Blockchains

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 @shavixmir
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!

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 data from that memory channel. Then the whole document can be put together with confidence it wasn't hacked. Yet, anyway😉

Originally posted by @sonhouse
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😉

There have already been multiple hacks of blockchains.

Originally posted by @shavixmir
There have already been multiple hacks of blockchains.

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?

Originally posted by @sonhouse
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?

It’s all voodoo to me.
A quantum computer sounds like a time-machine to me and blockchains sound like things used in chaingangs.

Originally posted by @shavixmir
It’s all voodoo to me.
A quantum computer sounds like a time-machine to me and blockchains sound like things used in chaingangs.

What's a bitcoin? How do you make one? How are they valued?

I tried googling but ended up with very unsatisfying gobbledy gook answers about "cryptocurrency" and "mining" and "innovative payment networks"

Originally posted by @wildgrass


I tried googling but ended up with very unsatisfying gobbledy gook answers about "cryptocurrency" and "mining" and "innovative payment networks"

I also tried googling it and also couldn't understand the language used.
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.

Originally posted by @wildgrass
1. What's a bitcoin?
2. How do you make one?
3. How are they valued?

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.

Originally posted by @wolfgang59
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.

Latest value ("price"😉 I believe is almost $12,000
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...

Originally posted by @shavixmir
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!

Asking for a friend, right?

Originally posted by @wolfgang59
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.

Imagine that: an economy consisting of individuals doing phony work to make phony currency to buy phony products, on and on. End-stage capitalism.

Originally posted by @soothfast
Imagine that: an economy consisting of individuals doing phony work to make phony currency to buy phony products, on and on. End-stage capitalism.

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 ..........

Originally posted by @wolfgang59
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 ..........

But 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.

Originally posted by @soothfast
Imagine that: an economy consisting of individuals doing phony work to make phony currency to buy phony products, on and on. End-stage capitalism.

I 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.

Bitcoins, madhatter capitalism and flying pigs are all very well, but I am actually asking for someone to explain this blockchain malarkey which people are saying is going to take over people’s jobs...