Bitcoin will die at 2027 - page 2. | Bitcointalksearch.org

Silberman

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Quote from: GoodForGood on October 26, 2018, 12:25:22 PM

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.

KorakPawon

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Quote from: GoodForGood on October 26, 2018, 12:25:22 PM

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

I wonder why people like to think that bitcoin will die? I don't believe on someone's prediction, because bitcoin itself is predictable. Whether or not quantum computers used, bitcoin stand still with blockchain today, and quantum computers may be used but we don't even know whether it is really good or not. Focus on what you have today, stop speculating things out.

b3j0

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Quote from: jrrsparkles on November 05, 2018, 02:03:32 PM

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.

Oceat

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Believe me, this story will also be a part of the history. I know a lot of people who keep on talking like they have been to the future but unfortunately, they aren't, they were just a wannabe psychic that want to get noticed for their predictions even if it is too far from the truth.

How would you expect that Bitcoin might reach to $100k, $200k, or even $300k if we didn't even see it breaks the resistance above? Bitcoin will still live no matter what you guys throw up to it, it will still rise up.

exstasie

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Quote from: WatchMaker on December 11, 2018, 03:21:29 PM

Lol, the quantum computing is a myth. Even if the quantum computing become a reality the bitcoin community will always implement a new algorithm to be quantum proof. Quantum computing is more of a fantasy than a reality. I think it would take more than 100 years for it to actually work.

That may have been the prognosis a couple decades ago, but today cryptographers mostly agree quantum computing will start threatening various signature algorithms sometime in the 2020s.

I'm sure Bitcoin will scrap ECDSA for a better algorithm when it becomes necessary, but it's something we need to plan for soon. The bigger Bitcoin gets, the more damaging and difficult to coordinate an emergency hard fork could be (especially where a rollback is required).

WatchMaker

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Quote from: GoodForGood on October 26, 2018, 12:25:22 PM

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

Lol, the quantum computing is a myth. Even if the quantum computing become a reality the bitcoin community will always implement a new algorithm to be quantum proof. Quantum computing is more of a fantasy than a reality. I think it would take more than 100 years for it to actually work.

joshv06

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Quote from: beami on December 11, 2018, 04:56:32 AM

We are talking about technology in the future, quantum computers may just be and predictions by all experts can happen, but all of this is just a prediction and that means we can just prepare to deal with it. It may not be believed in predictions because all of this is just a ceremonial. But we'll see later and the time will give answers to the experts.

Always there are some predictions and speculation that bitcoin will die in so and so year. But i don't think and we cannot predict the future for bitcoin since bitcoin demand is increasing rapidly based on the market price we cannot confirm or speculate the die of btc there are lot of factors involved which shows btc is going to bull up again and achieve the target. Future of bitcoin can be speculated later.

beami

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We are talking about technology in the future, quantum computers may just be and predictions by all experts can happen, but all of this is just a prediction and that means we can just prepare to deal with it. It may not be believed in predictions because all of this is just a ceremonial. But we'll see later and the time will give answers to the experts.

exstasie

legendary

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Quote from: pq on December 10, 2018, 09:10:21 AM

Yes, Bitcoin is vulnerable to a quantum attack. The most vulnerable are the coins with published pubkeys. It's about 4 millions bitcoins, that will be hacked and sold at the exchanges, that will crash the price to 0$. Coins at one-time addresses are vulnerable too, because when a holder spends them, an attacker has about 10 minutes to crack private key and perform a double spending.

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).

pq

newbie

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Quote from: GoodForGood on October 26, 2018, 12:25:22 PM

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

Yes, Bitcoin is vulnerable to a quantum attack. The most vulnerable are the coins with published pubkeys. It's about 4 millions bitcoins, that will be hacked and sold at the exchanges, that will crash the price to 0$. Coins at one-time addresses are vulnerable too, because when a holder spends them, an attacker has about 10 minutes to crack private key and perform a double spending. SHA-256 mining is vulnerable too (Grover's algorithm). See how we solve these problems in the Bitcoin Post-Quantum fork that will happen at block 555000: https://bitcointalksearch.org/topic/m.48573203
https://bitcoinpq.org

Wilhelm

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OP didn't take the time to Google up the Bitcoin wiki and read it. Roll Eyes

https://en.bitcoin.it/wiki/Quantum_computing_and_Bitcoin

Your Bitcoin Public Key is only available on the blockchain after you do an outgoing transaction.
So you can have all the quantum computers in the world but if you do not have a key to crack you have nothing.
Since your address is a double SHA256 with RIPMD160 of your public key, it is not easy to get the public key from an address since information is lost in the checksumming.

Looking at most secure wallets, they always move all funds to new accounts after each transaction, this IMO protects against Quantum computers since the public key is not published in the blockchain. Only the public keys of the empties addresses.

Other than that Bitcoin can always add extra encryption features in soft forks.

And as stated by other members, if Quantum computers become commonplace then the world will get screwed over before Bitcoin.

So stop the FUD !

Cherylstar86

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All of us are entitled with our own opinion. However, in my own point of view I don't think that it's going to happen. All of these are just speculations and nobody could tell or conclude as to what may happen in the future. I still believe Bitcoin's potential that it can survive from any challenges if we only support it strongly. There have been many issues Bitcoin is facing but still it managed to stay longer, demand is increasing, and is even becoming more popular.

DapC

newbie

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I read the topic carefully. Of course, you can condemn the author and those who support him, for unreasonable panic. But here, for example, is another objective and independent scientific opinion about the quantum vulnerability of the blockchain:

“Quantum computers put blockchain security at risk. Bitcoin and other cryptocurrencies will founder unless they integrate quantum technologies, warn Aleksey K. Fedorov, Evgeniy O. Kiktenko and Alexander I. Lvovsky.”

“By 2025, up to 10% of global gross domestic product is likely to be stored on blockchains1. A blockchain is a digital tool that uses cryptography techniques to protect information from unauthorized changes. It lies at the root of the Bitcoin cryptocurrency2. Blockchain-related products are used everywhere from finance and manufacturing to health care, in a market worth more than US$150 billion.
When information is money, data security, transparency and accountability are crucial.
The blockchain business needs to update its existing software to use one-way cryptographic functions that are equally hard to reverse using conventional or quantum computers9. Until these post-quantum solutions are established or standardized, platforms must be flexible and capable of changing cryptographic algorithms on the fly.”

The full article is here: https://www.nature.com/articles/d41586-018-07449-z#ref-CR12

Basically, scientists write about all the same as in the article referred to by the author of the topic: https://dapcash.org/quantum-apocalypse Only a little less emotions:-)

MFahad

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Quote from: jrrsparkles on November 05, 2018, 02:03:32 PM

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.

First of all, no one knows what will happen in 2020, so the discussion on this topic is just a waste of time. Even though every one saying bitcoin will reach 100K dollars or even more by that time, but what about a world war or a big earth quake shatter all the dreams.

tosmartak

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Quote from: jrrsparkles on November 05, 2018, 02:03:32 PM

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.

People can keep spreading or saying whatever they like, it is their opinion and it is not the first time someone is going to come out to proclaim death for bitcoin, and basically, that shows how limited their knowledge is to end up predicting death for the future. Apparently, this will just be among the list of the obituary of bitcoin in the long run. This is a market that is growing daily, death does not look like something that will be happening at all, and even if it happens, I doubt if we will even be experiencing it, although that is just even an assumption, as I believe nothing of such will happen.

marcbitcoins

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Quote from: XinXan on October 27, 2018, 02:30:50 PM

Really, again with this shit, this has been discussed extensively, quantum computers are still far away to be a reality, even if you could make them now, bitcoin would be the least of your problems, you could hack banks and basically anything with those not just bitcoin, in fact cryptocurrencies could be the only thing that could save us from quantum computers so yeah..

It is a relief then because i also don't believe that Bitcoin end of life is already at hand as more and more countries are legalizing Bitcoin which mean trading, investments and the chain cycles will never stop so how come for a so called quantom computers will just obsolete Bitcoin and the crypto currencies in the future in which their current explanations need to be more specific so that people will believe.

deppil

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Quote from: jrrsparkles on November 05, 2018, 02:03:32 PM

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.

Its absolutely FUD. nobody knows when bitcoin will die or when will the end of the world lol. what is important now is that bitcoin continues to grow and spread and more stronger it will make the age of bitcoin will be much longer. don't take this topic seriously. this is just someone's fud and speculation

3la9l_kolbaCa

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Quote from: jrrsparkles on November 05, 2018, 02:03:32 PM

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.

These predictions is not believable, and I hope every people will realize that FUD still became a chaos to everyone who still learning crypto. This is only the strategies of the people who hated crypto and because of their frustrations they find ways to take down crypto, by spreading a topic which people would create negative opinions towards bitcoin. They think that, through fake news and other false materials they will be successful in making bitcoin fall into cheaper price. Stay stronger and never mind those statements, just stay focus on the goals you have.

Tagus45

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I am not sure that bitcoin will die in 2027, nobody can predict the death of bitcoin, and with the popularity of bitcoin, I am more convinced that Bitcon will survive beyond what you say with the death of bitcoin.

jrrsparkles

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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.

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