Imagine when 2,000 years from now, some alien civilization uses its advanced technology to reverse engineer all the private keys and take the BTC.  2000 years! Quantum computers will probably exist before then, and this is the sort of problem they eat up. Then again, they've been fifty years away for the last fifty years...but we're really close I promise! Come to think of it, the fear that quantum computers can find private keys ought to harm confidence in cryptocurrency once it becomes feasible that the government might be there already. It's totally going to happen, it's just a matter of time. I know cryptography for the purposes of secure communication will simply move to symmetric algorithms with quantum key distribution to preshare the key, but I wonder how cryptocurrency will adapt. RSA being broken sorta breaks their entire model. I often hear about the quantum computer threat, but still I haven't heard about what exactly quantum computer could do with modern cryptographic. Is it really such a threat, and if it is, wouldn't it be a threat not only to Bitcoin but to all modern world (like password bruting etc)? Yes, you are right. The only problem is have enought reliable qbits in quantum computer linked together. As the qbits rise, the only defence is moving from Sha256 to Sha512 and higher before quantum computers with more qbits can be operated. I believe current experimental quantum computers use few qbits (4?), but for breaking Sha256 you need about 1000 qbits linked together long enought |
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so it *may* be due for a rally soon It is pretty old altcoin, so why should the price rise when all you can do is exchange for Bitcoin ? |
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So what just happened over the past 24h then? Will it be coming back down again any time soon? Or have we recovered that quickly?
No, I still see downtrend in graph data, so I expect the price coming back down again to under 500 range |
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Yes they are but I received the payment from my pools with an address not with n/a and type Mined.
Maybe DogeCoin is proof of stake coin as well |
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The price above $1200+ will fund those wanting send money quickly to different country, or transfer your wealth when you move to different country. Without Bitcoin, it is hard and expensive
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Actually you have to give up your United States citizenship  If you give up your US Citizenship (and you meet the income/asset minimums), you owe the expatriation tax. Lol, this could happen only in United States. Im happy Im not United States citizen, seriously, it is a joke  |
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Altcoins are just a speculation, these can go up or down
There is only one use for altcoins: speculation
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If anything the person who bought at 100 should be less willing to sell, due to the income taxes.
I agree the income taxes are good reason not to sell. Better is spend the coins You almost certainly still owe the income taxes when you spend the coins, at least in the US. So what should we do? Put them on a hard drive, throw it away and say that we never had them?  I didn't say unwilling to sell. If Bitcoin is trading at $1000/BTC and you paid $1/BTC and you're in the highest US tax bracket and pay 20% on your capital gains, you should realize that instead of getting $1000/BTC, you're only really getting ~$800/BTC. A little less when you factor in the investment tax surcharge or whatever that new Obama tax is called, probably. That is still not bad. Its better than moving to a different country, being a citizen there and then selling. Especially since if you did that you'd still owe the taxes. http://www.irs.gov/Individuals/International-Taxpayers/Expatriation-TaxActually you have to give up your United States citizenship |
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The real question is, "Would you be willing to spend $10,000 to buy a bitcoin if the price reached that high?"
See, thats the essential problem with bitcoin. People say that its going to go to 1 million, but its not. No one is going to buy a bitcoin for a million dollars. Most people will be selling all the BTC that they have and exchanges wont allow them to be sold since no one is really buying. That means the sell limit will be something low like 0.0001 BTC per day. I could only afford 0.29 of a bitcoin when I started a few weeks ago. After playing around with other cryptocurrences I'm up to 1.568BTC. So I guess what I'm trying to say is. Why would you pay 10K for a full coin Exactly, no one would buy and the price would drop to a reasonable price. You can buy 0.01 BTC for $100 when price is 10K / BTC. Price does not matter if bitcoin is usefull Yes but think of the early onvesto once (if) bitcoin reaches 1 millions. And what, 1 Bitcoin costed penny very early, and now cost $1,000 |
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Not everyone likes the idea of making purchases in miniscule fractions!
Its not attractive!
Thats where I think other lower prices crypto currencies will be seen as more attractive.
Ok, make the lower prices crypto currencies actually usefull, then they might become attractive |
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The real question is, "Would you be willing to spend $10,000 to buy a bitcoin if the price reached that high?"
See, thats the essential problem with bitcoin. People say that its going to go to 1 million, but its not. No one is going to buy a bitcoin for a million dollars. Most people will be selling all the BTC that they have and exchanges wont allow them to be sold since no one is really buying. That means the sell limit will be something low like 0.0001 BTC per day. I could only afford 0.29 of a bitcoin when I started a few weeks ago. After playing around with other cryptocurrences I'm up to 1.568BTC. So I guess what I'm trying to say is. Why would you pay 10K for a full coin Exactly, no one would buy and the price would drop to a reasonable price. You can buy 0.01 BTC for $100 when price is 10K / BTC. Price does not matter if bitcoin is usefull |
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The real question is, "Would you be willing to spend $10,000 to buy a bitcoin if the price reached that high?"
See, thats the essential problem with bitcoin. People say that its going to go to 1 million, but its not. No one is going to buy a bitcoin for a million dollars. Most people will be selling all the BTC that they have and exchanges wont allow them to be sold since no one is really buying. That means the sell limit will be something low like 0.0001 BTC per day. If we reach 1 million/BTC, not many will have 1 BTC or more, probably between 100-1,000 million users will share all the bitcoins. But then there are people like you and me who have a few btc's and the early investors who have 100's or 1000's! Almost all coins will be redistributed in 20-50 years timeframe if price will keep rising, I and you will most likely not hold 1 BTC anymore |
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Stock is not good explanation because you cant buy less than 1 stock, this could make people think they need to buy 1 BTC minimum
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So what do you think it is?
What about comodity (like Gold for example) |
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The real question is, "Would you be willing to spend $10,000 to buy a bitcoin if the price reached that high?"
See, thats the essential problem with bitcoin. People say that its going to go to 1 million, but its not. No one is going to buy a bitcoin for a million dollars. Most people will be selling all the BTC that they have and exchanges wont allow them to be sold since no one is really buying. That means the sell limit will be something low like 0.0001 BTC per day. If we reach 1 million/BTC, not many will have 1 BTC or more, probably between 100-1,000 million users will share all the bitcoins. |
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Casey Research in IS today recommended to liquidate all bitcoin positions and buy gold instead.
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So with my Block errupter running and mining Bitcoin, can I also be mining Litecoin, Novacoin, Digitalcoin on the same computer?
No, with Block errupter you can mine only SHA256D coins like Bitcoin. Litecoin, Novacoin, Digitalcoin are Scrypt coins minable with GPU and you can mine only one at a time |
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Say I was to buy a machine like this: http://advancedminers.com/bitcoin-mining-hardware/1-2ths-bitcoin-miner/?gclid=CKjFyaOSnLsCFYl9OgodXFMASQIf I am really mining at 1.2 TH/s then I am generating roughly 25BTC per month.... From this standpoint, it seems like a no brainer....the machine cost $6K, so I would make it up in one week of mining..... Am I missing something? I know the difficulty will be going up..... And what happens in 2016? BTC gets halved every 4 years? What is that all about? Any thoughts would be greatly appreciated. First, you preorder it not buy, right? Second, dont worry what happen in 2016 because difficulty is rising so fast you will mine half as much every next month.... |
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I love panic Just wired 6 figures amount to bitstamp. Next week price may be over $1,000 again You need money ready at exchange |
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This is exactly what happened in the first countries where Bitcoin started, the first adopters were getting it very cheaply. Now off-course some people really believe in it and they were getting it because of this strong emotional bond to it, but the vast majority of people got it cheaply hoping it will one day be worth something. They were speculating with low risk and high return potential.
I would say high risk and high return potential
Problem is, now the risk is higher and the return is lower.....
I would say now the risk is lower and the return is lower. Exactly how economy teaches us. Bitcoin success was much less likely years ago than bitcoin success likelihood today |
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