Bitcoins/Litecoins/Virtual Currencies

Haus

Haus

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Arden said:
Yeah banks starting to wake up to the existential danger crypto poses to them. Their arrogance has made them slow to the punch here, but they can hit more than hard enough to make up for being slow- as we are seeing.
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Essentially crypto is here to do to banks what online retailers did to brick and mortar ones....
 
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Cad

Sheriff Cad

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Haus said:
Essentially crypto is here to do to banks what online retailers did to brick and mortar ones....
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I think banks have a lot more political power than brick and mortar retailers, and their fighting back will be a lot more effective.
 
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Arden

Arden

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Cad said:
I think banks have a lot more political power than brick and mortar retailers, and their fighting back will be a lot more effective.
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Also far fewer of them, which means it's easier for them to collaborate (collude) towards the common goal of opposition.

Ultimately a losing battle for them though, I think- which if you believe in capitalism is good for consumers.
 
Arden

Arden

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Screenshot 2026-01-27 174615 - Copy.png


Only a matter of time until things rotate to BTC and we get a new ath. They need to address the fucking quantum stuff though- it's seriously holding everything back.
 
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Arden

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Quantum fears putting downward pressure on BTC.

BTC community has been slow to address the concerns.

Add to that the market apparently doesn't like Trump's most likely pick for Fed.
 
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Flobee

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Arden said:
Quantum fears putting downward pressure on BTC.

BTC community has been slow to address the concerns.

Add to that the market apparently doesn't like Trump's most likely pick for Fed.
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FUD over quantum is midcurve stuff honestly. Adopting a "quantum safe" algorithm would be relatively simple to do. If the chain was blindsided by it and got hacked, it would be fairly simple and likely not even all that controversial to select a chainstate before the obvious hack and revert. Would do irreparable damage to trust in Bitcoin for sure, but its not particularly difficult from a technical standpoint.

Now discussions about -which- quantum safe algorithm to choose and when to implement that is hotly debated, and actively so if you're listening to the right people. Quantum simply isn't a short term threat so the discussions about solutions get overshadowed by FUDsters. You won't see consensus on something like this until its apparent that its needed. Pressure on this front via FUD is probably good long term, but I don't see it as a looming threat realistically.

Now prematurely adopting the wrong algorithm... specifically one that has a undisclosed vulnerability? Thats deadly. Not something to be rushed and those pushing for urgency here may have ulterior motives worth considering.
 
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Arden

Arden

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Flobee said:
FUD over quantum is midcurve stuff honestly. Adopting a "quantum safe" algorithm would be relatively simple to do. If the chain was blindsided by it and got hacked, it would be fairly simple and likely not even all that controversial to select a chainstate before the obvious hack and revert. Would do irreparable damage to trust in Bitcoin for sure, but its not particularly difficult from a technical standpoint.

Now discussions about -which- quantum safe algorithm to choose and when to implement that is hotly debated, and actively so if you're listening to the right people. Quantum simply isn't a short term threat so the discussions about solutions get overshadowed by FUDsters. You won't see consensus on something like this until its apparent that its needed. Pressure on this front via FUD is probably good long term, but I don't see it as a looming threat realistically.

Now prematurely adopting the wrong algorithm... specifically one that has a undisclosed vulnerability? Thats deadly. Not something to be rushed and those pushing for urgency here may have ulterior motives worth considering.
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Don't disagree.

The quantum issue itself is a little different than most FUD btc has lived through though, in that the danger here is very real and the consequences of failing to address it would be catastrophically serious.

Like you said though, there is a relatively easy solution (from a technical perspective) and little reason to believe it won't be implemented in time.

Interestingly this is another example of how one bitcoin's biggest strengths, it's decentralized nature, is acting as a weakness- at least when it comes to short term price action.

If Bitcoin had a CEO who could call a press conference and reassure investors that they are well aware of the issue and are already taking steps to fix it, it would alleviate 90% of the concerns.

But if Bitcoin had a CEO then it wouldn't be Bitcoin.
 
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Seananigans

Seananigans

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So what exactly is the quantum worry with BTC? Simply that wallets could be broken into and everyone’s BTC stolen?

If so, how is that any different than everyone’s digital USD, which is 99.9999% of all USD?
 
Furry

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Seananigans said:
So what exactly is the quantum worry with BTC? Simply that wallets could be broken into and everyone’s BTC stolen?

If so, how is that any different than everyone’s digital USD, which is 99.9999% of all USD?
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It’s an imaginary problem that’s basically a boogie man to some people. Quantum computers don’t and won’t exist in any functional form in our lifetimes.
 
Seananigans

Seananigans

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Furry said:
It’s an imaginary problem that’s basically a boogie man to some people. Quantum computers don’t and won’t exist in any functional form in our lifetimes.
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Yes I know it’s a retarded theoretical worry, I’m just curious what exact shape the retarded worry is taking.
 
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