Topic: Quantum computer will kill bitcoin - page 2. (Read 784 times)

I don't know the exact count, but early versions of bitcoin mining paid out to public keys, not hashes. I think the first 1mil or so bitcoins mined by Satoshi and a few others are not hashed and are therefore vulnerable. Plus there is not a requirement to pay to hashes, there are plenty of other public keys on the blockchain for sure.

I think there is a basic misunderstanding here. The Bitcoin blockchain does not store public keys; it stores public key hashes. When you do a transaction, your public key is checked against the public key hash in the blockchain to verify that it's your bitcoin, then the transaction can take place.

Quantum computers aren't particularly good at breaking hashes (which is why hash-based digital signatures are used in quantum resistant cryptography), and will not be able to get a public key from a public key hash anytime soon. The threat is that given a public key, they can calculate the private key and hijack the transaction. The window for doing this is at the time of the transaction and before the transaction is incorporated into the blockchain, because it is only then that the actual public key is exposed. If one were to keep some bitcoin in the address from which a transaction is sent, an attacker, having obtained the public key, could break it at his leisure and eventually access the rest of the bitcoin in that address. But this is already considered very bad practice and nobody does this.

The idea that the entire blockchain is vulnerable to a quantum computer is incorrect, at least for the forseeable future. Grover's algorithm can be used on a quantum computer to break hashes, but it's much less efficient than Shor's algorithm. Therefore ECC will be broken long before quantum computers can threaten hashes.

Or so I understand it.

The Quantum Resistant Ledger (QRL) is a coin that is designed to resist quantum computers. Others are Curecoin and Iota.

No it won't, they will just fork the code long before quantum computers or any other new future technology poses any threat whatsoever.

I guess if quantum computers appear there will be significant changes at the BTC and other cryptos. BTW there will be huge problems not only at crypto market)) Plus I guess quantum miners will appear asap

couldnt be bitcoin transform to qubit?
there are some people feeling threatened by the bitcoin/crypto growth.

I think we no need to be scare about it much.

Since boxming already explained regarding of this issue: https://www.youtube.com/watch?v=yyKHiJWjMPI

It will took at least 15 years before we have first fully working quantum computer.

In the mean time, we have 15 years time to build strategy on how to make the blokchain technology resistant to it.

Currently, even btc dev have a plan to integrate quantum resistant extension with bitcoin blockchain network.

Is quantum computing really this far off? I remember reading somewhere that big corporations like amazon and MS, Google are already working on this technology and have made quite some progression. Governments are surely also researching in the field. Please tell me that this was just FUD and quantum computing wont be availible any time soon. This scenario is really scary, not only for BTC but for the whole world. If this kind of power would be into the wrong hands, the damage that can be made would be irreversible.
As for coins that target quantum computing protection there is QRL (quantum resistent ledger) as I know of.

SHA256 is not "encryption" in the traditional sense, as noted in the reddit post - it is not what is used to secure your wallet. It is a hash algorithm, and it is not broken by quantum computing. ECDSA and most other non-hash bashed signature algorithms can be broken trivially by a powerful enough quantum computer.

Banks and passwords are still secure because they use hashing algorithms like SHA256 to protect passwords. And those hashed passwords (and bank ledgers) are NOT public like the blockchain. Bitcoin and cryptocurrencies are most definitely the biggest target for quantum computing. The other big problem would be the PKI for web security, that is also toast, but it is also easier to switch it to post quantum cryptography.

An alarming post, if this is for real what would happen to the world. I guess it's not real, if it is real deal then they won't bother telling you that Bitcoin wallet are not safe anymore and can be cracked down with super computers. Well if I owned computers like that I would slowly drain your accounts and you would never know what happened. There is a reason why they  have said that and not to warn people but put fears in them and might sell their Bitcoin at low price, who knows.

I think quantum computers won't only kill bitcoin, they will kill most of altcoins as well. But there are already quantum resistance alternatives you can start investing.

They can upgrade their system easily.

For bitcoin err u mean another fork?

Typical case of someone opening a thread who doesn't really understand what he is talking about

If you mean Quantum computers are going to be able to crack SHA256 then this will not only kill crypto currencies.
All bank securities are running on SHA256 and SHA512 then this will be end of the ecosystem and this will not happen.

"Earlier this year, a new €1 billion ($1.1 billion) project was announced by the European Commission aimed at bringing about a “quantum revolution.”"

I think 5-20 years top from now.

Technology move super fast right now.

From NOKIA 3310 into iphone (that can be use to snap hd pic, video, apps, bangking, internet, gaming, computer inside single small phone), all in just 5 years!

Why the fuck would someone "drive up the markets to short them" if they can crack the passwords to btc acc with their super computer? It's like the worst plan ever.

Just take the money from everyone's accounts? This would include all accounts, including fiat bank accounts.........

Quantum computing means no password in the world will be safe. It will be able to brute force and crack passwords for almost anything. Bitcoin will be the least of your worries when someone breaks into government accounts and steals all the money in the world. Bitcoin is such a small piece of the world's money for now.

Stop spreading fear and anxiety. Quantum computers might not come in our lifetime.

Quantum computing will fuck up a lot more than just Cryptography.
I think cryptocurrencies will be the least of our worries if they begin a functional, physical, prototype.

Source1 http://www.newsweek.com/quantum-computers-kill-bitcoin-cryptocurrency-509053

Source2


So please tell me what other coin have “quantum resistance” future for now?
Please give me the name / list etc