Will quantum computing kill crypto?

[dinofelis]

Unfortunately, in the earlier stages of Bitcoin, P2PK was implemented instead of P2PKH. The earlier transactions, specifically those that were mined to were vulnerable with the default implementation using P2PK.

I don't know why you say that.  Even in Satoshi's genesis block, the output script is

41 04 67 8A FD B0 FE 55 48 27 19 67 F1 A6 71 30 B7 10 5C D6 A8 28 E0 39 09 A6 79 62 E0 EA 1F 61
DE B6 49 F6 BC 3F 4C EF 38 C4 F3 55 04 E5 1E C1 12 DE 5C 38 4D F7 BA 0B 8D 57 8A 4C 70 2B 6B F1
1D 5F AC

that is essentially a bitcoin ADDRESS, meaning, it is a hash of a public key.

[1715605635]

1715605635

[1715605635]

1715605635

[1715605635]

1715605635

[1715605635]

1715605635

[1715605635]

1715605635

[bluefirecorp_]

Probably not, honestly.

So, when quantum computing leaves its infancy, I'm pretty sure it'll be the catalyst that moves humanity closer to singularity. With actual quantum computing, we'll be able to effectively simulate the universe.

Ideally, Bitcoin and all currencies will be dead by this point and capitalism will have fallen entirely.

[Palmerson]

Probably not, honestly.

So, when quantum computing leaves its infancy, I'm pretty sure it'll be the catalyst that moves humanity closer to singularity. With actual quantum computing, we'll be able to effectively simulate the universe.

Ideally, Bitcoin and all currencies will be dead by this point and capitalism will have fallen entirely.

Against any poison always has an antidote. Quantum computers, it will not be soon. If you panic because you, we urgently need to curtail all space programs because someday it will built a spaceship with photon drive.

[bluefirecorp_]

Probably not, honestly.

So, when quantum computing leaves its infancy, I'm pretty sure it'll be the catalyst that moves humanity closer to singularity. With actual quantum computing, we'll be able to effectively simulate the universe.

Ideally, Bitcoin and all currencies will be dead by this point and capitalism will have fallen entirely.

Against any poison always has an antidote. Quantum computers, it will not be soon. If you panic because you, we urgently need to curtail all space programs because someday it will built a spaceship with photon drive.

Wat.

[Ucy]

" Do you think we will see new quantum cryptos released once the technology is ready? Or do you think Bitcoin will adopt a new layer of quantum security if that is even possible"


The bolded would likely be the case. Been following the Quantum stuff for years now, looks like it is year 2030 technology, by then developers will most likely figure out how to keep things from being hacked or we will never have Crypto and Blockchain anymore.

By the way IBM may have developed some basic quantum computers/technology. They have been on the Quantum thing for years

[Droplex]

Bitcoin is inherently resistant to quantum computing as it does not disclose the public key, instead it hashes it twice! So the attacker literally has no chance to 'derive' the private key even armed to a super quantum computer like in a science fiction.

So far so good, BUT when one 'spends' his wallet, eventually has to disclose his/her public key and if s/he accidentally tries to use the same address again, well, from here on the alarming flags should be raised if there are powerful enough QCs commercially available.

Note:
In the limited interval between the time of the spend Tx even for the brand new addresses, until they get confirmed, there is a window for the QC attack to compromise the private key and generate another transaction with higher fee and priority and steal funds, taking advantage of this window needs very huge QCs to break the code very fast, not like few days, but few seconds. Such QCs not likely to be built ever.

Anyway, when it comes to upgrade, there will be a soft fork, implementing new address types and thus new cryptographic algorithms. After  the fork, all new transactions will be safe in heaven, the only weakness will be the elder UTXOs with used addresses, though it will be the holders' responsibility to renew their wallets asap

[aliashraf]

@Droplex

I understand you are new here but yet ....

Why do you just copy/pasted my post above? You can use Quote button on any post to just have it all copied in your reply and tagged properly, then you can add your comments like saying: "I strongly support this opinion"or "I don't get it" or .... Instead, you just copied my post's text simply, violating my copy left  

[iram1011]

Bitcoin will remain safe regardless of how powerful quantum computers are. Bitcoin’s encryption protocol will likely remain safe. Bitcoin’s underlying encryption protocol, SHA-256, is stubbornly resistant to nefarious attempts to undermine it. It is likely strong enough to withstand assaults from even the most savage quantum computer onslaught.
Moreover, Quantum computers are not much capable of solving cryptography. They are not that powerful of solving difficult problems. Hence, Bitcoin is safe.

[craZyLovE0916]

Some people are saying it will. It is actually quite scary. And imagine just how fast a quantum computer could mine Bitcoins...

[BitcoinBallerina]

It could either kill crypto, or provide a massive boost to it. Imagine how powerful the miners will be. It will be like back in 2009. lol!

[ArabMist]

Doesn't www.theqrl.com    The Quantum Ledger solve this problem and offer a store of value that is quantum resistant? Couldn't Bitcoin integrate elements of this project?

[physicist]

https://en.bitcoin.it/wiki/Quantum_computing_and_Bitcoin

[harrymmmm]

copy/paste from a trading thread I wrote in a couple days ago:

https://www.sciencenews.org/article/quantum-computers-are-about-get-real

TL;DR: 50 qubit quantum computer available commercially within a few years.
Small versions (5 qubits) available to public via web access already.
16 qubit version available to beta test now.

These are real quantum computers too - not just quantum annealing thingies like D-Wave sells.

[asonganyi]

To me the quantum technology world is developing so to is the cryptographic world. The truth is if quantum becomes a reality and meets cryptography at it's current stage then cryptography will be dumped for a period of time until it catches up... Well nothing is impossible but to think that a fiction will one day come to reality and beat an already existing system is some worth out of the box. But we should not also forget that the very technology of quantum computing can also be used to to enhance cryptography because there are many cryptographic algorithms out there that will function amazingly well on quantum systems.
So there is nothing to fear about because both systems are developing and quantum systems can be used to enhanced cryptography last but not the least, there are already majors out there that are designed to combat such a situation  ...
https://en.wikipedia.org/wiki/Post-quantum_cryptography

[fan_of_things_and_stuff]

I mean it effectivly makes encryption useless, someone with a quantum computer could just brute force a private key from a public key in no time. This will kill every crypto currently out there.

This isn't correct. It will make Public Key Encryption (as we know it today) useless, but it doesn't break encryption writlarge. Crypto will have to adapt, but it will...just a matter of time

[Bellelu]

Even if it is successful, it will not be used here. It should be applied to military and scientific fields first

[7jaka7]

Even if it is successful, it will not be used here. It should be applied to military and scientific fields first

If one individual person could afford quantum computer he can do whatever he wants.

I am not very technical person and don't know much about computers but i think it is not very hard to raise computing power which is needed to solve something. Let's say you have to guess 4 digit password it is done in no time, but 8 digit password is much harder to guess with brute force.

[eaLiTy]

Some people are saying it will. It is actually quite scary. And imagine just how fast a quantum computer could mine Bitcoins...

If the technology changes and if you are keep with the age old technology then it is possible,that wont be the case with crypto currency because the people behind these projects are smart people and they will be changing things when there is an upgrade in technology.After all quantum computing is a thing of the future but progress is made every day in this field as i saw a post regarding measuring of electrons in the quantum dot is possible now and with all these developments it will take a long time to become reality but with these advancements we will improve  from the current standards.

[Kakmakr]

Bitcoin is programmable code and the developers has worked on fail safe replacements for current algorithms, if processing power catch up with the encryption techniques. SHA-2: A family of two similar hash functions, with different block sizes, known as SHA-256 and SHA-512. They differ in the word size; SHA-256 uses 32-bit words where SHA-512 uses 64-bit words. There are also truncated versions of each standard, known as SHA-224, SHA-384, SHA-512/224 and SHA-512/256.

Currently the most vetted hashing algorithm providing most security is bcrypt. < not sure if it is suitable for Bitcoin > ^hmmmmmm^

[leea-1334]

" Do you think we will see new quantum cryptos released once the technology is ready? Or do you think Bitcoin will adopt a new layer of quantum security if that is even possible"


The bolded would likely be the case. Been following the Quantum stuff for years now, looks like it is year 2030 technology, by then developers will most likely figure out how to keep things from being hacked or we will never have Crypto and Blockchain anymore.

By the way IBM may have developed some basic quantum computers/technology. They have been on the Quantum thing for years

Technology is always a matter of time. But only if you remove money as one precondition. So, with the assumption of unlimited financial means, all technology is possible. But yes, Bitcoin is not stagnant. It is its nature to respond and adapt. It is not invincible. It is always vulnerable. But Bitcoin is moving, just as tech is.