Is Bitcoin the Next Big Thing?

[EdwinEdwin is verified member.]

What happens if someone figures out how to apply quantum computing to the mathematical problem of Bitcoin mining? Won't that theoretically result in the remaining coins being mined very quickly or even near-instantly?

(Yes, I know, quantum computers aren't yet ready for prime time - no pun intended - but they're likely to be mainstream long, long before 2140!)

 

[EdwinEdwin is verified member.]

I read an article in Business Insider I think, could be wrong, which were showing that within X yrs loads of jobs would be replaced by automation, and humans are being replaced quicker than new human jobs are being made. It also implied that the quality of human jobs is both lowering and increasing, creating a void in the middle of machines.

I recall the article had a brexit slant on it, I suspect you or someone else has read it and may remember it better than I. So it seems this version is already manifesting.

There have been hundreds of articles over the last year or so about the coming wave of automation. Not limited to the UK either, i.e. Brexit is only a tiny part of it.

For instance, when self-driving vehicles are perfected so that they are "good enough" (which could potentially happen quite quickly, and certainly a lot quicker than when they are "near perfect") i.e. when they contribute to fewer accidents than human drivers, then you start losing entire industries worth of jobs:
- Long haul truck drivers and local delivery drivers (think anything from container transport to Amazon deliveries to the guy/gal bringing you your pizza or your Indian takeaway)
- Taxis
- Driving instructors
- Car manufacturers (most people won't want to buy an expensive piece of rapidly depreciating metal if they can call up on demand transport cheaply enough - and self-driving cars should be much cheaper than taxis as the only overheads are fuel, i.e. electricity, and the cost of maintenance and cleaning)

In the UK alone, there are over a million people employed in the above professions.

And when you really dig into it, you begin to realise that there will be "collateral damage" at the edges as well. For example, if most cars are self-driving, then the need for car parks goes away. As does the need for car parking attendants, traffic wardens etc. (This may be a good thing from your perspective - especially the latter - but it still represents jobs lost for good)

Even a very pessimistic timetable for self-driving cars suggests they'll have been perfected by 2025 (many timetables have 2020) so we're talking about 8 years until millions are put out of work.

 

[EdwinEdwin is verified member.]

As to where Brexit comes into it, if a company was thinking about automating anyway as part of their long-term strategy plan, then if they're faced with rising costs from having to replace cheap imported labour with expensive domestic labour, then the break-even point at which the investment in automation makes sense will move significantly closer. In other words, while they may not automate ALL the jobs out of existence (certainly not immediately) companies may step up the pace of automation more than they otherwise would have.

After all, automated solutions already exist in resource-intensive industries such as farming (think thousands of cheap migrant workers picking cabbages or lettuce). It's only the price of such solutions that has been holding farmers back.

 

[EdwinEdwin is verified member.]

BTW, while you may well have your doubts about self-driving cars, it's important to realise just how many firms are in the game. The below news stories are just from the past couple of weeks.

Delphi
https://techcrunch.com/2017/01/04/d...-takes-us-on-a-stress-free-tour-of-las-vegas/

Nvidia
http://www.theverge.com/ces/2017/1/4/14174292/nvidia-bb8-self-driving-car-autonomous-video-ces-2017

Hyundai
http://www.theverge.com/ces/2017/1/4/14171172/hyundai-ioniq-self-driving-car-electric-affordable

BMW + Intel (partnership)
https://newsroom.intel.com/news-rel...onomous-test-vehicles-roads-second-half-2017/

NuTonomy
https://www.bostonglobe.com/busines...road-boston/G9y6JgQtWfIlTVasccBGWM/story.html

Faraday Future
http://www.standard.co.uk/news/tech...hows-off-200mph-selfdriving-car-a3432341.html

Ford
http://www.foxnews.com/tech/2017/01...self-driving-hybrid-car-in-ces-this-week.html

Tesla
http://observer.com/2017/01/watch-a...and-avoid-a-gruesome-crash-before-it-happens/

Chrysler
http://newatlas.com/chrysler-autonomous-portal-concept-ces/47194/

Toyota
https://www.cnet.com/roadshow/videos/toyota-reveals-ai-powered-self-driving-concept-i-ces-2017/

Honda
https://www.theguardian.com/technol...s-over-self-driving-cars-with-alphabets-waymo

Yes, there's a lot of stuff about tests and prototypes and experimental sensors and software, but this is an industry worth trillions (think of the value of all the cars, trucks, vans and motorcycles on the road today, globally) so innovation will come thick and fast - the prize for "winning" is just too tempting for companies to sit on their discoveries.

Of course the really exciting stuff comes when the lessons learned from implementing self-driving in cars get transferred to drones. There are already a number of companies working along those lines. After all, there are far fewer obstacles in the sky than there are on the road (all you have to worry about is other flying vehicles, birds and, at a low level, buildings, trees and other "hittable" things). But the amount of "safe" space in the sky is much MUCH bigger than on a road because you can take advantage of 3D.

After all, if you can build a car that can handle all eventualities, from reckless drivers running lights or steering erratically to animals and children suddenly jumping out at you, solving for flight seems pretty simple.

So the visions of flying cars painted in the 60s and 70s for the year 2000 are on their way... just a bit late!

 

[doma1n]

I agree with many of Edwins comments, but my prediction is that we are due (going to definatly get)) a worldwide pandemic. Especially with the over-use of antibiotics.
This in turn will cull millions of humans. We then will need, and be greatful for automation of many of the industries as humans try to recover.
The internet will provide the blueprint for the information we need and we will rely, if not need automation to recover the human race in a much faster time that if we didnt have it.

It's fate. It's going to happen, just a matter of when. Its all part of the evolution of mankind and automation is part of that plan.

Believe it or not i'm not a depressive or sad fu**er that looks on the negative side of life although it may seem so if you read the above. If owt it makes me more positive and makes me live everyday to the full.
I hope I'm wrong but I just think its part of the journey mankind will take to lead us to a startrek world of techno-gadgets.
When it will happen, im not sure but if you read some reports.....it could be sooner than you think.

PS. I haven't been smoking or drinking owt before you ask me to get you some...

 

[doma1n]

Just read the title page (posted without reading) and its to do with Bitcoin so appologies for going off the subject

 

[fenland]

As a noob any recommendations as to where one would go to start buying bitcoins et al?

 

[AdminAdmin is verified member.]

As a noob any recommendations as to where one would go to start buying bitcoins et al?

It depends on what your intention is. If you also want to use them day to day to buy your groceries then go with a company that gives a debit card. If you just want to dip your toe in the water and own some then take a look here: https://localbitcoins.com/

 

[fenland]

It'll be a dabble...so thanks for recommendation @admin. Will have a read round.

 

[deedee is verified member.]

What happens if someone figures out how to apply quantum computing to the mathematical problem of Bitcoin mining? Won't that theoretically result in the remaining coins being mined very quickly or even near-instantly?

(Yes, I know, quantum computers aren't yet ready for prime time - no pun intended - but they're likely to be mainstream long, long before 2140!)

I think the arguement is that quantam computing will render bitcoin useless, as you will very quickly be able to calculate the private key from any public key. Dont think its that true however. There are already quantum proof encryption systems , and buy the time quantam computers are mainstream, then they will be in place and solid. Also.... its a prcticality issue and one of resources. Its not that current systems cant be cracked, its just impractical to do so as it would take maybe 100,000 years of brutforce tests.It seems quantam computing will only increase computing speed by some factor of 50-60% , so its only increasing the time to 40,000 years. Not an issue probably.

 

[lazaruslazarus is verified member.]

Yes localbitcoins or coinbase has served me well in the past

 

[MurrayMurray is verified member.]

For instance, when self-driving vehicles are perfected so that they are "good enough" (which could potentially happen quite quickly, and certainly a lot quicker than when they are "near perfect") i.e. when they contribute to fewer accidents than human drivers, then you start losing entire industries worth of jobs:

I was reading the other day that if self-driving cars become popular there will become a massive shortage of organ donors (as most come from accidents)

That's such an odd problem ~ not enough people dying to save people from dying.

 

[EdwinEdwin is verified member.]

I was reading the other day that if self-driving cars become popular there will become a massive shortage of organ donors (as most come from accidents)

That's such an odd problem ~ not enough people dying to save people from dying.

Fortunately, research to 3D print new organs, or to culture them from stem cells, is advancing very rapidly... With a bit of luck, by the time this would become an issue it won't be one any more.

 

[lazaruslazarus is verified member.]

Or maybe self driving cars will create more doners when there is a big solar flare. lol
#3rdworldproblems

 

[acceleratoraccelerator is verified member.]

Ooooh..... and another thing if your into the bare bones. Why are they using graphics cards for the farms specifically ?

This is because they are very fast efficient at processing the algorithms involved in Bitcoin transaction validation. Processing speed and efficiency is very important to the economics of the mining operation, as is price of electricity. This is why you have a lot of Bitcoin mining operations located next to Hydro Electric Power stations, a cheap source of electricity, in China.

 

[acceleratoraccelerator is verified member.]

As a noob any recommendations as to where one would go to start buying bitcoins et al?

My understanding of this is that there are two approaches:

1) You are tech savvy and do everything yourself, and do not rely on any institution. You have to install a Bitcoin wallet on your computer and store your Bitcoins safely on your computer.

The issues here are you have to find someone you trust to buy from. One route is to find someone via localbitcoins.com, but you have to work out if you trust them so you don't get defrauded, i.e. you pay them and they don't send bitcoin.

Advantages here are you are totally independent, so you aren't relying on any financial institution which could go bankrupt or cause you other problems.

2) Buy from a trusted Bitcoin exchange / Bitcoin financial service company. Examples would be Coinbase or Xapo. Here you will have to have your identity validated for them to comply with Know Your Customer anti-money laundering regulations. You then have a dependency on that institution to maintain your Bitcoin safely, and you are also more vulnerable to any new regulations a Government may decide about Bitcoin, which could even involve them deciding it's illegal.

The whole point of Bitcoin is it is a decentralized currency which empowers the individual, so you have to think carefully about what option you choose. There are plusses and minusses for both.

Here's a list of Bitcoin related companies that will help you learn more about the space.

 

[AdminAdmin is verified member.]

Buying my bitcoins back at $820 now

 

[timter51]

The resistance above $1k is going to be so tough to break and go through the ATH... going to be an interesting year ahead!

 

[MurrayMurray is verified member.]

Buying my bitcoins back at $820 now

What did you sell at?

 

[AdminAdmin is verified member.]

I'm glad you used the word "punt" - it's out and out gambling really.

Up 800%. Not quite the same as gambling which is more of a total win/lose.