It's a chain of signatures that are crytpographically secure.
As of now SHA 256 is secure. Can we imagine a time when it is no longer secure? Sure. Long before then (hopefully) we will have forked to SHA516 or SHA1024 or whatever.
Yes. In 2014. It's far more difficult today. Although a consortium of mining pools can reach 51% each pool is made up of thousands of individual miners.
If the blockchain is "hacked" or there is a successful 51% Attack then yes BTC and other crypto are in big trouble.
However the blockchain was not hacked at $1,000,000.00 dollars, and it wasn't hacked when it was 1000 times that amount (1 billion) and it's still not hacked now. So far so good.
Re 51% attack - that's getting pretty close to impossible even for governments.
Can government stop crypto? Of course. Make it illegal and shoot people who have (or are suspected to have BTC). That ought to work.
You talk about one major exploit - true. But, of course, if people could counterfeit US dollars that would also tank the dollar. Right?
You're the sick person if you think that price gouging (even at it's worse) is more evil than ISIS, Hitler and Stalin.
Let's see now - actively killing people whose views you don't like - or the worst case of corporate greed. You realize that even the greediest corporation needs customers. They cannot make it so expensive that no one will buy their product.
In fact the economic history shows that volume of sales almost always trumps profit made per sale.
Make a one hundred million sales a day with a profit of one dollar each OR
make one thousand sales a day with a profit of one thousand dollars each?
that is only true where the quantity remaining hold a utility value, if the supply dries up significantly then people simply stop using it which causes the opposite, a massive downward spiral in price.
Why would the utility value drop if supply dries up even by 10%.
Right now BTC is divisible to 100,000,000 (a satoshi). It would be a trivial fork to allow subdivisions of a satoshi.
So, imagine BTC = $1,000,000. In that case a satoshi would be worth a penny.
Let's say that is too great a value for operations. (I would assume other coins would be handling minor transactions such as a cup of coffee.) As said earlier, it would be trivial to change the definition of a satoshi from 1/10^8 to 1/10^16
Bitcoin has a hardcoded limit to the amount of coins that can circulate. As coins are lost or wind up in the hands of criminals, their value as a currency for legitimate purposes diminishes.
And if criminals horde gold or US dollars how does that affect gold or the US dollar? It doesn't.
BTC's hardcoded limit was to mimic gold where the amount of new gold found is dwarfed by the amount of gold held in reserve (and in circulation).
Best figures I have are that gold reserves and in circulation are around 200,000 tons and the amount found each year is around 2500 tons.
Hmm. So importing uneducated people may not be the best thing to do.
After all:
Currently the number of jobs is shrinking, while the workforce is not [google.com](*). it's already causing a lot of stress in our society, and probably one reason for the recent election results.
How about adopting an immigration system based on skill sets. Have the following "X" skills and you're welcome.
but there has to be an 80/20 rule that's applicable here.
1. Frozen pie goes into oven
2, Pepperoni, or one or more of 4 toppings, gets added to the pie.
-- Pie spins and toppings (pepperoni, mushroom) get dropped. OR
-- Toppings are dropped on one half of the pie
Obviously not ALL permutations are possible but I'm sure a large portion of the most common ones could be.
I'm a pizza snob so I wouldn't partake in this. But, if someone is already a Dominos type of guy, then I can see a pepperoni / mushroom / extra cheese pie being made on the way to their house.
stop being retarded. There was no "healthcare system" in Japan until the 1960s so that doesn't account for 100+ year olds.
One key aspect of physical health is activity. Look how few people walk. There are many people who consider 10,000 steps a day to be "wow". For these people diet is not going to make it. 10,000 steps a day should be a drop-dead minimum (pun not intended).
The answer is to not keep your BTC in an exchange for a long period of time.
Use Case: You want to convert your fiat money into BTC (or another cryptocurrency)
- Send fiat to exchange
- Wait the 4 day hold
- Convert to BTC
- Send BTC to your wallet (don't keep it in the exchange).
As time goes on, and more professional exchanges are created, thefts will become fewer. You can't compare the sophistication of Gemini with say Mt. Gox. Regardless Gemini and all the others do not have FDIC protection (and never will) hence you will NEED to send your BTC to your wallet in order to be safe.
Actually the blockchain would make it easier to catch theft of this kind. It would make it easier to see if a charity actually uses the money for its stated purpose or if it funnels the money to its Board of Directors through "overhead" costs.
BTC is a currency AND can be used as a store of value (same as all currencies).
As a store of value it can be considered an investment. It's an "investment" for those people trying to hedge against their currency collapsing (see Venezuela).
The fact that a bank or an exchange is robbed does not devalue the currency. Bitcoin, unlike any fiat currency, has not be counterfeited.
Bitcoin is going up because people see it as a store of value, as a way of taking their money out of an unstable market (Venezuela, China are two prime examples). If BTC is ever adopted on a large scale it's value will be 100 times if not 1000 times as much as it is now.
Personally I think there will be multiple currencies, each with it's own niche.
It's not an odd one or two. If it were, who would care.
Pew Research records some horrible statistics - 70% + of Muslims in Europe wanting Sharia Law.
YouTube videos abound of imans advocating horrible racist, homophobic things; who, in front of 1000s argue that the death of homosexuals and atheists is legitimate.
The issue isn't if there's been mass migration in the past. Obviously there has been. The point is who decides who lives in an area?
Do you think the migrations to Europe have been a net positive or negative for the European citizens?
I think it's been a huge negative. You have millions that do not want to assimilate; who detest their host country's culture. How do you think that is going to work out?
Do you really see peace and happiness at the end of this road?
Imagine the problems with having inconsistent application of principle.
Person A is banned for saying "Lynch President Obama" and
Person B is not banned for saying "Lynch President Trump"
Both are equally wrong or equally acceptable. Now, that's an easy one but it can get very tricky.
It would be better, easier if these companies stayed out of the decision process. Bic and Pentel are not responsible for what is said, or not said, by the people who use their pens. Let's apply that principle to Go Daddy and Google and Facebook and Twitter.
Your relatives may not be whiskey snobs. Most whiskey snobs I know recommend adding cool (not cold) water to your whiskey or bourbon to bring it down to 38% alcohol.
Don't put ice as it will cool, hence hide the flavors.
Use a glass that captures the aroma (like a red wine glass) or get a set of Glencairns so that you're able to savour the whiskey
Slashdot Mirror
It's a chain of signatures that are crytpographically secure.
As of now SHA 256 is secure. Can we imagine a time when it is no longer secure? Sure. Long before then (hopefully) we will have forked to SHA516 or SHA1024 or whatever.
It may burst - it certainly will go down in price - but so what? It has proved its worth.
- It's unhackable / un-forgeable.
- It is easily portable.
- It is easily divisable.
Therefore it has value as a means of exchange and a means of storing value.
Yes. In 2014. It's far more difficult today. Although a consortium of mining pools can reach 51% each pool is made up of thousands of individual miners.
Ha. I'm a Hitler because I think that price gouging is not as horrible as exterminating people as did Hitler, Stalin and Mao.
Add to that that it's clear that I think that price gouging is immoral, and you still equate me to Hitler.
You've jumped the shark. Thank you for so clearly exposing your views.
Forbes just published an article calling BTC the new gold standard.
Bitcoin is the New Gold
https://www.forbes.com/sites/p...
If the blockchain is "hacked" or there is a successful 51% Attack then yes BTC and other crypto are in big trouble.
However the blockchain was not hacked at $1,000,000.00 dollars, and it wasn't hacked when it was 1000 times that amount (1 billion) and it's still not hacked now. So far so good.
Re 51% attack - that's getting pretty close to impossible even for governments.
Can government stop crypto? Of course. Make it illegal and shoot people who have (or are suspected to have BTC). That ought to work.
You talk about one major exploit - true. But, of course, if people could counterfeit US dollars that would also tank the dollar. Right?
You're the sick person if you think that price gouging (even at it's worse) is more evil than ISIS, Hitler and Stalin.
Let's see now - actively killing people whose views you don't like - or the worst case of corporate greed. You realize that even the greediest corporation needs customers. They cannot make it so expensive that no one will buy their product.
In fact the economic history shows that volume of sales almost always trumps profit made per sale.
Make a one hundred million sales a day with a profit of one dollar each OR
make one thousand sales a day with a profit of one thousand dollars each?
Which is the more successful company?
that is only true where the quantity remaining hold a utility value, if the supply dries up significantly then people simply stop using it which causes the opposite, a massive downward spiral in price.
Why would the utility value drop if supply dries up even by 10%.
Right now BTC is divisible to 100,000,000 (a satoshi). It would be a trivial fork to allow subdivisions of a satoshi.
So, imagine BTC = $1,000,000. In that case a satoshi would be worth a penny.
Let's say that is too great a value for operations. (I would assume other coins would be handling minor transactions such as a cup of coffee.) As said earlier, it would be trivial to change the definition of a satoshi from 1/10^8 to 1/10^16
Bitcoin has a hardcoded limit to the amount of coins that can circulate. As coins are lost or wind up in the hands of criminals, their value as a currency for legitimate purposes diminishes.
And if criminals horde gold or US dollars how does that affect gold or the US dollar? It doesn't.
BTC's hardcoded limit was to mimic gold where the amount of new gold found is dwarfed by the amount of gold held in reserve (and in circulation).
Best figures I have are that gold reserves and in circulation are around 200,000 tons and the amount found each year is around 2500 tons.
After all:
Currently the number of jobs is shrinking, while the workforce is not [google.com](*). it's already causing a lot of stress in our society, and probably one reason for the recent election results.
How about adopting an immigration system based on skill sets. Have the following "X" skills and you're welcome.
Well. Maybe not EVERY configuration possible. :)
but there has to be an 80/20 rule that's applicable here.
1. Frozen pie goes into oven
2, Pepperoni, or one or more of 4 toppings, gets added to the pie.
-- Pie spins and toppings (pepperoni, mushroom) get dropped. OR
-- Toppings are dropped on one half of the pie
Obviously not ALL permutations are possible but I'm sure a large portion of the most common ones could be.
I'm a pizza snob so I wouldn't partake in this. But, if someone is already a Dominos type of guy, then I can see a pepperoni / mushroom / extra cheese pie being made on the way to their house.
Sure, can you please add extra toppings to the right side of the pizza.
Why would that be a problem?
stop being retarded. There was no "healthcare system" in Japan until the 1960s so that doesn't account for 100+ year olds.
One key aspect of physical health is activity. Look how few people walk. There are many people who consider 10,000 steps a day to be "wow". For these people diet is not going to make it. 10,000 steps a day should be a drop-dead minimum (pun not intended).
The answer is to not keep your BTC in an exchange for a long period of time.
Use Case: You want to convert your fiat money into BTC (or another cryptocurrency)
- Send fiat to exchange
- Wait the 4 day hold
- Convert to BTC
- Send BTC to your wallet (don't keep it in the exchange).
As time goes on, and more professional exchanges are created, thefts will become fewer. You can't compare the sophistication of Gemini with say Mt. Gox. Regardless Gemini and all the others do not have FDIC protection (and never will) hence you will NEED to send your BTC to your wallet in order to be safe.
Actually the blockchain would make it easier to catch theft of this kind. It would make it easier to see if a charity actually uses the money for its stated purpose or if it funnels the money to its Board of Directors through "overhead" costs.
Pick up a history book sometime. You will be astounded.
I have. That's why I prefer small, constitutionally limited government over all-powerful states.
Don't listen to DontBeAMoran he's scamming you.
I'll give you 1101 Dogecoins for your $1000.00 investment. That's two for each DogeCoin that scammer offered you plus one because I'm such a nice guy.
Please email me at not_a_scam_like_the_other_guy@gmail.com
BTC is a currency AND can be used as a store of value (same as all currencies).
As a store of value it can be considered an investment. It's an "investment" for those people trying to hedge against their currency collapsing (see Venezuela).
Peoples accounts are hacked. Bitcoin is not.
The fact that a bank or an exchange is robbed does not devalue the currency. Bitcoin, unlike any fiat currency, has not be counterfeited.
Bitcoin is going up because people see it as a store of value, as a way of taking their money out of an unstable market (Venezuela, China are two prime examples). If BTC is ever adopted on a large scale it's value will be 100 times if not 1000 times as much as it is now.
Personally I think there will be multiple currencies, each with it's own niche.
It's not an odd one or two. If it were, who would care.
Pew Research records some horrible statistics - 70% + of Muslims in Europe wanting Sharia Law.
YouTube videos abound of imans advocating horrible racist, homophobic things; who, in front of 1000s argue that the death of homosexuals and atheists is legitimate.
The issue isn't if there's been mass migration in the past. Obviously there has been. The point is who decides who lives in an area?
Do you think the migrations to Europe have been a net positive or negative for the European citizens?
I think it's been a huge negative. You have millions that do not want to assimilate; who detest their host country's culture. How do you think that is going to work out?
Do you really see peace and happiness at the end of this road?
Except in Poland, Estonia. Latvia, Lithuania, Hungary, Czech Republic, Slovakia, Hungary and other places.
Europe is not France and Germany.
I switched from Chrome to Brave for the same reason. Very happy with the Brave browser. I use DuckDuckGo but it's not as good as Google.
Imagine the problems with having inconsistent application of principle.
Person A is banned for saying "Lynch President Obama" and
Person B is not banned for saying "Lynch President Trump"
Both are equally wrong or equally acceptable. Now, that's an easy one but it can get very tricky.
It would be better, easier if these companies stayed out of the decision process. Bic and Pentel are not responsible for what is said, or not said, by the people who use their pens. Let's apply that principle to Go Daddy and Google and Facebook and Twitter.
Your relatives may not be whiskey snobs. Most whiskey snobs I know recommend adding cool (not cold) water to your whiskey or bourbon to bring it down to 38% alcohol.
Don't put ice as it will cool, hence hide the flavors.
Use a glass that captures the aroma (like a red wine glass) or get a set of Glencairns so that you're able to savour the whiskey