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submitted 9 months ago by L4s@lemmy.world to c/technology@lemmy.world

Over 2 percent of the US’s electricity generation now goes to bitcoin::US government tracking the energy implications of booming bitcoin mining in US.

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[-] dhork@lemmy.world 5 points 9 months ago* (last edited 9 months ago)

What's even more astonishing is that when someone creates a new Crypto wallet, it creates an obscenely long random number as a seed, and just starts using it. As long as the number is sufficiently random, the chance that someone else has generated the same random number is so small as to be functionally zero. So you don't have to ask for anyone's permission first before using Crypto. You only have to ask the Universe for some of its entropy, and off you go.

It's the same math of large numbers that leads us to conclude that every time we shuffle a deck of cards, the result is a deck that nobody in the history of the Universe has ever seen before. 52! is an insanely large number, which is on the order of 10^67 .

https://quantumbase.com/how-unique-is-a-random-shuffle/

The math behind Crypto is sound, and ensures that everyone's wallets stay secure. Noone but their owners can move funds out of their wallets, and once a transaction is sufficiently confirmed, it can't be undone. The only real threat to this is Quantum Computing, which might be used someday to Crack the relationship between public and private keys which is unassailable now. We'll see whether the people who run these Crypto networks are able to change their algorithms to be Quantum resistant in rhe future.

[-] TypicalHog@lemm.ee 2 points 9 months ago

Oh yeah, Quantum computing won't ruin crypto. Cardano already has plans to transition to quantum resistant crypto primitives. We just need to wait for some standards to form around which algorithms should be used in the future instead of current ones. I'm not worried about quantum computers at all.

[-] dhork@lemmy.world 2 points 9 months ago

Oh, I have confidence that we can develop quantum-resistant crypto. My concern is in the governance of all the projects. Cardano seems to be in good shape, but it put some thought into how to make decisions that have at least some community involvement. But the market is driven by BTC mainly, and they have some issues in how they run themselves.

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this post was submitted on 03 Feb 2024
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