I don't think he mentioned anything about quantum computing. The entire internet relies on open key encryption...ecommerce, privacy, sources of authority (still weak), and sandboxed (cloud) computing. Once quantum becomes cheap enough, i guess crypto is a low hanging fruit, but it's likely first owned by the state or a company forcibly backdoored by US or China. They would rather take a bite out of the 300T gorilla than a 1-10T ape.... There will have to be a hard fork, and I don't think any purists will complain. It's not an issue because it affects much much more than bitcoin. NSA is greedily preserving "ice cores" just waiting for the day to time travel.
To be fair, the quantum crypto question was one I posited because it was a curious question. I don't mind being wrong on something. In fact I try my best to explain my thought processes as to why I asked so that it's easier to scrutinize with proper criticism and point where I was wrong. So that I can better learn that which I'm unfamiliar with. And to do that and be given some pompous answer like a poster is above it when the reality is they don't know it well enough to explain it is just special though. That's a special man.
The whole digital infrastructure is secured by cryptography. As I stated, nearly every database in the world could be wiped ... by your logic. Banks are the easy pickings in this discussion. Our whole infrastructure is digital. Weapon systems. On and on and on. Bitcoin would be the last thing anyone is worried about. NFTs are garbage. Nothing to discuss. Its been around for well over a decade in a centralized form, from Farmville to 2nd life, WoW, Fortnite, ect ... VC's have convinced the masses that a blockchain NFT have some value. Its worse than beanie babies. Bitcoin is not a cryptocurrency. The vast majority of cryptocurrencies are nothing more than decentralized securities with no real use case. Putting private information on any decentralized database (ie: this modern block chain narrative) is highly ignorant and unsustainable. There are some plausible uses cases but they are far and few. I have little faith Ethereum will become what it envisions to be. Bitcoin is a different animal. Its not something that can be explain in a paragraph or two for you to have a eureka moment. There are hundreds of thousands of hours on this debate and some still argue the same points as your fellow in your video. What I am specifically telling you is that you have put no effort in understanding Bitcoin. If you willing to spend two hours listening to an a presentation on an anti crypto-space video that jumps around on several different topics conflating multiple conversations into a single issue, then you should be willing to spend some time listening to some pro-bitcoin videos that get into the specifics that cover a broad range of the same questions covered in your video. I will tell you that most people who fall into the Bitcoin rabbit hole do it through extensive research into the history of monies and economics, not through day/swing trading on an exchange or a fantasy of the world using Bitcoin (the asset) to buy coffee and pay your taxes. Also there is no unified Bitcoin belief that is universally held. This is indeed the 80's/90's discussion that was had about the internet. And IDC if you think im pompous. It was pompous of you to come in acting like you understood Bitcoin and acting as an authoritarian after watching a 2 hour video.
Me trying to have a discussion where I wasn't being vitriolic with anyone until you started acting like an *sshole is a problem? You clearly got extremely defensive for a f*cking video I shared on here because you're extremely dependent on it's success most likely. You've still offered nothing to counter the videos or than say to do your own research. Who do you trust? What sold you? Give me some links bro. Let's see just how good the sources of information YOU trust are. What are your bitcoin bookmarks that you check daily? Is this not a forum to discuss things? Are people not allowed to inquire on it? Because you apparently just want to shut down any criticism against bitcoin because it will affect your bottom line by being an investor. Don't be an *sshole. Educate me Mr. I don't give a f*ck. Explain it to me beyond you put money in and more money is good. Trust me. I've still yet to receive a reasonable answer to explain how a few hundred thousand people globally gambling in bitcoin is going to change humanity as we know it. For the better. Isn't it a speculative market where confidence in investment is contingent on it's success as confidence in crypto is THE selling point of the whole thing is it not? So, if there are legitimate criticisms to be found in crypto as even an effective currency, confidence in the speculative market would drive down, negatively impacting your bottom line as a middle class investor right that's likely heavily dug in? So it would be in your best interest to constantly tout the wonders of bitcoin while remaining incredibly vague and resorting to saying to do your own research without offering anything substantial to explain how wonderful bitcoin truly is supposed to be. In other words, you're not a reliable source to count on and you being deliberately obtuse in failing to even share where you get your confidence in bitcoin from is telling. You're dug in because you're dependent on it's success and to receive some potential bad news in effective journalism would financially hurt you most likely especially if it were to go viral that the benefits of crypto from it's supporters is apparently no better than confidence in vaporware. Thus the vitriol from your *ssholish posts. That's what I gather. I shared the video because I legitimately wanted to inquire if all that was discussed in the video is true, thinking I would posting among crypto aficionados that might possess the intellect to explain where the video is wrong. Instead I get vitriolic posts that the video covers that reinforces my view that perhaps the journalism conducted in the video essay is correct. I'm asking to you explain yourself and you can't even bother to do that. How pathetic.
Cryptocurrency faces a quantum computing problem Once quantum computing becomes powerful enough, then essentially all the security guarantees will go out of the window https://www.cnet.com/google-amp/news/cryptocurrency-faces-a-quantum-computing-problem/
I poked my head in here after largely ignoring it since my last set of posts a while back. This was largely due to the video @London'sBurning posted, which I saw elsewhere, though I've also seen a lot of related crypto news. With all of that, just thought I'd see what the discussions were like in here. To be fair, most of that buzz is around NFTs and other crypto/blockchain nonsense. It seems like some of you agree that most/all of those things are bullshit scams, so I guess there's nothing for us to argue there. Some of these latest discussions seem more centered around Bitcoin and whether it is also a huge scam/pyramid scheme like the rest of crypto, or if it will somehow bring massive improvements to the average person's life if given the chance. I'm not going to pretend that I haven't made my own opinions on that, but I also don't think I'm willingly (or unwillingly) ignoring any evidence that contradicts that. I've spent a good chunk of the last year or so, just seeking potential answers to questions that could easily change my mind about these things (I do this with a lot of things that are hotly debated). I haven't found much to change my mind. Maybe I'm just not looking at the right stuff, but I do think if this Bitcoin stuff is going to take off and save humanity, then you guys need to come up with some better ways to communicate why (and why the criticisms are not valid). If it was as sure of thing and easy to understand as it is somehow made out to be, I think more folks like me would be onboard. Instead, people like me think of Bitcoin/crypto as one of our society's biggest follies (especially in recent decades). And to join in on the fun quantum computing hypothetical, I do agree it would massively impact lots of systems, though I do think something like Bitcoin would be more affected (unless I'm missing something). It is a fun thought experiment even if I'm not sure how practical it is. It does seem like many systems could just revert back to how they worked prior to the digital era (not easy but doable), whereas I'm not exactly sure how something like Bitcoin would function. I'd like to think if quantum computing was so widely available, maybe we'd have fusion power alongside other great tech. And maybe we could live in that Star Trek money-less future I always dreamed about, making all of this moot. (I know a dreary CyberPunk-esque future is more likely )
BTC will always be a tough topic to discuss online because of how it can make one rich (or poor) overnight. It's half survivor's bias and half emotional lottery ticket. People here are nowhere close to the swings on Crypto Twitter, and everyone's been open giving help or suggestions. That's just my take, fwiw. Like Space said, there are indeed many people who came heavily from macro and decided bitcoin or crypto was either an assymetric hedge or life raft towards "disruptions" (to say the least) in the greater economy. I guess it's a ponzi in the sense that a selling tickets to a life raft can also be considered a ponzi. Feel free to consider it that because trades are essentially zero sum. Don't risk money you're afraid of losing. The ones who made 10-100x don't need that much of a buffer, but the greater fool should always listen. If that dude made a 3 part 3 hr video about "The Problem With Options Trading", I'm pretty sure stock bros will feel a bit raw. Or maybe they'll shrug it off and hope the next fool won't listen. P.S. NFTs are not bitcoin. NFTs are trash pics with a deliberate barrier of entry to make an ugly and common item feel rare or collectable. It's riddled with scams and tax fraud that you have to do a lot more upfront work to make and keep a profit. I guess you can buy from a trusted player like NBA Topshot, but that's just a fast track towards speedballing degeneracy.
Thank you for the considerate reply. I appreciate that. Understanding that, how is that type of system moving humanity forward and will be beneficial for everyone as I've read here on this very forum? As an outsider just trying to gather information on this, it doesn't instill confidence in me to invest personally. But those are my losses and other people's gains I suppose if you don't really care about the ethics behind where the money is coming from I guess. I think to most it's money that would have gone to a trip to Vegas that instead is put into an online gambling mechanism like bitcoin with the hope that you too will cash out big at some point while Ethereum and the likes that help operate everything take a cut off every single transaction which fluctuates all the time apparently and isn't even properly regulated. I totally understand how they benefit from all this. I don't understand how humanity as a whole would though. That's my naïve input I suppose.
I worked in SF for a few years. Loved the energy and weather at first but realized everyone and their cab driver had an idea that would change the world and help humanity. Most of the pitches were solutions to random annoyances made in app form...an app to call nannies! I wanted to give him a Nobel Peace Prize on the spot. The language is always like that. Why would anyone put money that is sold with that kind of phrasing? I think it's the Steve Jerbs effect. When you generate belief, conviction, and half mysticism, the followers then do half of the branding work for you. Might be a T-Shirt, might be a semi-permanent Brand of Ink... Maybe Elizabeth Holmes ring a bell... Still happening in the stock market. Insiders get rich. Followers must "stay on track". Stuffing money at the bank for 0.01% APR is for rubes and suckers. Stocks are equally dangerous in proportion to risk and even more nebulous to its consequences to society. I guess gold and precious commodities. Have fun hiring security details and brinks trucks. Risk...risk...is everywhere. So maybe Web3 (lol) won't save humanity. I'm just looking for yield and cool projects while insulating myself to another face melting market "correction". Hmm, that seems to be happening more often. Almost casino-like.
That seems like anticipating a bailout that you know can't be averted because as an institution bitcoin has become too big to fail, similar to the housing market crisis in 2008, again to the benefit of a mere few hundred thousand people across the globe who are already wealthy. A nanny app while not the best idea, does not run the risk of needing middle class taxpayers to cover the brunt of the greed of a few hundred thousand people, some who are not even American but would benefit from a bailout with American tax dollars. Again, I understand, get yours, but at what cost? It seems people who support bitcoin are content with taxpayers eventually biting the bullet and covering it, because they'll have no choice. The institution is already too big to fail. And yet people tout that as changing humanity for the better as we know it. Seems more dishonest with enormous consequences that loom in the future for the poor and middle class that will be paying the brunt of it, including people like SpaceGhost who is likely middle class at present, despite not being complicit or benefitting from it's existence in the least. But you guys get yours which isn't even assured should it all go bust. I seriously doubt the people that operate bitcoin and Ethereum in the like are going to be looking out for your bottom line when the **** hits the fan. Really ethical thinking there. Some real red blooded American train of thought. No wonder this world can be so f*cked the way that it is.
There is no bailout for crypto holders. I don't know where you're getting that idea. I think you're conflating the videos initial premise with a literal bailout. That guy is more suggesting more of an epic tulip crash. Nah the real bailout is called the fed signaling that they'll scoop up near junk rated debt to stave off fears of panic and fire sales. Clear and obvious moral hazard that hasn't run counter to Fed Action since Greenspan or when the government facilitated the Savings and Loan bailout. I sincerely think you're vesting too much emotional energy in one video session. Look for more sources. Maybe subscribe to Amy Castor on Twitter as it's up your alley. But crypto isn't the cause of humanity's breakdown... Far beyond it.
There is much to be said but I will skip to my point. I went all in on crypto in 2017. I too thought blockchain was going to be the great savior, blah blah blah. I had come to the conclusion Bitcoin was just another crypto and it would be projects like Ethereum that would be the grand solution. When Lightning Network became a reality and I observed all of innovation going on with Layer 2 Bitcoin, I had come to the conclusion all of the other projects would never live up to the hype. Now I do resent when people insinuate that I am only in Bitcoin for the riches and glory. I am in it because I do have high conviction it is one of the most secure assets, short term and long term. So yes, I do benefit from it and I openly encourage everyone to explore this and consider it an option. But this isn't what makes me an open supporter and advocate for this asset. I encourage to you to explore Jack Mallers Strike and Jack Dorsey's Block products/solutions. They are focused primarily on cross border banking solutions for 3rd world countries. No nation state or individual controls Bitcoin. The layer 2 solutions give those in 3rd world countries a chance to hold wealth w/out it being confiscated by corrupt government or gangs. If this works, it will change the paradigm and vastly change the economics of the world.
bitcoin is not uniquely vulnerable to quantum computing all financial services (and many other things) rely on encryption
only focusing on short term volatility will cause you to miss out on massive gains a 50% drawdown from 10X is still 5X
So when TD Ameritrade or my bank gets hacked, I feel fairly secure getting my money back. When bitcoin gets hacked, who do I go to?
To the developers. Sign a crypto affidavit and they will refund your bitcoin. Little known secret that nobody knows about.
