Quantum computers will probably never be able to do that.
Never is a long time. Still even without quantum computers if a flaw is eventually discovered that degrades the security of ECDSA, coins may eventually be "recovered" with sufficient amount of computing power.
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Nobody knows what the top is... bitcoin investors are becoming so starry eyed now that some are believing it's an almost certainty that bitcoin is going to reach a 100x market cap (or more). Bitcoin is nowhere close to large scale adoption, there are far too many security and safekeeping issues involved for the average user. There are still many things that could happen between now and then that could cause bitcoin to fall to zero (or close).
The crash will be epic. Indeed. The coming crash will bleed all the starry eyed investors who think Bitcoin is still going to up exponentially before correcting. A very expensive lesson is awaiting the uber-confident. Smart money will come back in and scoop up cheaper Bitcoins for the real ride to the top Crash, here we come! I am long term bullish on Bitcoin. Hell Bitcoin gave me the financial freedom to leave my "day job" and start my own company. However comments (combined with recent price action) like the one you replied to (and others) ake me wonder if I should move some coins out of cold storage and sell into the rally. It seems like you are right. It is no longer Bitcoin "may" reach $10,000 (or $100,000, or $1 quadrillion or any other target you want) but that it is a 100% certainty Bitcoin will go up 1000x from here. Not only will it go up, it will do so with no corrections along the way. Not only will there be corrections along the way the idea of mass adoptions in years (or a decade) has now been shrunk to months. Another thread I saw some noob with no idea how Bitcoin works, what it is, or why it has utility just wanting to buy some with a credit card before it explodes overnight making everyone billionaires. Anectdotes I know but the sentiment has turned to short term hyper bullish. Note: I am not making a prediction on a timeline or severity of any future crash just pointing out that in any market (and yes Bitcoin is not immune) when sentiment turns to 100% bullish that is usually when a correction is right around the corner. Lately even the sentiment itself has been in a bubble, "Bitcoin hits $500 by the end of the year, no Bitcoin hits $1,000 by the end of the month, no Bitcoin hits $20,000 by the time I finish taking a shit" (ok I made last one up but you get my point).
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So I was right. Next step will be lowering that to 22nm or less.
Not anytime soon. Also process node alone doesn't determine efficiency. The 28nm chips by Cointerra and HashFast (just specs not yet delivered yet) have roughly 50% higher efficiency (~0.8 J/GH) than the first 28nm chip by KNC (~1.2J/GH). Bitfury 55nm design is ~ 1 J/GH. All these numbers are measured at the wall, companies often market the chip only efficiency but total power conusmption for a rig is higher. Still the rate of improvement is going to slow dramatically. In the span of less than year we went from GPU (330 J/GH) to high process node chips (~8 J/GH) and if Cointerra or HashFast deliver before the end of the year we are looking at <0.8 J/GH. No foundry is offering 22nm (only lines at 22nm are internal fabs like Samsung and Intel) instead all the foundries (TSMC, Global Foundries, UMC) are going to 20nm and then 16nm. However it is simply getting hard and harder to maintain Moore's law. Economical 20nm chips are probably not going to happen until at least 2015 and 16nm seems doubtful before 2016 (IMHO 2017 seems more likely). Neither provide the "massive" efficiency gains we have seen this year. TSMC marketing (real world tends to be lower than marketing claims) on 20nm, is EITHER a 30% higher clock or 20% better efficiency at the same clock so if companies opt for the high performance route (faster chips) it wouldn't offer any efficiency improvement at all, and if they keeps clocks the same (no faster performance) we are still only looking at 20% lower power consumption. 16nm looks to offer up to 30% higher clocks AND 30% higher efficiency but it is even further out. Summary GPU ~330 J/GH Jan 2013 First ASIC Miners ~8 J/GH March 2013 Best available today ~1 J/GH Aug 2013 28nm designs in production ~0.8 J/GH (spec) Dec 2013 20nm higher clock speed ~0.8 J/GH (est) ?2015 20nm same clock speed ~0.6 J/GH (est) ?2015 16nm in theory ~0.5 J/GH (est) ?2016-2017 As you can see the efficiency gains starts getting smaller pretty quick dropping real quick and the timelines start to get pushed out. When you consider that in theory we might not have chips offering better than double current efficiency for more than a couple years and we went from 330 J/GH to 0.8 J/GH in a single year it kinda shows that in the short term how much of the potential efficiency has already been realized. The prior poster didn't say it will never be better than 28nm simply that it is probably as good as it get for a while and it is a sentiment I agree with.
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Revans, if everyone is screaming stupid at you for bringing a disruptive idea, odds are you are damn right. I agree that adding further decimals will likely have unexpected results. People shouldn't take the gold vs Bitcoin comparison too far.
So when the US removes the penny from circulation and the number of sub units decreases by a factor of 5x that will suddenly cause a massive 400% spike in the value of a dollar. Who knew? We could solve all the economic problems in the US by simply changing the number of sub units. Write to your Congressman today.
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Bitcoins are a conceit for the sake of marketing Bitcoin. It's 21 million ledger units, its 2.1 quadrillion with the already discussed possibility of expanding that. Nobody has ever marketed Bitcoin as only 21 million ledger units. There are 21M bitcoins. There will always be 21M bitcoins. No amount of subdivision will increase the number of bitcoins. Melting a 1 KG gold bar into thousands of 1/100 oz gold coins doesn't magically increase the amount of gold. You still have 1 KG of gold in one unit or thousands.
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You see no issue with more potential ledger values being created on the basis of a Russian doll style fractionisation of existing Bitcoin subunits?
None. Absolutely none. It is no different than taking some 1 oz gold coins and cutting (more realistically melting) them into new 1/100th oz gold coins. The amount of gold hasn't changed. The value of an ounce of gold hasn't changed. You seem to think subdividing EXISTING UNITS debases like adding ADDITIONAL NEW UNITS so lets look at it in reverse. The US has ~3T in currency. The smallest subdivision is the penny thus there are 300T atomic units in the US. If the US removed the penny and nickle from circulation (which they likely will do eventually) the number of atomic units would drop to ~30T. Do you honestly think simply removing pennies and nickles will increase the purcashing power of a dollar by ten? Really? If it works one way it works the other way. THERE WILL NEVER BE MORE THAN 21M BTC. IF YOU HAVE 2.1 BTC you have one millionth of all the bitcoins. We could go to 100,000 units of precision and guess what your 2.1M BTC will STILL be one millionth of all the bitcoins.
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BTW of the last two parabolic moves up in bitcoin, first one lasted 20 days
second one lasted close to 40 days
we are currently at 30 days on this one
So since the length of each parabolic move up is double that of the previous, this one should last for 80 days. Right? Of course.
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This is hilarious. I could see calling April a crash since bitcoin lost 75% of its value and took about 4 months to recover. That's a crash. Haven't see one of those lately and with the decreased volatility every day and buy and hold becoming so prevalent, I doubt we are going to see any more of those. It will happen eventually. All markets crash when price runs away from reality.
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It won't destroy judgment-enforcement; it may help (further) separate talented creditor-lawyers from hacks. You'd be surprised at the extensive toolkit a highly-motivated creditor can deploy in many jurisdictions. The participants to a particular transaction may be invisible to the network, but your transactions aren't invisible when all of your computer equipment is delivered to your opponent's lawyers or your bankruptcy trustee by the sheriff or marshal. US exchanges/online wallets will not likely be immune from garnishments.
These are good things, by the way, if you want btc to be treated as meaningful commercial currency.
What good is seizing a computer if the whole drive has been encrypted. The password? "Password123". That doesn't work? Hmm I must have forgotten it. The is before we even get to fun stuff like deniable encryption. http://www.truecrypt.org/docs/plausible-deniabilityOh the Gigabytes of random data on the drive? I always write the drive with random data after a format to make recovery impossible. Feel free to try and prove this random sequence of bits is an encrypted partition and not just a random sequence of bits.
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When btc are a million dollars each, owning a coin will not make you a millionaire, it will make you a single-aire.
No it will make you a billionaire (a billion satoshis that is).
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What if clients withdraw $20M in checks and their account only holds $10M?
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Three accounts. Sell all in number one when it hits $500 Sell all in number two when it hits $1,000 Never sell all in account number three Every time BTC triples, sell half. You will never run out of coins and your BTC and non-BTC wealth will increase as long as the exchange rate does.
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Only one thing to do now.
PANIC
Taken care of
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I wish I knew how to code
You could learn ... but that would require time, effort, and dedication. The world can always use another good developer. Honestly I wish programming was a course at the high school level. Good developers have good logic, problem solving, and critical thinking skills. Those translate into pretty much any career.
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Why would you dump now though? The crashes do not begin when bitcoin is stable, the begin when it is rallying and making a huge increase for the day. Only on bitcointalk is a 173% gain in 30 days considered "stable". Note: I am not saying buy, sell, or hold just pointing out the unintentional humor in that statement. "Can you believe it, the DOW doubled last month? I know I haven't seen stability like that in years".
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Hacking does pay. Sometimes "hacking" pays even more.
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We need a better cryto currency... too many hacker going around Bitcoin, inputs...... I saw on the news a man robbed a bank. We need a better dollar, too many robbers, robbing banks.
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Well @ $48 per GH/s it doesn't have to be a scam. You have absolutely no hope in breaking a profit. Miners paying <$10 per GH/s are questioning if/when they will turn a profit.
If you would prefer to lose 75% of your funds send them to me and in 6 months I will randomly send you back 31% to 50%. That will probably be more profitable then renting hahsing power at those ridiculous markups.
I would strongly encouraging absolutely nothing for the next two weeks and spend that time just reading. The fact that you considered buying hashpower in something you know nothing about, at a price that is laughably bad, without even having registered here means if you do something right now you will probably lose.
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