patrick.net

Bitcoin is fragile.

The whole thing depends on no one figuring out how to reverse the hash function it uses.

If someone figures that out, it's over.

Patrick says

The whole thing depends on no one figuring out how to reverse the hash function it uses.

The original white paper suggested using SHA-256 but I don't know if that's what was actually implemented.

It's good to go back and re-read that white paper from time to time. Satoshi was more script kiddie than genius - the paper simply repackaged other peoples innovations and added an NTP server to create a time stamps on a dynamic list of transactions (similar to a single array database?) To a non-coder it seems pretty fragile to me. It basically admits it's security is based on the expense to hackers being greater than the expense of honest participation in the chain. Which I think is true right now.

I agree with @Patrick - it's only a matter of time. Wouldn't it be trivial for a real quantum computer to crack the encryption and re-write the block chain? Or is quantum computer just another bullshit invention meant to dazzle us neophytes?

right now it is not worthwhile to sell covered calls for Fidelity Bitcoin ETF (ticker FBTC) as my rule is the probability of expiring out of the money added to the annualized gain from the call premium should equal at least 100%

for this call option contract, that is 80% + 9.87% or 89.87%

IDK, but I’ve made a lot of money on BItcoin through Grayscale, bailed and now only trade etherium through 2 etfs.
Makes more sense to an idjit like me.

SharkyP says

I’ve made a lot of money on BItcoin

so Bitcoin is not going to return at least 20% a year on average for next 10 years ?