Topic: Bitcoin will die at 2027 (Read 19580 times)
IBM has come up with its newest and most advanced quantum computer to date - IBM Q System One, which the company claims is “the world’s first integrated universal approximate quantum computing system designed for scientific and commercial use: https://www.nextplatform.com/2019/01/08/ibm-refines-hardware-for-commercial-quantum-computing/
Bitcoin won't last forever and in the end bitcoin will disappear from crypto, but I don't believe that 2027 will be the year of bitcoin destruction. Bitcoin will be able to pass the year 2027 and will last longer.
dead or rapidly growing nobody knows, but in my opinion bitcoin will be a very popular investment tool in the future. bitcoin will be more widely known and the more investors who come to invest, I am very sure of that.
https://medium.com/@sashagnip/how-many-bitcoins-are-vulnerable-to-a-hypothetical-quantum-attack-3e59e4172e8
Quote:
"as of 2018 June 4: 19% addresses (4,242,958 of 22,275,753) that hold 36% bitcoins (6,080,090 of 17,072,361) reveal their public keys."
Other bitcoin holders should be worried too in case if 6,000,000 bitcoins will be sold on exchanges.
Don't worry, quantum-resistant algorithms are already developed. Bitcoin Post-Quantum fork serves the purpose of conducting an experiment about using them in Bitcoin. When it becomes necessary, these algorithms can be embedded in Bitcoin.
Quote:
"as of 2018 June 4: 19% addresses (4,242,958 of 22,275,753) that hold 36% bitcoins (6,080,090 of 17,072,361) reveal their public keys."
Other bitcoin holders should be worried too in case if 6,000,000 bitcoins will be sold on exchanges.
The development of quantum computers is very slow so we have more time than that to implement algorithms that are resistant to quantum computers, so you are worrying for something that is not going to happen, it is very easy to think that something can destroy bitcoin but 10 years have passed and governments have been unable to find anything that comes close to that.
Don't worry, quantum-resistant algorithms are already developed. Bitcoin Post-Quantum fork serves the purpose of conducting an experiment about using them in Bitcoin. When it becomes necessary, these algorithms can be embedded in Bitcoin.
i'm not overly worried about the required changes. what worries me is how disruptive a post-quantum fork might be if we wait until after bitcoin's signature algorithm is broken. i'm not sure how a rollback would work in that case, and coordinating an emergency fork isn't easy. surely there would be major losses and the market would severely crash.
so i'm hoping we deal with this soon rather than rolling the dice and waiting until 2024 or 2027.
Sure Bitcoin community should deal with it before it's too late. Though pq-crypto is quite a bit different than ECDSA. It requires more space and stateful signatures. That's why we made an altcoin BitcoinPQ as an experimental platform for people to test pq-crypto well before implementing it into the Bitcoin Core. More information on the subject is in the paper: https://bitcoinpq.org/download/bitcoinpq-whitepaper-english.pdf
https://medium.com/@sashagnip/how-many-bitcoins-are-vulnerable-to-a-hypothetical-quantum-attack-3e59e4172e8
Quote:
"as of 2018 June 4: 19% addresses (4,242,958 of 22,275,753) that hold 36% bitcoins (6,080,090 of 17,072,361) reveal their public keys."
Other bitcoin holders should be worried too in case if 6,000,000 bitcoins will be sold on exchanges.
Don't worry, quantum-resistant algorithms are already developed. Bitcoin Post-Quantum fork serves the purpose of conducting an experiment about using them in Bitcoin. When it becomes necessary, these algorithms can be embedded in Bitcoin.
Quote:
"as of 2018 June 4: 19% addresses (4,242,958 of 22,275,753) that hold 36% bitcoins (6,080,090 of 17,072,361) reveal their public keys."
Other bitcoin holders should be worried too in case if 6,000,000 bitcoins will be sold on exchanges.
The development of quantum computers is very slow so we have more time than that to implement algorithms that are resistant to quantum computers, so you are worrying for something that is not going to happen, it is very easy to think that something can destroy bitcoin but 10 years have passed and governments have been unable to find anything that comes close to that.
Don't worry, quantum-resistant algorithms are already developed. Bitcoin Post-Quantum fork serves the purpose of conducting an experiment about using them in Bitcoin. When it becomes necessary, these algorithms can be embedded in Bitcoin.
i'm not overly worried about the required changes. what worries me is how disruptive a post-quantum fork might be if we wait until after bitcoin's signature algorithm is broken. i'm not sure how a rollback would work in that case, and coordinating an emergency fork isn't easy. surely there would be major losses and the market would severely crash.
so i'm hoping we deal with this soon rather than rolling the dice and waiting until 2024 or 2027.
There's a world of difference between those two situations. The existence of sophisticated QC doesn't make cracking keys instant. It's pretty much accepted at this point that Bitcoin's signature algorithm could be broken in a few years, perhaps ten years in a best case scenario. But it'll take much longer than that to develop QC that can do so in the time it takes a transaction to confirm.
Also, Bitcoin users don't expose public keys unless they're spending. Until they spend from an address, the only thing exposed is a hash of the public key. So we're mainly worried about people who reuse addresses and people who have exposed public keys (to third party services or via Pay-to-IP which was removed from the reference client several years back).
Also, Bitcoin users don't expose public keys unless they're spending. Until they spend from an address, the only thing exposed is a hash of the public key. So we're mainly worried about people who reuse addresses and people who have exposed public keys (to third party services or via Pay-to-IP which was removed from the reference client several years back).
https://medium.com/@sashagnip/how-many-bitcoins-are-vulnerable-to-a-hypothetical-quantum-attack-3e59e4172e8
Quote:
"as of 2018 June 4: 19% addresses (4,242,958 of 22,275,753) that hold 36% bitcoins (6,080,090 of 17,072,361) reveal their public keys."
Other bitcoin holders should be worried too in case if 6,000,000 bitcoins will be sold on exchanges.
The development of quantum computers is very slow so we have more time than that to implement algorithms that are resistant to quantum computers, so you are worrying for something that is not going to happen, it is very easy to think that something can destroy bitcoin but 10 years have passed and governments have been unable to find anything that comes close to that.
Don't worry, quantum-resistant algorithms are already developed. Bitcoin Post-Quantum fork serves the purpose of conducting an experiment about using them in Bitcoin. When it becomes necessary, these algorithms can be embedded in Bitcoin.
I don't have to believe that in 2027 bitcoin will die, nobody knows the future for sure. I believe more that in 2027 bitcoin will be far more popular and have high value.
Many speculators has come out saying the same thing over and over again and that is why we are having a very bad days in cryptocurrency as new investors will had this an the next thing that will happen is selling out of panic. I think we should stop post of bitcoin die of a thing as it is becoming odd and is not helping the market.
predictions are necessary, but, when you think bitcoin will die within a few years, other thoughts will arise. well, but I think, every year, the bitcoin system will be updated to be better.Lol. I think you should just accept the fact that these fud spreaders will be here to stay especially if the market isn't doing good. I mean, it's possible yes, but btc have the capacity to rise because the support for this crypto is well established already.
Many speculators has come out saying the same thing over and over again and that is why we are having a very bad days in cryptocurrency as new investors will had this an the next thing that will happen is selling out of panic. I think we should stop post of bitcoin die of a thing as it is becoming odd and is not helping the market.
predictions are necessary, but, when you think bitcoin will die within a few years, other thoughts will arise. well, but I think, every year, the bitcoin system will be updated to be better. 
People keep spreading thse kind of prediction always not only about crypto end they also said the world will end in 2012 and 2017 and in 2020 but no right so the predictions are prediction which is the thought of someone which is not enough the reason it will happen.
they say it is to create panic, so many people will sell bitcoin at low prices. surely you already understand what they will do next. getting bitcoin at a low price is their goal.Only stupid people can be influenced by them. In fact the person who caused the panic took the opportunity to make a profit. This is something that is indeed the goal of the manipulators. They manipulate and give panic in the market. don't be too hooked on the various situations that exist, think as well as possible and we will be able to get the best momentum.
actually I often see this news, even local news also says bitcoin will die in 2019, lol where exactly is the news right? we draw the conclusion that it's just someone else's opinion..
Well many people said bitcoin will die at this year and this year etc... but still bitcoin is there and we use it. Many people ate believing in bitcoin so I think it will hard say that bitcoin will gone and I think it impossible as long many people use it even its dropping.
True, there are already many times people claims that bitcoin will die. But until this time it is existing and were still using it. Yes it is impossible to die when people enjoying to use of btc. 
I have not read the comments, not sure if anyone pointed this out, but the truth is . if quantum computers are going to be a threat to anything then the last of anybody's concern would be bitcoin. the whole world will be at stake, starting from banks to secret intelligence 
but really QC is not as scary as it seems.
as far as bitcoin goes, i do not see that MUCH of a threat coming form QC.
1- For the mining part, indeed QC based miner could out perform a non-QC miner but i am willing to bet the horse that the cost will be very high , by the time the production of a proper QC based miner which can beat a non-qc miner , all BTCs would have been mined and we all are going to be dead anyway. and regardless of my theory , there is no way that QC miners will mine all the remaining BTC in no time as many people think (thanks to the difficulty)
2-The strength of QC relies on the ability of cracking a private key from a public key, the great security measure in BTC is that the public key goes through 2 hash functions (RIPEMD-160 and Sha256 ) which are not very vulnerable to QC[1]. of course this means you will need to use a new address for every transaction as your public key would be revealed after using it which could be inconvenient but this threat excist as of today that's why most people use automatic key exchange.
[1] QC or even existing computing can break both hash functions, but if you have the computing power to do so then it would be more profitable for you to mine bitcoin and be ahead of everyone else.
also by the time this treat comes, we would have had more security measures.
so no bitcoin can't die because of qc, it can die for other reasons tho
but really QC is not as scary as it seems.as far as bitcoin goes, i do not see that MUCH of a threat coming form QC.
1- For the mining part, indeed QC based miner could out perform a non-QC miner but i am willing to bet the horse that the cost will be very high , by the time the production of a proper QC based miner which can beat a non-qc miner , all BTCs would have been mined and we all are going to be dead anyway. and regardless of my theory , there is no way that QC miners will mine all the remaining BTC in no time as many people think (thanks to the difficulty)
2-The strength of QC relies on the ability of cracking a private key from a public key, the great security measure in BTC is that the public key goes through 2 hash functions (RIPEMD-160 and Sha256 ) which are not very vulnerable to QC[1]. of course this means you will need to use a new address for every transaction as your public key would be revealed after using it which could be inconvenient but this threat excist as of today that's why most people use automatic key exchange.
[1] QC or even existing computing can break both hash functions, but if you have the computing power to do so then it would be more profitable for you to mine bitcoin and be ahead of everyone else.
also by the time this treat comes, we would have had more security measures.
so no bitcoin can't die because of qc, it can die for other reasons tho
Well many people said bitcoin will die at this year and this year etc... but still bitcoin is there and we use it. Many people ate believing in bitcoin so I think it will hard say that bitcoin will gone and I think it impossible as long many people use it even its dropping.
True, there are already many times people claims that bitcoin will die. But until this time it is existing and were still using it. Yes it is impossible to die when people enjoying to use of btc.
Well many people said bitcoin will die at this year and this year etc... but still bitcoin is there and we use it. Many people ate believing in bitcoin so I think it will hard say that bitcoin will gone and I think it impossible as long many people use it even its dropping.
Hey, guys. This year I became seriously interested in quantum computers. I came across here a study of Australian and Singaporean scientists about the security of Bitcoin: https://arxiv.org/pdf/1710.10377v1.pdf There are a lot of figures and formulas in the report, I haven't understood everything, but the main idea I've caught is that if Bitcoin doesn't implement post-quantum algorithms, it won't survive until 2027.
Currently, I'm thinking hard about how I could minimize the risks - all of the sudden, it may be true about quantum computers. What do you think, guys?
Maybe, there are already some projects that make a crypto with post-quantum protection? I think it should be implemented in Bitcoin blockchain
The development of quantum computers is very slow so we have more time than that to implement algorithms that are resistant to quantum computers, so you are worrying for something that is not going to happen, it is very easy to think that something can destroy bitcoin but 10 years have passed and governments have been unable to find anything that comes close to that.Currently, I'm thinking hard about how I could minimize the risks - all of the sudden, it may be true about quantum computers. What do you think, guys?
Maybe, there are already some projects that make a crypto with post-quantum protection? I think it should be implemented in Bitcoin blockchain
No one can predict the possible happen. 9 years more and more possible to happen everyear. But the life of the bitcoin base on what people say or think is only few years and I think too that happen. We are lucky in the year 2027 bitcoin is still alive.
Hey, guys. This year I became seriously interested in quantum computers. I came across here a study of Australian and Singaporean scientists about the security of Bitcoin: https://arxiv.org/pdf/1710.10377v1.pdf There are a lot of figures and formulas in the report, I haven't understood everything, but the main idea I've caught is that if Bitcoin doesn't implement post-quantum algorithms, it won't survive until 2027.
Currently, I'm thinking hard about how I could minimize the risks - all of the sudden, it may be true about quantum computers. What do you think, guys?
Maybe, there are already some projects that make a crypto with post-quantum protection? I think it should be implemented in Bitcoin blockchain
The development of quantum computers is very slow so we have more time than that to implement algorithms that are resistant to quantum computers, so you are worrying for something that is not going to happen, it is very easy to think that something can destroy bitcoin but 10 years have passed and governments have been unable to find anything that comes close to that.Currently, I'm thinking hard about how I could minimize the risks - all of the sudden, it may be true about quantum computers. What do you think, guys?
Maybe, there are already some projects that make a crypto with post-quantum protection? I think it should be implemented in Bitcoin blockchain
I don't believe bitcoin will end in 2027, and I believe that bitcoin will not end and will survive and be more popular.
Many speculators has come out saying the same thing over and over again and that is why we are having a very bad days in cryptocurrency as new investors will had this an the next thing that will happen is selling out of panic. I think we should stop post of bitcoin die of a thing as it is becoming odd and is not helping the market.
People keep spreading thse kind of prediction always not only about crypto end they also said the world will end in 2012 and 2017 and in 2020 but no right so the predictions are prediction which is the thought of someone which is not enough the reason it will happen.
they say it is to create panic, so many people will sell bitcoin at low prices. surely you already understand what they will do next. getting bitcoin at a low price is their goal.Only stupid people can be influenced by them. In fact the person who caused the panic took the opportunity to make a profit. This is something that is indeed the goal of the manipulators. They manipulate and give panic in the market. don't be too hooked on the various situations that exist, think as well as possible and we will be able to get the best momentum.
Jump to: