Wtf is BITCOIN?

[Shajida Khan]

https://www.technologyreview.com/s/...ers-pose-imminent-threat-to-bitcoin-security/

Eat your words.

No need. Quantum computers are threat of conventional cryptography as a whole, not just crypto currencies. If a really large implementation of Shor's algorithm comes, HTTPS / SSL / TLS will the first casuality. BTW, that includes your bank website, your 'Fintech' and almost anything that you want to keep unseen.

Guess you don't know what you are referring to.

 

[AZADPAKISTAN2009]

Bitcoin is really not that mature to be used for Large Transactions
Fairly a experiemental Tech

While , it is claimed no one owns Bitcoin or Crypto currency yet we hear "strange stories of stock" reaching 18,000 dollar

So who is benefiting from Stock rise if a currency is suppose to be owned by no one ?

Raises some questions

Really ideal for small purchases here and there

If something is truely "NOT OWNED" by a enity then it's stock value sould remain 1:1 never rising for ever

However if it is "Rising or falling in value" and trading on stock exchange then it shows potential that a shadowy entity could actually be controlling it from shadows

 

[Götterdämmerung]

Bitcoin is the first step to create a universal cashless currency by the banking cartel aka deep state. Otherwise they would have made it illegal one minute after its creation.

 

[powastick]

No need. Quantum computers are threat of conventional cryptography as a whole, not just crypto currencies. If a really large implementation of Shor's algorithm comes, HTTPS / SSL / TLS will the first casuality. BTW, that includes your bank website, your 'Fintech' and almost anything that you want to keep unseen.

Guess you don't know what you are referring to.

Banks could easily adapt, bitcoin is flawed from the beginning.

 

[BHarwana]

@rott for example you have 10 candies and I have $10. Price of one candy is $1. I will have to pay you $10 to get 10 candies from you okay. this is how trade works in every day life. now dollars is a kind of neutral commodity that can be used in exchange for any thing.

Okay now lets move to digital world, in digital world there is nothing real every thing is created in terms of code electronic signals. now you live in china and i live in Pakistan. if I want to buy 10 candies from you i will have to pay you $10. you will courier me 10 candies via DHL and I will courier you $10 via Paypal. Now this restricts the freedom because every transaction done through this means was being recorded by the services that were providing courier service. like Paypal and DHL and this info was being given to Gov and banks and corporations. One day a man decided to break this chain and he sat on his computer figuring out ways to break this chain of tracking world trade. His biggest problem was the computing function of copy paste. because in digital world you can copy paste every thing and every thing can be duplicated now making money in digital world it is necessary that the amount of money that was paid for a commodity has to expire from the person that is making the purchase. bitcoin is a method of making sure that if I make the purchase the money is not transferred by any courier but by actual digital network and it is deducted on my end without me being able to duplicate it.

 

[Shajida Khan]

Banks could easily adapt, bitcoin is flawed from the beginning.

How so? If the conventional cryptography is broken, how can banks keep their transactions safe online.

BTW, if quantum computing goes anywhere, we will be able to generate quantum currencies. Something like quantum-bitcoins. Why so? Because of no-copy theorm in quantum physics. Based on it you can create currencies which cannot be copied without being destroyed. Makes perfect case for a store of value!

 

[powastick]

How so? If the conventional cryptography is broken, how can banks keep their transactions safe online.

BTW, if quantum computing goes anywhere, we will be able to generate quantum currencies. Something like quantum-bitcoins. Why so? Because of no-copy theorm in quantum physics. Based on it you can create currencies which cannot be copied without being destroyed. Makes perfect case for a store of value!

Bitcoin is already doomed, there is no saving it since its done with conventional cryptography. Banks could easily tie their towards any system and have state power to enforce laws. And no sane country would allow a foreign currency to usurp.

 

[Shajida Khan]

Bitcoin is already doomed, there is no saving it since its done with conventional cryptography. Banks could easily tie their towards any system and have state power to enforce laws. And no sane country would allow a foreign currency to usurp.

Only issue is almost anything and everything is done using conventional cryptography. No one know how post-quantum world will look like. But there is nothing fundamental which is stopping adaptation of quantum techniques for a currency like bitcoins.

As far as governments go, they are having a real tough time keeping check on bit-coins. The only real way they can stop bit-coin is by stopping conversion between conventional currencies and bitcoins. Now that people are already trading commodities and services in bitcoins, it is almost impossible for them to stop it.

 

[The SC]

I think I am getting the essence of it now.
Thank you.
@AZADPAKISTAN2009 @BHarwana

It is much easier in the US and other parts of the world to deal with BitCon.. it seems more difficult in Canada who wants to regulate it already..

 

[powastick]

Only issue is almost anything and everything is done using conventional cryptography. No one know how post-quantum world will look like. But there is nothing fundamental which is stopping adaptation of quantum techniques for a currency like bitcoins.

As far as governments go, they are having a real tough time keeping check on bit-coins. The only real way they can stop bit-coin is by stopping conversion between conventional currencies and bitcoins. Now that people are already trading commodities and services in bitcoins, it is almost impossible for them to stop it.

Non-sense, bitcoin is doomed. Only newer coin like IOTA are ready. And is possible for countries to ban bitcoin, just like what you do to people who trade drugs. You execute them. And bitcoin over USD15000? Poor idiots. Pump and dump.

 

[dray / Rain Man]

Can someone pls explain in layman's term what the fk is BITCOIN?

It's a speculative tool, a digital form of Tulip Bulbs.

Same goes for all other such so called coins.

 

[Shajida Khan]

Non-sense, bitcoin is doomed. Only newer coin like IOTA are ready. And is possible for countries to ban bitcoin, just like what you do to people who trade drugs. You execute them. And bitcoin over USD15000? Poor idiots. Pump and dump.

Technically speaking -- if crypto is broken, any crypto currency is broken. They all are using same 'zero till k digit' hash function. IOTA is nothing superior in that sense.

Bitcoin or any crypto for that matter is almost impossible to trace. One can make it illegal but still it won't stop. Also legislating death penality on bitcoin is only possible in oppressive regimes as China. Very difficult in rest of the world.

Lastly, yes there is a bubble in bit coin value. It will keep on fluctuating till it gets to a stable value. People will make money and loose money in these fluctuations. But then any store of value shows such charecterstics. Shares, bonds, real estate, forex... anything.

 

[XDescendantX]

not controlled by Jews

You had me at "not controlled by Jews," lol.

 

[xyxmt]

Well it's too late to make good money on it

maybe in a year or two you will be saying "I was lucky not to invest in it"

 

[ZeEa5KPul]

A way for Chinese entrepreneurs to sell worthless digital tokens to Western idiots with too much money.