GTWCQ-16 | Will Crypto Exist Forever?
Hi
(Why) Do you (not) think that cryptocurrencies always will be relevant?
Thanks for joining the last #gtwcq - @solominer.
Greetings.
Gandalf The White
#gtw #gtwcq #gandalfthewhite #cryptoquestions
#steemit #blockchain
I have a feeling quantum computing will cause some disruption. But besides that idk.
I agree. Quantum computers definitely could offer a problem. There still might be other issues, eg. regulation/law,... Nothing else comes to my mind, right now lol. Maybe an even better invention than crypto (we just do not know anything about it yet or it is too unknown/small, or whatever); this better invention might be another new revolution as well haha - way too unlikely though imo; at least for now.
QC and regulation - these are the main possible threats, I guess.
Well, I think crypto will be relevant for a long time or probably it already will be significant forever because its technology etc. has changed too many things by now. Lots of (New) progress was and is made based on blockchain and so on.
Btw. I know, generally, no human knows what future brings. ;P
I dont think regulation and law can kill a crypto.. code does not care about law, and lawless peole will run nodes regardless of the law if its worth it to them. Yeah some better ledger techology to replace pow/pos sys will come along. Im sure of it, question is when.
I am pretty sure it can. Imagine the whole world [or maybe (it is enough if) even just the biggest and "more/most relevant/powerful" states, like USA, Russia, China etc.] would forbid "owning"/mining... crypto (or something like that, with the same outcome - ban of exchanges etc.). Prices would drop drastically; eg. btc, presumably below 500$ or 100 or lower, Idk - that is a hard 'calculation'/valuation. There is no doubt that btc would crash because lots of people would like to get rid of their btc then.
It highly probable would never reach zero again but it could come close to it - just a side fact; although you probably already have been aware of that.
However, you are right, there still might be some people who will not let go. Maybe these people would find a way. Btc only would be used for criminal activities (again :P), I guess.
Another important point, maybe crypto could be 'killed' (temporarily) by that but the technology behind it definitely cannot - blockchain... something new would occur.
It is a tough question, I know. Unfortunately only you (and me) are replying. Big thank you brother. (;
@gandalfthewhite
there are many people that mine in secret, ive seen it alot on discords for multiple altcoins. They want masternodes but use TOR networks and VPNs to create accounts on VPSs, pay with bitcoin or some altcoin for the service. So if governments started that more people would just hide it.
Yeah if the coin went to zero then its useless, but I think if the price drastically went down it would not affect its functionality. People will still mine it, in secret or not. Just the network difficulty would change.
And remember there are POS coins, ones that do not require mining and are not susceptible to 51% attacks. And like I said people are already hiding their MNs and who operates them.
Hah yeah people are bummed about crypto prices right now, I think its causing people to post and interact less. But if those people would look at the great projects going to mainnet maybe they would feel a little better. Ya know, those mainnets for decentralized exchanges. Ones that hopefully wont close their doors next huge run up we have. Which of those centralized exchanges might have caused the Jan crash by cutting off new customers due to their own staffing problems.
Next ATH you will have all kinds of comments.. hah watch
True.
Yes, some people would mine it and use crypto but the majority would not. And we need the masses (decentralization...).
We want crypto to become generally accepted and not prohibited. Hiding 'everything' is not the best way then, I believe. :D
However, I know what you mean man. And I mostly agree.
Let us just pray that governments do not do anything stupid. They should accept crypto (if they do not already).
Yes, you are right probably. We will see anyway. Hopefully only sophisticated/good comments and no annoying spam like "Great post", "Upvote for upvote"...
Agree with solominer that quantum computing might be an issue in the future. But if cryptography does not keep up with quantum computing development, then I think we all have a bigger problem. Haha..