Topic: Would Quantum Computer Kill Bitcoin - page 3. (Read 484 times)

Such topic keeps coming back in the forum that I'm almost convince there really is a threat to bitcoin. If these quantum computer can hack Bitcoin wallets that means our funds will also be in dangered. This ECC being not safe according to the article which the QC can decrypt private keys is a threat but how do we believe all these considering all the fuds spread before weren't actually true.  Will multisig make us safe for now?
 

Why would everyone have migrated to using something else, if the BIG break comes unexpectedly. Do you really think  NSA or whoever would publish that they can break a popular encryption.
AND that is of course the reason they would not crack bitcoin, because they would want to keep their ability a secret

i think yes but that pc exsist tea

Countless of times has this been discussed on this very forum, but for the sake of you getting some answers (which would obviously be rehashed versions of older ones, since there really aren't any number of ways to put it), short answer: yes, theoretically. The bigger question is what would be the reason of people behind this computing power in destroying bitcoin apart from monetary gains which, in itself isn't really a great prospect at all?

Also, before the men who wield such power be able to break into ECC, pretty sure everyone and their mothers using the said encryption system would have migrated to something else.

Quantum Computer that is large enough would be bad for bitcoin, as it could get private key from your public key. But If you use bitcoin as recommended and you do not re-use your addresses, your public key is not visible, and even a big QC cant get your private key.

So if you use bitcoin as you should, your coins would still be safe.

Creating a bigger QC gets exponentially harder as the size increases. That is why building a QC big enough will take a lot of time, if it can ever even be made.
Googles QC was build for single purpose only and it is tiny  compared to what would be needed for cracking bitcoin. And also the calculation it made was quite different. It "proved" that something can't be done. Did it really prove that or were they a little optimistic at google? It is much easier to prove calculation to be correct, when you get a concrete result form it  

Also. QC would be really really bad at mining because SHA256 algorithm is considered quantum safe. Probably your laptop would be faster at mining than a QC

The real threat a large QC poses to bitcoin is the addresses that have their public keys visible. ALL of the big exchanges  keep their coins in addresses that are re-used, with visible public keys. And those addresses have loads of bitcoins. The 4 biggest ones have more than 100000BTC in each of them. That is more than 400000BTC. And lets not forget the 1M coins in Satoshi's addresses.
If someone steals all of them, that would make havoc to the value of bitcoin

What u wrote means the ending of non ecc secured blockchain are fading away.
I still don't know how those quantum computers work, but I will do my research.
Is there any ecc secure blockchain?

Quantum computings biggest rumored ace against bitcoin is its ability to break a blockchain encryption and might expose private keys that could mess up everything in crypto world. But blockchain news keeps on assuring that released versions of quantum computing can't break blockchain. Although existing versions of quantum computing doesn't have the latter ability, crypto space should get ready for one that has the ability to decrypt blockchain. In case that such events occured, that might trigger the official downfall of bitcoin if not a single move to counter the threat will be done.

This has been discussed many times already. In short: no. There is Lamport signature, no address reuse, and other strategies to fix this.

Use the f*cking search button and you'll know there are at least 3 threads about this.

I've written similar things in another topic before. Why everyone is looking at the negative. We are talking about a computer with a very large processor power. Can you imagine the peak that mining can reach?

We know bruteforcing using a quantum computer is really a threat specialy on bitcoin because our wallets are base on private keys which are sets of numbers and letter which can be easily decrypted by a monstrous machine with very high processing capacity like quantum computers and its still developing so we can expect way faster super/quantum computer in the future and that will be a big problem if they use it in with the aim of decrypting a wallet or the network itself

I am not a cryptographer myself so maybe here we are just discussing on a normal guy's level. As far I know, quantum computing really has the potential to successfully decrypt the private keys and therefore can be the biggest threat to Bitcoin. In the past few days, this topic got spread around because Google announced that they already have the technology at hand which many of us supposed  should still be years ahead. Now, there is that fear in the Bitcoin community on quantum computing and whether this can really be utilized against Bitcoin which can be its end. Nobody can really be sure if the quantum computing developed by Google can effectively be the one to stop Bitcoin. This can be the one we can only wait and watch. As the technology is on the hands of Google, I don't think they will be irresponsible to just use it indiscriminately as this will have many legal repercussions which the company will not want to go through. On the other hand, we have to remember that if there is a demand someone will eventually fill the shoes therefore we should be expecting developers to come up with ways to counteract the power of quantum computing to balance things out. And this can actually make things exciting.

Well, in theory it could happen, although that doesn't mean that it will. I suppose, if quantum computing becomes a widespread thing, developers will just find a way to use it to strengthen crypto, and fight fire with fire. I'm not a developer or a cryptographer myself, so I can't tell if quantum computing can be used to strengthen BTC, although i would assume that someone will find a way if it can be done. At this point, i think we simply don't know enough about it to say anything for certain.

As per the latest, Google has reached Quantum Supremacy. Meaning it could potentially decode an entire blockchain and...
YOUR PRIVATE KEYS...
Blockchains are secured through elliptic curve cryptography (ECC), just like encrypted user data and website traffic. Now the issue is that ECC is NOT "quantum-safe" meaning that a quantum computer could theoretically decrypt a user's private keys and forge transaction signatures.
Is this the end of Crypto?
I don't think so, but I'd love to hear your opinions too! (Especially the opinion of a cryptographer)

source https://www.coindesk.com/what-googles-quantum-supremacy-means-for-the-future-of-cryptocurrency