Topic: Quantum computers will end Cyrpto (Read 1382 times)
Once a quantum computer can instantly pick up any passwords - how to protect information? Will the confidentiality disappear with the arrival of such devices? Of course not. The so-called quantum encryption comes to the rescue: it is based on the fact that when you try to “read” a quantum state, it collapses, which makes any hacking impossible.
Yes you're right if quantum computers appear it would easily decode cryptocurrency, but developers are not silly it can work in other direction also, I suppose it would be used to make Cryptocurrency resistant from quantum coding.
I've been thinking about this lately and came to this conclusion.
When/If we get quantum computers we will know about this ahead of time. All that needs to happen is that we change the cryptography to quantum resistant tech. If that's possible I'm not sure but since it's just code I'm going to say it is.
People will have to transfer their cryptos to these new quantum resistant addresses on each blockchain.
Any coins left in older addresses will be susceptible to quantum attacks.
When/If we get quantum computers we will know about this ahead of time. All that needs to happen is that we change the cryptography to quantum resistant tech. If that's possible I'm not sure but since it's just code I'm going to say it is.
People will have to transfer their cryptos to these new quantum resistant addresses on each blockchain.
Any coins left in older addresses will be susceptible to quantum attacks.
Having said that, it appears that it is bad to invest in cryptocurrency now.
Quantum computers will complicate cryptocurrency more. To make quantum resistant algorithms in blockchain, then will that mean using quantum computers? This is going to be a real mess.
I am pretty sure that the concerns about quantum computers disrupting cryptocurrencies is not about the hike in hashrate.
The way bigger risk is that quantum computers could decrypt the encryption that is used for adresses. If someone finds the private key to one large Bitcoin adress with his quantum computer, bitcoin will be worthless.
So the bitcoin protocoll must be prepared for such an attack before quantum computers are ready.
The way bigger risk is that quantum computers could decrypt the encryption that is used for adresses. If someone finds the private key to one large Bitcoin adress with his quantum computer, bitcoin will be worthless.
So the bitcoin protocoll must be prepared for such an attack before quantum computers are ready.
Quantum Computers are much faster that the current one. Defending such attack basically impossible. Unless the current bitcoin system and hardware are being upgraded. I believe that quantum computer will not caused a problem to bitcoin community if the bitcoin community will also start using quantum computers.
How is your post related to mine? How can we prevent quantum computers from decrypting bitcoin adresses by upgrading the hardware in the system?
If what you are saying is true that there is no way to implement a protocoll that is safe against quantum attacks, bitcoin is doomed. But I don't think that is the case.
If you want to read about encryption post quantum computers see here: https://en.wikipedia.org/wiki/Post-quantum_cryptography
But that has nothing to do with hardware upgrades in the bitcoin community
Please be specific to whom are you talking to because basically we have the same idea that it is merely impossible to attack bitcoin using quantum computers. Tho we have to admit that hardwares can really affect the bitcoin community since we need to adopt so bitcoin will continue to be a part of the system. I cannot see any reason why should we worry about it
I am pretty sure that the concerns about quantum computers disrupting cryptocurrencies is not about the hike in hashrate.
The way bigger risk is that quantum computers could decrypt the encryption that is used for adresses. If someone finds the private key to one large Bitcoin adress with his quantum computer, bitcoin will be worthless.
So the bitcoin protocoll must be prepared for such an attack before quantum computers are ready.
The way bigger risk is that quantum computers could decrypt the encryption that is used for adresses. If someone finds the private key to one large Bitcoin adress with his quantum computer, bitcoin will be worthless.
So the bitcoin protocoll must be prepared for such an attack before quantum computers are ready.
Quantum Computers are much faster that the current one. Defending such attack basically impossible. Unless the current bitcoin system and hardware are being upgraded. I believe that quantum computer will not caused a problem to bitcoin community if the bitcoin community will also start using quantum computers.
How is your post related to mine? How can we prevent quantum computers from decrypting bitcoin adresses by upgrading the hardware in the system?
If what you are saying is true that there is no way to implement a protocoll that is safe against quantum attacks, bitcoin is doomed. But I don't think that is the case.
If you want to read about encryption post quantum computers see here: https://en.wikipedia.org/wiki/Post-quantum_cryptography
But that has nothing to do with hardware upgrades in the bitcoin community
or other banking systems?
it destroys them.
it destroys them.
Hardly.
Banks rely on aymmetric (public / private) key algorithm. There are estimates that say 256-bit RSA could be broken by quantum computers in about 10 years. (Hashing algorithm in Bitcoin would AT LEAST take 10 years to solve by quantum computers using brute force).
However, there are already post-quantum (i.e. quantum resistant) algorithms out there, which will replace the key algorithms used today. So neither cryptocurrencies, nor the banking system, are truly in danger.
or other banking systems?
it destroys them.
it destroys them.
When it comes to cracking/hacking, it takes far far longer to crack something than it does to patch something.
The amount of hours and days hackers put in to finding a vulnerability to just have it patched in a few days is pretty standard.
Quantum computing is not an easy feat, picture the days when a computer was the size of a warehouse, quantum computing is further behind than this if you were to look at it that way, it'll take the most tiny fraction of a time to make something quantum resistant vs these machines being real and capable of cracking encryption.
Encryption is also a factor of strength vs speed, as computing power goes up you can use larger keys for more strength without sacrificing speed, for example in todays world, a 256 bit encryption key is considered extremely strong against brute force attacks, in 10 years time 512 bit may become the norm... to implement a stronger key is far far easier than producing greater hardware.
The amount of hours and days hackers put in to finding a vulnerability to just have it patched in a few days is pretty standard.
Quantum computing is not an easy feat, picture the days when a computer was the size of a warehouse, quantum computing is further behind than this if you were to look at it that way, it'll take the most tiny fraction of a time to make something quantum resistant vs these machines being real and capable of cracking encryption.
Encryption is also a factor of strength vs speed, as computing power goes up you can use larger keys for more strength without sacrificing speed, for example in todays world, a 256 bit encryption key is considered extremely strong against brute force attacks, in 10 years time 512 bit may become the norm... to implement a stronger key is far far easier than producing greater hardware.
I am pretty sure that the concerns about quantum computers disrupting cryptocurrencies is not about the hike in hashrate.
The way bigger risk is that quantum computers could decrypt the encryption that is used for adresses. If someone finds the private key to one large Bitcoin adress with his quantum computer, bitcoin will be worthless.
So the bitcoin protocoll must be prepared for such an attack before quantum computers are ready.
The way bigger risk is that quantum computers could decrypt the encryption that is used for adresses. If someone finds the private key to one large Bitcoin adress with his quantum computer, bitcoin will be worthless.
So the bitcoin protocoll must be prepared for such an attack before quantum computers are ready.
Quantum Computers are much faster that the current one. Defending such attack basically impossible. Unless the current bitcoin system and hardware are being upgraded. I believe that quantum computer will not caused a problem to bitcoin community if the bitcoin community will also start using quantum computers.
Wouldn't it be enough to connect the majority of hash power to manipulate the blockchain, for example of Bitcoin with a majority of 51% instead of waiting for quantum computers? For private individuals not feasible, but for large institutions, such as powerful intelligence agencies, the required $ 3 billion investment plus electricity costs would be a breeze, wouldn't it?
Considering the time length it takes for any major advancement, I'd wait for another decade..
I am pretty sure that the concerns about quantum computers disrupting cryptocurrencies is not about the hike in hashrate.
The way bigger risk is that quantum computers could decrypt the encryption that is used for adresses. If someone finds the private key to one large Bitcoin adress with his quantum computer, bitcoin will be worthless.
So the bitcoin protocoll must be prepared for such an attack before quantum computers are ready.
The way bigger risk is that quantum computers could decrypt the encryption that is used for adresses. If someone finds the private key to one large Bitcoin adress with his quantum computer, bitcoin will be worthless.
So the bitcoin protocoll must be prepared for such an attack before quantum computers are ready.
I have my doubts that the Quantum Computers will end crypto and here is why.
First of all, it's gonna take a long time until Quantum Computers will be in every home, or accessible for a good price to the masses so there will be time for the crypto community to adapt to this new technology.
Quantum computers will affect the way we mine crypto currencies and there are a lot of coin which doesn't require mining and therefor, those coins might win some ground.
On the other hand, Quantum Computers doesn't mean that 1 player in this industry will have it and mess up with the whole comunity. No, if 1 player can buy a Quantum Computer, others will do to and therefor the market will just increase the difficulty for small players. On the other hand, there could be other changes that could occur for mining, for example, an upper limit for how much mining power you can have and still make profit.
First of all, it's gonna take a long time until Quantum Computers will be in every home, or accessible for a good price to the masses so there will be time for the crypto community to adapt to this new technology.
Quantum computers will affect the way we mine crypto currencies and there are a lot of coin which doesn't require mining and therefor, those coins might win some ground.
On the other hand, Quantum Computers doesn't mean that 1 player in this industry will have it and mess up with the whole comunity. No, if 1 player can buy a Quantum Computer, others will do to and therefor the market will just increase the difficulty for small players. On the other hand, there could be other changes that could occur for mining, for example, an upper limit for how much mining power you can have and still make profit.
Quote
Quantum computers will end Cyrpto
I agree. But you are not going to get anyone to drop their coins right now because of it.
People do not care about the future. They only care about right now.
Shortsightedness must be an evolutionary trait.
This is really how a person's mind worked. Since we can't predict the future we only focus on the present. I also like the idea of what you will do today dictates the future. Tho we people also foresee the future that we are gonna be making from the present
We are currently only able to generate 15 or 49 qbit processors, which is a modest number to mention about building a quantum computer.
However, with the rapid development of science and technology, we can expect that in the next 10 years, we will have the first quantum computer with a billion times greater power than current computers.
In the light scenario for cryptoworld, quantum computers are used to solve the problems of scalability, speed or the nature of blockchain technology, we will get the network at the rate of billions tps.
In another dark scenario, quantum computing is the property of a big company, or of a whole nation, since no private farm has the capacity / opportunity to build a quantum computer at the stadium size. That could be a way for the government to control the crypto community because the quantum computer is so powerful. Forget the concepts of "attack 51%", because there will be "attack 90%", forget the decentralization because most of the power of the system is in the hands of the government.
However, with the rapid development of science and technology, we can expect that in the next 10 years, we will have the first quantum computer with a billion times greater power than current computers.
In the light scenario for cryptoworld, quantum computers are used to solve the problems of scalability, speed or the nature of blockchain technology, we will get the network at the rate of billions tps.
In another dark scenario, quantum computing is the property of a big company, or of a whole nation, since no private farm has the capacity / opportunity to build a quantum computer at the stadium size. That could be a way for the government to control the crypto community because the quantum computer is so powerful. Forget the concepts of "attack 51%", because there will be "attack 90%", forget the decentralization because most of the power of the system is in the hands of the government.
That fears me alot.
I wish me a world were Quantum computing will HELP the Blockchain technology. Cryptos as well.
Wouldn't the whole financial system itself be vulnerable to Quantum computing. After all, the FIAT currencies are just numbers in a computer and if quantum computers can crack any cryptography instantly doesn't that make any networked computer an open book?
So when quantum computing is sufficiently advanced everything that is secured is crackable so I wouldn't be too worried about Cryptos as I am sure that the central banks of the world will be rushing to find a workaround which we can usurp.
So when quantum computing is sufficiently advanced everything that is secured is crackable so I wouldn't be too worried about Cryptos as I am sure that the central banks of the world will be rushing to find a workaround which we can usurp.
crypto enthusiasts are in any industry. So are those who make quantum computers. Some countries will use these technologies to destroy cryptography while others would protect it. in any case we see how growing is interesting to the crypt. so the issue of protection will be resolved, since those who are FOR, more.
The thing is quantum computing isn't even possible. Its only a quack theory. It will never be released.
I guess the same thing was said about flying, traveling at more than 40km/h, computers, ...
But, seriously, it's several years away and it won't kill crypto. It will adapt.
Ok So time travel and teleportation is also possible? quantum computers will never exist.
They already exist. Start reading here: https://www.research.ibm.com/ibm-q/learn/what-is-quantum-computing/
The thing is quantum computing isn't even possible. Its only a quack theory. It will never be released.
I guess the same thing was said about flying, traveling at more than 40km/h, computers, ...
But, seriously, it's several years away and it won't kill crypto. It will adapt.
Ok So time travel and teleportation is also possible? quantum computers will never exist.
The thing is quantum computing isn't even possible. Its only a quack theory. It will never be released.
I guess the same thing was said about flying, traveling at more than 40km/h, computers, ...
But, seriously, it's several years away and it won't kill crypto. It will adapt.
Ok So time travel and teleportation is also possible?
Wrong board, this is "Serious discussion" Jump to: