Crypto Currency Thread (Vol.2)

Crypto Currency Thread (Vol.2)

Author
Discussion

anonymous-user

53 months

Thursday 24th June 2021
quotequote all
andy ted said:
dimots said:
andy ted said:
its great until its only worth $2,000,000 by the time you land in Sydney!
Haha it might be worth more dollars it might be worth less. Dollars are very unreliable. But one thing you know for sure if they’re not printing any more Bitcoin while you travel!
Fair point - sure they will be printing tether though ;-)

On a more serious question though having seen the news on John Mcafee got me thinking, assuming someone dies who was holding BTC and they never shared the key with anyone - are those BTC are gone forever? Could we end up with loads of BTC effectively out of circulation for ever as time goes by and more and more people end up in this situation limiting the supply?
Gone forever, I wonder how many BTC there are in wallets that have been forgotten about, lost or the original owner died.

Remember this guy who threw away a hard drive containing 7500 BTC

https://www.bbc.co.uk/news/uk-wales-55658942



Iamnotkloot

1,396 posts

146 months

Thursday 24th June 2021
quotequote all
Joey Deacon said:
andy ted said:
dimots said:
andy ted said:
its great until its only worth $2,000,000 by the time you land in Sydney!
Haha it might be worth more dollars it might be worth less. Dollars are very unreliable. But one thing you know for sure if they’re not printing any more Bitcoin while you travel!
Fair point - sure they will be printing tether though ;-)

On a more serious question though having seen the news on John Mcafee got me thinking, assuming someone dies who was holding BTC and they never shared the key with anyone - are those BTC are gone forever? Could we end up with loads of BTC effectively out of circulation for ever as time goes by and more and more people end up in this situation limiting the supply?
Gone forever, I wonder how many BTC there are in wallets that have been forgotten about, lost or the original owner died.

Remember this guy who threw away a hard drive containing 7500 BTC

https://www.bbc.co.uk/news/uk-wales-55658942
It's only worth £211m or so, what's the big deal smile

Always have a laugh when that story comes up but that's just me being mean

s1962a

5,291 posts

161 months

Thursday 24th June 2021
quotequote all
Fentalogue chic said:
Like Satoshi's wallet...
When quantum computing is able to break encryption on these old wallets, there will be a race to 'steal' these coins. The theory is that there will be updates to the bitcoin code when this gets near so that people can upgrade their encryption, but these old wallets can't/won't be accessed so as soon as someone is able to break it, they can have the coins.

Condi

17,089 posts

170 months

Thursday 24th June 2021
quotequote all
s1962a said:
When quantum computing is able to break encryption on these old wallets, there will be a race to 'steal' these coins. The theory is that there will be updates to the bitcoin code when this gets near so that people can upgrade their encryption, but these old wallets can't/won't be accessed so as soon as someone is able to break it, they can have the coins.
Fantastic.

x5x3

2,422 posts

252 months

Thursday 24th June 2021
quotequote all
Condi said:
s1962a said:
When quantum computing is able to break encryption on these old wallets, there will be a race to 'steal' these coins. The theory is that there will be updates to the bitcoin code when this gets near so that people can upgrade their encryption, but these old wallets can't/won't be accessed so as soon as someone is able to break it, they can have the coins.
Fantastic.
more FUD as usual on this thread.

Firstly, if quantum computing can break the encryption on those lost wallets then it can break it on ALL wallets, so the first to implement QC will be very rich indeed.

However, in reality there will just be a BIP improvement to move to a QC resistant encryption algorithm, and yes these exist already.

anonymous-user

53 months

Thursday 24th June 2021
quotequote all
x5x3 said:
more FUD as usual on this thread.

Firstly, if quantum computing can break the encryption on those lost wallets then it can break it on ALL wallets, so the first to implement QC will be very rich indeed.

However, in reality there will just be a BIP improvement to move to a QC resistant encryption algorithm, and yes these exist already.
Depends how quickly though, some talk of in 5 years, so if someone developed a way, kept it quiet, they could loot old addresses without raising suspicion. If they could break encryption though they might not choose BTC to use it on.

jammy-git

29,776 posts

211 months

Thursday 24th June 2021
quotequote all
I'm not sure you could keep that sort of thing quiet for very long, if you were actually using it.

anonymous-user

53 months

Thursday 24th June 2021
quotequote all
jammy-git said:
I'm not sure you could keep that sort of thing quiet for very long, if you were actually using it.
Why ,Breaking the Enigma code, they kept it quiet from the Germans for years. And 25 odd years from the public.


i forgot the name but there is an app or website that has broken some addresses, not Quantum computer though.


Edited by anonymous-user on Thursday 24th June 14:18

halo34

2,429 posts

198 months

Thursday 24th June 2021
quotequote all
I think if that level of encryption is cracked, it wont just be crpyto that we have to worry about !

Greshamst

2,028 posts

119 months

Thursday 24th June 2021
quotequote all
The Spruce Goose said:
jammy-git said:
I'm not sure you could keep that sort of thing quiet for very long, if you were actually using it.
Why ,Breaking the Enigma code, they kept it quiet from the Germans for years. And 25 odd years from the public.


i forgot the name but there is an app or website that has broken some addresses, not Quantum computer though.


Edited by The Spruce Goose on Thursday 24th June 14:18
That’s a bit of a crap example given that anyone can access wallet information and the internet gives access to millions of people to research, observe and talk about things.

Compared to cracked enigma that only government employees of one nation would have access to in a time where not everyone even had a phone, and could only talk to people they actually knew.

anonymous-user

53 months

Thursday 24th June 2021
quotequote all
Greshamst said:
That’s a bit of a crap example
How many dead addresses, because everyone can see them, doesnt mean everyone does. 1 million active Bitcoin addresses. Naive.

Addresses have been looted already.

jammy-git

29,776 posts

211 months

Thursday 24th June 2021
quotequote all
If you've spent all that money to build a QC that can break any current traditional encryption, you're not going to mess around robbing small crypto wallets. Lets be honest. It's going to be a nation state and they'll almost certainly use it to steal state secrets, eavesdrop on communications, etc. And no doubt some of those huge crypto wallets (and other traditional bank accounts) will be in the firing line too.

bunchofkeys

1,046 posts

67 months

Thursday 24th June 2021
quotequote all
Has anyone successfully manged to get Coinbase support to enable their account (when they've disabled it) and get back into the site/app?

I only ask, as they disabled my account back in April and I've not been able to get into it ever since.
This is after 4 support cases were raised and one complaint, which they've "resolved" today, but hasn't actually been resolved.

Next step is the Financial Ombudsman.

Or would anyone have the CEO email address, so i can traction from the top down, rather than try and work my way up.

anonymous-user

53 months

Thursday 24th June 2021
quotequote all
bunchofkeys said:
Has anyone successfully manged to get Coinbase support to enable their account (when they've disabled it) and get back into the site/app?

Next step is the Financial Ombudsman.
Crypto is the financial wild west, so good luck with that one.

dimots

3,013 posts

89 months

Thursday 24th June 2021
quotequote all
bunchofkeys said:
Has anyone successfully manged to get Coinbase support to enable their account (when they've disabled it) and get back into the site/app?

I only ask, as they disabled my account back in April and I've not been able to get into it ever since.
This is after 4 support cases were raised and one complaint, which they've "resolved" today, but hasn't actually been resolved.

Next step is the Financial Ombudsman.

Or would anyone have the CEO email address, so i can traction from the top down, rather than try and work my way up.
Are you following these instructions?

https://help.coinbase.com/en/coinbase/privacy-and-...

anonymous-user

53 months

Thursday 24th June 2021
quotequote all
Joey Deacon said:
Crypto is the financial wild west, so good luck with that one.
They won't help any way, as fraud protection they don't have to explain why accounts are locked.

pquinn

7,167 posts

45 months

Thursday 24th June 2021
quotequote all
The Spruce Goose said:
Joey Deacon said:
Crypto is the financial wild west, so good luck with that one.
They won't help any way, as fraud protection they don't have to explain why accounts are locked.
There's definitely a lot of fraud being protected...

jammy-git

29,776 posts

211 months

Thursday 24th June 2021
quotequote all
bunchofkeys said:
Has anyone successfully manged to get Coinbase support to enable their account (when they've disabled it) and get back into the site/app?

I only ask, as they disabled my account back in April and I've not been able to get into it ever since.
This is after 4 support cases were raised and one complaint, which they've "resolved" today, but hasn't actually been resolved.

Next step is the Financial Ombudsman.

Or would anyone have the CEO email address, so i can traction from the top down, rather than try and work my way up.
Kick up a fuss on Twitter, @ their CEO and include screenshots of the support emails you've had.

Condi

17,089 posts

170 months

Thursday 24th June 2021
quotequote all
bunchofkeys said:
Next step is the Financial Ombudsman.
rofl

You want to play in the deregulated world of crypto and then expect the regulator to be involved when an unregulated company in an unregulated industry doesn't do what you expect?

Anyone would think there was a reason rules, regulators and ombudsmen were created in the first place?!

halo34

2,429 posts

198 months

Thursday 24th June 2021
quotequote all
Condi said:
rofl

You want to play in the deregulated world of crypto and then expect the regulator to be involved when an unregulated company in an unregulated industry doesn't do what you expect?

Anyone would think there was a reason rules, regulators and ombudsmen were created in the first place?!
Like having a crack at people don't we, can't you wander off and find some type of car you hate quite so much as crypto and just annoy them for a while?