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Re:Bitcoin still makes no sense by silexia on Saturday December 05, 2020 @08:25PM (#25320092)
There have been lots of other currencies privately traded previously, but since the state has the guns the state can outlaw it. If it truly started competing with major currencies you would see it outlawed.

It also is not secure as China is controlling a majority of the mining now and the majority can control the currency. Further, Google has a computer that can hack the encryption and you will see a lot more organizations have them soon.

It consumes more power than Switzerland. It's bad for the environment.

It's just a bubble and can be popped anytime.

Not to mention that it is just unusable for actual legal transactions on a regular basis.

Re:Bitcoin still makes no sense by dcolkitt on Saturday December 05, 2020 @08:43PM (#25320198)
> the state has the guns the state can outlaw it

The state has the guns to outlaw a lot things. Yet many of those products, I can still purchase on the local street corner. Simply having a monopoly on force isn't enough to totally stop trade in some good. Especially when that good is easy to hide, and easy to move. Crypto is pretty much the easiest good to hide and move in the history of mankind.

Re:Bitcoin still makes no sense by almostdigital on Saturday December 05, 2020 @08:35PM (#25320145)
> Google has a computer that can hack the encryption

Citation needed

Re:Bitcoin still makes no sense by Cyph0n on Saturday December 05, 2020 @08:39PM (#25320169)
I am guessing the poster is referring to quantum computers, which are not yet even close to breaking cryptographic hashing algorithms as far as I understand.
Re:Bitcoin still makes no sense by oconnor663 on Saturday December 05, 2020 @08:39PM (#25320165)
I think this is a roundabout way of saying Google has a quantum computer.

Bitcoin does not involve encryption, and it's a common mistake by journalists to toss that buzzword in there.

Re:Bitcoin still makes no sense by yownie on Saturday December 05, 2020 @11:09PM (#25320953)
All addresses are derived from public/private keypairs
Re:Bitcoin still makes no sense by fullstop on Saturday December 05, 2020 @08:38PM (#25320159)
I believe that they are referring to quantum computing
Re:Bitcoin still makes no sense by AuthorizedCust on Saturday December 05, 2020 @08:40PM (#25320172)
Vaporware still, at least for practical applications.
Re:Bitcoin still makes no sense by Vadoff on Saturday December 05, 2020 @08:40PM (#25320183)
According to this article: https://decrypt.co/28560/quantum-computers-could-crack-bitco...

It looks like you need a lot more qubits than the most powerful quantum computer we have now. Also, it's fairly trivial for Bitcoin to adopt a quantum resistant algorithm with consensus.

I think the far larger problem would be every non-quantum resistant encryption on the planet being broken at once.

Re:Bitcoin still makes no sense by mandragon on Saturday December 05, 2020 @08:39PM (#25320167)
A QC to implement shor's algo at a practical level would need millions of non-ec'ed qubits. At least publicly, we are likely quite far from any such advance.
Re:Bitcoin still makes no sense by alacombe on Saturday December 05, 2020 @08:54PM (#25320279)
Integer factorization (ie. Shor's algorithm) would only be useful to break RSA, not Elliptic Curve cryptography...
Re:Bitcoin still makes no sense by mandragon on Saturday December 05, 2020 @09:00PM (#25320328)
ECC can be theoretically broken with Shor's algorithm:

https://en.m.wikipedia.org/wiki/Elliptic-curve_cryptography#...

Re:Bitcoin still makes no sense by bitxbitxbitcoin on Saturday December 05, 2020 @08:40PM (#25320179)
It's perfectly usable for actual legal transactions on a regular basis.

Which government exactly would do the outlawing? We're actually seeing the opposite.[1]

[1]https://blog.chainalysis.com/reports/japan-cryptocurrency-re...

Re:Bitcoin still makes no sense by ekianjo on Saturday December 05, 2020 @08:41PM (#25320186)
> It's just a bubble and can be popped anytime.

That's been said for years since Bitcoin emerged, this is starting to get a little old as Bitcoin survives longer and longer.

Re:Bitcoin still makes no sense by ekianjo on Saturday December 05, 2020 @08:40PM (#25320181)
> It consumes more power than Switzerland. It's bad for the environment.

Compared to what? You think fiat money has a zero environment footprint?

Re:Bitcoin still makes no sense by alexpetralia on Saturday December 05, 2020 @08:38PM (#25320162)
I've always thought a monopoly on violence trumps a monopoly on logic. I don't see how blockchain overcomes this.