4 ms·
Stability, possibly backed by gold or some other stable product. Also the way wallets work would have to be more robust such that there are means to recover a
by anenefan 3y ago
Stability, possibly backed by gold or some other stable product. Also the way wallets work would have to be more robust such that there are means to recover after hard drive failures, and revert if an exchanged is hacked. Without that, there's not going to be (or should be) any serious thoughts of more general global adoption of it. It has its uses though. I recall early days nearly buying 10 or more bitcoin ... but it's value was fluctuating even then, such that the service I eventually decided after half a year I'd pay via bitcoin for a discount, still had their bitcoin price from two or so months prior. Instead I went the way of a near useless virtual credit card - some VC business obviously could do what they promised, I just made the mistake of picking a fly-by-night toolshop which had worked out the right things to say to drum up business.
- ArtTimeInvestor 3y agoPeople are not concerned with hard drive failures anymore. These days, wallets are only signing devices into which you put your 12-word phrase and sign transactions. You can throw away the hardware wallet or format your hard drive afterwards. The only thing that counts is the 12-word phrase.
- warrenm 3y agoThat's nice ... today No benefit for those of us who lost coins early on when it looked like a goofy fad
- anenefan 3y agoThanks for the info, it's been a long while since I looked at bitcoin, and it's good to see something introduced to safe guard typical hardware snafu which makes owning bitcoin a little bit safer - for those who have to little to rely on as a means to work around certain people / authorities who are determined to set what is safe and good for mere public - services they would like to use and products they'd like have which might be legit in the US, but not in their country. Still though a 12 word phrase in a couple years might be a reality to crack by determined and interested third parties who access to processing well past the average norm.
- ArtTimeInvestor 3y agoI think there are some physical problems trying to brute force a 12 word phrase. Afaik, 12 words equals 10^39 possibilities. From the discussion about energy use of calculations (especially regarding bitcoin mining), I think to remember that doing 10^20 calculations per year costs about as much energy as an average country consumes. If those numbers are correct, it would take 10^19 years to break a 12 word phrase if you apply the energy budget of a whole country to it. 10^19 years is something like a hundred million times longer than the universe has existed.
- anenefan 3y agoYes the number is quite high for brute forcing, even a pool of 300 common words the number of brute force variations sits around 10 ^32 - and a pool of 1000 words it's sitting a little under 10^39. I actually have no idea how big a pool of words such places use, or how random they are.
- ArtTimeInvestor 3y agoTypically, the 12 words are selected randomly from a pool of 2048 words.