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Topic: Assuming this post is true, does Bitcoin have no limit on its value? - page 2. (Read 2690 times)

legendary
Activity: 2856
Merit: 1520
Bitcoin Legal Tender Countries: 2 of 206
SHA256 will definitely be broken eventually, stopping Bitcoin mining completely.

But the concept behind Bitcoin, future forks of it, and its spirit will likely last until the fall of humanity.

yes, the fork that will take Bitcoin beyond SHA 256

what about the coins in this case then? please point it out for a new member of the comunity.  Smiley
sr. member
Activity: 336
Merit: 250
SHA256 will definitely be broken eventually, stopping Bitcoin mining completely.

Is this really the case? "Definitely?" If bitcoin's algo's become useless to the point of causing bitcoin to completely fail, I'm not sure people would ever have faith in cryptocurrency again. At least not the public. Hell, I wouldn't.

I read time and time again that if catastrophic flaws in SHA256 are discovered, bitcoin is the least of our problems. Not really sure if that is true or not, though.
legendary
Activity: 1764
Merit: 1002
SHA256 will definitely be broken eventually, stopping Bitcoin mining completely.

But the concept behind Bitcoin, future forks of it, and its spirit will likely last until the fall of humanity.

yes, the fork that will take Bitcoin beyond SHA 256
legendary
Activity: 1246
Merit: 1077
OK. I'll explain. SHA-256 is used for hashing. Of coz it's used in a variety of applications. But if someone get a quantum computer and manage to falsify a digitally signed contract then only authentic owner of the contract will be harmed. If someone manage to falsify an SSL certificate then only visitors of the site will be harmed. But if someone manage to find block nonces every second, then everyone who uses bitcoins will be in troubles.

Quantum computers aren't  a magic bullet.  Yes using Shor's algorithm the search speed can be increased exponentially however at what cost?   For example say once ASICs become mainstream the cost to attack/defend the network using ASICs is $20,000 per TH.  Now say a quantum computer which could implement shor's algorithm on 256bit numbers could be built for $50,000 per TH equivelent.  Who cares?  An attacker is going to take the more economical option.

So quantum computer is only a threat if all 5 elements are true
a) it is possible to build a quantum computer which can implement shor's algorithm on 256bit numbers
b) it is possible to build a quantum computer large enough to 51% attack the network
c) it is possible to build a quantum computer that makes such attack more economical than ASIC based brute force
d) quantum technology can be restricted so that a computer meeting requirements a,b, c isn't available to "defenders"
e) Bitcoin protocol isn't changed to implement quantum resistant block hashing algorithm

The idea that a,b,c,d & e will all remain true at the same time is implausible.  a & b are technical limitations and currently impossible although they MAY be possible in the future.  c is likely only true if quantum computers are being mass produced.  If c is true then it is very likely d isn't true.   a,b,c &d aren't going to happen overnight so as implausible as that set on conditions is some years or decades before it becomes true Bitcoin could adopt a quantum reistant hashing algorithm making conditon e false.

This guy makes Bitcoin seem immortal.
Bitcoin as we know it isn't immortal. SHA256 will definitely be broken eventually, stopping Bitcoin mining completely.

But the concept behind Bitcoin, future forks of it, and its spirit will likely last until the fall of humanity.
legendary
Activity: 1764
Merit: 1002
D&T is a respected member of the community who falls into the "brilliant" category when it comes down to mathematics and mining.  you have to at least respect his opinion.
newbie
Activity: 14
Merit: 0
OK. I'll explain. SHA-256 is used for hashing. Of coz it's used in a variety of applications. But if someone get a quantum computer and manage to falsify a digitally signed contract then only authentic owner of the contract will be harmed. If someone manage to falsify an SSL certificate then only visitors of the site will be harmed. But if someone manage to find block nonces every second, then everyone who uses bitcoins will be in troubles.

Quantum computers aren't  a magic bullet.  Yes using Shor's algorithm the search speed can be increased exponentially however at what cost?   For example say once ASICs become mainstream the cost to attack/defend the network using ASICs is $20,000 per TH.  Now say a quantum computer which could implement shor's algorithm on 256bit numbers could be built for $50,000 per TH equivelent.  Who cares?  An attacker is going to take the more economical option.

So quantum computer is only a threat if all 5 elements are true
a) it is possible to build a quantum computer which can implement shor's algorithm on 256bit numbers
b) it is possible to build a quantum computer large enough to 51% attack the network
c) it is possible to build a quantum computer that makes such attack more economical than ASIC based brute force
d) quantum technology can be restricted so that a computer meeting requirements a,b, c isn't available to "defenders"
e) Bitcoin protocol isn't changed to implement quantum resistant block hashing algorithm

The idea that a,b,c,d & e will all remain true at the same time is implausible.  a & b are technical limitations and currently impossible although they MAY be possible in the future.  c is likely only true if quantum computers are being mass produced.  If c is true then it is very likely d isn't true.   a,b,c &d aren't going to happen overnight so as implausible as that set on conditions is some years or decades before it becomes true Bitcoin could adopt a quantum reistant hashing algorithm making conditon e false.

This guy makes Bitcoin seem immortal.
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