Yeah, I'm one of the biggest BTC/crypto critics, and even I don't really put much stock into the quantum computing attacks. I'd have to look into specifics more, but even ignoring those, I'm pretty skeptical about the current state of quantum computing (even with the PR push by Google), and even if it was legit (a *big* if), there would be easier ways to break the security model (as I pointed out long ago in this thread). If you're not concerned about the current stuff, I wouldn't be worried about quantum computing being an issue, especially anytime soon.
Quantum computing is over my head. I can tell you that bitcoin uses sha-256 encryption. If quantum computing breaks that then our electric grids, bank system, and nuclear weapons are vulnerable. They use sha-256. My understanding is a quantum chip would need 1M qubits to crack sha-256. The Google Willow chip just released is 105 qubits.
Interesting how the first year jump was 150x, then the next one was 15x, followed by the last one at 1.5x. Implies that this one will be .15x!
No one has denied it isn't a speculative asset. What we are waiting on are the use cases the church of BTC keeps prophesizing because right now it's still just a great way to move money illegally.
Ill give you a .10 of a bitcoin if you move it illegally. Send me your coinbase account and I want you to go buy drugs or weapons from a very illegal place. Then come tell me how great it is to use illegally.
1) Accretion, not inflation. 2) Bitcoin has already solved the problem it set out to solve, which is perfected money. The volatility isn't good or bad, it's just circumstantial, as it would be with any novel asset that is traded 24/7 365 around the world. Can you please define what you mean by this? I ask because you keep saying it like it's profound, but all assets can be speculated on. Its use case is pristine capital. Incorruptible, immortal, digital capital. Something everyone who has ever lived or ever will live needs.
LOL.. Because I don't know how to do it means that criminal organizations and bad state actors aren't doing it? Bitcoin Fog Operator Convicted of Money Laundering Conspiracy Right now BTC's value is speculation aka make money.... as long as people think BTC will keep increasing in value it will keep going.
Cute. Accretion: the process of growth or increase, typically by the gradual accumulation of additional layers or matter. A thing formed or added by gradual growth or increase. What's gradual about growth of BTC? No, it's inflation. I understand why you have to use a different term to explain away the negative. So why don't people use it as money then since it's so perfect? I would say if you are using BTC as a store of value and it drops 20% and you need those funds then it's bad. Money that is that volatile usually isn't very good at the concept of being money. It's main function is to make money off of. USD is useful. BTC is not. What's it like been 15 years..... where's the beef?! LOL... I don't doubt you actually believe that... as it goes right with all the other bold claims you've made like how BTC will be the last currency ever. RC Cola seems to have done a great job of explaining the technical stuff and why BTC falls short.
Bitcoin's supply has not deviated from its schedule and planned limit. It has accrued value. The dollar, which is the measuring stick, certainly has inflated though. They do. You are conflating money and currency, which are different. Nobody can predict when something catastrophic will happen to them. Until you have a mature BTC allocation, everyone should keep a certain amount of liquidity in low volatility assets for this exact reason. I've said it before and apparently I need to say it again, I do not advocate anyone purchasing Bitcoin who intends to own it for less than 4 years (5 years ideally). It's a long-term capital store. If you are accessing it short-term it means that you either didn't allocate properly or some horrible unforeseeable fate has befallen you. Again, money, not currency. The beef is the wealth preservation and accrual we're all enjoying as our pristine asset eats the monetary premium of the world. Name me a person who does not need or want to preserve their capital/wealth.
No, because you WILL get caught and you will go to jail, just like the example you posted. You obviously do not understand the basic functions of the network. Thus make it a stupid way to transact illegally. Use what the drug deals use - Cash.
The value is in USD and has been very volatile and not gradual. You make the mistake of assuming that because BTC has a "planned limit" that it is immune from inflation and deflation. Fair, I was talking more colloquially. I guess technically "they do" but not in anything remotely meaningful. Right, so it's just like a speculative asset like a stock with it's own jargon and narrative. They also have similar "disclaimers".... Still doesn't really do either. How is this different than people's portfolio/retirement accounts?
Imagine posting in this thread for almost 10 years and having learned absolutely nothing meanwhile BTC is up 40,000%.
