When would it be deemed that "okay, now quantum computers are a threat to bitcoin"? How easy is it to switch to quantum resistant computing? How backwards compatible is it?

https://x.com/whale_alert/status/1849685315218256097

I was going to make a thread but it's nice to have this thread already open about this. Would it not be sensible to consider that if quantum computing reaches a state where it's usable, that it wouldn't be made public until the people who reached that state benefit themselves first?

And the argument that "there are other things that are more interesting to attackers", is no longer really true anymore. Bitcoin's market cap is higher than that of silver, cracking old bitcoin private keys is inconspicuous, and even completely legal today. If by some miraculous chance you landed on the same private key as Binance's cold wallet, that money is completely yours for the taking, as there was no intrusion, social engineering, or breaking any law of any kind to access it.

When exactly would this "switch" to quantum resistant computing happen, wouldn't it be safer to do before it's publicly known that quantum computing is now an issue? Because once that happens it's probably weeks or months too late, depending on how long it'd take to switch.

Yes it was bitcoin, I found somewhere to sell elsewhere, thanks.

I send first, no newbies

Bitmain Antminer KS5 Pro. The state of the art mining rig today, pumps out 21TH of hashrate. You can buy one to receive this month for 30k, or wait until august and get it for a cheap 11k$.

21TH, will make you 1$/day.

That's 27 years for ROI (obviously not because of difficulty and price changes, but let's assume.)

Say you buy 20 of these bad boys.

This is going to set you back 220,000$. For a hashrate of 420 THs.

It will take you 500 days, to be able to accumulate 11k, to add one more miner to your farm.

Remember I am completely disregarding any electricity costs here, just to realize how absurd it all is.

Is there any conceivable scenario, where buying a bitcoin miner today, is more financially profitable than just buying bitcoin?

I need gift card balance. sent you a DM.

This is the thing, I don't think they do. I want to understand more about how this "trustless computer" interacts with the bitcoin blockchain, and how necessary is the confirmation of the bitcoin tx to the smart contract structure...

Yeah fair point but maybe it's for the sake of experimentation


Well this is the question I was asking myself too. Wouldn't that be at least partially true? Your example of "dapps running on bitcointalk" only falls apart because bitcointalk is not an immutable decentralized chain.

The question I have is that, if by storing every transaction's "arbitrary bytes" on Bitcoin, guaranteeing its immutability and persistence, if you're able to store your smart contract AND completely recreate the entire "state" of the transactions performed on it by using solely what's stored on the Bitcoin blockchain, wouldn't you have effectively built it on bitcoin?

I guess the flaw remains only in verifying the truthfulness of this information, and if there is a method decentralized and trustless enough to consistently verify the truthfulness of this information by any given party.

bump

I've seen this gain traction on twitter, but I'm here to solicit more opinions and takes from actual bitcoiners.

https://trustless.computer

I have used this just today. The premise is that the dapps are running on bitcoin. But there is a chain on the middle, which is "trustless computer".

The thing is that the transactions for the "dapps" are made on the bitcoin network, so I am not sure how the full details of the decentralization here works. For example, they have a "name system" set up, where I visit the name system "dapp", choose to register a name, connect it to my "trustless computer" wallet, and broadcast&sign a transaction on Bitcoin, to get my "name".

Have you guys ever heard of this? I searched for "trustless computer" and got zero results across the forum.

There was a coindesk article that mentioned this today, which is why I decided to come here.

https://www.coindesk.com/consensus-magazine/2023/05/17/the-blocksize-wars-revisited-how-bitcoins-civil-war-still-resonates-today/

Why are you selling it for double what it's worth? When it's readily available from multiple retailers for 180$?

Buying aged discord accounts. DM me or comment here how old it is + your price.
Will not send first unless trusted.

I checked the website, read part of the whitepaper/docs, and so on.

But I'm always skeptical of installing new software on my phone/computer, which is why I am not sure about this project.

I found this through twitter, and I came here trying to find opinions from bitcoiners since your project wants to be closely tied to it. But it's unfortunate for both of us I guess that your post didn't pick up.

I may or may not decide to join in, but I'd appreciate if you integrated your "connect wallet" with existing, proven, possibly open sourced wallet solutions.
Your git has your infrastructure laid out, the nodes, the core contracts and so on, but I don't trust your wallet. Sorry it's nothing personal it's just that I would rather have the verification of someone trustworthy, in my entire crypto life I've never installed anything on my computer besides Metamask, Bitcoin core, and the official Cardano wallet.

Also, I thought you should know, but Adblock blocks the two top banners you have in your app for me.

Good luck!

Test?

How come this thread has zero replies? Did no one look into this project and if it's legit?

Just wanted to share this, Marocco vs Spain had the best odds and I almost knew they were going to pull it off, and yet I got fucked by the sportsbet.io rules.
Apparently the main bet slips don't include penalties, you can all shit on me for not reading the fine print but in my eyes as someone that never bets this was just a straight up scam, too bad, never gonna use sportsbet again.

bump

Looking to sell some BTC for paypal.
No newbies

Leveraged tokens are absolutely terrible in the long-term. This is the cost you pay for the "no-liquidation" perk.
Go read up more about them, but they re-balance every day, meaning when the market is not volatile, you lose money, when the market is going up, you lose money.
Honestly, unless you expect bitcoin to repeatedly go down in a manner that each day is a red candle increasing the value of your leveraged token, there's no way you're going to make money.
To put it into perspective, go look up the BTCBULL token price from January 2021 (~30-40k) to Nov 2021 (2nd ATH), and you'll see it also has lost value.
Next time read up on leveraged tokens and how they work.

bump

Why do you have no trust/feedback?

Bump