- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Bitcoin question.
Posted on 12/18/24 at 12:29 am
Posted on 12/18/24 at 12:29 am
I own a little bit of this but nothing real.
It could go to a million and it wouldn’t change my life.
I don’t fully understand it and I’m getting to my question. Bear with me.
Computers solve math equations to “mine” Bitcoin.
There’s now quantum computing. Which can solve a [many thousands of years] to solve math problem in five minutes.
Understanding scarcity leads you to the assumption that some dude (company) with quantum computing capabilities is eventually going to shoot some easy fish.
1) what company do yall think does this
2) what is the future of Bitcoin with quantum computers?
Maybe you guys already covered this. I’m just curious.
It could go to a million and it wouldn’t change my life.
I don’t fully understand it and I’m getting to my question. Bear with me.
Computers solve math equations to “mine” Bitcoin.
There’s now quantum computing. Which can solve a [many thousands of years] to solve math problem in five minutes.
Understanding scarcity leads you to the assumption that some dude (company) with quantum computing capabilities is eventually going to shoot some easy fish.
1) what company do yall think does this
2) what is the future of Bitcoin with quantum computers?
Maybe you guys already covered this. I’m just curious.
8
Posted on 12/18/24 at 6:28 am to Slevin7
you should worry more about your bank account, 401k account, ;medical records, "dck pics" on your phone, etc. being hacked with quantum computers.
This post was edited on 12/18/24 at 6:29 am
Posted on 12/18/24 at 7:15 am to Slevin7
It’s called “proof of work”. The Bitcoin miners are part of many thousands of computers all over the world that evaluate the equation and establish validation to the transaction. The size of the computer is not important, it’s the fact that it’s decentralized, meaning the validation verification is not being made by one computer, but by thousands.
Posted on 12/18/24 at 7:30 am to Slevin7
The more Bitcoin, the more power needed to mine it. It will get more and more expensive to create it and once it hits 21,000,000 units, that’s it. There will never be anymore.
It’s damn near a perfect form of money.
I had 12 in 2012 and sold them. It drives me crazy when I think about that. And I think about it every day.
It’s damn near a perfect form of money.
I had 12 in 2012 and sold them. It drives me crazy when I think about that. And I think about it every day.
Posted on 12/18/24 at 7:40 am to Hayekian serf
It’s also important to know that bc of the halving effect the full amount of 21m bitcoin will not be mined until the year 2140.
Posted on 12/18/24 at 7:55 am to Hayekian serf
quote:
had 12 in 2012 and sold them. It drives me crazy when I think about that. And I think about it every day.
Man, you would have almost $1,272,000 in Bitcoin had you not sold.
Posted on 12/18/24 at 8:19 am to Slevin7
quote:
There’s now quantum computing. Which can solve a [many thousands of years] to solve math problem in five minutes.
Some brief research in to the quantum stuff the current google setup can hit ~100 or so qbits. To break the bitcoin algo it's been projected you need ~1,000,000 qbits. At that size it becomes a energy and physics problem as any interaction with the computer from the environment the computer will start to hallucinate. It's also unknown if at that size gravity will start to have an effect.
This post was edited on 12/18/24 at 8:20 am
Posted on 12/18/24 at 9:10 am to Slevin7
(no message)
This post was edited on 1/17/25 at 6:40 am
Posted on 12/18/24 at 9:12 am to Honest Tune
quote:
Man, you would have almost $1,272,000 in Bitcoin had you not sold.
I am aware
I’ve been buying daily for the last five years or so and haven’t sold any. I’m not making the same mistake
Posted on 12/18/24 at 9:19 am to Honest Tune
Sorry, That was my fat finger downvote. Went back with an upvote.
I had similar experience except I lost about 10 coins through the ftx fiasco - voyager and blockfi.
I had similar experience except I lost about 10 coins through the ftx fiasco - voyager and blockfi.
Posted on 12/18/24 at 9:19 am to Hayekian serf
What did you sell the 12 for?
Posted on 12/18/24 at 9:24 am to Slevin7
If quantum computing becomes a reality, which is it so very far from that at this point, I'd be far more worried about everything else in my life than what happens to bitcoin.
quote:Bitcoin devs already have quantum resistant code populated and ready to go. Once the network sees quantum becoming a threat (note that it is not a threat right now), the nodes will adopt the new code and things will continue to humming along
2) what is the future of Bitcoin with quantum computers?
Posted on 12/18/24 at 9:25 am to Hayekian serf
Best not to beat yourself up, mate. Nobody has all of the answers.
Besides, even if you had diamond hands for a little while longer, you wouldn't still be holding.You would have took profits awhile back still.
Besides, even if you had diamond hands for a little while longer, you wouldn't still be holding.You would have took profits awhile back still.
Posted on 12/18/24 at 9:29 am to Slevin7
Do not worry about quantum computing. It's not happening anytime soon, and even if it did, there are no real practical uses for it. I believe we're talking 50 years away from us figuring out the benefit of it, and that may only be the ability to simulate a quantum system. The Google announcement, while sounding profoundly major, is nothing. The problem they "solved" is not useful in any way....and there's no way to check to see if they got the correct answer unless you have a 10 septillion years to burn.
Posted on 12/18/24 at 10:16 am to Honest Tune
It was around 13 bucks. I kicked myself in the arse not long after. It was over 100 a few months after I sold it.
And now, well it’s worth a little more than that.
And now, well it’s worth a little more than that.
Posted on 12/18/24 at 10:16 am to Hayekian serf
Wow! Man, life’s a trip I tell ya.
Posted on 12/18/24 at 12:20 pm to boomtown143
quote:
you should worry more about your bank account, 401k account, ;medical records, "dck pics" on your phone, etc. being hacked with quantum computers.
In theory, yes, but these companies will prepare for the quantum age first. There's a ton of research underway in post-quantum cryptography.
Posted on 12/18/24 at 1:09 pm to Novae
Hahaha. This stuff is fascinating to me and I know nothing about it. Appreciate all the great responses.
Posted on 12/18/24 at 1:10 pm to Slevin7
quote:
Understanding scarcity leads you to the assumption that some dude (company) with quantum computing capabilities is eventually going to shoot some easy fish.
I'm not worried about it. We're decades away from a quantum computer that can break classical encryption, and we're even further away from QCs being available to the average joe. In our lifetimes, we'll probably just see them used for cloud services available to a handful of companies. Governments will also regulate how it can be used and by whom.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News