05-13 13:45 - 'Fundamental questions to the success of Bitcoin' (self.Bitcoin) by /u/banditcleaner2 removed from /r/Bitcoin within 0-5min
''' I see some conflicting opinions happening in this subreddit quite often and wanted somebody with a pretty sizable knowledge to answer some questions I have. Bitcoin is often touted to be valuable because it can be used a currency, and that mass adoptions should rely on this concept. However, fundamentally bitcoin is far too slow to be used by a massive amount of the earth's population. In times of high price action, volume increases, and so do wait times. Now I know what you're thinking: Just use the lightning network. The problem with this is that most people are honestly just not technical enough to want to use and/or learn to use the lightning network. It's not a simplistic process for normal people, especially not for the majority of the older population that doesn't and/or can't learn to use bitcoin in the normal which, way is much more simple. So unless fundamentally lightning network becomes less techy and more easy to use, this isn't a viable solution. So based on that, is it even really possible for Bitcoin to achieve mass adoption on the premise of being the world's first deflationary reserve currency? If those problems aren't solved, I don't think so. The other issue is that people often say that Bitcoin is a store of value. If bitcoin fundamentally fails to become a widely adopted currency, how does it manage as a store of value? It's value is based primarily on it being adopted as a currency, and speculation on it's future. Simple scarcity should not make something valuable, and this fact isn't removed from Bitcoin. While a trustless, deflationary, supply limited currency is a great idea, I don't see it succeeding as a store of value if it fails as a currency. The other main question in relation to Bitcoin is quantum. What will quantum computing do to Bitcoin? Elliptic curve cryptography can be used to save modern websites security, and banks, but if the proof of work structure of Bitcoin is not changed to something that is quantum proof, don't we have a problem there as well? I know this is bitcoin, but aren't there are other coins that serve as a currency better? Ones that are much faster (Litecoin and Dash come to mind, albeit may be less secure? Litecoin in particular does have a fairly sizable blockchain history, which is often touted as one of the best preventors for 51% attacks; but Litecoin is much faster. What about Bitcoin as a whole makes it the candidate most for success, I guess? Couldn't we just extrapolate the idea of a blockchain to create a coin that is faster, just as secure, and better used a currency, that would then have a better store of value? What about Bitcoin, beside it having the longest blockchain, and highest price/supply ratio, makes it the best candidate? That's all I've got. Hoping this sparks some discussion about Bitcoin, the probability that it becomes a real success and replaces fiat, and maybe educates some noobs in the sub. More specifically WITHOUT talking about price. Thanks for coming to my ted talk. ''' Fundamental questions to the success of Bitcoin Go1dfish undelete link unreddit undelete link Author: banditcleaner2
MimbleWimble offers privacy by default, more fungibility and better scale-ability of #bitcoin. Since it doesn't support scripts, it would likely be implemented as a sidechain. It is also tied to Elliptic Curve Cryptography and is not well prepared for quantum computing ... yet.
Question on elliptic curve cryptography and the SECP256K1 curve used by bitcoin.
Hi all, The additive property of elliptic curves says that when two points P and Q are added together, the sum of those two is a new point that is the negative of the intersection of the curve and the line drawn between those two points. My question is, what if I have two points P + Q = -R such that they don't intersect the curve when a line is drawn between them? What's the value of R in this case? Thanks,
Kryptokit adds elliptic curve cryptography (ECC) capabilities (used by bitcoin) to OpenPGP.
To celebrate the launch and roll-out of Jaxx, our new fleet of wallets, Kryptokit is excited to announce to the community that we've added elliptic curve cryptography capabilities to OpenPGPjs. Bitcoin uses Secp256k1 to ensure that funds can only be spent by their rightful owners using digital signatures. OpenPGP is thought to be the most widely-chosen quality cryptographic system to encrypt messages. We made it possible to use bitcoin keys to derive and validate PGP keys. This provides developers with a solid infrastructural tool to facilitate and integrate secure messaging on top of the bitcoin protocol. Our code is available on github and forked from the standard implementation of OpenPGPjs. We are in the process of submitting a PR to the upstream. Enjoy!
The elliptic curve used by Bitcoin, Ethereum, and many other cryptocurrencies is called secp256k1. The equation for the secp256k1 curve is y² = x³+7. This curve looks like: Satoshi chose secp256k1 for no particular reason. Point addition. You know how you can add two numbers together to get a third number? You can add two points on an elliptic curve together to get a third point on the curve ... SEC or SECG is base on Elliptic Curve Digital Signature Algorithm(ECDSA). Before dive in, we can get a glimpse of what the algorithm looks like in Brown et al’s publication(ec1.png, ec2.png). More info: Elliptic Curve Cryptography: page 6-7. I. Intuition About Elliptic Curve: Basics 1. Double a point(Add a point to itself): Welcome to part one of exploring Programming Bitcoin's third chapter on elliptic curve cryptography in Clojure. In this section, we will be combining the subjects of the previous two chapters: Finite Fields and Elliptic Curves. Together, they make up the necessary ingredients to create the cryptographic primitives we need to build our signing and verification algorithms, which we will be ... Elliptic curve cryptography is an efficient modern approach to public-key cryptosystems. In this introduction, our goal will be to focus on the high-level principles of what makes ECC work. We will omit implementation details and mathematical proofs, we can save those for another article. Die zwei gängigsten Verschlüsselungsverfahren sind RSA (Rivest/Shamir/Adleman, 1977) und ECC (Elliptic Curve Cryptography, 1985). Sicherheit ist eine Funktion der Länge des Public Keys (IBAN) und der Wahl des Verschlüsselungsverfahrens. Mit gleichem Zeitaufwand (Security Bits = 80 entspricht erraten einer 48-stelligen Zahl) kann bei RSA ein 1024-stelliger Code geknackt werden, bei ECC ...