This is the fundamental problem that people don't understand. The vulnerability is in ECDSA, not the SHA256 hash function.
In ECDSA, more specifically in bitcoin, you have a barrier called computation cost, whilst in SHA-256 you don't need to compute so much as you need to do in bitcoin.
I believe no one with a quantum computer would directly and publicly attack bitcoin addresses, not everyone is a criminal. As history is my witness, technology/ knowledge, is not given to a certain group of people, it's given to many in different parts of the world, that's why we have pyramid shape structures all over the world, that's why we usually hear different names when we talk about the greatest inventions, the knowledge is somewhat evenly distributed in a timely manner. Point being, if the bad guys have their weapons, the good guys also have their defense system.
Well said .. i just showed the gentleman that when using pub key attack you would be 1 billion trillion times faster than mere sha256 cracking .. although the it's not even always the case unless you're using BSGS and even then my numbers are too optimistic.. also by calculating private key from pub key, you are basically using compute units to make complex operations other than simply iterating through hexadecimals then converting them to hash160 like the case with private key cracking .. and yet somehow my words aren't convincing.. But let's assume we are using Kangaroo to attack with pub keys, my last example was a VERY optimistic scenario that resulted in 23 million years of work to arrive at an address .. here is the same example in plain text for those reading this .. let's say you use a code that acts like JeanLuc's kangaroo on quantum computers after creating the quantum circuit correctly, all this means is that you are a few billion trillion times faster (again, absurdly optimistic numbers) than cracking using say a quantum code equivalent to bitcrack.. you're still left with more than a dozen million years because guess what, you have no idea where this pub key will eventually land ..
However, luck always scares me when it works in the favor of an attacker, a malicious attacker could run such code in a random mode and hope to land by coincidence on an address with balance .. at least they have an advantage of more speed .. say roughly a billion times faster than a powerful classic PC. Problem is, it's still bound to luck.. because without luck, a billion times faster in ECDSA is just peanuts. Actually No, even peanuts is an overstatement. But yet again, luck knows no laws. It's just it.
This is quoted from RESEARCHGATE website:
Someone enlighten me, if the above was true.. why isn't Qiskit or IBM a dozen billion dollars richer? According to the abstract above, they both clearly have the qubits necessary to attack ECDSA with Shor lol . Something is not right. This is either overrated estimation of the strength of quantum bits, or IBM/Qiskit are angels.