Topic: Quantum Computers and their potential effect on Bitcoin collectibles. - page 2. (Read 617 times)
February 05, 2022, 09:24:01 PM
February 05, 2022, 08:47:54 PM
Maybe it will be like nukes everyone will have them so no one will use them
February 05, 2022, 08:43:00 PM
If this is the case...why would a hardware wallets pub and priv key be safe? Wouldnt they also be cracked? So where would a person store his btc then?
Cracking the hash algorithm would mean that no form of key generation would at that point be safe. The owner of the quantum computer could brute force his way into your 24 seed words and back end steal the coins in your wallet. This would mean that even hardware wallets would not be safe at this theoretical point in time.
Exactly! Time to find another form of storing btc....perhaps a quantum computer can give us a better way to store BTC
February 05, 2022, 08:40:50 PM
If this is the case...why would a hardware wallets pub and priv key be safe? Wouldnt they also be cracked? So where would a person store his btc then?
Cracking the hash algorithm would mean that no form of key generation would at that point be safe. The owner of the quantum computer could brute force his way into your 24 seed words and back end steal the coins in your wallet. This would mean that even hardware wallets would not be safe at this theoretical point in time.
February 05, 2022, 08:33:51 PM
If this is the case...why would a hardware wallets pub and priv key be safe? Wouldnt they also be cracked? So where would a person store his btc then?
February 05, 2022, 08:22:27 PM
I think unpeeled coins and paper wallets could still carry a decent value based on the lore and reputation behind their creators and resilence despite being a rather dated medium of storage at present. Obivously we should ideally be storing BTC on hardwallets, etc.
I collect them because I appreciate the portability and artistic expression and also because I like all things bitcoin. These quantum computing articles with their prognostications seem to pop up every couple of months and I'm really not worried especially since bitcoin is all software and can be forked as needed (not anytime soon though).
Perhaps those Casascius and Lealana keys won't be safe for an eternity, but it should continue to have a historic value especially if a more secure version is created in the future with the same level of trust that gives it value today.
I collect them because I appreciate the portability and artistic expression and also because I like all things bitcoin. These quantum computing articles with their prognostications seem to pop up every couple of months and I'm really not worried especially since bitcoin is all software and can be forked as needed (not anytime soon though).
Perhaps those Casascius and Lealana keys won't be safe for an eternity, but it should continue to have a historic value especially if a more secure version is created in the future with the same level of trust that gives it value today.
February 05, 2022, 07:55:22 PM
I've also read that SHA-256 is "quantum-resistant", but ofc things change rapidly so 🤷♂️
https://crypto.stackexchange.com/questions/59375/are-hash-functions-strong-against-quantum-cryptanalysis-and-or-independent-enoug
It's certainly a great time to be alive (and on your toes)!
https://crypto.stackexchange.com/questions/59375/are-hash-functions-strong-against-quantum-cryptanalysis-and-or-independent-enoug
It's certainly a great time to be alive (and on your toes)!
February 05, 2022, 06:48:33 PM
Ballet wallets seem to be a bit more secure for long term storage due to the 2 part redemption process and the card needing to be in hand to withdraw? Please correct me if I am wrong
February 05, 2022, 06:27:38 PM
I feel my PM has inspired this post. lol This is one of my biggest fears about crypto. I feel the life span is super limited because of the new technology. Its scary and its inevitable. I have yet to hear a solution or a idea of how to defend against them. I guess nothing lasts forever. Like you said in PM you're better off not funding any of them. Which kind of sucks because funding them is half the fun. lol But I am curious to see everyone else's thoughts as I am somewhat of a newb around here and only been in crypto for a couple years.
February 05, 2022, 05:34:07 PM
If the feds can crack the SHA-256 algorithm we have bigger problems than if we should peel or not peel our meme coin collections.
February 05, 2022, 05:25:30 PM
Many are stating that quantum computer development could put Bitcoin security at risk in as few as 10 years. With this development coming likely sooner than was anticipated, what does this mean for all of our Bitcoin collectibles? Will we all be forced to peel and claim all of these coins once quantum computing is widely available? It is starting to sound that way. Could this be part of the reason why collectibles like Casascius coins aren't getting sky high premiums for their rarity and innovation? Does anyone know of any way this could be defended against? I know I had planned to hold certain collectibles forever (like my Minted Seats collection), but to think many of them have potentially already reached their half-life is a bit concerning to me both as a maker of Bitcoin collectibles and a collector of them. Thoughts?
https://www.tomshardware.com/news/quantum-computer-development-could-put-bitcoin-security-at-risk-by-the-2030s
https://www.tomshardware.com/news/quantum-computer-development-could-put-bitcoin-security-at-risk-by-the-2030s
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