Category Archives: Jimmy Song

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Blockstream: Easier to Make Bitcoin Quantum Secure than Monero

Blockstream: Easier to Make Bitcoin Quantum Secure than Monero

A Blockstream researcher has claimed that it may actually prove easier to protect Bitcoin against the threat of quantum computers, than it may be protect privacy-centric coin Monero.

Potential attacks by quantum computers in the future could one day break blockchain’s so-far secure cryptography, but many theories abound of quantum computers one day becoming powerful enough to decode today’s encryption algorithms. Bitcoin core developer Jimmy Song and experts like Gavin Brennen have dismissed this claims in the past but others, like Blockstream researcher Andrew Poelstra, aren’t so sure.

According to Poelstra, he admitted that even privacy coin Monero was not fully secure:

“The only threat we are aware of to the elliptic curve discrete logarithm problem for the curves that we’re all using there are indeed quantum computers.”

He believed that it was not an immediate cause for concern but the possibility of a quantum computer large enough in terms of qubits to decode the logarithm was not too distant. Meanwhile, he felt that there should efforts to develop systems resilient to these future attacks.

This should actually be easier for a coin like Bitcoin, he claimed. as a transition plan would only require replacing the digital signature algorithm in order to be quantum-resistant. Others like Monero, however, would be more complex to replace.

 

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Jimmy Song Suggests Bitcoin as Tool for “Peaceful Revolution”

Jimmy Song Suggests Bitcoin as Tool for

Bitcoin developer Jimmy Song has pointed the finger towards recent Gilets Jaunes (yellow vests) protesters in Paris as an illustration of how big government mismanagement can be overcome by using the right tools, but not by violence.

Song suggests that the missing tool, not yet being utilized by the French in anti-government protests, is cryptocurrency, believing that currencies such as Bitcoin are potentially powerful weapons in staging a “peaceful revolution”. He argued in a recent interview, “If you have government and big business get together, they usually get what they want.”

But according to Song this can be overcome by using the “currency of resistance”, adding that “the biggest thing Bitcoin brings is the decentralization of monetary power”.

Song claims that the way for such groups to gain the voice of resistance, is to take the power away from, banks, corporations, and plutocrats through decentralization: “That’s the thing that a lot of people don’t recognize: Monetary power is the big force in the world.”

The outspoken crypto developer has advice for those gilet jaunes taking to the street with bottles and rocks to protest against the current Macron government: focus on Bitcoin as the first step towards decentralized money; a step toward curbing the dominance of centralized banking.

Bitcoin in the Yellow Vest / Gilet Jaune mouvement #France #YellowVests #Bitcoin #cryptocurrency #revolutionfrancaise #revolution pic.twitter.com/FMP21cSpp6

— Crypto Kether (@R3I3ntI3ss) December 1, 2018

As for the current cryptocurrency bear market, Song maintains that productivity is far more likely than in periods when the market is bullish, suggesting that when the market is surging, developers are distracted by rising Bitcoin prices and focused purely on money instead of creating useful goods and services and working towards innovation.

 

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Bitcoin Influencers’ Payment Ideas Get Twitter Buzzing

Bitcoin influencers Jimmy Song and Tony Vays opened up a can of worms recently when chatting on Twitter about Bitcoin payment methods, provoking an all-in scenario for followers.

Jimmy Song, an instructor at Programming Blockchain LLC and Bitcoin educator/developer was sharing his opinion about using Bitcoin as a payment method with Bitcoin and Blockchain Researcher Tone Vays, on Twitter. The argument was posed by Song that one could spend money using a credit card whilst staying in credit and then pay the monthly bill with Bitcoin. His tweet suggested:

“If you want to use Bitcoin as a method of payment, this strategy is more rational and convenient than doing lots of on-chain tx’s:

  1. Spend with your credit card with no debt on it.
  2. When your credit card bill comes, sell just enough bitcoin to pay the bill.”

This provoked the response by Jackson Palmer, Founder of Dogecoin, who joined the thread to tweet that there was a missing third step to the Song scenario to avoid incurring credit card debt. He suggested that one could calculate the capital gain/loss tax on the sale of Bitcoin to USD to pay off the credit card.

Bitcoin Cash follower, Elliot, suggested, “That’s right folks. BTC supporters tell you to sell your Bitcoin back to fiat. BCH supporters say you must use bitcoin as CASH. It is peer to peer electronic cash. 1 bit @tipprbot” to which blockchain enthusiast Jan Klosowski responded.

“People will use Bitcoin because it’s profitable. Not for ideological reasons.”

Tone Vays worked on Wall Street for almost 10 years starting as a Risk Analyst at Bear Stearns and later becoming a VP at JP Morgan Chase in the aftermath of the 2008 financial crisis. His feeling was that Song’s idea was feasible from a consumer standpoint and suggested that in 2014 he had spoken about how misusing Bitcoin could affect the entire ecosystem quite negatively.

When asked why Vays, a prolific trader as well as an educator, diversified his trading to incorporate traditional markets, he responded:

“Because all of my videos are on my love of Bitcoin, my explanations of blockchain, and covering blockchain news. I do all of this because you can’t monetize that content. So, coming to conferences and speaking is so that I can spread the knowledge of Bitcoin, but I make money from what I do best, which is trading.”

He suggested that traditional markets offered a better return on his investments.

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