RetireJapan

Cracaphat wrote: ↑Sat Nov 16, 2024 6:30 am If someone asked me about explaining crypto, I'd refer them to Chat GPT or some other AI.

I think I have a reasonable understanding of crypto, I just don't see any reason for it to have inherent value

RetireJapan wrote: ↑Sat Nov 16, 2024 6:59 am

Cracaphat wrote: ↑Sat Nov 16, 2024 6:30 am If someone asked me about explaining crypto, I'd refer them to Chat GPT or some other AI.

I think I have a reasonable understanding of crypto, I just don't see any reason for it to have inherent value

Well, nothing has any inherent value unless it is agreed by the people who use it - gold, fiat money, tulip bulbs, salt, stones with holes in or whatever. Bitcoin is no different in that respect.

And, like it or not (and I do not, for the record) there are people, countries, companies and investors who are willing to pay real money to own a bit of a Bitcoin. And the numbers are growing.

I own zero craptocurrency and never have, but I can see the point of those who like it because it can’t be debased like dollars or yen can, nor confiscated like gold can.

Deep Blue wrote: ↑Sat Nov 16, 2024 7:26 am Well, nothing has any inherent value unless it is agreed by the people who use it - gold, fiat money, tulip bulbs, salt, stones with holes in or whatever. Bitcoin is no different in that respect.

True, but anyone can create a new cryptocurrency (fork) any time by copying the code. Why should cryptocurrency A have value when cryptocurrency B is exactly the same?

But you're right in that at least the big ones have enough people invested in them to be durable. Probably not for me though

Gold and cash would survive an EMP, even a slew of them. With crypto, you'd need your cold wallet to be in a faraday cage, but then many other electronics which you might need to access that wallet and use the money, would not be.

EMPs aside it's the "crypto" part that worried me. Quantum computing is a huge threat to crypto, the A.I surge might help bring forward the timeline for quantum as well.

captainspoke wrote: ↑Sat Nov 16, 2024 8:07 amcold wallet to be in a faraday cage

A cold wallet is just a number. There's no electronics involved.

What an EMP would do would be to stop the miners, meaning whoever got started up again quickly could potentially control the blockchain, until everyone else got back online.

BRB digging a hole to Zion...

Tsumitate Wrestler wrote: ↑Sat Nov 16, 2024 10:51 am EMPs aside it's the "crypto" part that worried me. Quantum computing is a huge threat to crypto, the A.I surge might help bring forward the timeline for quantum as well.

Good point. You may know more than I do, I just googled if a cold wallet was immune to an EMP and parroted that.

On 3/11 cash was king until the power came back on.

Problem with gold is denominations--making change on some purchase when you only have a once ounce coin or and even heavier bar. Crypto does have the advantage there.

adamu wrote: ↑Sat Nov 16, 2024 11:07 am

captainspoke wrote: ↑Sat Nov 16, 2024 8:07 amcold wallet to be in a faraday cage

A cold wallet is just a number. There's no electronics involved.

What an EMP would do would be to stop the miners, meaning whoever got started up again quickly could potentially control the blockchain, until everyone else got back online.

BRB digging a hole to Zion...

My ten seconds of research indicate that an SSD is pretty vulnerable to an EMP but a HDD far less so. It’s pretty trivial to have offsite backup these days though. EMP destroying your craptocurrency is a long long long way down on the risk factors to worry about IMHO. State control over the on and off ramps from fiat to craptocurrency is the key weakness IMHO. If Bitcoin could really be uses in the real world this would be less of an issue. Ur the fact is it can’t and probably never will be.

Deep Blue wrote: ↑Sat Nov 16, 2024 3:22 pmSSD

Could just be written down on paper.

adamu wrote: ↑Sat Nov 16, 2024 3:25 pm

Deep Blue wrote: ↑Sat Nov 16, 2024 3:22 pmSSD

Could just be written down on paper.

Metal wallets are quite popular.

https://blog.lopp.net/metal-bitcoin-see ... -round-vi/

Again, I still think the hoarder bettering on 256 elliptic curve cryptography lasting their investing lifetime is the more realistic concern.