I am terrified that SHA256 or ECC will be cracked and btc will become worthless - page 3.

extrabyte

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Quote from: redsn0w on November 30, 2015, 04:37:26 PM

Quote from: extrabyte on November 30, 2015, 04:34:22 PM

Quote from: redsn0w on November 30, 2015, 04:25:57 PM

Yes, also banks are using the sha-256 bit encryption ... so I think if it will be broken they will attack for first the banks and not Bitcoin

.

I read many articles that if quantum computers will be available they will break any bank system any encrypted files etc, so it will be bitcoin too.

Bitcoin will be the last of the sha-256 'break', why attack btc when you can steal all the money in the various bank accounts ?

Lol you are right, but this is when the new quantum computers will be in the market, but of course this can be used to protect banks and other companies that contains high sensitive information.

redsn0w

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#Free market

Quote from: extrabyte on November 30, 2015, 04:34:22 PM

Quote from: redsn0w on November 30, 2015, 04:25:57 PM

Yes, also banks are using the sha-256 bit encryption ... so I think if it will be broken they will attack for first the banks and not Bitcoin

.

I read many articles that if quantum computers will be available they will break any bank system any encrypted files etc, so it will be bitcoin too.

Bitcoin will be the last of the sha-256 'break', why attack btc when you can steal all the money in the various bank accounts ?

extrabyte

legendary

Activity: 840

Merit: 1000

Quote from: redsn0w on November 30, 2015, 04:25:57 PM

Yes, also banks are using the sha-256 bit encryption ... so I think if it will be broken they will attack for first the banks and not Bitcoin

.

I read many articles that if quantum computers will be available they will break any bank system any encrypted files etc, so it will be bitcoin too.

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Yes, also banks are using the sha-256 bit encryption ... so I think if it will be broken they will attack for first the banks and not Bitcoin

.

Lauda

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Activity: 2674

Merit: 3000

Terminated.

If SHA256 gets broken Bitcoin will be the least of our problems considering how many services (e.g. banks) depend on it. This would cause havoc everywhere. Some might argue that we should spend (actually waste) time on this right now, but (from reddit):

Quote

Rule: If it ain't broken implies don't fix it.
Fact: It's not broken.
Therefore by modus ponens:
don't fix it.

Amph

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Activity: 3248

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again this argument but...only ecdsa is at risk with quantum computer, which is not a thing to underestimate, it can lead to the possibility of knowing the private key from public key

https://bitcoinmagazine.com/articles/bitcoin-is-not-quantum-safe-and-how-we-can-fix-1375242150

DannyHamilton

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Quote from: mcplums on November 30, 2015, 03:44:42 PM

Am I being paranoid?

Yes.

In order to gain access to my bitcoins, you'd have to simultaneously "break" SHA256, RIPEMD160, and ECDSA with the Secp256k1 curve.

And it wouldn't be enough to weaken the algorithms, you'd have to completely break them so that (given a bitcoin address) you could compute the private key within a short time.

These algorithms aren't going to go from being secure to being completely insecure overnight. Weaknesses will be slowly discovered over years of research. Even then, weaknesses in some of the algorithms will be discovered faster than the other algorithms, which will provide plenty of time to switch out the weaker algorithm in the bitcoin protocol while my funds are still secured by the other two.

ATguy

sr. member

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Quote from: bob123 on November 30, 2015, 03:54:54 PM

SHA256 won't be cracked in near future..
Someday.. sure.. but by this date there will be a lot of new changes made to Bitcoin as a Cryptocurrency

Quote from: extrabyte on November 30, 2015, 04:00:40 PM

SHA256 is really hard to be cracked because of the complexity, the quantum computers maybe can crack it but it will a long time from now.

The good thing is you must not only crack SHA256, but a method which cracks two successive SHA256 where first SHA256 result is flipped. So after you find way to exploit SHA256, you must start new research whether it can be usefull to this more complicated two successive SHA256 Bitcoin implementation. Enought time to move to variant of SHA512 or something different.

extrabyte

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SHA256 is really hard to be cracked because of the complexity, the quantum computers maybe can crack it but it will a long time from now.

bob123

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SHA256 won't be cracked in near future..
Someday.. sure.. but by this date there will be a lot of new changes made to Bitcoin as a Cryptocurrency

gentlemand

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Welt Am Draht

Anything's possible. If anything's desperate enough then it can evolve to evade the problems too.

eddie13

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BTC or BUST

I'm pretty sure Bitcoin will be able to stay one step ahead of cryptography cracking technology and that it won't be all that difficult to do.

shorena

copper member

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No I dont escrow anymore.

Quote from: mcplums on November 30, 2015, 03:44:42 PM

Am I being paranoid?

Most advances in "breaking" crypto come slowly. You can e.g. look at the history of RSA and see that even until now, longer keys are a solution. It will not be forever, but there will be enough time to migrate to a quantum hardened algorithm.

mcplums

full member

Activity: 146

Merit: 100

Am I being paranoid?

Topic: I am terrified that SHA256 or ECC will be cracked and btc will become worthless - page 3. (Read 2882 times)