Once hailed as unhackable, blockchains are now getting hacked

Cog

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Kraken just announced that they discovered a bug that let people buy for 8k and sell for 12k.
 

Cog

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A few big super computers in Germany and Scotland iirc this past week were infected with mining malware.Infecting large super computers might be a game changer.
 

Cumminstech2

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Sir I invite you to read the book The bitcoin standard” if you truly understood the funtion of bitcoin you would understand how superior it is to our garbage fiat system
bitcoin is fiat as well, it’s value is based solely on people’s faith and desire to own it, and that is what causes the price of a bitcoin to go up or down.
 

afflicted

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bitcoin is fiat as well, it’s value is based solely on people’s faith and desire to own it, and that is what causes the price of a bitcoin to go up or down.
completely incorrect, there are more things that give bitcoin value than market cap. Your cognitive bias on this subject is hiding a lot of facts from yourself.
 

zenmonky

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bitcoin is fiat as well, it’s value is based solely on people’s faith and desire to own it, and that is what causes the price of a bitcoin to go up or down.
the same could be said of gold.
bitcoin is not entirely fiat like paper
and it takes electricity and processing power to generate. 72 Terawatts according to this article. so it has intrinsic value
id argue bitcoin is better than gold or fiat money. is easier to divide, more transportable and concealable, its finite, the market is more transparent. the only problem is acceptance. the governments strategy to buy its way out of a financial crisis may solve this by destroying the value of fiat.
and you cant confiscate bitcoin
 
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Cog

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Honeywell has announced a new supercomputer with a quantum of 64.
Twice what Google announced a few months ago for their new supercomputer.
 

afflicted

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Honeywell has announced a new supercomputer with a quantum of 64.
Twice what Google announced a few months ago for their new supercomputer.
Can you elaborate more on the honeywell? How soon is quantum computing coming for the blockchains?
 

Cog

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Can you elaborate more on the honeywell? How soon is quantum computing coming for the blockchains?
Ion traps.Super cooling 10 degrees above absolute zero.
They see huge leaps coming.
2022 Bitcoin will be technically vulnerable,but who gets their hands on this?
 

afflicted

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Ion traps.Super cooling 10 degrees above absolute zero.
They see huge leaps coming.
2022 Bitcoin will be technically vulnerable,but who gets their hands on this?
I'll tell you who, Tyrannical Governments will get their hands on them
 

LePsyber

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bitcoin is fiat as well, it’s value is based solely on people’s faith and desire to own it, and that is what causes the price of a bitcoin to go up or down.
Bitcoin isn't handed out by a government so it can't be fiat. The US Dollar is fiat. The reason non-gold backed fiat currencies are released is because of 2 main reasons. A> they couldn't get enough gold to back a currency even if they had the money to buy enough to cover it B> they can manipulate the currency by printing the fuck out of it if they need to shore up an economy(as an example. It's a weak example because unless you're well respected and the world trusts you, your currency can turn into Argentina type nightmares where people with wheelbarrows full of cash have the equivalency of like $10 USD.)

Bitcoin is generated and only has a value because there are enough people generating and holding it that their speculation of it's value supports it. Let's say one million people agree that Bitcoin is $9300 so on the markets, that's what it is. There is NOTHING other than speculation keeping that Bitcoin at 9300 dollars though. It could go to $1 tomorrow if all the people involved lose trust in it and there's not a single governing body that can stop it. Some of the major sites are starting to act as banks and making it stronger but places like Coinbase, Bitfinex and Bitrex are only so strong though.

I was mining the shit out of it but my last line of miners stopped being profitable with the last halving so they're shut down. We've done pretty well on Bitcoin but if you understand how many things can pull it down to nothingness, it's pretty scary stuff as far as investing. Certainly the most dangerous category.
 
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Cog

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Bitcoin isn't handed out by a government so it can't be fiat. The US Dollar is fiat. The reason non-gold backed fiat currencies are released is because of 2 main reasons. A> they couldn't get enough gold to back a currency even if they had the money to buy enough to cover it B> they can manipulate the currency by printing the fuck out of it if they need to shore up an economy(as an example. It's a weak example because unless you're well respected and the world trusts you, your currency can turn into Argentina type nightmares where people with wheelbarrows full of cash have the equivalency of like $10 USD.)

Bitcoin is generated and only has a value because there are enough people generating and holding it that their speculation of it's value supports it. Let's say one million people agree that Bitcoin is $9300 so on the markets, that's what it is. There is NOTHING other than speculation keeping that Bitcoin at 9300 dollars though. It could go to $1 tomorrow if all the people involved lose trust in it and there's not a single governing body that can stop it. Some of the major sites are starting to act as banks and making it stronger but places like Coinbase, Bitfinex and Bitrex are only so strong though.

I was mining the shit out of it but my last line of miners stopped being profitable with the last halving so they're shut down. We've done pretty well on Bitcoin but if you understand how many things can pull it down to nothingness, it's pretty scary stuff as far as investing. Certainly the most dangerous category.
Trump doesn't like Bitcoin.
That should be scary enough.
Trump and Steve Mnuchin have considered trashing it.
 

LePsyber

How's about we go corn hole us a drunk?
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Trump doesn't like Bitcoin.
That should be scary enough.
Trump and Steve Mnuchin have considered trashing it.
The day ANY coin affects the USD by even a penny. Like an up or a down causes the USD to slump or jump a penny is the day that the United States of America outlaws ALL Crypto. I know there are dreamers who see some sort of dual currency deal but they are seriously smoking the hard drugs if they think the currency master controllers and manipulating kings are going to let cyber currency mess with the mighty USD.

They'll already have a plan for it. Every Crypto site targetted for blackholing right at the routers coming into the United States. One minute you're logged into Coinbase, the next Coinbase doesn't even exist to you.
 
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