Bitcoin biting the dust?

[Wiploc]

10. Not Who.

 

[Jarhyn]

Well, they still have some value, so holders of them can go to the Netherlands and use them to purchase tulips.

And you gained my vote for the obscure reference of the year. How many people here are going to understand your delightful post?

Who doesn't know what tulipmania was?

See, thing is, people have better things to buy from The Netherlands than tulips, nowadays. Particularly when it comes to bitcoin... Mmmmmmmm tulips.

 

[DBT]

Tiptoe through the Tulips?

 

[TSwizzle]

Just broke $50k, Tesla and other big name companies buying it up. Not dead yet anyway.

 

[Elixir]

Bitcoin going over $50,000 today.
Amazing.

 

[Jarhyn]

Bitcoin going over $50,000 today.
Amazing.

Holy shit... Some money kicking around in some of my wallets may actually be worth something again..

 

[Jimmy Higgins]

Bitcoin going over $50,000 today.
Amazing.

Nothing like a currency that can go up or down 20% in a week!

 

[Elixir]

Bitcoin going over $50,000 today.
Amazing.

Nothing like a currency that can go up or down 20% in a week!

Yes, fortunately there's nothing like it.... except all the other cryptocurrencies.

 

[Jarhyn]

Drugs

So, the fact is, bitcoin and other cryptocurrency offerings will continue to be used.

There is really no other currency option that allows online "cash-like" exchange to the extent that ad-hoc currency networks like bitcoin do. As long as there is a black market this will keep happening.

This is what pretty much all non-speculative action on bitcoin happens in support of. Everyone who I have ever talked to with dreams of mining or investing, has ultimately been adjacent to a black market transaction.

At some point, people will stop using bitcoin to mediate their black market transactions because it is insecure and obsolete. That is, ultimately, when the market will collapse for BTC.

 

[Worldtraveller]

Okay, apparently everyone in this thread caught the reference.

...
9. Everyone

Not me. [/Life of Brian-ish]

 

[WAB]

Okay, apparently everyone in this thread caught the reference.

...
9. Everyone

Not me. [/Life of Brian-ish]

There's always one, isn't there?

 

[Worldtraveller]

Not me. [/Life of Brian-ish]

There's always one, isn't there?

You're lucky there's only one.

 

[Gospel]

Bitcoin will eventually bite the dust when distrust is sewn VIA the inevitable quantum supremacy wars. My only hope is that I figure out the perfect time to short the hell out of ₿.

 

[Jayjay]

Bitcoin will eventually bite the dust when distrust is sewn VIA the inevitable quantum supremacy wars. My only hope is that I figure out the perfect time to short the hell out of ₿.

I agree that quantum computers are a huge risk for bitcoin. But not necessarily fatal. The history of the blockchain is known; so what will be done is a new blockchain that's forked right before the first quantum "cheat" that uses post quantum algorithms. This could take a while, but no matter... the bitcoins you have in the old chain are still there in the fork.

Nobody knows whether this will happen in 2022, 2025, or 2050.

 

[Jarhyn]

Bitcoin will eventually bite the dust when distrust is sewn VIA the inevitable quantum supremacy wars. My only hope is that I figure out the perfect time to short the hell out of ₿.

I agree that quantum computers are a huge risk for bitcoin. But not necessarily fatal. The history of the blockchain is known; so what will be done is a new blockchain that's forked right before the first quantum "cheat" that uses post quantum algorithms. This could take a while, but no matter... the bitcoins you have in the old chain are still there in the fork.

Nobody knows whether this will happen in 2022, 2025, or 2050.

Not to mention that bitcoin doesn't really lend itself to a direct short. You either have it or you don't.

 

[Jayjay]

Bitcoin will eventually bite the dust when distrust is sewn VIA the inevitable quantum supremacy wars. My only hope is that I figure out the perfect time to short the hell out of ₿.

I agree that quantum computers are a huge risk for bitcoin. But not necessarily fatal. The history of the blockchain is known; so what will be done is a new blockchain that's forked right before the first quantum "cheat" that uses post quantum algorithms. This could take a while, but no matter... the bitcoins you have in the old chain are still there in the fork.

Nobody knows whether this will happen in 2022, 2025, or 2050.

Not to mention that bitcoin doesn't really lend itself to a direct short. You either have it or you don't.

There are many exchanges that allow shorting bitcoin. In principle there is nothing preventing shorting also in the blockchain itself, all you need is someone willing to lend you some bitcoin that you can sell. However, in the situation where quantum computers can crack any bitcoin wallet, shorting and trading in general becomes meaningless. How would you settle the shorts if you all miners shut down because they can't operate against bandits using quantum computers? Why would any exchange continue to allow trading if the bitcoins in their cold storage are gone or could be gone any second?

It's a bit like shorting stocks if you have a hunch that there is going to be a global thermonuclear war: even if you're right, you can't realize your winnings because all stock exchanges and banks are smoldering craters.

 

[Gospel]

Not to mention that bitcoin doesn't really lend itself to a direct short. You either have it or you don't.

There are many exchanges that allow shorting bitcoin. In principle there is nothing preventing shorting also in the blockchain itself, all you need is someone willing to lend you some bitcoin that you can sell. However, in the situation where quantum computers can crack any bitcoin wallet, shorting and trading in general becomes meaningless. How would you settle the shorts if you all miners shut down because they can't operate against bandits using quantum computers? Why would any exchange continue to allow trading if the bitcoins in their cold storage are gone or could be gone any second?

It's a bit like shorting stocks if you have a hunch that there is going to be a global thermonuclear war: even if you're right, you can't realize your winnings because all stock exchanges and banks are smoldering craters.

I just want to benefit from the unrest. I don't expect BitCoin to totally collapse as encryption is always evolving. I just believe the initial shock from blockchain being cracked by a super quantum computer will cause enough distrust amongst the normies to create the potential of someone in the right place & right time to make hella cash.

 

[Jayjay]

Maybe shorting bitcoin ETFs or crypto companies would do the trick? But again, everything is in the timing. We don't know when, if ever, quantum computers can crack the particular encryption used in bitcoin.

 

[Jarhyn]

Not to mention that bitcoin doesn't really lend itself to a direct short. You either have it or you don't.

There are many exchanges that allow shorting bitcoin. In principle there is nothing preventing shorting also in the blockchain itself, all you need is someone willing to lend you some bitcoin that you can sell. However, in the situation where quantum computers can crack any bitcoin wallet, shorting and trading in general becomes meaningless. How would you settle the shorts if you all miners shut down because they can't operate against bandits using quantum computers? Why would any exchange continue to allow trading if the bitcoins in their cold storage are gone or could be gone any second?

It's a bit like shorting stocks if you have a hunch that there is going to be a global thermonuclear war: even if you're right, you can't realize your winnings because all stock exchanges and banks are smoldering craters.

Shorting involves escrow, either you have it or you don't. There is nothing that can force someone with bitcoin, short of multisig and even that can't force a transfer.

If you don't have the coins on your wallet that only you control, you don't have them, you certainly can't sell them. If the current owner decides to walk with "your" coins, they can.

As to crypto, some older wallets may fall. Just transfer it to a newer wallet encryption for now and it's no big.

 

[Jayjay]

Not to mention that bitcoin doesn't really lend itself to a direct short. You either have it or you don't.

There are many exchanges that allow shorting bitcoin. In principle there is nothing preventing shorting also in the blockchain itself, all you need is someone willing to lend you some bitcoin that you can sell. However, in the situation where quantum computers can crack any bitcoin wallet, shorting and trading in general becomes meaningless. How would you settle the shorts if you all miners shut down because they can't operate against bandits using quantum computers? Why would any exchange continue to allow trading if the bitcoins in their cold storage are gone or could be gone any second?

It's a bit like shorting stocks if you have a hunch that there is going to be a global thermonuclear war: even if you're right, you can't realize your winnings because all stock exchanges and banks are smoldering craters.

Shorting involves escrow, either you have it or you don't. There is nothing that can force someone with bitcoin, short of multisig and even that can't force a transfer.

If you don't have the coins on your wallet that only you control, you don't have them, you certainly can't sell them. If the current owner decides to walk with "your" coins, they can.

As to crypto, some older wallets may fall. Just transfer it to a newer wallet encryption for now and it's no big.

That's assuming that there are "newer wallets" that use different encryption. My understanding is that in bitcoin, all wallets use same encryption, and there are no wallets that are safe. Correct me if I'm wrong.