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Quantum computing boost for IBM but Bitcoin stays safe https://decrypt.co/16211/quantum-computing-boost-for-ibm-but-bitcoin-stays-safeIBM has doubled the power of its quantum computer but Bitcoin's encryption is still far from being broken. "IBM has doubled the power of its quantum computer. At yesterday's CES 2020 conference, the company announced it had successfully achieved a Quantum Volume of 32 using its 28-qubit quantum computer known as Raleigh." "As a network built entirely around cryptographically secured transactions, it stands to reason that a sufficiently powerful quantum computer could eventually crack the encryption used to generate Bitcoin private keys. However, according to a June 2017 paper by Martin Roetteler and several co-authors, such as a machine would need to command approximately 2,500 qubits of processing power to break the 256-bit encryption used by Bitcoin." Interesting. I know 2500 is far from current 28 qubit but it still scares me a little. Not long ago I've read about 11-qubit quantum computer. How long do you think it will take to develop 2500 qubit computer? I hope Moore's law doesn't apply here. Honeywell sees path to world’s most powerful quantum computer in 3 months https://fortune.com/2020/03/03/honeywell-quantum-computer/Tony Uttley, Honeywell’s president of quantum solutions, believes the company will quickly outpace its rivals. “We’re on a trajectory to increase that quantum volume 10-fold every year for the next five years,” Uttley says. |
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Re: I don't believe Quantum Computing will ever threaten Bitcoin McAfee’s chief technology officer: Start protecting against quantum computing hacks now
https://venturebeat.com/2020/02/25/mcafee-start-protecting-against-quantum-computing-hacks-now/
McAfee’s chief technology officer warned that it’s time for companies to start worrying about quantum computing attacks that can break common forms of encryption available today, even if quantum computing isn’t going to be practical for a while.
Grobman said. “Now I know what you are thinking: Quantum is not coming anytime soon. But we can’t think of quantum in terms of eventually or tomorrow."
“We need quantum-resistant algorithms as soon as possible,” Grobman said. |
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McAfee’s chief technology officer: Start protecting against quantum computing hacks now https://venturebeat.com/2020/02/25/mcafee-start-protecting-against-quantum-computing-hacks-now/McAfee’s chief technology officer warned that it’s time for companies to start worrying about quantum computing attacks that can break common forms of encryption available today, even if quantum computing isn’t going to be practical for a while. Grobman said. “Now I know what you are thinking: Quantum is not coming anytime soon. But we can’t think of quantum in terms of eventually or tomorrow." “We need quantum-resistant algorithms as soon as possible,” Grobman said. |
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Quantum computing boost for IBM but Bitcoin stays safe https://decrypt.co/16211/quantum-computing-boost-for-ibm-but-bitcoin-stays-safeIBM has doubled the power of its quantum computer but Bitcoin's encryption is still far from being broken. "IBM has doubled the power of its quantum computer. At yesterday's CES 2020 conference, the company announced it had successfully achieved a Quantum Volume of 32 using its 28-qubit quantum computer known as Raleigh." "As a network built entirely around cryptographically secured transactions, it stands to reason that a sufficiently powerful quantum computer could eventually crack the encryption used to generate Bitcoin private keys. However, according to a June 2017 paper by Martin Roetteler and several co-authors, such as a machine would need to command approximately 2,500 qubits of processing power to break the 256-bit encryption used by Bitcoin." Interesting. I know 2500 is far from current 28 qubit but it still scares me a little. Not long ago I've read about 11-qubit quantum computer. How long do you think it will take to develop 2500 qubit computer? I hope Moore's law doesn't apply here. Will Quantum Volume Be The Next Moore’s Law? https://www.designnews.com/design-hardware-software/will-quantum-volume-be-next-moore-s-law/62963653562205Doubling performance every year is now the benchmark for quantum computers as designers look to EDA vendors for new automation tools. IBM’s Rasit Onur Topaloglu: "I am not going to project when we will reach 200 qubits, but we already have an 80 qubits architecture." According to the chart: 2500 qubits reached by year 2025 We have to begin with the implementation of quantum resistant Bitcoin addresses soon. @satoshi, your early mined coins will be moved soon and will have new owners. Transfer your coins to P2PKH (or other than P2PK) addresses if you disagree. We have no other opportunity (you created bitcointalk.org) to explain you the situation. You don't need to answer, but if you want to give away your coins, thank you very much. Otherwise move your coins, please. |
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Quantum computing boost for IBM but Bitcoin stays safe https://decrypt.co/16211/quantum-computing-boost-for-ibm-but-bitcoin-stays-safeIBM has doubled the power of its quantum computer but Bitcoin's encryption is still far from being broken. "IBM has doubled the power of its quantum computer. At yesterday's CES 2020 conference, the company announced it had successfully achieved a Quantum Volume of 32 using its 28-qubit quantum computer known as Raleigh." "As a network built entirely around cryptographically secured transactions, it stands to reason that a sufficiently powerful quantum computer could eventually crack the encryption used to generate Bitcoin private keys. However, according to a June 2017 paper by Martin Roetteler and several co-authors, such as a machine would need to command approximately 2,500 qubits of processing power to break the 256-bit encryption used by Bitcoin." Interesting. I know 2500 is far from current 28 qubit but it still scares me a little. Not long ago I've read about 11-qubit quantum computer. How long do you think it will take to develop 2500 qubit computer? I hope Moore's law doesn't apply here. Will Quantum Volume Be The Next Moore’s Law? https://www.designnews.com/design-hardware-software/will-quantum-volume-be-next-moore-s-law/62963653562205Doubling performance every year is now the benchmark for quantum computers as designers look to EDA vendors for new automation tools. IBM’s Rasit Onur Topaloglu: "I am not going to project when we will reach 200 qubits, but we already have an 80 qubits architecture." According to the chart: 2500 qubits reached by year 2025 We have to begin with the implementation of quantum resistant Bitcoin addresses soon. |
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I think Satoshi knew about Quantum computing but he thought they're not coming any time soon yet still they're not in existence. And someday even if the quantum computers are active the bitcoin developers can actually implement another form of security to bypass them. People also get better with time just like computers do.
If he knew about Quantum computing, then he also knew that some day the early mined coins will be moved. And he didn't move these coins. That meansand privatekeys are somehow within the blockchain = quantum computer? The first quantum computer owner holds the most Bitcoins. |
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Amazon Rolls Out Quantum-Computing Service (The Wall Street Journal - articles/amazon-rolls-out-quantum-computing-service-11575314729) “Customers are asking for ways to experiment with quantum computers and explore the technology’s potential,” Charlie Bell, a senior vice president at Amazon Web Services, said in a statement. Amazon Joins Tech’s Great Quantum Computing Race https://www.wired.com/story/amazon-joins-quantum-computing-race/Satoshi, move your coins from P2PK addresses to P2PKH addresses. |
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In particular, all coins suspected to be Satoshi's are in P2PK outputs. If those moved ever, even to a different sig algo, it would cause enormous chaos. assuming satoshi can still move their/his coins, this is a likely reason why it's not happening. Although we shouldn't discount the most conservative thing that all 2009 era mined BTC key holders could do; start by moving their BTC with the highest block number, and do it very very slowly. Satoshi could potentially do so too (we have zero clue what's going on with satoshi in so many ways), so assuming that chaos was not the intention, I expect that if those coins ever did move, that's what would happen; starting at block ~50,000, then working backwards from there. In such a sequence of events, it could be interpreted as a signal that those early miners are losing confidence in the safety of ECDLP protected coins. Of course, those people may have other reasons to not publicly announce why they're moving to different keys (which are not necessarily anything to do with the safety of the public key cryptography), so you are indeed correct; the lack of information will cause uncertainty, and the uncertainty will rock the Bitcoin ecosystem. I hope such people (whether satoshi or not, there are others) are reading some of these discussions (it would surely be prudent to do so). If so, I also hope they will consider a slow and orderly move to new key types, and act sooner rather than later. |
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the first Quantum Computers will be very few and owned only by large governmental or private organizations, until technology advances to the point it could reach the masses
They would build a quantum computer intentionally for Bitcoins case to frack the 'Shalecoins'. ('Shalecoins', coins with no owner ' https://bitcointalk.org/index.php?topic=5134441.0) Banks can freeze accounts, rewind, correct it.
But Bitcoin can't.
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I personally don't bother too much just because if someone Google, 3 letter agency or even aliens will come up with a quantum computer satoshi's funds will be the last thing that we'll need to worry about.
Just think about all the "password protected" (encrypted) things that are out there, like: financial system servers , electricity servers, medical care servers, airplanes servers, nuclear missile codes. These are things much more valuable and important than 1M bitcoins.
They would build a quantum computer intentionally for Bitcoins case to frack the 'Shalecoins'. ('Shalecoins', coins with no owner ' https://bitcointalk.org/index.php?topic=5134441.0) Banks can freeze accounts, rewind, correct it.
But Bitcoin can't.
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Satoshi, please move your coins. Otherwise we assume that the unmoved early coins are a prize competition.
No, he is not moving the coins. |
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I do not want to see Bitcoin again for 2000-3000 dollars.
If it ever does become quantum vulnerable it'll be worth a big fat zero, not a few grand still. You won't be able to trust any transaction and your balance could be lifted at any moment. Your bank account will also be open to all along with almost every current security system. An unencrypted world would quickly become a bit stone age. Banks can freeze accounts, rewind, correct it. But Bitcoin can't. Therefore a quantum computer earlier than 'quantum resistant Bitcoin network' should never happen. |
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The most challenging thing will be: When the privatekeys of the lost coins with no owners - 'shalecoins' https://bitcointalk.org/index.php?topic=5134441.0 - will be 'fracked'. The first group will then sell all these coins because they will then know that it is possible to get the privatekeys and that others could 'frack' them. No matter what the BTC price, they will sell them. There are more than 1,000,000 'shalecoins' with a 10+ billion US$ value. So we can expect that there are private groups who want/try to build a supercomputer. https://bitcointalk.org/index.php?topic=5166180.0 |
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I think Satoshi knew about Quantum computing but he thought they're not coming any time soon yet still they're not in existence. And someday even if the quantum computers are active the bitcoin developers can actually implement another form of security to bypass them. People also get better with time just like computers do.
If he knew about Quantum computing, then he also knew that some day the early mined coins will be moved. And he didn't move these coins. That meansand privatekeys are somehow within the blockchain = quantum computer? Satoshi, please move your coins. Otherwise we assume that the unmoved early coins are a prize competition. |
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I think Satoshi knew about Quantum computing but he thought they're not coming any time soon yet still they're not in existence. And someday even if the quantum computers are active the bitcoin developers can actually implement another form of security to bypass them. People also get better with time just like computers do.
If he knew about Quantum computing, then he also knew that some day the early mined coins will be moved. And he didn't move these coins. That meansand privatekeys are somehow within the blockchain = quantum computer? |
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Post quantum we will have lots of forks. But the quantum upgraded original chain with all the mined coins will be the strongest. Anyone who has the privatekey of an old address can now move their coins and they will be quantum secure. Otherwise they are 'shalecoins' and have no owner and will be 'fracked'. These coins are the reward of their 'frackers'. If some think that the 'shalecoins' should be locked/destroyed, they can use the fork with excluded 'shalecoins'. They are already discussing such things: Fork and Destroy Satoshi's 1 million Bitcoin? https://bitcointalk.org/index.php?topic=5131393.0
No matter what, a decade is not such a long time. We should be discussing this stuff today.
Yes, squatter.
Quantum computers will surprise the Bitcoin community. The 'shalecoins' will be moved and will become active. Thereafter BTC owners will decide, which fork they want to use.
The original chain will remain the strongest chain. If some groups can reproduce the privatekeys of 'shalecoins', coins with no owner https://bitcointalk.org/index.php?topic=5134441.0, it's their reward. They are trying to build a computer in the near future, that wouldn't be built so fast without that incentive. That opportunity accelerates the technology. If there are still some BTC owners -incl. Satoshi- with old addresses and remove their coins now, they will be secure. So it's a fair game. And nobody can change that game: Bitcoin rewards the best technology.The Bitcoin network is a pure competition network. Only the best technology will be successful here and make it secure. A Bitcoin fork without the old coins would be like another s**tcoin, because it would avoid real competition. edited |
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