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Hey Nerds: Blockchain

zeke

Well-known member
ah so quantum computing basically renders current blockchain security useless.

but if they can solve that, does quantum computing solve the computational power problem?
 

UWHabs

Well-known member
wait, what? google is telling me that quantum computing is actually a THREAT to blockchain?

**** me this shit is hard.
True quantum computing basically breaks everything in modern society. Everything we know about security online is totally destroyed if they actually get a real quantum computer online. But that's a long way off, if ever, given that the biggest quantum computer right is like 5 qubits.
 

zeke

Well-known member
True quantum computing basically breaks everything in modern society. Everything we know about security online is totally destroyed if they actually get a real quantum computer online. But that's a long way off, if ever, given that the biggest quantum computer right is like 5 qubits.
sure. but given large-scale implementations of blockchain are a ways away as well, it's probably best to look at them together.


my mind blew up midway through this but the ending was worth it: https://hackernoon.com/how-i-cornered-the-bitcoin-mining-market-using-a-quantum-computer-9e5dceba9f92
 

MindzEye

Wayward Ditch Pig
What's your profit to power ratio with your rig. Some of the setups I see require an insane amount of power and cooling costs
I think I'm somewhere in the ~600% range not including the cost of the gear. As I was merely adopted by the technology and not born into it, I'm having some issues with getting the cards dialed in at their best hash rate. Using some of the calculators and guides I've found online for the cards I have, I should be able to get to somewhere in the 900% range when I've got it figured out.

My rig ran me about 2300-2400 to build, with most of that cost being in GPU's (6 AMD RX 480's). It does require quite a bit of juice (I think I'm at about 125 watts per GPU, so about 18 kwh a day...at .0365 per kwh, so 66 cents a day). Cooling costs though? Nah. It's an open air case in the cold room next to the garage. If the fans on the GPU's stopped working, yeah that would require additional cooling.
 

MindzEye

Wayward Ditch Pig
would quantum computing take care of the logistics of scaling up?
It's not about computational power at that stage as far as I know, but about other hardware limitations. It doesn't matter how many calculations per second your CPU is doing if your hard drive can't keep up. The blockchain has to be written to disk and each transaction logged and authenticated.
 

MindzEye

Wayward Ditch Pig
ah so quantum computing basically renders current blockchain security useless.

but if they can solve that, does quantum computing solve the computational power problem?
Way above my pay grade buddy.

Some sort of quantum blockchain though, sure. As long as their is computer technology that can write, verify, and authenticate electronic currency transactions in real time it absolutely solves the scaling issue.

I think the current BTC security protocol is to wait for 5 reconciliations (10 minutes each) before approving a transaction (this is easily the biggest limiting function of BTC). More robust network systems would allow the network to reconcile in real time (or close enough).
 

worm

Well-known member
asked my nerd brothers about it

they say it is shit

"it is fairly old. most nerds dont touch it now because it is too difficult to mind with regular hardware"
 

LeafOfFaith

Well-known member
I would love it if someone (Mindz?) could basically draw up an explanation for a 5 year old on what the hell bitcoin is, how it gets created, what the **** "mining" it means. Like Crypto 101.

I've read a few articles here and there on it and got frustrated every time because it wasn't clear. The authors skip steps or assume the reader knows something, and then it breaks down.
 

worm

Well-known member
I would love it if someone (Mindz?) could basically draw up an explanation for a 5 year old on what the hell bitcoin is, how it gets created, what the **** "mining" it means. Like Crypto 101.

I've read a few articles here and there on it and got frustrated every time because it wasn't clear. The authors skip steps or assume the reader knows something, and then it breaks down.
Heard ppl talk about this video as being good at explaining it



posted earlier

https://www.youtube.com/watch?v=l9jOJk30eQs
 

UWHabs

Well-known member
Blockchain = big Google spreadsheet that checks updates to make sure things add up
Bitcoin uses blockchain to keep track of a magic amount of global money.
New money is added to the system when people solve a hard math/computer problem. That's called mining, because it's like in the old days when you could just go out, search around, and maybe find gold.

So yeah, I think that's the basics of it as far as I know.
 

LeafOfFaith

Well-known member
I just don't get it, even at the most basic technical level. All I really understand is that it's a digital currency that has a market and an ever-increasing value (so far), and that it is actually starting to be used to buy traditional assets like even real estate.

But who the hell is setting up the hard math/computer problems for people to solve? How does that translate into money? Doesn't the more that's added dilute the value of the existing "coins"? If it's as widespread and blossoming like it is, aren't there millions of people solving these problems and diluting the currency? Why is there even such a demand for this thing that is unregulated, could be shut down on the whim of governments, and isn't something you can even use yet to buy shit from an online retailer?

Like I said, the basic premises of it are totally unclear to me. And I can't believe the value has risen to these levels. I just heard the other day that one of our clients put $50k into purchasing bitcoins not too long ago. Now it's worth $40M. And then I read a hilarious story about how some guy paid for a couple of pizzas with 10,000 bitcoins a few years back - worth over $110M now. This stuff is just insanity.
 

Artnes

Well-known member
What's the resale value on coins to hard dollars?

I see sites where you can put them up for auction but is anyone paying the 14K posted price?



Sent from my SM-G920W8 using Tapatalk
 

LeafOfFaith

Well-known member
Is it $14k now?? I thought it was $12k.

And yeah, there are places you can trade for the stated dollar amount, and even Square recently announced they were going to start facilitating trades.
 

MindzEye

Wayward Ditch Pig
nope - most likely talking about it from a programmer point of view
That's fair. Computer science people prefer centralized and efficient. Blockchain isn't designed to be efficient, the exact opposite really. It's strength is in how much processing power is duplicating work.

the other brother called blockchain the buzzword of the year and say it is laughed at
The buzzword last year was "cloud computing" and it's now pretty ubiquitous. There are certain things that a decentralized system simply does better than a centralized system, blockchain will likely fill that niche.
 
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