These are the two biggest risks to Bitcoin ascent

(Last Updated On: November 11, 2017)

Good day, good day. Bryan here from Quantlabs.net here, talking about the two biggest risks from two recent articles that came out. What are the two biggest risks right now for Bitcoin? The first is Quantum Computers Pose Imminent Threat to Bitcoin, from MIT Technology reviews, so these folks will know what they’re talking about.

Basically, what’s happening is that there is these Bitcoin transactions are stored in a distributed ledger. They’re stored in a hash, mathematical function in terms of the sum of data of any length into a specific length. The new block must contain a number, called a Nounce. It’s hashed, combined mathematically with the content of the block, and must be less than a specific target. Also, there is a process called mining which is rewarded in Bitcoins, etc, etc

Oh, here’s the other thing. If the miner’s hash chose to be malicious … If a group of miners control more than 50% of the computational power of the network, they can always mine blocks faster than the other 49%. It effect, it controls the ledger. It can spend Bitcoins twice by deleting transactions of never being incorporated, and the other 49 of miners are none of the wiser, because they have no oversight for the mining process.

This then creates an opportunity for malicious owners of a quantum computer to work as a Bitcoin miner. There’s these quantum computers coming abou which I just posted on on how IBM is working on one. A lot of big companies are working on this.

I think the pace of generation of computing hardware is taken place is that it’s going to hit us sooner than we think, and these malicious owners could usually be the nefarious parts of government, like the NSA, trying to break these … Or Russians, or Chinese, trying to do away with the trust of Bitcoins. Anything is possible. This is very high-risk.

The other high-risk is I posted an article on my Facebook a few days ago, stating that some homes in Siberia are being heated by Bitcoin miners. Quite interesting, but here are the energy costs to mine to run these networks for Bitcoin, is astronomical. Even though Bitcoin is going up, somebody needs to be paying miners but they get paid very little.

When you look at that, as long as those miners are happy, they will always keep mining Bitcoin up until the limited supply, and I think that is really the big reason why the price of Bitcoin’s continuously goes up, as well. There is also the demand for it to be the alternative safe haven bet, which that has kind of taken place right now globally, with asset managers.

Just a a big reminder:

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Thanks Bryan 

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