantly, while your bank will be fucked, any secured information you had encrypted will remain leaked and lot's of other problems.
FBI has never traced Bitcoin transactions in order to find people, this is outright bullshit. All fake news media FUD claiming this leaves out one important detail, and this will get you busted no matter how you pay.
Everyone who's gotten caught has done something stupid, like live streaming their crime from their own KYC verified fakebook accounts. They withdrew a large chunk of cash from their bank (serial numbers logged) and got their faces plastered allover the surveillance cameras, then the receiver of the payment shows up to the same bank, with the same large chunk of cash and want to deposit it to their account. Bam, now you're both busted. And it has nothing to do with medium of exchange, just some basic police work.
Whoever develops the first true quantum computer has a leg-up on the rest of the world. Meaning they can exploit it for nefarious purposes.
It could become the equivalent of a race to nuclear arms.
I know that evil corporations such as Google are already researching and investing in development of quantum computing and may have some preliminary prototypes already working.
I will have to research the vulnerabilities of bitcoin more. Some trusted sources reported that FBI invested heavy resources into tracking down perpetrators of child abuse porn snuff videos. Like harming children on video or raping children. Distributing that kind of content may motivate government to violate some due process and privacy laws to go after perpetrators. But that assumes FBI is truly committed to prosecuting pedophiles and not protecting them. I will try to post links later for my sources why I assumed Bitcoin was traceable to some extent. It could just be my misunderstanding.
No you. What happens when the lights go out. I can think of it happening in thousands of scenarios. Now your currency is crap. It is anyway on transaction times. It is anyway on no fix rate. It is a gimmick. Money held in a fucking cloud. It isn't a bank. How do get money out of phone. You really don't. Money has value it is exchanged. That is something else. You use money buy it. A service selling something that costs more for less. It needs far more parts to exchange. What are you left with. Money stuck in a phone. Phone does that it costs money.
You've clearly done zero research into what Bitcoin is. I'm not going to spoon feed you arguments that are a Google search away. Just know that your arguments sound really dumb to anyone who's read even a little bit on the subject.
Paper cash will only be worth more "when the lights go out" (whatever that means) in the sense that one can use it for kindling. Totally agree that BTC is not a good currency in a post apocalyptic hellscape where there's no electricity. Really doubt that's where we're headed.
No, it still has monetary value dumbass. Cash has value despite the Internet or electricity going off. Unlike your heap of shitcoin. It doesn't work.
When everything goes off. How does trade work, valuables, resources. Shitcoin has no value.
It is the slowest transaction and transfer on the planet. By the time it has, it has cost more or less. A shitcon.
Lastly we are on this forum called conspiracy and you are peddling it. Despite it being fundamentally against nature itself. It needs how many more parts to work. I hate millennials. They make no sense just nonsense.
This is because digital books are not cryptographic secured and hashed to prove it's the original, they're stored on centralized servers (amazon e-books). Same goes for movies (netflix, hulu etc).
Torrents is slightly different as it's decentralized and hashed by default, this is why you can find unedited original content at thepiratebay for instance. Same goes for cryptocurrency, not to be confused with digital fiat, which runs on centralized servers with no transparency.
But is that the way it works? Bitcoin lost all its records, or were hacked at one point and had to start over.
I understand we are told its totally decentralized but there is no way that can be secure. Maybe thats just me but I do not see how anything can be secure that way. Viruses and hacks from hackers and governments are crazy on torrent. The blacklist on my firewall was huge, and I had to trust someone to generate it.
Maybe its just my paranoia. But all I see is a wild pig trap, if your familiar with that analogy.
Apologize for the formatting of my first comment. Ill fix it. Thanks for deciphering it and offering a well thought out response.
When did it ever "lose all it's records"? Blockchains are append only, it's a very simple data structure where nothing can go wrong really, and if it does than there's no way to recover. Sounds like complete FUD, or something that happened before it was even released during the test phase.
The network has never been hacked and this can be proven mathematically. Fake news media likes to make that claim, when in reality the problem is people who put their coins on exchanges, which is exactly like storing your gold in someone else's safe, depositing cash into a bank, store your car in your enemy's garage or put your coins in someone else's wallet.
I understand we are told its totally decentralized
It is, here you can see all the nodes in real time, online and offline as well as historical data. Bitcoin node software runs on port 8333, check it with nmap, ping or your favorite network scanner software. Do a whois lookup on the ip's and notice how it's all different isp's and in most cases residential ip's.
but there is no way that can be secure
This is why miners exist, miners are competing trying to verify the next block, in Bitcoin this takes roughly 10 minutes. A block contains all the transactions that happened in the network recently.
Mining is a process of computing checksum trying to solve a complex mathematical problem, first one to solve it wins and gets to append the block to the chain, the winner is also rewarded some BTC which means more people will mine trying to compete for this reward. The more miners, the more secure the network is, nobody trusts, everyone verifies.
Maybe thats just me but I do not see how anything can be secure that way.
Until year 2008 there was no known way to secure such system. Bitcoin is the first software which successfully solved that problem which cryptographers and mathematicians has been struggling with for decades.
Viruses and hacks from hackers and governments are crazy on torrent.
Torrents is a different technology, partially decentralized as it still relies on centralized tracking servers. Also, it's impossible to censor torrents, a file is a file, it is what it is. Torrents can make sure nobody secretly replaces your file with a virus, but if it's malware you're downloading torrents have no way to protect you. Bitcoin handles only transactions, hence impossible to embed or distribute malware through it.
Maybe its just my paranoia. But all I see is a wild pig trap, if your familiar with that analogy.
The Bitcoin network operates by consensus, sure anyone could try to upload something bad to the chain, anyone could try to double spend, anyone could try to change the rules. But to successfully do that you need majority support across the network. This was a legit threat in the beginning when the network was still small, but nowadays it's too big for that sort of fuckery to gain any traction.
Bitcoins current hashrate is 280 EHash/s, that's E as in exa 2¹⁸ hashes computed per second. For comparison, a AMD EPYC cpu (64 cores, top of the line) does maybe 10Mhash (2⁶) per second. A good GPU can do maybe 200Mhash per second. A $3000 ASIC miner can do 20Thash per second (2¹²). You need at least 15 million of those to even get close in succession of performing any form of reasonable attack against the Bitcoin network.
That's a $50 billion investment. Each of those consumes about 2kW of power, you right now you'll need about 30GW of power too. That's 30 huge nuclear reactors. Then you need cooling, a secure facility, lot's of staff, months of time to manufacture the devices, probably your own chip factory too...
Can the US government, CIA and NSA do it, absolutely. It'll take them a couple of years to get it all up and running, but it's doable. And once they do, they can finally delay some transactions by 10 minutes, that's all they can do with that amount of computation power.
That said, current block reward is 6.25BTC, if the government installed such huge facility they could make 37.5/2 = 18.75 BTC per hour. That's a profit of $4.4M per hour, or $0.32B per month, assuming they don't fuck up and destroy the network which of course would crash the valuation temporary.
Also, if they do build such facility and decides to fuck around, the network could easily agree to switch to a different algorithm, say scrypt for instance, and suddenly, just like that by the push of a button all the SHA256 ASIC's are rendered obsolete.
This has actually been done in the past with forks like Bcash, BSV, BCH and "Bitcoin gold", tho those haven't gained traction, mostly because existing SHA256 miners are more interested in profit than fucking around ruining the network.
No, they're not.
It is the most stupid currency imaginable.
Nothing in your hand and online. Like every other scam jacker.
How do get money out of phone. Phone don't work, no money. The dumbest.
At what fucking point. Seriously even monkeys are smarter.
Did not say anything about Bitcoin, did I?
You can't shut down every internet connection or/and every BTC/ETH node.
You're funds aren't on your wallet they are on the blockchain. With the key phrase written on a paper you can access your funds from any device with a connection in the future if anything drastic happens to your software or your national internet grid.
What is your alternative to storing large amounts of assets away from the long arm of the system?
Precious metals: Too many, too dangerous to store residential, dont trust deposit boxes
Real estate: They're coming for that soon
And look into Monero that's the real deal. And learn about DEFI.
Any concerns about quantum computing decrypting Blockchain?
Hasn't FBI already successfully traced Bitcoin transactions to catch pedos?
I'm not really pro or con Bitcoin. I think it has its advantages and disadvantages. The concept is interesting and maybe can be improved upon. Much of criticism of Bitcoin is silly coming from people dealing in fiat Jew bucks aka federal reserve notes which is worthless paper especially when Biden prints $16 trillion in short time diluting the whole supply to cover up crimes in Ukraine.
If quantum computing starts to look possible it would be straightforward for BTC to switch to cryptographic algorithms that are quantum-proof
I tried to perform more research on this future proof encryption against quantum computing and it seems the crypto currency community was already thinking ahead about this dilemma over 5 years ago.
Theoretical quantum computers, if successfully built, is a threat to all encryption. Blockchains adds time complexity for each block appended to the chain. It will be the last system to break, and won't be of any use if that happens as the market valuation would instantly drop to $0 shortly after the first theft occurs.
Then a fork would be made, using a new quantum secure algorithm and a snapshot from before the thefts begun. This will restore everything almost instantly, while your bank will be fucked, any secured information you had encrypted will remain leaked and lot's of other problems.
FBI has never traced Bitcoin transactions in order to find people, this is outright bullshit. All fake news media FUD claiming this leaves out one important detail, and this will get you busted no matter how you pay.
Everyone who's gotten caught has done something stupid, like live streaming their crime from their own KYC verified fakebook accounts. They withdrew a large chunk of cash from their bank (serial numbers logged) and got their faces plastered allover the surveillance cameras, then the receiver of the payment shows up to the same bank, with the same large chunk of cash and want to deposit it to their account. Bam, now you're both busted. And it has nothing to do with medium of exchange, just some basic police work.
Whoever develops the first true quantum computer has a leg-up on the rest of the world. Meaning they can exploit it for nefarious purposes.
It could become the equivalent of a race to nuclear arms.
I know that evil corporations such as Google are already researching and investing in development of quantum computing and may have some preliminary prototypes already working.
I will have to research the vulnerabilities of bitcoin more. Some trusted sources reported that FBI invested heavy resources into tracking down perpetrators of child abuse porn snuff videos. Like harming children on video or raping children. Distributing that kind of content may motivate government to violate some due process and privacy laws to go after perpetrators. But that assumes FBI is truly committed to prosecuting pedophiles and not protecting them. I will try to post links later for my sources why I assumed Bitcoin was traceable to some extent. It could just be my misunderstanding.
Please try to educate yourself
No you. What happens when the lights go out. I can think of it happening in thousands of scenarios. Now your currency is crap. It is anyway on transaction times. It is anyway on no fix rate. It is a gimmick. Money held in a fucking cloud. It isn't a bank. How do get money out of phone. You really don't. Money has value it is exchanged. That is something else. You use money buy it. A service selling something that costs more for less. It needs far more parts to exchange. What are you left with. Money stuck in a phone. Phone does that it costs money.
You've clearly done zero research into what Bitcoin is. I'm not going to spoon feed you arguments that are a Google search away. Just know that your arguments sound really dumb to anyone who's read even a little bit on the subject.
Paper cash will only be worth more "when the lights go out" (whatever that means) in the sense that one can use it for kindling. Totally agree that BTC is not a good currency in a post apocalyptic hellscape where there's no electricity. Really doubt that's where we're headed.
No, it still has monetary value dumbass. Cash has value despite the Internet or electricity going off. Unlike your heap of shitcoin. It doesn't work.
When everything goes off. How does trade work, valuables, resources. Shitcoin has no value.
It is the slowest transaction and transfer on the planet. By the time it has, it has cost more or less. A shitcon.
Lastly we are on this forum called conspiracy and you are peddling it. Despite it being fundamentally against nature itself. It needs how many more parts to work. I hate millennials. They make no sense just nonsense.
I agree Digital books? Too easy to modify.
Digital movies? Too easy to modify.
Digital money? FREEEEEEDOM.
This is because digital books are not cryptographic secured and hashed to prove it's the original, they're stored on centralized servers (amazon e-books). Same goes for movies (netflix, hulu etc).
Torrents is slightly different as it's decentralized and hashed by default, this is why you can find unedited original content at thepiratebay for instance. Same goes for cryptocurrency, not to be confused with digital fiat, which runs on centralized servers with no transparency.
But is that the way it works? Bitcoin lost all its records, or were hacked at one point and had to start over.
I understand we are told its totally decentralized but there is no way that can be secure. Maybe thats just me but I do not see how anything can be secure that way. Viruses and hacks from hackers and governments are crazy on torrent. The blacklist on my firewall was huge, and I had to trust someone to generate it.
Maybe its just my paranoia. But all I see is a wild pig trap, if your familiar with that analogy.
Apologize for the formatting of my first comment. Ill fix it. Thanks for deciphering it and offering a well thought out response.
When did it ever "lose all it's records"? Blockchains are append only, it's a very simple data structure where nothing can go wrong really, and if it does than there's no way to recover. Sounds like complete FUD, or something that happened before it was even released during the test phase.
The network has never been hacked and this can be proven mathematically. Fake news media likes to make that claim, when in reality the problem is people who put their coins on exchanges, which is exactly like storing your gold in someone else's safe, depositing cash into a bank, store your car in your enemy's garage or put your coins in someone else's wallet.
It is, here you can see all the nodes in real time, online and offline as well as historical data. Bitcoin node software runs on port 8333, check it with nmap, ping or your favorite network scanner software. Do a whois lookup on the ip's and notice how it's all different isp's and in most cases residential ip's.
This is why miners exist, miners are competing trying to verify the next block, in Bitcoin this takes roughly 10 minutes. A block contains all the transactions that happened in the network recently.
Mining is a process of computing checksum trying to solve a complex mathematical problem, first one to solve it wins and gets to append the block to the chain, the winner is also rewarded some BTC which means more people will mine trying to compete for this reward. The more miners, the more secure the network is, nobody trusts, everyone verifies.
Until year 2008 there was no known way to secure such system. Bitcoin is the first software which successfully solved that problem which cryptographers and mathematicians has been struggling with for decades.
Torrents is a different technology, partially decentralized as it still relies on centralized tracking servers. Also, it's impossible to censor torrents, a file is a file, it is what it is. Torrents can make sure nobody secretly replaces your file with a virus, but if it's malware you're downloading torrents have no way to protect you. Bitcoin handles only transactions, hence impossible to embed or distribute malware through it.
The Bitcoin network operates by consensus, sure anyone could try to upload something bad to the chain, anyone could try to double spend, anyone could try to change the rules. But to successfully do that you need majority support across the network. This was a legit threat in the beginning when the network was still small, but nowadays it's too big for that sort of fuckery to gain any traction.
Bitcoins current hashrate is 280 EHash/s, that's E as in exa 2¹⁸ hashes computed per second. For comparison, a AMD EPYC cpu (64 cores, top of the line) does maybe 10Mhash (2⁶) per second. A good GPU can do maybe 200Mhash per second. A $3000 ASIC miner can do 20Thash per second (2¹²). You need at least 15 million of those to even get close in succession of performing any form of reasonable attack against the Bitcoin network.
That's a $50 billion investment. Each of those consumes about 2kW of power, you right now you'll need about 30GW of power too. That's 30 huge nuclear reactors. Then you need cooling, a secure facility, lot's of staff, months of time to manufacture the devices, probably your own chip factory too...
Can the US government, CIA and NSA do it, absolutely. It'll take them a couple of years to get it all up and running, but it's doable. And once they do, they can finally delay some transactions by 10 minutes, that's all they can do with that amount of computation power.
That said, current block reward is 6.25BTC, if the government installed such huge facility they could make 37.5/2 = 18.75 BTC per hour. That's a profit of $4.4M per hour, or $0.32B per month, assuming they don't fuck up and destroy the network which of course would crash the valuation temporary.
Also, if they do build such facility and decides to fuck around, the network could easily agree to switch to a different algorithm, say scrypt for instance, and suddenly, just like that by the push of a button all the SHA256 ASIC's are rendered obsolete.
This has actually been done in the past with forks like Bcash, BSV, BCH and "Bitcoin gold", tho those haven't gained traction, mostly because existing SHA256 miners are more interested in profit than fucking around ruining the network.