Bitcoin question

@LSUpride123 and other knowledgeable crypto currency investors, this article tells how the government and others are able to breakdown the supposedly unbreakable security of these products and identify specific users and transactions. Have you heard anything of this and what are your thoughts? The article describes how it is done. Ignore why they did it because if they can do it once they can do it to anyone. I’m ignorant about crypto currency.
https://www.wired.com/story/tracers-in-the-dark-welcome-to-video-crypto-anonymity-myth/

 

Its hard to explain the ins and outs of it, but bitcoin was never really untraceable. Its recorded on a block chain and can be tracked back to where it originated from. Unless its for a tangible good or service, what is unknown most of the time is what was actually purchased.

Monero, on the other hand, is a cryptocurrency with private transactions that are completely untraceable.

 

Thanks

 

For starters, the block chain is a public ledger. Let me repeat. A PUBLIC LEDGER.

Every single transaction is public info as well as ANY wallet that makes a transaction.

What people tend to do is confuse the security of it.

The Bitcoin network itself is the most secure digital network on the planet. Its not debatable.

1st, you would need quantum computing to break the SHA-256 hash. However, if you had such computing power (which does not exist), that is only 1 piece of the puzzle. You would then need 51% of the network hash rate to "hack" or break the Bitcoin network. Doesnt sound too hard huh?

So, you would need about 67 Terawatt hours. This is 67,000,000,000 Kilowatt-hours. The average home in Texas uses 12,000 Kilowatt-hours a YEAR..... This amount of network hash coming online would be so noticeable the "miners" would have time to react.

To be short, the technology does not exist to hack or break Bitcoin. Period.

Everything else is noise. There are ways to move BTC without being traced, but once you process a transaction on a block, its public info. You can wash your BTC in the same way they launder money.

This is all very high level and would take hours upon hours to explain. I have years invested in this.

 

I'm sure our local idiot, I mean Rex would tell you different lol

 

Blockchain is very cool. The more you learn about it, the more you realize it’s capabilities.

For example, you could use the same blockchain to pay your lawn guy, vote in an election or verify the integrity of a system all on the same network.

 

Exactly. All future elections should be conducted using block chain technology.

 

Also a very easy way to get scammed if you don't know what or who you're dealing with to wash them.

Same. I remember when they were less than a dollar a coin. I would be a Bitcoin millionaire right now had I just hung on to them, but I never thought they'd go as high as they did. I might a tidy sum when I sold them and thought I was the wolf of wall street. Got back into them a few years ago and am doing pretty well.

 

Yea, 10 years ago it was all my weirdo friends telling me about it. Funny story, I actually mined BTC back when you could on GPU's. Lost it all haha.....