[Cryptography] Question about Bitcoin's security model

[alejandromontana at tutamail.com]

Jul 27, 2026 at 21:36 by peter at tsto.co.uk:

> On 15/07/2026 14:51, jameslancasterliverpool via cryptography wrote:
>
>> Hello,
>>
>> I have been studying the Bitcoin protocol and would like to ask a question.
>>
>> In your opinion, what is currently the biggest long-term security challenge for Bitcoin: quantum computing, mining centralization, or something else?
>>
>
> The fact that it is fundamentally a greatest-fool scam based on lies.
>
>
> That statement may need a bit of taking-apart - the scam part is the promulgation of the belief that a bitcoin (or an unexpended whatever) has any actual or intrinsic or real value.
>
> The "greatest-fool" part is that you have to find someone who is a bigger fool than you to sell it at a profit. When you get to the greatest fool ... everything collapses.
>
>
>
> The lies are first that it is a currency, which it obviously isn't - apart from one famous incident, can you buy a cup of coffee with it?
>
> Second, that it is anonymous - really?, when every transaction is publicly available? An anonymous wallet can be de-anonymised easily enough.
>
> Third, that it is secure - we all know that fatal attacks (eg mining centralisation, legal attacks, protocol change attacks etc etc) are possible.
>
>
>
> While we all admire CGHQ^H^H^H^H Satoshi's coding style, I sometimes wonder whether Bitcoin was a spoiler attack against the development of a truly anonymous online currency.
>
> Peter Fairbrother
>
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What is your definition of a truly anonymous currency?

—
Alejandro

 «You can’t parallelize your way out of time.»


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