Topic: What will happen if quantum computer owners start to move the early mined coins? (Read 496 times)

The other "lost" coins are "first generation quantum computers" resistant. "Second generation quantum computers" that include hashing algorithms will get them.

I'll admit my understanding of how Bitcoin works certainly isn't the deepest, but why specifically are P2PK addresses mentioned?  Are not P2SH and Bech32 addresses vulnerable to the theoretical QC threat?

1+ million Bitcoins, the other "lost" coins are QC resistant



We want to make Bitcoin better and stronger.



We don't think that QC development will happen step by step. Our expectation is that someone will find a QC technology, that allows "far beyond expectations" numbers of qubits, that will allow this QC to get all private keys immediately.
We think that such a QC will surprise the Bitcoin community and only thereafter we will upgrade to a quantum resistant Bitcoin network. We hope that the user of such a QC to get the private keys, knows exactly how Bitcoin works and allows the owners to transfer their coins to the new QC resistant addresses. It would be a win-win game: the QC user would get the "lost" coins, the Bitcoin owners could transfer their coins to QC resistant addresses, the Bitcoin ecosystem wouldn't be affected, we would have a stronger Bitcoin network. How would a QC user act: starting with the oldest "lost" coins and moving them, so that the Bitcoin community can realize that someone is moving the "lost" coins (e.g. a special posting board here on bitcointalk) but gives the owners the possibility to transfer their coins to other addresses. In the meantime we will have a very quick "quantum resistance upgrade". And it will continue like DannyHamilton described it:
but stronger

You're talking about some kind of cyberpunk. It seems to me no one will dare to destroy the Bitcoin project, just think about what consequences it will end.

It is very interesting. If a quantum-robust authorization algorithm protects bitcoin, will altcoins be able to protect themselves from the capabilities of quantum computers? If bitcoin remains invulnerable to them, then it is possible that the advent of quantum computers will even be useful for bitcoins in the sense that it will be possible to return to circulation over six million bitcoins that are now irretrievably lost.
However, I still fear the advent of quantum computers. This will provide additional opportunities for all kinds of hackers and scammers.

I read through your linked pdf...

According to what you've posted, that's 55 percent and 71 percent of Enterprise IT.

It is NOT 55 percent or 71 percent of "experts", or "knowledgable individuals", or "educated individuals".

Furthermore, according to what you've posted...

"59 percent, of those SAME "Enterprise IT" individuals, claim to currently be deploying hybrid (PQC + RSA/ECC)
certificates"

This is:
"something that is unlikely as PQC certificates availability is limited to early testing
situations"


Furthermore:
"71% say they are 'somewhat' to 'completely' aware of PQC, but that’s not the entire story. We followed up with a question designed to test if they truly understood what PQC means. Less than two-thirds knew the correct definition."

Clearly, your reported "55 percent" and "71 percent" aren't exactly what I'd call "reliable sources".  Their opinions about the threat of quantum computing aren't very compelling.

https://www.digicert.com/resources/industry-report/2019-Post-Quantum-Crypto-Survey.pdf
Slightly more than half (55 percent) say quantum computing is a “somewhat” to “extremely” large threat today,
with 71 percent saying it will be a “somewhat” to “extremely” large threat in the future.

All people who say that quantum computers won't exist: who will give them back their Bitcoins if they don't improve the network and don't transfer to quantum computer resistant addresses?

Quantum computers will exist.


We will have a quantum resistant upgrade. People will transfer their coins to quantum resistant addresses, but a lot of coins (million+) won't be moved to these secure addresses as they are "lost" coins and nobody can move them.
Which fork will you use post quantum?
a) the fork with all Bitcoins where quantum computer owners will get the "lost" coins and will be the new owners.
b) the fork where "lost" coins are burnt and can't have new owners.

I'd go further and say that your points make the OP simply just FUD.

I guess I am growing weary of seeing this non issue keep getting posted.  Get over it, a real general processor based on "quantum" computing tech is so far off that its ridiculous to even mention it in terms of threatening bitcoin in our lifetime.

I could have easily posted an equivalent titled thread "Will the future human colonies on Mars and Titan threaten bitcoin ?", and it would be about as meaningless as all of the "quantum computer threaten btc" threads.

Everyone should start to recognize these threads for what they are, just FUD.

If quantum technology is ever put to use i'd be more afraid of your fiat money.

If encryption can be broken so are the bank vaults holding your money on the servers. Nowadays money making is not only done with printers. They add a few zeroes to your bank account and you're set. Nobody will know about it until it's too late.

Stop spreading FUD about quantum computers.

I agree  that quantum computers can't do any harn to cryptocurrencies, there is no reason to fear. Maybe in the future if they significantly improve their capabilities although they will develope further, that is for sure. Also, they are not in mass use and individuals are not buying them yet and will not for a longer time.

1. there's no functioning quantum computer. Prototypes don't count.
2. it's still incredibly hard to translate current computer files into a language understood by a quantum computer and back
3. it will take decades until private contractors are able to buy their own quantum computers and their price is going to be very high if that happens

The above points make the question invalid. Let's wait until there's at least one functioning computer able to perform a task of breaking any SHA 256. I bet the first things they do with it won't be breaking into the genesis block. There are satellite codes, encrypted CIA files, nuclear missile codes...

Whoever makes a quantum computer work will never have to worry about money so he won't have to try to damage his reputation stealing  from Satoshi.

If nothing is done they would sell them, price would go down a bit, people would buy the cheap coin, price would go back to normal. See? the market self regulates as usual. You know it is the exact same scenario if Satoshi returns to do the very same?

You people always fail to realize that selling large amount of Bitcoin does NOT happen instantly, and the fact that it takes several operations changes things considerably to what some people theorize.

And like you say, some might just keep them, because why not? I guess its some sort of unofficial prize for successfully building such computer.

You say "some" won't accept it? That won't do. A hard fork takes a considerably amount of consensus. I doubt this will be the case, to imply it would be the same mistake made by Ethereum, and Bitcoin has long proven they are not.

You cannot collapse the price of bitcoin (permanently as you imply, anyways). No matter how many Bitcoin you attempt to sell, the market will buy them probably faster than you are able to sell them anyway. This is what you fail to see, operations are not instant. Whales don't have as much manipulating power as you think, not even Satoshi.

You have no case.

The hype around quantum computer isn't that great.  It was exaggerated by writers who wanted to have huge amount of views.  Besides, this FUD that spreads  like what OP stated will not happen because Bitcoin developers are already looking for solution before the implementation of quantum computers.  In short, Bitcoin  will be QC resistant before what we fear happens.

If you buy these BitCoins, the 24 Karat ones that cost around 1550 per ounce, you will not have to worry about a quantum computer taking them away from you  



Hard Facts

Hate to burst your bubble my friend but Quantum Computers aren't even existing yet. There is a huge possibility of it coming in the future but with the current technology we have right now it is too unlikely, so you won't need to worry about bitcoin's status just yet soon as quantum computers come around.

In the near future QC owners will be only really big firms and them dont want to mine shitcoins sorry

Technology is rapidly evolving in our age, and it won't take too long before this Quantum Computers will take over the blockchain and destroys it, that is why we are hoping they won't get that far because we are doomed once that happens, and when that time comes, I bet you would take back these words that you have said, and rephrase it to something more wary about quantum computers in the future.

Yes, this technology is still in its infancy, but at the current rate of technological development in the world, in a short time, it will develop with full functionality. However, what I disagree with is using in other declarations. I think no madman is using a precious quantum computer just to mine bitcoin. It certainly won't be mass-produced, of course not for ordinary mines to buy, and its price is even quite expensive.

I don't think that today's quantum computers are capable of doing much harm as they are very limited in the tasks that they are able to perform.  As of now quantum computers can only serve as and solve a limited or  specific amount of functions.The tech is at ts infancy and will take time to progress some. I think that people have a preconceived notion pertaining quantum computers that derives from science fiction fandom, whose media isn't too far from the truth.