I am terrified that SHA256 or ECC will be cracked and btc will become worthless

[saturn643]

Here, just read this: https://en.wikipedia.org/wiki/Quantum_computing#Potential

It will clear up any confusion about what I'm saying, hopefully.

No it does not. The majority of hash algorithms will not be able to be broken by quantum computers. What quantum computers can do is most likely be able to do is discover the private keys from public keys. However, this does not happen overnight and when such a computer is made that can do that, the developers will have time to switch the network over to use a different method of key generation. Even so, if you are using Bitcoin properly by not reusing addresses, then you will be safe from those attacks. Those attacks require knowing the public key, but the public key is not actually revealed until you make a transaction going out of an address. If you are doing it correctly, then by the time the public key is revealed, finding the private key to it is pointless because the address it corresponds to will never be used again.

[Moneyburner]

I would be more paranoid of a personal mess up, something like forgetting a password or sending money to the wrong account number.

[jonald_fyookball]

Here, just read this: https://en.wikipedia.org/wiki/Quantum_computing#Potential

Ok, I read it.  Perhaps you didnt?

It will clear up any confusion about what I'm saying, hopefully.

Nope.  It doesn't say anything about SHA256, RIPEMD160, or really any other hashing algorithm at all.

That's right.

Even though, as you said Danny, this has been covered in countless other threads...

I'll just repeat here:

A quantum computer is only faster than a conventional computer under certain 'quantum algorithm' conditions
Specifically, ECC can be theoretically cracked if a quantum computer can be made to run a quantum algorithm
version of Shor's algorithm.  (not sure if I have the terminology 100% but you get the point). 

And to my understanding, no quantum computer is anywhere close to that as they are only capable of
doing super basic operations, with no huge improvements on the visible horizon.

[TheGr33k]

I'm slowly beginning to not care at this point. My other investments are doing well, so why bother.

[Light]

I think you misunderstand. When I say 'cracked' I do NOT mean computers brute forcing their way through like you describe. I mean some maths genius comes up with a shortcut so my home pc could get a private key from a public key.

There are a lot of these 'math geniuses' who have spent considerable effort in producing the ideas behind ECC. They have been reviewed by numerous people (and I have no doubt cryptographers at various intelligence organisations would have had their own look) and there doesn't appear to be an significant weakness. Having a great understanding of mathematics makes it easier to understand the principles behind ECC and ECSDA but it does not mean you can find a flaw if there isn't one.

[Amph]

I'm slowly beginning to not care at this point. My other investments are doing well, so why bother.

because bitcoin is not only an investments, at some point when it will grow on a global basis, it would be a catastrophe to have it broken by some future device

certainly if in the future there will be the potential to broke sha256, they will do it secretely, rest assured, like all the holes that were discovered years later...ssl heartbleed...

[Furio]

I'm slowly beginning to not care at this point. My other investments are doing well, so why bother.

because bitcoin is not only an investments, at some point when it will grow on a global basis, it would be a catastrophe to have it broken by some future device

certainly if in the future there will be the potential to broke sha256, they will do it secretely, rest assured, like all the holes that were discovered years later...ssl heartbleed...

Again, the code can be siwtched quite easily to sha512, the only problem is 50% downsize in hashrate

[ranochigo]

I'm slowly beginning to not care at this point. My other investments are doing well, so why bother.

because bitcoin is not only an investments, at some point when it will grow on a global basis, it would be a catastrophe to have it broken by some future device

certainly if in the future there will be the potential to broke sha256, they will do it secretely, rest assured, like all the holes that were discovered years later...ssl heartbleed...

Again, the code can be siwtched quite easily to sha512, the only problem is 50% downsize in hashrate

Yes. But it would receive some negative attention from the mining industry. The hashrate would decrease by much much more than 50%. ASICs would be rendered worthless since they are only designed to do SHA256D calculations and not SHA512. The GPU mining would be much more active again.

[Furio]

I'm slowly beginning to not care at this point. My other investments are doing well, so why bother.

because bitcoin is not only an investments, at some point when it will grow on a global basis, it would be a catastrophe to have it broken by some future device

certainly if in the future there will be the potential to broke sha256, they will do it secretely, rest assured, like all the holes that were discovered years later...ssl heartbleed...

Again, the code can be siwtched quite easily to sha512, the only problem is 50% downsize in hashrate

Yes. But it would receive some negative attention from the mining industry. The hashrate would decrease by much much more than 50%. ASICs would be rendered worthless since they are only designed to do SHA256D calculations and not SHA512. The GPU mining would be much more active again.

Just like it is now you mean Mining is and will never be profitable Only with the bubble of 2013 it was profitable, al the rest is investing in power consumption, calculations show buying bitcoin is better than mining them...

[Soros Shorts]

Yes. But it would receive some negative attention from the mining industry. The hashrate would decrease by much much more than 50%. ASICs would be rendered worthless since they are only designed to do SHA256D calculations and not SHA512. The GPU mining would be much more active again.

This can be planned in advance giving enough time for ASIC manufacturers to release updated hardware. ASIC hardware becomes obsolete fairly quickly anyway.

[Amph]

I'm slowly beginning to not care at this point. My other investments are doing well, so why bother.

because bitcoin is not only an investments, at some point when it will grow on a global basis, it would be a catastrophe to have it broken by some future device

certainly if in the future there will be the potential to broke sha256, they will do it secretely, rest assured, like all the holes that were discovered years later...ssl heartbleed...

Again, the code can be siwtched quite easily to sha512, the only problem is 50% downsize in hashrate

this is not true for the miners, their asic will not work with sha512, so basically you're asking to sell 600 peta of asic and buy again 600 peta of sha512 asic, no way it will work

[STT]

This is like if they discover free nuclear energy safely available, it would make for alot of unemployment in oil industry but also consider the world would become massively better off with free energy.  There is a knock on benefit from advanced technology, people may only see a negative first to their established practise.    If quantum computers break SHa256 then the wider picture would be a big benefit for mankind from this extra power available, they'll adapt processes now vulnerable to instead benefit.  They'd have to be very lax to let just one party exploit this power without realising it was becoming possible

[crazyivan]

Well, there s always a distant possibility for this but I really do not think anyone can crack such a widely differentiate and distributed protocol with current tech. Blockchain s perfect.

[Syke]

It will take hundred of years to crack one single private key with today's technology

No. You will never crack a good private key with today's technology. Never.