Why Scalability Isn't Going To Be An Issue In A Few Years.

in crypto •  7 years ago  (edited)

A post from Vitalik Buterin that discusses the huge problem with existing blockchain technology...."NOT SCALEABLE!" I'm not the only one that sees the massive problem. https://blog.ethereum.org/2014/02/18/ethereum-scalability-and-decentralization-updates/

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In Case you are un-aware Vitalik Buterin is the founder of Ethereum and thought of as one of the pioneers or blockchain tech 2.0. Steem is no where near the size of Ethereum or Bitcoin and all three are bloated. How long does it take if you want to setup a full node for all three? Days in some cases.

  • Ethereum is pushing 50 GB - With A Cool Block Explorer - https://etherscan.io/
  • Steem is around 50GB with only 400K users. With most moving to 100GB plus for full nodes. Steem has a basic block explorer - https://steemd.com/
  • Bitcoin is expected to be 200 to 220 GB in 2018. For a full node set-up that is competitive. There are hundreds of websites that offer different ways to explore the blockchain.

Why are they not worried about it? Because Scaleabilty Will Not Be An Issue In A Few Years.

The secret is that since quantum teleportation has been invented and quantum computers will be out by 2020 that it will not require a super computer to hack any of these so called secure immutable blockchains. A few quantum laptops working together can crack bitcoin. None of these people even realize that this blockchain technology is already outdated and that quantum computing will allow for the development of Cloud Banks where funds are approved at the speed of light.

Cryptocurrencies will still exist but will need a whole new base coding for all of them to be secure. Crypto3.0 Light Speed will be required or something similar to this. Quantum Cryptography will be the standard very soon.

How can I make this assertion and be so confident...Here is a quote from wiki, " Both practical and theoretical research continues, and many national governments and military agencies are funding quantum computing research" https://en.wikipedia.org/wiki/Quantum_computing

This is the only thing that can stop cryptocurrencies other than scalability and stupidity which often comes with an enormous amount of funds. The governments of the world are all scrambling to wrap their heads around currency not controlled by them. How else will they steal your funds?

Instant Transaction Are The Future With Millions Per Second Possible With Quantum Computing Technologies. If you still think I'm crazy here is a great article from Yale that talks about the dangers of these computers. https://quantuminstitute.yale.edu/publications/quantum-computer-revolution-closer-you-may-think

If you think the United States Is Worried About Nuclear Weapons Think Again...North Korea Might Be The Closest To Building a weaponized quantum computing systems that would allow them to steal enough crypto currency to rule the world.

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This is funny.

Is that all you have to say?

You got to tell them and if they don't listen not your problem. Just don't get caught not listening to your own advice in a few years.

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  ·  7 years ago (edited)

Maybe A Good Way For People To Put It Into Perspective Is To Remember The Graphics and Ability Of An Atari Video Game Compared To PS4 Or XBOX360. Completely Different Worlds And This Is The Future Of Computing. Some are saying it is far off but I'm not buying it! https://www.forbes.com/sites/amycastor/2017/08/25/why-quantum-computings-threat-to-bitcoin-and-blockchain-is-a-long-way-off/#6521c3432882

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This statement alone should make anyone scared. Like really scared. This North Korea guy isn't fooling around.
"If you think the United States Is Worried About Nuclear Weapons Think Again...North Korea Might Be The Closest To Building a weaponized quantum computing systems that would allow them to steal enough cryptocurrency to rule the world."

People will read this and think total hocus pocus bologna. When you start digging into things you will see the bigger picture. We all need to make hay while the sun is shining and start preparing for the quantum computers of the future.

You are right @binkley. We should be prepared for what is coming next.

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