Jerry Atrick wrote: ↑Mon Nov 14, 2022 4:52 pm This is more of a banking issue than a crypto issue - it's misappropriation of customer deposits/fraud/money laundering and there's whispers that there's CIA involvement. . .

^this

The cryptocurrencies are still working, transfers are being made flawlessly. This is an issue of a shady
company working in the crypto scene, not of the crypto protocols itself.
Of course the fallout might effect the cryptocurrencies because of the price drops but those are second order effects.

When a stock broker fails, the stocks don't fail.

mannanman wrote: ↑Mon Nov 14, 2022 6:18 pm The trouble with crypto is it’s attracted all the scammers, criminals and idiots running exchanges.
If Belfort run in the game now he’d be selling crypto not penny shares.

Blockchain is interesting, especially if you’re a nerd or geek, but it solves a problem no one had. It’ll never be used as an everyday transaction machine, until it is stable.

Stability means regulation which will kill of the above people, and greedy gullible public.

I don't know. I get e-mails on a daily basis confronting me watching porn, but if I send them some coins they will stop bothering me. Are those the criminals you are referring to?

I have been, and still am, sceptical about crypto's, but I have to admit they survived against my beliefs. The bitcoins I once bought @ 3.500$ in 2019 now 'crashed' and have a value of 16,500$.

If enough people believe a certain technology is the future, it might be part of the future, even if you don't believe it. That's a lesson crypto taught me.

mannanman wrote: ↑Mon Nov 14, 2022 6:44 pm Are you deliberately being obtuse?
The criminals are the ones who’re scamming people on a massive scale. FTX have manipulated the price on many occasions.

You’re conflating two things into one. Crypto and the price of. No one is saying crpto isn’t here to stay. It is along with blockchain. The price is the issue and lots of people are being scammed and burned.

If you believe in it then why don’t you buy some more? Buying at $3500 would be a sure bet, right?

No. Thought not.

Yes, lots of people have been scammed by FTX exchange, or at least so it seems, and that's bad. But it's also proof they did not know what they were doing. Keeping your money at an exchange is something you should never do. When you exchange USD for riel's at a stall close to Central Market would you deposit your newly acquired riel's at that stall, or would you take them home?
Remember the memes 'be your own bank'? 'Not your keys, not your coins'? If you own crypto it's best and safest to store them by yourself. If you do that no one can access it unless you give them your secret key.

Crypto is a rabbithole, but few are willing to dive in. Those who don't and leave their money at the exchange have been burnt before and will be in the future due to lack of regulation.
Is that a bad thing? Yes it is, but it has nothing to do with the crypto protocols itself. It has to do with lack of regulation and supervision, the lack of ethics of the exchanges and the ignorance of the people owning the coins.

And about the price, you're probably right. I thought the same, but I am glad I bought some in 2019 against my beliefs, sold half in 2021 and now have some left because of the possibility of a very high upside. So far the price has proven you, and me, wrong. It sucks to be wrong in the market when you lose, but not so much when you gain some.

grumpygit wrote: ↑Mon Nov 14, 2022 9:09 pm I wonder how quantum computing will affect the security of blockchain encryption now that it seems to be very close to being a reality.

The Blockchain itself is not encrypted. Blocks with transactions for the blockchain are encrypted. Mining computers try to guess the correct number using basically brute force 'processing' that block. The one guessing the right number gets the reward and then transactions in the block are processed.

Quantum computing, when it becomes fully operational, will be then end of this. It will be able to do brute force operations like this in a fraction of a second, it takes mining computers much much longer, think over 20 minutes depending on the processing power of the mining computer.
But quantum computing will basically be then end of all the encryption we are currently using.

Most crypto's are working on a new way to encrypt for when the quantum computer is there. Expectations are it will take at least a decade, probably two, before there's a quantum computer operating at full scale. If developments are faster than expected all cryptocurrencies are fucked, but so are all other forms of encryption we are currently using..

But the biggest problem when quantum computing is here is s lf storage of coins will no longer be safe. Self storage is based on a public key (an address people can send coins to, or you send coins from) and a private key you need to access your coins. There's a cryptographic relationship between the two. Modern computers need decades to crack that relationship and derive your private key from your public key.

Quantum computers can do that in minutes. It will be just like when someone knows your bank account the quantum computer can calculate your pin code within a second.