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I mean it effectivly makes encryption useless, someone with a quantum computer could just brute force a private key from a public key in no time. This will kill every crypto currently out there.
This isn't correct. It will make Public Key Encryption (as we know it today) useless, but it doesn't break encryption writlarge. Crypto will have to adapt, but it will...just a matter of time |
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For the person with some average techical knowledge Bitcoin is not that much complicated unless you want go realy deep in the system. But people would like to becom experienced profitable traders over night and understand everything about Bitcoin just in a few days. That is not how the things are working and it takes time. But it's essential to understand basic principles.
Understanding bitcoin and understanding the value of a currency are very different IMO. Blockchain technology and the market that encompasses cryptocurrencies are two very different fields, so I would be careful combining them |
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OK, so now when a newbie looks at 1 BTC says: " I will never be able to own that! Too expensive!" - yes because people are willing to have 1 coin but how about if we make people understand that even owning 0.01 BTC can bring good wealth to their lives in the near future... I mean yeah it's great to own 1 BTC or more but that doesn't mean it's not great owning 0.1 BTC right?
I honestly don't like that 1 BTC is too expensive. I think it's alot better if 1 Bitcoin will be in the same level and value with something like 1 USD. If bitcoin would be used globally, I would have to use mBTC. It would be alot better and easier to say something like "1 large burger = 4 btc" rather than "1 large burger = 4 mBTC / 0.004 BTC". Why does that matter though? That's the same saying you don't like USD because it has fractions of them (cents) |
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Given the size of your investment ($1300), I'd consider going all in on Ether.
I would not recommend that decision. Bitcoin is safe bet in a way its proven technology without critical holes like they are discovered in ethereum every month. Bitcoin is more well known, its better designed and have limited coins, not like ethereum (unlimited) so your money will be nothing in future in Ether. Could you point to all of the "critical holes" that are being discovered in Ethereum every month? I've heard of very few |
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If after 9 years you still don't know what bitcoins are for, you're doing it wrong. Enough said.
Could you please explain then? I personally am curious as to what makes BTC so attractive outside of investment opportunities. If you think it actually makes you harder to track than other forms of tender you're mistaken. Cash is pretty anonymous, BTC leaves a trail no matter how hard you try to fight it. Can that trail be obfuscated? Yea sure, but a motivated-enough adversary could absolutely figure out who you are. IMO the only use of BTC is as an investment which is a shame because its a cool idea. |
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Bitcoin is really a true currency/money. Why? because once you have it you can convert into a real money according to country you belong. And the banks also accepting bitcoin whether you are in different places of the world. In that case it shows how bitcoin is very popular in online business.
See that's the thing. You said you can convert it into "real money", implying that BTC isn't. I think this post speaks to the OPs question perfectly. |
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I would like to give CB the benefit of the doubt here. I feel like this WOULD REALLY hurt their rep.
I find it hard to believe
I agree, I feel like there is more to the story than this |
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Making children learn about bitcoin as well digital currency is good, because they themselves feel to be the early adopters when the bitcoin last for generations. With bitcoin the profiting happens in the basis of first come, first served. In that manner the early adopters where the one to benefit big.
As long as bitcoin's primary use-case is to profit from the investment, there will never be widespread adoption. Those two things are mutually exclusive |
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Maybe this is a stupid question, but what is the advantage of taking it out of an online wallet like Coinbase? Is it just that you are afraid that the provider might get owned and lose your $$?
Yes, that's exactly what the reason is. Storing your Bitcoins on an online wallet is not safe as all as they might get hacked. (Has already happened a lot times.) Also, Coinbase is known for freezing customer accounts without giving any reason. (Which sucks) Storing Bitcoins in an HD wallet is safer, because you control your own Bitcoins. Thanks  I guess its a tradeoff though because you could use that argument to stop trusting anything on the internet, at which point the best solution is to not have a computer lol. But yea I guess if the wallet isn't very trustworthy you can at least trust yourself |
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Maybe this is a stupid question, but what is the advantage of taking it out of an online wallet like Coinbase? Is it just that you are afraid that the provider might get owned and lose your $$?
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Why do we have to explain bitcoin to children? Does anyone explain to you the fundamentals of money when you were a child? All they need to know and only concern is how to spend it. That is the only thing you need to teach them. If they mature and wanted to learn the fundamentals of bitcoin, they'll learn it on their own.
This is actually a pretty good point. Unless there is a good reason, you really don't have to lol |
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It's not a bubble because we are slowly correcting on the way up.
That has no bearing on whether or not something is inherently overpriced. Look at the housing market from 10 years ago. Things went up in price as a general trend (though there were corrections along the way) and then the bubble burst. That's what people are afraid of |
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If there was ever a private key for a specific wallet, there was also a public key; the two are generated as a pair. I'm not entirely sure what the question is, but suffice to say that the public key shouldn't ever really be lost...its public knowledge |
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This sounds really interesting, but my biggest concern is that the individual user actually loses out by being forced into mining. Right now, users of a blockchain pay a fee to miners for their services. As a result, big business has developed around mining as cheaply as possible to maximize profits. And this works out well for the end user because they don't have to worry about owning a mining rig or paying the cost in electricity that would be required to run all the hash attempts.
What happens when every person has to mine their own transaction? First of all, the user will be on the hook for that cost in electricity/mining hardware cost. Second, their transaction is dependent on them being able to solve someone else's unreferenced transaction. Doesn't that end up being cost-prohibitive?
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Why buy an entire laptop? Couldn't you just get another (maybe external, maybe internal) hard drive, put your wallet there, then take it off the base machine?
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That comes down to a matter of simple math, right?
1) How much money per week do you make in your job?
2) How much BTC per week can you "collect" if you quit your job?
Is the answer to 1 > 2? If so, please don't leave your job
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I think the best way to teach something like bitcoin to a less-experienced person is to try to tie it back to things that they know.
Hash ~= fingerprint
Digital signature ~= signature on paper
Blockchain ~= Whiteboard with no eraser
Things like that make it a little easier to grasp as a whole
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Is it really that hard to conceptualize fractions of BTC? .1 BTC ~= $280 and .01BTC ~= $28 Doesn't seem all that difficult to me  |
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I read these posts but I'm not seeing the actual use case. The title sounded really interesting, but your posts make this sound 100% like a scam...can you explain in basic words what this coin does?
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I think this is more poking fun at the page. Also I think the site itself is a joke, though tbh I can't tell
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