Mir Moiz’s Weblog

Life is meaningful, only when one wishes to make it. We are creatures of time and we’ll wither away in it. The little moments of joy we find and create are all that will live with us.

The Key Risk “Inherent” in Bitcoin.

Bitcoin has come a long way in how technology is now defining the central pillar of life on earth… Money.

While its technology is strong and the peer-to-peer model is stronger still.

“In my view” there is an inherent risk embedded within Bitcoin itself. This is the risk that the notion of mining of coins is dependent on a computational work which apparently CPU/GPUs perform and due to the complexity of math involved, is difficult, thus the creation of coins is controlled.

I feel this is an inaccurate and incomplete understanding. Here is why!

In the next 5 to 10 years super computing will transform in an unprecedented way.
Quantum Computing will make this challenge of mining coins a thing of the past, and the entity that mines the highest quantity of coins will dominate.
In my view, the technology of Quantum Computing will not be made public. It will be in the hands of very few still.

This is the exact statement of the inventor:
… “The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to
attack the network, they’ll generate the longest chain and outpace attackers.”

Quantum Computing can work at a pace unprecedented in human history. It can work on a single task at multiple even infinite levels all at the same time to exponentially grow within a few seconds and evaluate the most complex problem.

Quantum Computing for the geeks: Wikipedia Article

Already matured and existing Quantum Computer: DWave

The control of Bitcoin will be in the hands of the authority that controls the highest computing power in the coming days and that means Quantum Computer owners will have that power.

NOTE: I am extrapolating the facts as I see them architecturally. I am not an expert in the technology.



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