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/sci/ - Science & Math

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3005864 No.3005864 [Reply] [Original]

Will cryptocurrency ever become a viable exchange of value?

>> No.3005871

What's that? Is it similar to energy accounting?

>> No.3005879

>>3005871
http://en.wikipedia.org/wiki/Bitcoin#Overview

Money is sent between public keys in a peer to peer network. Transactions are signed with the pushers private key and then logged and verified by the network to prevent spending the same value more than once.

>> No.3005900

Isn't the US government already starting to test this out?

>> No.3005911

>>3005900
Specifically for bitcoin (not sure if there are any other projects yet), the lead developer is expected to give a presentation to the CIA about it.

>> No.3006182

I still can't wrap my head around how this works. Do you buy bitcoins with "real" money? Anyone care to explain?

>> No.3006197

>stared at hologram advertisement
>-900 credits
>year 2016

>> No.3006237

>hacking a hell of a lot easier than robbing
Also:
>Cryptocurrency before quantum computers
>Phenominal global robbery at point of QC.
Not to mention:
>At the point of technocalptic singulatiry
>Errybody poor
>Errybody dead

>> No.3006252

>>3006182
Bitcoins exist in limited quantity, you can however divide them to the 8th decimal or so, meaning there should be around enough for everyone.

As for buying bitcoins: yes,you can use an exchange service for it. Or you can just offer some some service which accept bitcoins in return for something. Say, you draw silly pictures for 1 bitcoin each.

The point of bitcoins is that the money is entirely free, no one sees how it moves, you won't pay any taxes or anything, it is all distributed. As such it's a potential threat towards all other currencies depending on the scale of adoption.

>> No.3006278

>>3006252
> errbody drugsmugling
> errbody doing only crimes

are you serious?
in scandinavia they are removing currency so a drug dealer is no longer able to receive cash

>> No.3006287

>>3006252
Thanks, that clarifies things. the only thing I don't get is "mining". You get paid randomly for running the software?

>> No.3006297

>>3006278
Wouldn't people just revert to bartering then?

>> No.3006365

>>3006297
maybe but still crimes would generally have substantial financing problems, drug dealer was just a stupid example think about the whole picture

>> No.3006390

The day quantum computers hit the market cryptocurrency will die.

>> No.3006407

>>3006390
>this niggah knows what's what.

>> No.3006435

>>3006390
That might be the case with SHA-1 and RSA/DSA-1024 (used by default in old versions of PGP), but the SHA-256 and ECDSA-256 algorithms used in Bitcoin can't be cracked in any reasonable time with current technologies. NIST believes (http://www.keylength.com/en/4/)) that these algorithms/keylengths will be strong past 2030.
> implying they cant just chose a stronger encryption then by 2030

how the hell you niggers want to crack 1024 bit?

>> No.3006479

So whoever decides who owns bitcoins and how many times they've been spent can act like a wildcat bank and dish them out by the trillion in a massive ponzi scam.

Neato.

>> No.3006551

>>3006435
i don't think quantum superpositions care how many bits they are cracking at once ;)