Topic: Quantum computers will end Cyrpto - page 2. (Read 1439 times)
The thing is quantum computing isn't even possible. Its only a quack theory. It will never be released.
With a little anticipation, it will definitely not end crypto. There are already some project that are quantum resistant, and I believe more and more coins will add this feature, as the threat become bigger every day.
Of course, if you don't pay attention, if you don't update your wallet, if you don't sell the coins that are the most exposed, etc... Yes, you might end up robbed. Just basic safety. You wouldn't store your gold on your kitchen table. You don't want virus / malwares / trojans on your crypto computer, and as the time goes, you might want to reduce your potential exposure to quantum tech.
By the way, we are still far from home user quantum computer (about 15 millions $ I believe), but they already exist in few labs around the world, and I guess in some giant techs companies as well. So the threat is already here, even if, for now I doubt the few quantum owners give a shit about hacking crypto.
Of course, if you don't pay attention, if you don't update your wallet, if you don't sell the coins that are the most exposed, etc... Yes, you might end up robbed. Just basic safety. You wouldn't store your gold on your kitchen table. You don't want virus / malwares / trojans on your crypto computer, and as the time goes, you might want to reduce your potential exposure to quantum tech.
By the way, we are still far from home user quantum computer (about 15 millions $ I believe), but they already exist in few labs around the world, and I guess in some giant techs companies as well. So the threat is already here, even if, for now I doubt the few quantum owners give a shit about hacking crypto.
Yes you are right. Quantum computers are very less in numbers. With the advancement in technology will provide the solutions to the problems.
Although it will be tough.
Whenever there is need, There is a discovery. So don't be afraid, one will end up with all solutions.
Big statement thread title haha.
Watched click on the weekend, talking about Quantum computers, they're a long long way off. I enjoy science so understand the basic theory behind quantum physics, from quantum entanglement to Schrödinger cats theory.
If the binary digits can be both 1 and 0 at the same time means that any calculation can instantaneously be worked out.
therefor when and if we ever seen Quantum computers surely they could effectively solve the entire blockchain algorithm instantly.
That's my basic understanding. So effectively crypto is not really a future currency so to speak.
Any thoughts.... I'm probably complete wrong haha
Watched click on the weekend, talking about Quantum computers, they're a long long way off. I enjoy science so understand the basic theory behind quantum physics, from quantum entanglement to Schrödinger cats theory.
If the binary digits can be both 1 and 0 at the same time means that any calculation can instantaneously be worked out.
therefor when and if we ever seen Quantum computers surely they could effectively solve the entire blockchain algorithm instantly.
That's my basic understanding. So effectively crypto is not really a future currency so to speak.
Any thoughts.... I'm probably complete wrong haha
I don't understand why we are concerned about what Quantum computer will do to bitcoin in the future whether its going to end crypto or not, one thing is certain and that is bitcoin has come with its own liberation at its time and have put itself in the book of history forever as one that change the way we do things, that went to the very fabric of what we have come to know and the victory is that its disrupt every of those of our believe.
What is even surprising to me and I believed should do same to others is how someone who does not have access to Quantum computer would create what Quantum computer can only put an end to which means with further development, Quantum computer might not be enough to break its code.
Hey there,
--And that’s how quantum computers pose a significant risk to Bitcoin. “The elliptic curve signature scheme used by Bitcoin is much more at risk, and could be completely broken by a quantum computer as early as 2027,” say Aggarwal and co.
The quote above is from a great read that delves into the discussion you started. Check it out through the link below...
https://www.technologyreview.com/s/609408/quantum-computers-pose-imminent-threat-to-bitcoin-security/
Well let's worry about bitcoin not going below $1000 first than to worry about quantum computers..
Big statement thread title haha.
Watched click on the weekend, talking about Quantum computers, they're a long long way off. I enjoy science so understand the basic theory behind quantum physics, from quantum entanglement to Schrödinger cats theory.
If the binary digits can be both 1 and 0 at the same time means that any calculation can instantaneously be worked out.
therefor when and if we ever seen Quantum computers surely they could effectively solve the entire blockchain algorithm instantly.
That's my basic understanding. So effectively crypto is not really a future currency so to speak.
Any thoughts.... I'm probably complete wrong haha
Watched click on the weekend, talking about Quantum computers, they're a long long way off. I enjoy science so understand the basic theory behind quantum physics, from quantum entanglement to Schrödinger cats theory.
If the binary digits can be both 1 and 0 at the same time means that any calculation can instantaneously be worked out.
therefor when and if we ever seen Quantum computers surely they could effectively solve the entire blockchain algorithm instantly.
That's my basic understanding. So effectively crypto is not really a future currency so to speak.
Any thoughts.... I'm probably complete wrong haha
Yes it could.
However there are already coins trading in the top 10 that are quantum resistant.
Big statement thread title haha.
Watched click on the weekend, talking about Quantum computers, they're a long long way off. I enjoy science so understand the basic theory behind quantum physics, from quantum entanglement to Schrödinger cats theory.
If the binary digits can be both 1 and 0 at the same time means that any calculation can instantaneously be worked out.
therefor when and if we ever seen Quantum computers surely they could effectively solve the entire blockchain algorithm instantly.
That's my basic understanding. So effectively crypto is not really a future currency so to speak.
Any thoughts.... I'm probably complete wrong haha
Watched click on the weekend, talking about Quantum computers, they're a long long way off. I enjoy science so understand the basic theory behind quantum physics, from quantum entanglement to Schrödinger cats theory.
If the binary digits can be both 1 and 0 at the same time means that any calculation can instantaneously be worked out.
therefor when and if we ever seen Quantum computers surely they could effectively solve the entire blockchain algorithm instantly.
That's my basic understanding. So effectively crypto is not really a future currency so to speak.
Any thoughts.... I'm probably complete wrong haha
It's all about the cryptography algorithm- there are Quantum resistant encryption algorithms that aren't being used widely, but are being used by some organizations (namely intelligence organizations and research labs)- mainly because the overhead isn't worth it. Even AES can be Quantum resistant given a large enough key size. Sorry to burst the science fiction- QC will greatly increase computational capability but it won't lead to the ability to calculate all possible solutions to all possible mathematical problems instantly.
Big statement thread title haha.
Watched click on the weekend, talking about Quantum computers, they're a long long way off. I enjoy science so understand the basic theory behind quantum physics, from quantum entanglement to Schrödinger cats theory.
If the binary digits can be both 1 and 0 at the same time means that any calculation can instantaneously be worked out.
therefor when and if we ever seen Quantum computers surely they could effectively solve the entire blockchain algorithm instantly.
That's my basic understanding. So effectively crypto is not really a future currency so to speak.
Any thoughts.... I'm probably complete wrong haha
Watched click on the weekend, talking about Quantum computers, they're a long long way off. I enjoy science so understand the basic theory behind quantum physics, from quantum entanglement to Schrödinger cats theory.
If the binary digits can be both 1 and 0 at the same time means that any calculation can instantaneously be worked out.
therefor when and if we ever seen Quantum computers surely they could effectively solve the entire blockchain algorithm instantly.
That's my basic understanding. So effectively crypto is not really a future currency so to speak.
Any thoughts.... I'm probably complete wrong haha
If I remember correctly IBM has a Quantum computer you can play around with online.
They want to observe what people would do with it to give them ideas!
Either way I would check it out if you're really interested!
Here's the link:
Code:
https://quantumexperience.ng.bluemix.net/qx/editor
Will appear new quantum crypto coins 
It would be cryptocurrency under the management of a state or large organization, and that token would go against the purpose and value of the crypto community. No one wants to support quantum tokens.Moreover, most current mining operating systems on Windows or Linux have built-in quantum-resistance functions.
Will appear new quantum crypto coins
I wrote about this very issue as a limitation in my whitepaper.
"Although we feel that Hyperledger Fabric is the best solution for enterprise blockchain use cases, we did find
some limitations in the solution. Currently, data is encrypted before it is stored in the chain code. If the data is
shared with all the nodes, then all nodes will have a copy of the encrypted data but they will not have the key
required to encrypt the data. The potential issue with this approach is that data on the ledger is immutable and
can be potentially held there for years. At some point, years down the line, our quantum computing power will
evolve and today’s encryption technique will be compromised and may expose all of the data across the nodes.
But with proper governance in place, an organization can adopt a proper migration strategy to mitigate this
risk."
But I'm not sure what we can do to protect against this, are there any serious projects that are addressing this need?
"Although we feel that Hyperledger Fabric is the best solution for enterprise blockchain use cases, we did find
some limitations in the solution. Currently, data is encrypted before it is stored in the chain code. If the data is
shared with all the nodes, then all nodes will have a copy of the encrypted data but they will not have the key
required to encrypt the data. The potential issue with this approach is that data on the ledger is immutable and
can be potentially held there for years. At some point, years down the line, our quantum computing power will
evolve and today’s encryption technique will be compromised and may expose all of the data across the nodes.
But with proper governance in place, an organization can adopt a proper migration strategy to mitigate this
risk."
But I'm not sure what we can do to protect against this, are there any serious projects that are addressing this need?
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.
No, they won't
It works both ways. New technology (i.e. quantum computers) can be used for both breaking and fixing cryptography.
It works both ways. New technology (i.e. quantum computers) can be used for both breaking and fixing cryptography.
What makes you think we, normal users, will have access to quantum computers?
If an evil goverment or evil comporation creates a quantum computer (a real one, not the trash produced right now), it can destroy any network. We don't even know if they already have one.
We (and by that I mean someone) don't actually need a quantum computer. We just need the basics.
As described in the video I linked, we can use the basic properties of quantum to improve the encryption algorithms.
While an actual quantum computer is required to hack, less than that is needed to protect cryptography against it.
I guess it's possible some government is finishing developing it without anyone else knowing, but I find that very unlikely.
People who have a lot to lose from crypto getting bigger maybe investing heavily into getting something working asap so they can cause a huge meltdown in crypto markets. I hope it never happens, but I will personally be taking profits along the way. It may take longer to reach my goal, but at least I will not be left holding worthless coins if something goes wrong.
That said I not worried for the next year or so
Last I heard, they've still only been able to maintain fewer than a dozen qubits for long enough to perform computations. You need around 1500 to attack Bitcoin keys. There are also well-known ways of doing asymmetric crypto using QC-secure symmetric primitives. See my article here, which is still correct a couple years after I wrote it: https://en.bitcoin.it/wiki/Quantum_computing_and_Bitcoin
While it is something to keep in the back of our minds for 5 or 10 or more years in the future, I'm not worried about quantum computers at all right now.
While it is something to keep in the back of our minds for 5 or 10 or more years in the future, I'm not worried about quantum computers at all right now.
So far they have succeeded to sustain quantum particles like few seconds or half a second, last time I read about it. But this shouldn't be a big issue as when we will see this coming we can simply make a tweak within bitcoin software that will enable larger private keys and public keys so we can even make it more difficult to crack. Although then I'd assume that somebody could dig out lost coins, or even take the possession of satoshies coins if they don't move later down the road when quantum computers become a standard. Although I'd give them like 5-10years and after we can see how far have scientists really went. Until now there's no point to worry about such thing.
No, they won't
It works both ways. New technology (i.e. quantum computers) can be used for both breaking and fixing cryptography.
Basically, quantum computers can break current cryptography and make it useless, but the very same properties of quantum computers allow us to modify cryptography and crypto-currencies to prevent or fix this. Now, of course bitcoin and other coins must be updated when required.
This video explains this in a better way:
https://www.youtube.com/watch?v=6H_9l9N3IXU
(Particularly SSL, but it can be applied to cryptography in general)
It works both ways. New technology (i.e. quantum computers) can be used for both breaking and fixing cryptography.
Basically, quantum computers can break current cryptography and make it useless, but the very same properties of quantum computers allow us to modify cryptography and crypto-currencies to prevent or fix this. Now, of course bitcoin and other coins must be updated when required.
This video explains this in a better way:
https://www.youtube.com/watch?v=6H_9l9N3IXU
(Particularly SSL, but it can be applied to cryptography in general)
i watched the video thank you for the easy explanation first time to know what is a quantum computer i hope what you'r saying is true that we are safe
but from what my simple mind understand that we need a quantum resistance coin as soon as possible the crypto currencies world is a revolutionary system i hope all this work doesn't go to waste just because of quantum phisx
No, they won't
It works both ways. New technology (i.e. quantum computers) can be used for both breaking and fixing cryptography.
It works both ways. New technology (i.e. quantum computers) can be used for both breaking and fixing cryptography.
What makes you think we, normal users, will have access to quantum computers?
If an evil goverment or evil comporation creates a quantum computer (a real one, not the trash produced right now), it can destroy any network. We don't even know if they already have one.
We (and by that I mean someone) don't actually need a quantum computer. We just need the basics.
As described in the video I linked, we can use the basic properties of quantum to improve the encryption algorithms.
While an actual quantum computer is required to hack, less than that is needed to protect cryptography against it.
I guess it's possible some government is finishing developing it without anyone else knowing, but I find that very unlikely.
No, they won't
It works both ways. New technology (i.e. quantum computers) can be used for both breaking and fixing cryptography.
It works both ways. New technology (i.e. quantum computers) can be used for both breaking and fixing cryptography.
What makes you think we, normal users, will have access to quantum computers?
If an evil goverment or evil comporation creates a quantum computer (a real one, not the trash produced right now), it can destroy any network. We don't even know if they already have one.
Andreas Antonopulos recently said:
Ever since I was born not a single atom of my body remains in place, however what always remains is a pattern that shapes me into who I am.
Similarly what will remain of Bitcoin in its present form will only be its name and it will continuously evolve in line with present technological and market requirements.
At the time he was only addressing scaling issue and its technological resolution, but there is also no doubt that cryptocurrency technology will change over time and by the time we have quantum computers we will also have quantum resistant Bitcoin.
Ever since I was born not a single atom of my body remains in place, however what always remains is a pattern that shapes me into who I am.
Similarly what will remain of Bitcoin in its present form will only be its name and it will continuously evolve in line with present technological and market requirements.
At the time he was only addressing scaling issue and its technological resolution, but there is also no doubt that cryptocurrency technology will change over time and by the time we have quantum computers we will also have quantum resistant Bitcoin.
No, they won't
It works both ways. New technology (i.e. quantum computers) can be used for both breaking and fixing cryptography.
Basically, quantum computers can break current cryptography and make it useless, but the very same properties of quantum computers allow us to modify cryptography and crypto-currencies to prevent or fix this. Now, of course bitcoin and other coins must be updated when required.
This video explains this in a better way:
https://www.youtube.com/watch?v=6H_9l9N3IXU
(Particularly SSL, but it can be applied to cryptography in general)
It works both ways. New technology (i.e. quantum computers) can be used for both breaking and fixing cryptography.
Basically, quantum computers can break current cryptography and make it useless, but the very same properties of quantum computers allow us to modify cryptography and crypto-currencies to prevent or fix this. Now, of course bitcoin and other coins must be updated when required.
This video explains this in a better way:
https://www.youtube.com/watch?v=6H_9l9N3IXU
(Particularly SSL, but it can be applied to cryptography in general)
Jump to: