Actually any quantum computer can break blockchains like bitcoin very easily since the cryptographic algorithms used are not quantum proof.
Also, if you control 51% of computing power in the blockchain, you can take control of the blockchain.
Also, since 90% of people leave their crypto on the exchanges, the exchanges can manipulate the market including crashing the value, or even steal these cryptos while saying they got "hacked".
I can go on and on, but people on both sides of this debate have a lot of misconceptions and usually both are right to some extent and wrong to some extent.
The power of crypto is not primarily as a currency, but as a authoritative digital contract / smart contract that allows people to operate in whatever systems transparently. People seem to miss this point.
Ok, why aren't they destroying the blockchain yet? Because this tech is not feasible yet. In theory quantum computers can mess up a lot more than just the blockchain, so if we haven't adopted better tech by then we are all in trouble.
Control 51% of the blockchain...
They estimate that there are 1 million unique BTC miners meaning +510k miners would have to be hacked at the same time.
90% of people leave their crypto on exchanges, the exchanges can manipulate the market including crashing the value, or even steal these cryptos while saying they got "hacked".
Yes, that's why you keep your crypto on a ledger. The exchanges and big institutions manipulate the price, I'm not arguing that. Exchanges allowing leverage trading has really synched the price movements to the S&P, NASDAQ, etc. But ultimately, the coin holder decides when they want to sell out.
The power of crypto is not primarily as a currency, but as a authoritative digital contract / smart contract that allows people to operate in whatever systems transparently. People seem to miss this point.
Why can't it function as both? Due to it's decentralized nature, it's better than fiat. It's more easily accessible and transferable than precious metals.
Actually any quantum computer can break blockchains like bitcoin very easily since the cryptographic algorithms used are not quantum proof.
Also, if you control 51% of computing power in the blockchain, you can take control of the blockchain.
Also, since 90% of people leave their crypto on the exchanges, the exchanges can manipulate the market including crashing the value, or even steal these cryptos while saying they got "hacked".
I can go on and on, but people on both sides of this debate have a lot of misconceptions and usually both are right to some extent and wrong to some extent.
The power of crypto is not primarily as a currency, but as a authoritative digital contract / smart contract that allows people to operate in whatever systems transparently. People seem to miss this point.
Ok, why aren't they destroying the blockchain yet? Because this tech is not feasible yet. In theory quantum computers can mess up a lot more than just the blockchain, so if we haven't adopted better tech by then we are all in trouble.
They estimate that there are 1 million unique BTC miners meaning +510k miners would have to be hacked at the same time.
Yes, that's why you keep your crypto on a ledger. The exchanges and big institutions manipulate the price, I'm not arguing that. Exchanges allowing leverage trading has really synched the price movements to the S&P, NASDAQ, etc. But ultimately, the coin holder decides when they want to sell out.
Why can't it function as both? Due to it's decentralized nature, it's better than fiat. It's more easily accessible and transferable than precious metals.