Topic: Creation of more powerful Hardwares Could destroy Bitcoin ? - page 2. (Read 1281 times)

That's a horrible thing to tell people.  You are selling a promise of a "shitload of profit" on a highly volatile financial experiment.  In 5 -15 years bitcoin *might* have an exchange rate significantly higher than today, but it also might be significantly lower than it is today.  If you tell someone that they WILL "make shitload of profit", and then they don't, are you going to compensate them for the profit that you promised them?


I don't understand the question.  What do you mean by "what if"?  CPU's and GPU's DO get more developed and become better and better and faster over the years.  In the early 1980's I had a desktop computer with a 1 megahertz CPU.  Today you can purchase consumer grade computers with multiple cores operating in excess of 3.5 gigahertz.  That's 3500 times faster!  In the beginning of bitcoin, mining was only done with CPU.  Then someone figured out how to mine even faster with GPU.  Then someone figured out how to mine even faster with FGPA. Then someone built a custom designed circuit specifically for the application of bitcoin mining (ASIC).  This was even faster than FGPA. Faster and faster custom designed circuits are being created.  The more efficient bitcoin mining becomes, the more secure its blockchain is.


No.  It would just increase the security of the the bitcoin blockchain. Faster processing of hashes means more hashes per second calculated by the mining participants.  This just increases the number of hashes per second an attacker would need to calculate in order to control a substantial percentage of the global hash power.


No.  That's not "logical" at all.  The bitcoin difficulty is adjusted every 2016 blocks to keep the average time between blocks close to 10 minutes.  If equipment can calculate more hashes per second, then the difficulty is increased.


You don't know what you are talking about.

Yeah just like if you can bench press 600 lbs, it gets "easier" to lift a tank over your head.  

Even if computers got a trillion times faster, they couldn't bruce force a private key.
There are 2^256 possible private keys and 2^160 addresses.

2^160 is beyond huge.  If you don't believe me, do the math yourself and see how long it would take.

I would be more worried about an unencrypted "cold storage" wallet by then. Difficulty will adjust to always take around 10 min per block, but the encryption of the private keys doesn't change. Thus it gets easier to crack that.

Bitcoin is never "easy" (nor "hard") to mine. It takes all worldwide mining hardware combined, 10 minutes on average to mine a block. No matter if CPUs and GPUs and ASICs are getting 100000x as fast.

More detail here: difficulty.

Agreed. In the PoW system of mining, with higher hashing power and better hardware, the difficulty will just increase resulting to an even more harder mining for slower and inefficient miners. What bothers me is not the development of faster, more powerful, and more efficient mining chips to mine bitcoins, but the things that might actually "break" bitcoins security via brute-force (which I know wouldn't be available anytime sooner, but come on, technology is rapidly evolving every single day.)

It never gets "easier to mine", actually it gets harder, difficulty increases with the network hashing power, faster, better hardware leads to difficulty increase.

https://en.bitcoin.it/wiki/Difficulty

the efficiency of future hardware generation will be tiny for every new tech that will come out, in terms of gain the % will be ridiculous low with the future machine

unless some new material will be discover that can boost to a new level the production process and miniaturization

No , just because a better hardware exists it won't increase the number of coins that can be mined in a day or the blockreward .

It would only mean that on entity might have more control over the mining operation . I am not sure if more mining power relates to the 51% attacks as well but if it does, only then it can be a risk to bitcoin.

I don't think so. The technology serve to make better the things and not to destroy that. All the story of development of technology testify this. There no more future if the invention will destroy the future and the past would be better. It is impossible that with the new technology the future will be worst.

I really was wondering , we always tell people to hold their bitcoins for the next 5-15 years on Cold storage then come and sell them and they make shitload of profit , yes but .. I got this suddenly , what if CPU's & GPU's gets more developped and become better and better and faster over the years of course , would that destroy Bicoin ? I mean if it's easy to mine  , Bitcoin should logically lose it value ?  

Feel free to let me know if I don't know what I'am talking about , won't take it as an offense