Deloitte warns Bitcoin over Google's Quantum computing risk

kaya11

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Quote from: Harrydose on December 23, 2019, 06:05:18 AM

Since Google asserted quantum amazingness in the not so distant future, the effect of quantum computers on bitcoins and the blockchain network has much estimated. Deloitte in it’s most recent reports Quantum PCs can break the numerical trouble basic cryptography and would thus be able to put the bitcoin tasks under hazard. Let us investigate how this works out.

Asymmetric cryptography creates an open private key pair with a numerical relationship. The mystery private key used to make an advanced mark that can be confirmed utilizing the general public key and verified through the scientific guideline called “one-way function.”

Source: TheCoinRepublic

Quantum computers? This news is not new anymore and don't shake my faith about Bitcoin and blockchain, it is just a way to pull down Bitcoin prices and nothing more. Now you sell or they sell, I bet the folks who are making such FUDS are enjoying more Bitcoin to buy at low prices.

drumamat

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Don't worry about it.The only danger for bitcoin and other cryptocurrencies is the hacking of the private key by a quantum computer.It seems to me that until the time when there will be a super-powerful quantum computer, additional levels of protection of cryptocurrency wallets will be introduced.

figmentofmyass

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Quote from: alyssa85 on December 24, 2019, 08:14:38 AM

Quantum computing isn't going to arrive for a few decades, and by then we'd have invented a tougher version of encryption that they can't break.

this is a commonly accepted but reckless assumption. it's based on extrapolating current computing trends and non-physical limitations. basically, you're completely writing off the possibility that technological breakthroughs in computing could ever happen. history shows this is an untenable position.

i'm beginning to prefer quantum computing FUD to these arrogant assumptions that quantum computing will never be a threat.

alyssa85

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Quote from: Artemis3 on December 23, 2019, 01:04:48 PM

Quote from: Harrydose on December 23, 2019, 06:05:18 AM

Since Google asserted quantum amazingness in the not so distant future, the effect of quantum computers on bitcoins and the blockchain network has much estimated. Deloitte in it’s most recent reports Quantum PCs can break the numerical trouble basic cryptography and would thus be able to put the bitcoin tasks under hazard. Let us investigate how this works out.

Asymmetric cryptography creates an open private key pair with a numerical relationship. The mystery private key used to make an advanced mark that can be confirmed utilizing the general public key and verified through the scientific guideline called “one-way function.”

There are no "Quantum PCs" The current Quantum Computers are primitive and MASSIVE, they need a whole building. We might be many decades early for Quantum PCs. And the "dangers" to Bitcoin will come much before Quantum PCs exist, and that is still many years away.

Deloitte is wrong, and the actual term is "Quantum Supremacy", as there is a prize involved in achieving it. There is nothing amazing about it. Bitcoin has mitigations ready and there is nothing to worry.

Yup. This is just a scare story. Quantum computing isn't going to arrive for a few decades, and by then we'd have invented a tougher version of encryption that they can't break.

squatter

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STOP SNITCHIN'

Quote from: avikz on December 23, 2019, 01:41:51 PM

Let's compare this scenario with a real life example. A lot of countries now own nuclear/hydrogen bombs. We all are aware about the destruction power of such bombs and we all know that it can destroy the entire human civilization within minutes! Now how many countries have used it so far? Post the Hiroshima and Nagasaki incidents that happened in 1945, no country dared to use such weapons till date!

Same with quantum computer! If someone owns a weapon, that doesn't mean he will have to fire it to kill! If Google have achieved quantum supremacy, it's highly highly unlikely that it will be used to bring down bitcoin network! Chill!

This situation is different because of the financial incentives.

Someone with a QC capable of breaking Bitcoin private keys probably wouldn't steal them en masse. That would quickly destroy the value of all bitcoins because the market would view the network as insecure. It would make more sense to slowly and quietly steal private keys, so nobody realizes that ECDSA has been broken at all.

blckhawk

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This has been discussed multiple times in the forum. From what I observe, the following takeaways would dictate quantum computing's threat to current cryptography algorithms:

1. It's still not powerful enough, around 50 qubits, while the required to break such cryptography is above 200.
2. It won't be available immediately for public retail. It would still take years before it would be open for public, and thus thiefs/hackers.
3. Current studies are already ongoing, aiming to provide quantum-proof cryptography to secure it from such computers.

aardvark15

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Wouldn’t the theoretical quantum computers also put every other password at risk as well such as bank accounts, emails, credit card accounts? It’s not just Bitcoin that would be at risk.

CryptoBry

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Quote from: alexforneus on December 23, 2019, 11:21:32 AM

Quantum computing is overhyped in this year. It will be not so soon. And really not soon in mass using

And it can still be over-hyped in 2020 and beyond until such time that we can be really sure that what Google has so far achieved in quantum computing is not a big treat to cryptocurrency. Personally, I am not seeing a problem here and that it is still many years before there would be algorithm that can destroy the cryptography of Bitcoin. There can be a time like that but of course it does not mean that Bitcoin developers will just be sitting down and relaxing and just wait things to happen. There will always be an anti-dote to anything. We ordinary guys involved with cryptocurrency has no power whatsoever in case Google will one day have a weapon that they are so willing to use against cryptocurrency. In other words, there is no need to fret or worry because that is just a waste of time.

demanze

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Honestly, there's a higher chance than P = NP or RP = NP than to ever see a quantum computer roll pre-images attacks over SHA2, RIPEMD or elliptic curve cryptography.

avikz

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Let's compare this scenario with a real life example. A lot of countries now own nuclear/hydrogen bombs. We all are aware about the destruction power of such bombs and we all know that it can destroy the entire human civilization within minutes! Now how many countries have used it so far? Post the Hiroshima and Nagasaki incidents that happened in 1945, no country dared to use such weapons till date!

Same with quantum computer! If someone owns a weapon, that doesn't mean he will have to fire it to kill! If Google have achieved quantum supremacy, it's highly highly unlikely that it will be used to bring down bitcoin network! Chill!

Artemis3

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Quote from: Harrydose on December 23, 2019, 06:05:18 AM

Since Google asserted quantum amazingness in the not so distant future, the effect of quantum computers on bitcoins and the blockchain network has much estimated. Deloitte in it’s most recent reports Quantum PCs can break the numerical trouble basic cryptography and would thus be able to put the bitcoin tasks under hazard. Let us investigate how this works out.

Asymmetric cryptography creates an open private key pair with a numerical relationship. The mystery private key used to make an advanced mark that can be confirmed utilizing the general public key and verified through the scientific guideline called “one-way function.”

There are no "Quantum PCs" The current Quantum Computers are primitive and MASSIVE, they need a whole building. We might be many decades early for Quantum PCs. And the "dangers" to Bitcoin will come much before Quantum PCs exist, and that is still many years away.

Deloitte is wrong, and the actual term is "Quantum Supremacy", as there is a prize involved in achieving it. There is nothing amazing about it. Bitcoin has mitigations ready and there is nothing to worry.

alexforneus

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Quantum computing is overhyped in this year. It will be not so soon. And really not soon in mass using

hugeblack

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It is just a FUD. The danger of quantum computers is not that much of a problem and has been discussed more than once in this forum^[1].
There are many topics that discussed the problem of quantum computers and it is only an analysis of a problem that is not dangerous for bitcoin. Attacking full nodes may be more dangerous. See the topic for more.

[1] I don't believe Quantum Computing will ever threaten Bitcoin

Harrydose

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Since Google asserted quantum amazingness in the not so distant future, the effect of quantum computers on bitcoins and the blockchain network has much estimated. Deloitte in it’s most recent reports Quantum PCs can break the numerical trouble basic cryptography and would thus be able to put the bitcoin tasks under hazard. Let us investigate how this works out.

Asymmetric cryptography creates an open private key pair with a numerical relationship. The mystery private key used to make an advanced mark that can be confirmed utilizing the general public key and verified through the scientific guideline called “one-way function.”

Source: TheCoinRepublic

Topic: Deloitte warns Bitcoin over Google's Quantum computing risk (Read 223 times)