Topic: How will Quantum computing affect Bitcoin? - page 2. (Read 551 times)

vulnerable??
its been 12 years where an address has exposed its publickey a few times
there is 18coins $1.08mill up for grabs... but so far no one has managed to take it

https://www.blockchain.com/btc/address/12cbQLTFMXRnSzktFkuoG3eHoMeFtpTu3S

seems secure to me

Artificial Intelligence next to quantum computing, although many affirm that it will not affect, it will not do it in the first instance, because it will be in phases, the first phase or first generation of quantum computers or quantum technology will not have as much advance or as much scope , but as it improves if it will have a greater and greater impact, the technology will advance and improve each system, it may cause changes in the vulnerabilities that are seen in the future.

I think it's affected from VGA, and some other specs like ram and memory, classic computers have process delays, also less sophisticated than quantum computers today.

One subject I have been researching for a long time is mining with quantum computers. I think there are people who do and they make a lot of money. I think I'll buy a quantum computer soon.

In 2019, the highest-paid lifeguards in Los Angeles earned up to $392,000.

A month later, a Cointelegraph article echoed my concerns, stating that powerful quantum computers could pose a challenge to all blockchains that use the ECDSA (Elliptic Curve Digital Signature Algorithm), including Bitcoin and Ethereum.

Yes. This is the easiest angle of attack. Asymmetric cryptography is vulnerable to a sufficiently powerful QC. Known public keys are the low-hanging fruit.
OP, this thread might be worth a read.

Whilst a viable QC of sufficient power to hurt bitcoin is likely years away, the question of how to defend bitcoin is I believe still open. A post-quantum cryptographic solution would involve everyone having to move their coins to new quantum-safe addresses. What happens to coins that aren't moved? Or that can't be moved because they are 'lost'? Should they be burned? Should they be left to be stolen by a QC, which could quite conceivably cause market turmoil, a tanking price, and prove fatal to bitcoin? There's no obvious consensus here, no easy solution.

Exactly. Just because it is possible doesn't mean it is economically expedient.

Don't forget that cars had electric engines before combustion engines.

For a long time people have speculated about what this will mean for bitcoin, many have made predictions where quantum computers destroy bitcoin, but we need to be honest the cryptography used in bitcoin is used all over the world in the banking industry and to protect confidential information so bitcoin will not be the only one affected, however there are already quantum resistant algorithms, so whenever it seems that the technology is getting close to break the cryptography of bitcoin the developers could update the code of bitcoin to avoid this fate.

AFAIK "classical computers" are optimized for multi tasking, user interface -- areas other than pure high speed number crunching. For these reasons an intel or AMD desktop CPU will emphasize integer (whole number) operations.

GPUs, ASICs and supercomputers are the opposite. Optimized for high speed, high accuracy, FLOP (non integer, floating point, fraction/decimal) calculation.

Quantum computers are essentially identical to "classical computers". The main difference is modern day computers operating on binary registers capable of representing only 0 and 1. While a quantum computer in theory is able to represent a far higher number of values to give it a greater bit density per register. Quantum computers might also have a higher clock speed. The only thing missing with quantum computers is a working prototype or proof of concept which proves the technology is viable and superior to existing tech in performance and cost effectiveness.

Quantum computers will be a danger to bitcoin the day people proclaim GPUs and ASICs obsolete and begin using quantum computers instead.

True quantum computers would be like people abandoning 8 track players for ipods. The advantages would be so obvious and pronounced it would make existing technology outdated. Until that happens quantum computers are nothing but a vaporware pipe dream.

I know it impossible to break SHA and if you read my statement you'll understand that I said it already but just in case a new computer was introduced in the future or a situation happen that the SHA can break happen that why I make the above statement because technology is advancing every day and what people do before are handle by bots.
Having said that, there are some people working relentlessly just to see the end of Bitcoin security.

On the similar vein, reusing address results in exposed public keys as transaction will contain the ECDSA public key of the address.

The private key can be derived from the public key using Shor's algorithm given a sufficiently powerful quantum computers. Addresses are not public keys, they are the hash of the public keys.

I understand that reusing the same wallet address is not advisable when security is the top priority, the last time I read public can be share online but what you just said now makes me surprise and curious what you really mean. The question is why would people with exposed public keys be vulnerable?

Impossible. You will never be able to crack the SHA codes because of very obvious reason. I have already started topic regarding breaking of the SHA codes by using Quantum Computing. However after reading the responses it seems that would be impossible.

Head over here if interested in reading the same:-  SHA-256 All Possible Combination & Breaking the code Hypothesis

The topic directs how many combinations we can have and how we can break them all with the help of Quantum power.

Although, I am yet to understand the supremacy of the quantum computer but there's a chance the news and what was said about the quantum computer to break the blockchain is just a FUD to create some panic because SHA-256 which was used for Bitcoin is speculated to be quantum-resistant and the last time I checked Bitcoin client use SHA-512 (which is even stronger than SHA-256). If SHA-256 is quantum-resistant how will quantum pose a threat to SHA-512?
If SHA-256 and SHA-512 can be creak by a quantum computer in the future a soft fork is enough to make crypto safe from a quantum computer.

Bang on ! I was waiting for someone to post this and you did it in a better way.
I wonder why people don't use the search function when it can easily answer all our queries most of the time.
Procrastination ??

According to what I read quantum computer is a supercomputer that was said to be a serious challenge to blockchain security but I think will be 20years before we can see a quantum computer that will break blockchain security and before that time there's already a perfect solution to secure the blockchain network from a quantum computer.
I read that the non-regulatory agency of the United States Department of Commerce (NIST) has already started gathering proposals for post-quantum cryptography, encryption that would operate and not be broken even with much larger quantum computers than the ones we’re currently able to build so people shouldn't fear the capacity of the quantum computer.

More recently, many on this forum assured that quantum computers can be created in at least ten years, so you should not be afraid of their computing capabilities. However, I recently read that low-power quantum computers are already being shipped to schools in China to learn how they work. That is, such computers have already been created and they are already working. But so far, little is known about their ability to crack digital codes. If this were possible, then many would already have raised the issue of hacking their wallets. I think that soon we will find out the answers to these questions.

Well, you wouldn't ever know until it happens. It's safe to assume QC is the biggest threat to cryptography, anything else would be a speculation at this point. QCs, together with Shor algorithm will probably be the one that can feasibly factorize large integers.
It is. Until we figure out a way to secure the millions of Bitcoins that are associated with the exposed public keys. I'll leave the feasibility and its cost aside, it isn't the main point of the topic.

Are QCs the fastest tech they have right now tho? I really think there's even better tech laying around in some underground base they're experimenting with. By the time usual customers will get to own a QC, they will already be many steps ahead with the technology. I don't think they would ever let QCs be a thing until they will already have something better ready under the glove.

If cryptography is compromised, then I think it's safe to say the entire network potentially is as well. I'm no expert though so feel free to prove me wrong. But then again, there will be ways to fight against this. Like any other type of tech, there will be ways to counter its attacks.

I am not really so afraid of quantum computing to be affecting the integrity and security of Bitcoin. Anyway, in case it can really be possible for this technology to destroy Bitcoin then let it be. However, it can be taking years before we can see a full-pledged quantum computing to be perfectly working and by that time I am sure that Bitcoin has already got the necessary technological advances to counteract that possible threat. One thing for sure, we are all weak in predicting the exact future.