Precisely. People are already talking quite a bit about QCs and we're arguably dozens of years from practical general quantum computing. By the time they're on the near horizon, the hooks in Bitcoin and all other widespread forms of electronic cryptography will be undergoing major renovation. Think Y2K -- it's not something that can catch us off guard because we can see it coming as the research advances.
Definitely. Any problem bitcoin has will be shared by any other system using cryptography. If anything, upgrading mining systems to QC would provide a built-in safety advantage to Bitcoin over other electronic payments.
Post
Topic
BoardBeginners & Help
Re: My new mining rig - quad 7970 - Going for 3Gh/s
by
jjbliss
on 29/05/2013, 02:38:02 UTC
Good work on that case. Almost makes me want to get back into mining.
Post
Topic
BoardBeginners & Help
Re: Newbie Five Post Thread
by
jjbliss
on 29/05/2013, 02:28:01 UTC
Ugh... Registered way back in 2011, but only made one post. Now that I feel like posting, I'm stuck in the Newbie form.
Post
Topic
BoardEconomics
Re: A more rigorous look at bitcoin's fundamental value
Anybody with $700 can start mining for a current cost of $2 per bitcoin and sell it for 13 times the cost. So yeah it's a bubble.
If you could setup a gold mine today and mine gold for $115 an oz and sell it for $1500 oz how long do you think gold would continue selling for $1500 oz.
Wake up
But bitcoins are not infinit, as gold. As far as we know...
It's simple the ease of entering the market means more miners are coming. I'm sure there's a endless supply of people in the world who would be happy to make 30% on their money mining bitcoins. Which means say goodbye to 15 times your cost of productionin the near future. It doesn't matter about the end supply number of bitcoins. Competitive mining is coming which will lower the price of bitcoins.
The Mining forum is full of people saying mining isn't worth it. They're only saying that to discourage people to mine(they want it to themselves) by saying that it encourages people to buy bitcoins which miners are selling to cover their costs.
Keep in mind, that because of the difficulty adjustments, more miners does not mean that the supply will increase at a higher rate. The more miners there are, the less each will get in return, thus making it less economic to generate bitcoins and if anything would increase the price.