The discussion on protection from a quantum computer at the moment is very interesting. As I understand it is still necessary to solve a lot of problems. Even if a solution is created to protect against a quantum computer for a Btc network, users will first have to transfer their coins to another Blockchain using their private key, and then either deactivate this key or transfer their coins again to a new address. For most people this problem is not quite clear at the moment, but soon everything will change.
I read Bitcoin has about 25% of the circulating supply sitting in lost addresses. So nobody will be transferring those coins to quantum proof addresses after a fork. That much coins for grabs, it's end of story for Bitcoin.
The big boys in blockchain don't want people to know the problem, because it also pretty much ends their projects. But the truth will come out eventually and this info will be mainstream.
Wow that is a lot of coins but do you really think that will be the end of Bitcoin? I mean there are tons of better theories to be the one to end Bitcoin I can't see that being it and I am sure they could come up with a problem to go around that. Otherwise what we are going to say the circulating supply of Bitcoin goes from 21 million to 15-16 million overnight? That would be a crazy jump to make if it happens.
Bitcoin is so huge right now, nobody can believe it will end one day. But blockchains biggest strengths, are also it's biggest weaknesses.
1. Only being able to change by consensus. It's great because nobody can mess with your money. But it's a hussle if you need to improve your blockchain.
You see how hard it is for Bitcoin to implement changes like segwit2. Very necessary, but still not there. Everyone wants the same, a better Bitcoin, but they can't agree on how they want to do that.
They have a lot of things that need improvement because competition is huge and will take over the market. ETH has more transactions than BTC now. The price will very likely close in afterwards.
All these things need improvement:
- Transactionspeed
- Transaction costs
- The huge amount of energy BTC uses. It has to be solved, or it will be another stick for enemies to hit with.
- Quantum resistance
The need for these improvements and the lack of being capable to do so will end BTC longterm in my opinion.
But the fact that it is absolutely impossible to protect all your circulating supply from being hacked as a blockchain (and that's all existing blockchains at the moment exept for QRL) is cause for a lack of faith in a stable price that's unheard of in crypto. All it takes is an alternative. Like QRL and others to come. People will jump ship in the blink of an eye. I mean, people dump if another country just threatens with regulations that wouldn't even apply to themselves. And another example is Mt.Gox. Hackers had been stealing BTC for years and the price was still growing. I mean the theft started in 2011 and kept going untill it was discovered in 2014. Crypto was growing all those years. But the knowledge it was hacked caused the dump. Not the actual theft. Because people started selling in panic. So the knowledge that a part of the circulating supply isn't safe, is enough. Better be safe than sorry. Most certainly when it comes to money.
So even blockchains like Tezos who found a way to addapt easier have a huge unsolvable problem. Because of the second strength and weakness:
2. Private keys are automaticly generated by the blockchain. And after that:
- Nobody is able to change your private key.
- Nobody can get your private key without you giving it to them.
- Nobody but you can move your funds to a different (quantum secure) private key.
So as explained before, if you desperately NEED a new safer private key for ALL your coins. A blockchain simply can not do that for it's coins. The blockchain can be updated in a blockchain that can supply you safe private keys, but the coins still need to be moved by owners. And as explained in depth, some coins are unaccessible and can't be moved and some won't be moved by their owners. There is no solution here. This is blockchain. Is watertight. So if quantum computers arrive at full strength, and number 1 hasn't killed Bitcoin yet, number 2 will finnish it.
People can't get to accept this. Their believe in blockchain and in the "community" is so strong. "We" will overcome. There is so much money in crypto, "the community" won't let this happen. They feel they are part of something huge and nothing can change that. And the thing is, we
are part of something huge. And crypto
will adapt. And the community will grow and crypto is unstoppable and will be implemented in a huge amount of applications. But that crypto will be quantum proof. And the rest will be history.
Imagine you have your money in a bank. And they say: "From tomorrow, we will put your money in a different safe. Nobody will be able to steal it. You will still have 100$. We just need your autograph here, and here, thanks, you're set. ... Oh, and there will be some other funds, we're not sure how much, but we can't move that to our new safe. So that will be outside. ... It might likely be stolen somewhere in the future. But YOU will still have your 100$. ... Only it might be worth less. But the number is still 100, so you fine with that right?" No, you won't be fine with that. You would move your funds right away. As much as you love blockchain and the thought of beating the banks, the system, the thuoght of being part of something huge.. You still understand the value of money. Your money. And that will be your motivation, and the motivation of all other investors, your money and to be part of something greater: quantum secure blockchain. It will sink in with everyone sooner or later.. Most people are very protective of the projects they invest in. Naturaly.. Lots of people try to spread FUD. Competitors, but also banks, stock markets, governments, all enemies, all attacking. And people getting defensive. But people will distinguish FUD from real problems sooner or later.
