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There are two major issues with Bitcoin for me. First, crypto is always broken eventually. We have seen the deprecation of crypto algorithms time and again. Wh

by dolni 5y ago

There are two major issues with Bitcoin for me. First, crypto is always broken eventually. We have seen the deprecation of crypto algorithms time and again. Why should we assume Bitcoin is immune to this phenomenon? It's a high-value target and it could literally become valueless in an instant. Second, the changing climate is one of the most pressing matters of our time. Bitcoin is absolutely not helping there.

laszlo-kiss 5y ago
I'm not an expert on this by any means, but I would think that mechanisms exist that allows for the evolution of the technology to protect itself. The key for me is that we strive for a financial foundation that no-one can debase. I view Bitcoin as an agreement and an understanding of a unit of value that we can all rely on.
dotnet00 5y ago
The concern regarding the underlying crypto being broken unexpectedly is probably covered by the fact that if encryption of that level of adoption and trust was broken, Bitcoin breaking would be the least of the internet's issues. For expected deprecations as technology progresses, it should be relatively easy to change algorithms and then fork the blockchain onto the new system, simultaneously phasing out the current one.
- alphabettsy 5y ago
  > it should be relatively easy to change algorithms and then fork the blockchain onto the new system Like deprecating insecure and outdated TLS? Doesn’t seem like a good example. It’s really not the same level of vulnerability. A crypto failure that allows for reading or altering of communications in-flight as it’s used in TLS now has a significantly different impact than if someone is able to alter the source of truth.
  - dotnet00 5y ago
    I assumed you were referring to the crypto within the blockchain's design itself becoming vulnerable. But if you're referring to more general vulnerabilities like with TLS, I'm not really sure how that's any different from the same being present on a traditional bank's site?
pharke 5y ago
If you were able to defeat the crypto algorithms used by crypto currencies wouldn't that also mean you could defeat the cryptography used by banks, governments, online commerce, etc.? It would essentially be a doomsday scenario for all cryptography.

by dolni 5y ago

laszlo-kiss 5y ago

I'm not an expert on this by any means, but I would think that mechanisms exist that allows for the evolution of the technology to protect itself. The key for me is that we strive for a financial foundation that no-one can debase. I view Bitcoin as an agreement and an understanding of a unit of value that we can all rely on.

dotnet00 5y ago

The concern regarding the underlying crypto being broken unexpectedly is probably covered by the fact that if encryption of that level of adoption and trust was broken, Bitcoin breaking would be the least of the internet's issues. For expected deprecations as technology progresses, it should be relatively easy to change algorithms and then fork the blockchain onto the new system, simultaneously phasing out the current one.

alphabettsy 5y ago
> it should be relatively easy to change algorithms and then fork the blockchain onto the new system Like deprecating insecure and outdated TLS? Doesn’t seem like a good example. It’s really not the same level of vulnerability. A crypto failure that allows for reading or altering of communications in-flight as it’s used in TLS now has a significantly different impact than if someone is able to alter the source of truth.
- dotnet00 5y ago
  I assumed you were referring to the crypto within the blockchain's design itself becoming vulnerable. But if you're referring to more general vulnerabilities like with TLS, I'm not really sure how that's any different from the same being present on a traditional bank's site?

pharke 5y ago

If you were able to defeat the crypto algorithms used by crypto currencies wouldn't that also mean you could defeat the cryptography used by banks, governments, online commerce, etc.? It would essentially be a doomsday scenario for all cryptography.