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Bitcoin Is Crashing So Hard That Miners Are Unplugging Their Equipment (futurism.com)
submitted 8 months ago by to c/worldnews@lemmy.ml
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[–] 27 points 8 months ago (11 children)

damn it peaked at 125k last time.

Every time this happens I hope it's the final one, and so far every time I've been disappointed.

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  • [–] 5 points 8 months ago (2 children)

    Bitcoin has an inbuilt mechanism to make it exponentially harder to mine. That means the labor value to mine it will keep growing and that sets an ever increasing minimum price floor on the currency.

    Is this a sensible way of making a currency? Hell no. Does this mean that bitcoin invesment as an asset will continue to endure for more years? Yes.

    The only thing that could feasibly crash the bitcoin market is if most bitcoin users and miners move to a more sensible crypto that is designed for transactions and not investment.

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  • [–] 3 points 8 months ago (1 child)

    iirc, it's miners that process Bitcoin transactions, so if the miners all quit there's no infrastructure left to allow for the exchange of Bitcoins

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  • [–] 4 points 8 months ago* (4 children)

    Quantum computing will eventually make specifically Bitcoin worthless. Eth at least gets upgrades, so it might survive.

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  • [–] 4 points 8 months ago (3 children)

    Some people is saying that Quantum compunting is a hype too. But I am no expert.

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  • [–] 2 points 8 months ago* (last edited 8 months ago) (2 children)

    Depends what you're ascribing to it.

    Will it break encryption? Yes. That's been well understood since the 90's.

    Will it help solve certain specific physics problems, including practical ones? Also yes.

    Will it do literally anything else? Maybe, maybe not. Honestly, even calling it a "computer" is misleading unless you're an expert. For layman purposes it's more like an electron microscope or ultracentrifuge. Very useful for a very narrow set of tasks.

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  • [–] 1 point 8 months ago (1 child)

    I know about Shor and Grover algorithms and database search. My doubts are about the availability of scalable implementations of Quantum compunting.

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  • [–] 2 points 8 months ago* (last edited 8 months ago)

    Ah. Yeah, that's not a sure thing, but progress has been very, very encouraging lately, and there's no obvious fundamental limit, either. Advancement in the error correcting codes has even happened, which was unexpected when the big push to build a QC began.

    (FWIW, Grover's search algorithm is more of a toy than anything. You're getting a quadratic speedup on exponentially hard problems, which leaves them still exponentially hard)

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