Kammekor wrote: ↑Mon Nov 14, 2022 10:02 pm 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.

IraHayes wrote: ↑Tue Nov 15, 2022 5:49 pm

Doc67 wrote: ↑Tue Nov 15, 2022 1:53 pm

Kammekor wrote: ↑Mon Nov 14, 2022 10:02 pm 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.

Well hopefully they will invent money that can't be hacked. I've heard that small pieces of printed paper with a serial number are being developed with possession being 100% proof of ownership. They will then set up big solid building with vaults where you can safely deposit them for long periods of time for free.

This seems like the way to go but... what if the people that print these little bits of paper just print them to make themselves more money? Wouldn't that make them worthless?

How about, and bear with me on this, we find a material that is rare but not crazy rare and that is fairly inert. Then we can create small units, blocks or discs that have a definite value since it is the material that has the intrinsic value not the unit, block or disc.

Finding the right material to use for this might be tricky though.

Kammekor wrote: ↑Mon Nov 14, 2022 9:58 pm

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.

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 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..

orichá wrote: ↑Wed Nov 16, 2022 8:38 am
Anyway, Blockchains are also not here to stay ... They will be displaced eventually by a simpler encrypted systems that don't waste time or require inordinate computing power... In other words, scam-crypto based on hot-air speculation is not here to stay, lol...

But money is...

Kammekor wrote: ↑Mon Nov 14, 2022 5:55 pm

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.

IraHayes wrote: ↑Tue Nov 15, 2022 5:49 pm

Doc67 wrote: ↑Tue Nov 15, 2022 1:53 pm

Kammekor wrote: ↑Mon Nov 14, 2022 10:02 pm 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.

Well hopefully they will invent money that can't be hacked. I've heard that small pieces of printed paper with a serial number are being developed with possession being 100% proof of ownership. They will then set up big solid building with vaults where you can safely deposit them for long periods of time for free.

This seems like the way to go but... what if the people that print these little bits of paper just print them to make themselves more money? Wouldn't that make them worthless?

How about, and bear with me on this, we find a material that is rare but not crazy rare and that is fairly inert. Then we can create small units, blocks or discs that have a definite value since it is the material that has the intrinsic value not the unit, block or disc.

Finding the right material to use for this might be tricky though.

orichá wrote: ↑Wed Nov 16, 2022 9:22 am

Kammekor wrote: ↑Mon Nov 14, 2022 5:55 pm

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.

FTX is a good illustration of what's inherently wrong with crypto... Despite bogus claims of its "decentralized nature", something like FTX comes into being to help the feckless manage their money. There is no CIA involvement. There is only Bankman-Fried and one or two others. THAT is the problem with crypto... Only one or two guys managing/holding assets. The supposed theft of leftovers was probably committed by Bankman-Fried himself... Lol... But the number of investors who got burned runs to a million... Read this ..

https://www.bbc.com/news/technology-63624894

Finally, please do not recite your favorite mantra, "your keys, your money"... While that may be true, it is only true to the degree to which you have access to fluid and trustworthy exchange firms that can magically change your digital stuff into fiat, when you want to actually buy your villa, etc.... However, close inspection of the working and "trustworthy" exchanges will reveal only a small number of hands-on controllers/owners. $ame as FTX... One, two, three or four individuals... No more...

So: what happens if more exchanges fail? Or TOO many fail? You've got a thumb drive full of nothing because there's nobody left to exchange it, and no money left to exchange it into... Because it all "disappeared" (got stolen?)... Or, what if your thumb drive fails, or your M.2; or, your HDD along with your PC gets stolen by thieves who break into your pad? Or, you lose your thumb drive? Or, the bank burns down along with your safety deposit box?

Add to all that risk, the fact that Bitcoin was intentionally designed to become harder and harder to mine as the maximum number of mineable coins gets less and less each time it halves. I am afraid that Bitcoin has already passed it's optimal "sell-by" date ...While Bitcoin halving ups prices for a time, it cannot do this indefinitely... Especially because the cost of mining goes up astronomically as hashes continuously become harder to crack, and rewards to miners for winning the race are reduced after each halving! Dah...

Can't u see the weakness? Satoshi knew that if you bought in at a certain early point, you could win. But the flywheel he designed is not perpetual, because its flaw is obvious: it will naturally lose momentum and must eventually, and inevitably, seize up altogether... After a certain point, the projectile reaches its zenith, and like the first stage of a rocket booster, quickly tumbles down to Earth, burning into nothing but red hot fragments and charred bits of nothing...

Keep holding till 2024 when the next halving happens guys. Good luck...

There is only Bankman-Fried and one or two others. THAT is the problem with crypto... Only one or two guys managing/holding assets. The supposed theft of leftovers was probably committed by Bankman-Fried himself... Lol... But the number of investors who got burned runs to a million.