Not happening although I wish it would.
It is happening. Big money finally extrapolated. Butcoin will be killed by quantum within 3 years.
Readit NewsXiphiasX commented on Bitcoin collapsing due to quantum risk getting priced in · Posted by u/XiphiasX
XiphiasX commented on Can someone explain why Bitcoin isn't crashing due to quantum? · Posted by u/XiphiasX
I do understand all of that. But all of that makes sure that Bitcoin will never function as a currency, as outlined in the reasons above.
Yes, and it doesn’t have to function as currency. We have enough of those already!
XiphiasX commented on Can someone explain why Bitcoin isn't crashing due to quantum? · Posted by u/XiphiasX
XiphiasX commented on Can someone explain why Bitcoin isn't crashing due to quantum? · Posted by u/XiphiasX
>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.
How can you not understand. Bitcoin’s main and only FEATURE is the fact than from all assets in this planet, and possibly from all assets jn this Solar System, it CANNOT be cofniscated and censored. That’s the knly reason it has any value at all, to circumvent controls. All other assets like gold, real estate, emeralds, fiat, stocks… CAN be confiscated. Bitcoin’s only unique selling point is circumvention of controls.
XiphiasX commented on Can someone explain why Bitcoin isn't crashing due to quantum? · Posted by u/XiphiasX
>The should be transitioning NOW, but that’s not happening.
Can quantum computers factor arbitrary numbers with 4 digits already?
No, but when they can it will be too late, so systems should be transitioning NOW.
XiphiasX commented on Can someone explain why Bitcoin isn't crashing due to quantum? · Posted by u/XiphiasX
> 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.
XiphiasX commented on Can someone explain why Bitcoin isn't crashing due to quantum? · Posted by u/XiphiasX
XiphiasX commented on Can someone explain why Bitcoin isn't crashing due to quantum? · Posted by u/XiphiasX
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.
XiphiasX commented on Can someone explain why Bitcoin isn't crashing due to quantum? · Posted by u/XiphiasX
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.
So what will people who self-host can or will do?