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Author Topic: Will quantum computing kill crypto?  (Read 8904 times)
veleten
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July 11, 2017, 06:49:51 AM
 #41

quantum computers are reality long time ago already:
http://www.pcworld.com/article/3194574/hardware/china-adds-a-quantum-computer-to-high-performance-computing-arsenal.html
chinese have added quantum computers to their research pool
the thing is that at the current state of things, hashes will not be decoded on the fly (unless Snowden is right and ANB have backdoors in every crypto algorythm)
even with the help of the quantum computers,so no,bitcoin is/will be safe for at least another decade

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July 11, 2017, 10:51:32 AM
 #42

quantum computers are reality long time ago already:
http://www.pcworld.com/article/3194574/hardware/china-adds-a-quantum-computer-to-high-performance-computing-arsenal.html
chinese have added quantum computers to their research pool
the thing is that at the current state of things, hashes will not be decoded on the fly (unless Snowden is right and ANB have backdoors in every crypto algorythm)
even with the help of the quantum computers,so no,bitcoin is/will be safe for at least another decade

Funny you mention that the Chinese have developed quantum technology, I just came across this on Facebook from the financial times: https://www.facebook.com/financialtimes/posts/10155458818350750

Says China have successfully developed quantum communication. Will be deployed in August.

Maybe things move quicker than what people think
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July 11, 2017, 01:34:40 PM
 #43

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July 11, 2017, 02:10:31 PM
 #44

The next project to be aware of must be teleportation,
When quantum computers are active a new problem with hit the lights.

You would be able to observe things that you could not even begin to imagine observing or altering  by mechanical manipulation.

It's to early to say Bitcoin would be safe.
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July 12, 2017, 02:51:10 AM
 #45

quantum computers are reality long time ago already:
http://www.pcworld.com/article/3194574/hardware/china-adds-a-quantum-computer-to-high-performance-computing-arsenal.html
chinese have added quantum computers to their research pool
the thing is that at the current state of things, hashes will not be decoded on the fly (unless Snowden is right and ANB have backdoors in every crypto algorythm)
even with the help of the quantum computers,so no,bitcoin is/will be safe for at least another decade

Funny you mention that the Chinese have developed quantum technology, I just came across this on Facebook from the financial times: https://www.facebook.com/financialtimes/posts/10155458818350750

Says China have successfully developed quantum communication. Will be deployed in August.

Maybe things move quicker than what people think
What year on August? This year? Smiley I seconded that quantum is already a reality wayback before but its still on testing phase and i strongly believe it would still need more time to go in that era already. Hashes on some cryptos might be easily decoded but on bitcoin its still possible but would be a hard one. I dont know what would be the best added feature later on bitcoin when it comes to security but still its too early to mind up on these things. Just enjoy the stuffs as of now.



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July 15, 2017, 12:24:19 PM
 #46

This is a great question and does need to be addressed by the community, although it won't be a reality until decades in the future.

In saying all that, along with all other replys here, quantum computers would have to be publically accessible for Bitcoin and other cryptos to be hacked. And I'm sure they'd be extremely expensive and possibly inaccessible to the public due to security issues.

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July 15, 2017, 04:26:09 PM
 #47

This is a great question and does need to be addressed by the community, although it won't be a reality until decades in the future.

In saying all that, along with all other replys here, quantum computers would have to be publically accessible for Bitcoin and other cryptos to be hacked. And I'm sure they'd be extremely expensive and possibly inaccessible to the public due to security issues.

It is too difficult for it to reach the community; it costs a great deal to implement this project, however, given the current situation of bitcoin, it is not strong enough to achieve that goal.

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July 15, 2017, 04:57:25 PM
 #48

Not necessarily. There may be instances where the cryptographic primitives used in bitcoin are broken with quantum computing. But there are plenty of post-quantum cryptographic protocols being developed to secure the future if quantum computers continue to improve. There is also literature on e.g. quantum bitcoin protocol which implements these post-quantum crypto ideas to build quantum cryptocurrencies!
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July 15, 2017, 07:21:51 PM
 #49

So if the public key is unknown there is no way, ever to compromise a private key (without hacking, etc) ?

This has always been my understanding.
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July 15, 2017, 07:58:19 PM
 #50

I think, it is quite far for bitcoin owners to care about this quantum computing. The latter is in its embryonic stage. I wouldn't consider it a threat for like 4-5 years, really. Roll Eyes
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July 23, 2017, 12:51:51 PM
 #51

We'd probably get quantum miners ,and some of the protection people disscused earlier in the thread
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July 26, 2017, 08:42:50 PM
Last edit: July 30, 2017, 05:43:24 PM by TheFriends
 #52

I do not believe this hypothesis, I believe that Crypto will evolve with development too.

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July 28, 2017, 07:44:40 AM
 #53

It will not, as cryptos will move to new protocols that quantum computers cannot solve. Yes, quantum computers would speed up prime factorisation, but there are many mathematical problems that they will not improve upon compared to current computers.

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July 28, 2017, 09:36:15 AM
 #54

When will that be readily available to the public though? Probably not for a very, very long time. Plus think about the expenses!
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July 28, 2017, 11:54:11 AM
 #55

No, I do not think that quantum computing will kill cryptocurrency mining. In the very least, quantum computing is extremely expensive and is not something that is easily profitable. Each system currently costs around 10 million USD, and is not available to the average customer, provided you have the money to support what you wanted. However, quantum computing is still very much just developing and should not be considered as a possible threat for the next few years to come.
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July 28, 2017, 05:50:12 PM
 #56

Good thought. Personally I think blockchains will be the way to go, since banks will probably lag in the update to quantum resistant security measures. Communities like these are faster at adopting such technologies.

I think by the time bad actors, who are usually amateurish have access to quantum computers, banks will have responded with appropriate security measures. With that said I agree that communities like these will adopt quantum resistant security measures first. On top of that, down with the banks! Embrace decentralization!
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July 29, 2017, 09:17:32 PM
 #57

quantum computers are reality long time ago already:
http://www.pcworld.com/article/3194574/hardware/china-adds-a-quantum-computer-to-high-performance-computing-arsenal.html
chinese have added quantum computers to their research pool
the thing is that at the current state of things, hashes will not be decoded on the fly (unless Snowden is right and ANB have backdoors in every crypto algorythm)
even with the help of the quantum computers,so no,bitcoin is/will be safe for at least another decade

Funny you mention that the Chinese have developed quantum technology, I just came across this on Facebook from the financial times: https://www.facebook.com/financialtimes/posts/10155458818350750

Says China have successfully developed quantum communication. Will be deployed in August.

Maybe things move quicker than what people think

It would not be surprising if the military has been using quantum computing/communication for years now. They are usually ahead of ordinary citizen technology by 10-20 years. The Nazis, for example built UFO-like flying aircraft in the 1940's. If you don't believe me search on YouTube. I bet 99.999% of people did not think there was such technology back then. They thought we would have flying cars today, but they actually had them back then!
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July 29, 2017, 09:49:58 PM
 #58

Quantum computing certainly is a threat to crypto, yes. However, crypto in general has the potential to be uncrackable even with the aid of Quantum computing, so I would say cryptocurrency overall will not be killed, but and individual currencies that fail to adapt will be.
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July 31, 2017, 10:48:07 PM
 #59

It is not the way you put it. We have quantum resistant cryptographic algorithms out there, already:
https://en.wikipedia.org/wiki/Post-quantum_cryptography
I'm specially a fan of this one:
http://ieeexplore.ieee.org/document/6337933/?reload=true

Quantum computing is too immature to be considered a threat for at least this decade and when it happens to be ready, we are ways ready. Just don't panic. Wink

A very interesting topic here. These links are very useful and informative. Thanks
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August 01, 2017, 01:43:53 PM
 #60

There are many years ahead to see quantum computers as home pcs. They will stay very experimental for long time I'm sure. So no problem for cryptocurrencies.



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