Bitcoin could fail if there’s a bug in the code that totally destroys trust in it. For example, if anyone can spend anyone else’s bitcoin. Perhaps, quantum computing comes out and breaks all of cryptography. This will kill the internet and all of finance as we know it also. And we are not able to find a quantum-proof encryption and hashing algorithm to move Bitcoin to.
Thursday, January 14, 2016
Major Ecurrency Player: How Bitcoin Could Get Wiped Outl
Charlie Lee, designer of Litecoin, told Crypto Coin News:
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Perhaps a meteorite will strike the earth. This may kill life on the surface as we know it. If we can't move to underground living, we'll be toast. So let's stop putting so much blind faith in this above-ground building construction hype. That house you are considering building, think twice. May have a fatal weakness.
ReplyDeleteWhere are you supposed to live, you say? Ah, government-supplied housing, of course. Then it's the government taking full responsibility for all your housing needs. Much better!
I am not sure if the fear of quantum computers is grounded or not. However, the cryptographic community is developing cryptographic algorithms that offer resistance against quantum attacks. These algorithms already exist. The downside is that the messages they produce a larger, which in the case of cryptocurrencies means fewer transactions per block.
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