Topic: Bitcoin or Gold? What would you pick? - page 164. (Read 299071 times)

Quote from: Marlo Stanfield on July 01, 2014, 09:51:11 AM

Quote from: Harley997 on July 04, 2014, 05:59:57 PM

The private key is uncrackable for now. Who know if this is true 10 years down the road.

If technology was progressing to the point where it was feasible for a private key to be cracked, couldn't the devs just upgrade the encryption?

Firstly , you cannot 'crack' a single private key , you just need to find all the private keys in the entirety of Bitcoin.

Secondly , it's not possible that it will be cracked , by any force in our universe.

Okay, at first they said the speed of light in vacuum was the highest possible limit, but now it turns out that everything is not that simple. So how can we be that sure about it being impossible to crack?

The amount of energy that would need to be used by the amount of computing power necessary to crack a private key is so enormous that it would literally take lifetimes to crack a private key if all of the sun's energy were captuted

If we could walk to the ~~Moon~~ Sun, it would also take the lifetimes of many generations to get there (let's assume for a moment that we have an interest of getting there). Wink

tee-rex

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Quote from: tee-rex on July 04, 2014, 06:01:54 AM

Quote from: Harley997 on July 04, 2014, 02:31:51 AM

Quote from: tee-rex on July 01, 2014, 02:10:37 PM

.....
The Gold market is heavily manipulated, Gold is a scarce ressource that has been used as a store of value for thousands of years and is valuable for its proprieties as well so it will appreciate tremendously when the western financial crisis unfold

IMO the BTC market is even more manipulated then the gold market is, by far. Take for example when mtgox had stopped withdrawals but had not yet officially shut down. There were so many rumors and false news circulating around that it was ridiculous

Hardly so, since the system is highly decentralized and most bitcoins are just hoarded when the price drops (unlike traded "paper" gold). Thus, despite being a minuscule market (compared to those of gold and silver), bitcoins are actually more "cornerproof", at least in the mid and long term.

It isn't so much about "cornering" the market, but is more about manipulating the price at which the market trades at.

This is exactly what cornering the market is about, that is about manipulating the price.

ShakyhandsBTCer

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Quote from: Marlo Stanfield on July 01, 2014, 09:51:11 AM

Quote from: tee-rex on July 04, 2014, 06:01:54 AM

The private key is uncrackable for now. Who know if this is true 10 years down the road.

If technology was progressing to the point where it was feasible for a private key to be cracked, couldn't the devs just upgrade the encryption?

Firstly , you cannot 'crack' a single private key , you just need to find all the private keys in the entirety of Bitcoin.

Secondly , it's not possible that it will be cracked , by any force in our universe.

Okay, at first they said the speed of light in vacuum was the highest possible limit, but now it turns out that everything is not that simple. So how can we be that sure about it being impossible to crack?

The amount of energy that would need to be used by the amount of computing power necessary to crack a private key is so enormous that it would literally take lifetimes to crack a private key if all of the sun's energy were captuted

Harley997

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Quote from: Harley997 on July 04, 2014, 02:31:51 AM

Quote from: Harley997 on July 04, 2014, 02:31:51 AM

.....
The Gold market is heavily manipulated, Gold is a scarce ressource that has been used as a store of value for thousands of years and is valuable for its proprieties as well so it will appreciate tremendously when the western financial crisis unfold

IMO the BTC market is even more manipulated then the gold market is, by far. Take for example when mtgox had stopped withdrawals but had not yet officially shut down. There were so many rumors and false news circulating around that it was ridiculous

Hardly so, since the system is highly decentralized and most bitcoins are just hoarded when the price drops (unlike traded "paper" gold). Thus, despite being a minuscule market (compared to those of gold and silver), bitcoins are actually more "cornerproof", at least in the mid and long term.

It isn't so much about "cornering" the market, but is more about manipulating the price at which the market trades at.

tee-rex

hero member

Activity: 742

Merit: 526

.....
The Gold market is heavily manipulated, Gold is a scarce ressource that has been used as a store of value for thousands of years and is valuable for its proprieties as well so it will appreciate tremendously when the western financial crisis unfold

IMO the BTC market is even more manipulated then the gold market is, by far. Take for example when mtgox had stopped withdrawals but had not yet officially shut down. There were so many rumors and false news circulating around that it was ridiculous

Hardly so, since the system is highly decentralized and most bitcoins are just hoarded when the price drops (unlike traded "paper" gold). Thus, despite being a minuscule market (compared to those of gold and silver), bitcoins are actually more "cornerproof", at least in the mid and long term.

Harley997

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Quote from: tee-rex on July 01, 2014, 02:10:37 PM

.....
The Gold market is heavily manipulated, Gold is a scarce ressource that has been used as a store of value for thousands of years and is valuable for its proprieties as well so it will appreciate tremendously when the western financial crisis unfold

IMO the BTC market is even more manipulated then the gold market is, by far. Take for example when mtgox had stopped withdrawals but had not yet officially shut down. There were so many rumors and false news circulating around that it was ridiculous

Denise520

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Maybe for traditional Chinese consumers, he /she will go with gold.

leezay

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Okay, at first they said the speed of light in vacuum was the highest possible limit, but now it turns out that everything is not that simple. So how can we be that sure about it being impossible to crack?

Yes. And it wasn't too long ago when people believe earth is flat and the church will burn people for holding this believe.

STT

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2 to the power of 256 is a 77 digit number? That is hella big but my windows calc was able to give that number so Im amazed if its impossible to then count it or I guess my maths totally sucks and I really dont get why this is so hard to do

I know finding prime numbers is a big test for a computer or resolving the numbers on PI but if plain counting cannot be speeded up, optimised, thats surprising. Gold can be artificially reproduced, however it really is not something you'd want to do as it is in the form of a radioactive element with a half life of about half a year so pointless I guess. However I would speculate that maybe one day just possibly they could regularly cheaply produce stable gold and so break the 'reserve' capacity from its rarity. Only reason I say that is at the same time I think they'd have 'free energy', we'd get nuclear fusion or whatever route allows us to stop fighting over oil, dynamics of society would massively change.

Maybe that is the point I miss with that bitcoin picture, they are saying if this is not true then neither are alot of things so this is a reliable standard for sure now. Gold is susceptible to a meteor landing here or on the moon even with giant amounts of gold, otherwise its 'secure' also?

boumalo

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Quote from: okthen on July 01, 2014, 05:36:31 PM

Quote from: Marlo Stanfield on July 01, 2014, 07:16:41 AM

Quote from: Marlo Stanfield on July 01, 2014, 07:16:41 AM

For really long term, gold.

For short term, bitcoin.

Funnily enough, I would say the opposite. Bitcoin is better for really long term investing imo(buy and hold) and gold is alright for short term fear in the financial world.

It's kinda weird. I think my short and long term opinion will change with time and how things go.
Now I'd say long term gold, short term btc.
But if in two years bitcoin is widespread, it would probably be the opposite.

If you believe in Bitcoin you will think it will appreciate in value in long term, you may want to sell it after a huge paper profit in a few years but you shouldn't own any if you don't think you are a positive expectation in the long run

The Gold market is heavily manipulated, Gold is a scarce ressource that has been used as a store of value for thousands of years and is valuable for its proprieties as well so it will appreciate tremendously when the western financial crisis unfold

okthen

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For really long term, gold.

For short term, bitcoin.

Funnily enough, I would say the opposite. Bitcoin is better for really long term investing imo(buy and hold) and gold is alright for short term fear in the financial world.

It's kinda weird. I think my short and long term opinion will change with time and how things go.
Now I'd say long term gold, short term btc.
But if in two years bitcoin is widespread, it would probably be the opposite.

tee-rex

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Quote from: Marlo Stanfield on July 01, 2014, 09:51:11 AM

The private key is uncrackable for now. Who know if this is true 10 years down the road.

If technology was progressing to the point where it was feasible for a private key to be cracked, couldn't the devs just upgrade the encryption?

Firstly , you cannot 'crack' a single private key , you just need to find all the private keys in the entirety of Bitcoin.

Secondly , it's not possible that it will be cracked , by any force in our universe.

Okay, at first they said the speed of light in vacuum was the highest possible limit, but now it turns out that everything is not that simple. So how can we be that sure about it being impossible to crack?

Marlo Stanfield

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Quote from: Marlo Stanfield on July 01, 2014, 09:51:11 AM

Quote from: Marlo Stanfield on July 01, 2014, 07:16:41 AM

Quote from: Marlo Stanfield on July 01, 2014, 09:51:11 AM

For really long term, gold.

For short term, bitcoin.

Funnily enough, I would say the opposite. Bitcoin is better for really long term investing imo(buy and hold) and gold is alright for short term fear in the financial world.

The private key is uncrackable for now. Who know if this is true 10 years down the road.

If technology was progressing to the point where it was feasible for a private key to be cracked, couldn't the devs just upgrade the encryption?

Firstly , you cannot 'crack' a single private key , you just need to find all the private keys in the entirety of Bitcoin.

Secondly , it's not possible that it will be cracked , by any force in our universe.
Literally

I've seen that before and I was just addressing the question that was asked. I know the only realistic ways we're going to see an issue like that is either through an exploit in SHA256 or through some completely new way with quantum computing.

jambola2

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Quote from: Marlo Stanfield on July 01, 2014, 07:16:41 AM

Quote from: STT on April 26, 2014, 03:09:52 PM

For really long term, gold.

For short term, bitcoin.

Funnily enough, I would say the opposite. Bitcoin is better for really long term investing imo(buy and hold) and gold is alright for short term fear in the financial world.

The private key is uncrackable for now. Who know if this is true 10 years down the road.

If technology was progressing to the point where it was feasible for a private key to be cracked, couldn't the devs just upgrade the encryption?

Firstly , you cannot 'crack' a single private key , you just need to find all the private keys in the entirety of Bitcoin.

Secondly , it's not possible that it will be cracked , by any force in our universe.
Literally

jambola2

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I'd say they are both currency proxies. Its a legitimate comparison. Tell me why are you buying gold especially if you are neither a jeweller or wanting to wear it personally. Same criticism gets handed to BTC, what the heck is all this bother about a useless hash code. Both are highly valued but valueless, useless even products.

Also there is some gold on the usb key and on the motherboard I think Tongue

Im jealous of those Chinese language skills, I'd argue thats the most valuable product in the video

The same can be said for any currency. A coin of any currency has no inherent value , it is just metal , why are you giving people real stuff for it ?
These seemingly useless items have value because they are believed to have value.

USD has it because it is government enforced, gold has it because of rarity and use, Bitcoin has it due to the work it takes to create.

Marlo Stanfield

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Quote from: Marlo Stanfield on July 01, 2014, 07:16:41 AM

Quote from: Marlo Stanfield on July 01, 2014, 07:16:41 AM

For really long term, gold.

For short term, bitcoin.

Funnily enough, I would say the opposite. Bitcoin is better for really long term investing imo(buy and hold) and gold is alright for short term fear in the financial world.

The private key is uncrackable for now. Who know if this is true 10 years down the road.

If technology was progressing to the point where it was feasible for a private key to be cracked, couldn't the devs just upgrade the encryption?

Justine

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For really long term, gold.

For short term, bitcoin.

Funnily enough, I would say the opposite. Bitcoin is better for really long term investing imo(buy and hold) and gold is alright for short term fear in the financial world.

The private key is uncrackable for now. Who know if this is true 10 years down the road.

Marlo Stanfield

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Activity: 490

Merit: 280