05 Dec 17
Well, okay, I’ve heard of it. Something to do with bitcoins.
But, can someone explain to me how it can be used in government and business in such a way that people lose their jobs?
Isn’t it just a sort of lock & key to a document / transaction?
And it’s hackable. Seemingly when quantum computers (whatever the hell they are) hit the scene, hacking these blockchains will become even easier.
What happens to the tax system if it uses blockchains if it gete hacked?
Thanks in advance!
Originally posted by @shavixmirHere is one explanation:
Well, okay, I’ve heard of it. Something to do with bitcoins.
But, can someone explain to me how it can be used in government and business in such a way that people lose their jobs?
Isn’t it just a sort of lock & key to a document / transaction?
And it’s hackable. Seemingly when quantum computers (whatever the hell they are) hit the scene, hacking ...[text shortened]...
What happens to the tax system if it uses blockchains if it gete hacked?
Thanks in advance!
https://www.wired.com/video/2017/10/blockchain-explained/
I wouldn't worry too much about quantum computers for now, maybe in 20 years but for now the whole idea of blockchains is to put bits of a whole piece of data into separate 'blocks' and secured by cryptography and only the people with the right keys can input or output data from that memory channel. Then the whole document can be put together with confidence it wasn't hacked. Yet, anyway😉
06 Dec 17
Originally posted by @sonhouseThere have already been multiple hacks of blockchains.
Here is one explanation:
https://www.wired.com/video/2017/10/blockchain-explained/
I wouldn't worry too much about quantum computers for now, maybe in 20 years but for now the whole idea of blockchains is to put bits of a whole piece of data into separate 'blocks' and secured by cryptography and only the people with the right keys can input or output ...[text shortened]... nel. Then the whole document can be put together with confidence it wasn't hacked. Yet, anyway😉
06 Dec 17
Originally posted by @shavixmirWell, whatever attacks there have been, they for sure have not been done by quantum computers. Doesn't that give you that warm fuzzy feeling?
There have already been multiple hacks of blockchains.
06 Dec 17
Originally posted by @sonhouseIt’s all voodoo to me.
Well, whatever attacks there have been, they for sure have not been done by quantum computers. Doesn't that give you that warm fuzzy feeling?
A quantum computer sounds like a time-machine to me and blockchains sound like things used in chaingangs.
Originally posted by @shavixmirWhat's a bitcoin? How do you make one? How are they valued?
It’s all voodoo to me.
A quantum computer sounds like a time-machine to me and blockchains sound like things used in chaingangs.
I tried googling but ended up with very unsatisfying gobbledy gook answers about "cryptocurrency" and "mining" and "innovative payment networks"
Originally posted by @wildgrassI also tried googling it and also couldn't understand the language used.
I tried googling but ended up with very unsatisfying gobbledy gook answers about "cryptocurrency" and "mining" and "innovative payment networks"
They seem to not know the meaning of plain English.
They might as well have said it in Chinese.
I find all literature on quantum mechanics far easier to understand and yet I don't understand some of that.
06 Dec 17
Originally posted by @wildgrass1. A currency by most definitions.
1. What's a bitcoin?
2. How do you make one?
3. How are they valued?
2. With difficulty and a lot of time. The process is called "mining".
3. The value fluctuates (wildly) like any currency.
07 Dec 17
Originally posted by @wolfgang59Latest value ("price"😉 I believe is almost $12,000
1. A currency by most definitions.
2. With difficulty and a lot of time. The process is called "mining".
3. The value fluctuates (wildly) like any currency.
You can use it to buy stuff, services, or really anything.
You sell your "key" to the buyer, and he can trade in whatever fashion he likes.
Thats what I can deduct from all the media and people dealing with it...
07 Dec 17
Originally posted by @shavixmirAsking for a friend, right?
Well, okay, I’ve heard of it. Something to do with bitcoins.
But, can someone explain to me how it can be used in government and business in such a way that people lose their jobs?
Isn’t it just a sort of lock & key to a document / transaction?
And it’s hackable. Seemingly when quantum computers (whatever the hell they are) hit the scene, hacking ...[text shortened]...
What happens to the tax system if it uses blockchains if it gete hacked?
Thanks in advance!
07 Dec 17
Originally posted by @wolfgang59Imagine that: an economy consisting of individuals doing phony work to make phony currency to buy phony products, on and on. End-stage capitalism.
1. A currency by most definitions.
2. With difficulty and a lot of time. The process is called "mining".
3. The value fluctuates (wildly) like any currency.
07 Dec 17
Originally posted by @soothfastIts actually very clever.
Imagine that: an economy consisting of individuals doing phony work to make phony currency to buy phony products, on and on. End-stage capitalism.
The mining is to ensure an increasing money supply.
The "mining" gets more and more difficult as more currency is in circulation.
When the supply reaches a certain level all mining ceases and there can be no increase.
I can see that being an economic problem in the future ..........
08 Dec 17
Originally posted by @wolfgang59But in the meantime, buy bitcoin stocks? It recently went to 20,000 US but fell 5000 in one day. That does not give me a warm fuzzy feeling about buying into bitcoin. I'm sure the originators are making tons of money but the big sell is going to come and with it a lot of middle class money will disappear.
Its actually very clever.
The mining is to ensure an increasing money supply.
The "mining" gets more and more difficult as more currency is in circulation.
When the supply reaches a certain level all mining ceases and there can be no increase.
I can see that being an economic problem in the future ..........
08 Dec 17
Originally posted by @soothfastI admittedly don't understand, but I think the silicon valley tech folk are used to the idea that ethereal things can be valuable. Uber, for example, has no real assets or infrastructure beyond a source code for an app and a couple patents. The company also loses hundreds of millions of dolllars every single year, and has never been profitable. It's value, however, is $50 billion.
Imagine that: an economy consisting of individuals doing phony work to make phony currency to buy phony products, on and on. End-stage capitalism.