Quantum Computing and bitcoin

[vpitcher07]

I don't know much about quantum computing and I'm still learning the little bits and pieces to bitcoin but understand the general idea. That being said, couldn't quantum computing essential destroy the bitcoin network and the entire idea of bitcoins? From what I understand, quantum computers will be able to crack encryption protocols extremely fast effectively making bitcoins useless. I also wouldn't doubt the US gov. having some type of top secret quantum computer that is functioning. Do you think they could destroy bitcoin if progress is made?

[AzureEngineer]

Quantum computing could destroy the security of the military, the internet, and the government. If quantum computing becomes available, Bitcoin will be the least of my worries.

[vpitcher07]

Quantum computing could destroy the security of the military, the internet, and the government. If quantum computing becomes available, Bitcoin will be the least of my worries.

While that's true, if quantum computers become available i would assume all of these things would get them first before they are made available to the public. It would also destroy public key encryption. I guess my question is, if this does happen, bitcoin is screwed Right?

[AzureEngineer]

While that's true, if quantum computers become available i would assume all of these things would get them first before they are made available to the public. It would also destroy public key encryption. I guess my question is, if this does happen, bitcoin is screwed Right?

Yes, yes it is. However, nothing is stopping a quantum-crypto-currency from hitting the market.

[vpitcher07]

While that's true, if quantum computers become available i would assume all of these things would get them first before they are made available to the public. It would also destroy public key encryption. I guess my question is, if this does happen, bitcoin is screwed Right?

Yes, yes it is. However, nothing is stopping a quantum-crypto-currency from hitting the market.

Quantum encryption. That has got to be an oxymoron lol

[impatrick]

http://annameydie.com/sxispigrl/?p=123

[alkuluku]

Quantum computing could destroy the security of the military, the internet, and the government. If quantum computing becomes available, Bitcoin will be the least of my worries.

You think if/when quantum computers become reality the military, the internet and the government won't update their security measures?

[alkuluku]

While that's true, if quantum computers become available i would assume all of these things would get them first before they are made available to the public. It would also destroy public key encryption. I guess my question is, if this does happen, bitcoin is screwed Right?

Yes, yes it is. However, nothing is stopping a quantum-crypto-currency from hitting the market.

Quantum encryption. That has got to be an oxymoron lol

[yurtesen]

They already have quantum computers. D-Wave Systems is producing them. I am not sure if they are anywhere near usable for any such hacking But it probably would be quick to mine with them

[vpitcher07]

While that's true, if quantum computers become available i would assume all of these things would get them first before they are made available to the public. It would also destroy public key encryption. I guess my question is, if this does happen, bitcoin is screwed Right?

Yes, yes it is. However, nothing is stopping a quantum-crypto-currency from hitting the market.

Quantum encryption. That has got to be an oxymoron lol

How would that work? Wouldn't all forms of encryption we have now be rendered useless?

[alkuluku]

While that's true, if quantum computers become available i would assume all of these things would get them first before they are made available to the public. It would also destroy public key encryption. I guess my question is, if this does happen, bitcoin is screwed Right?

Yes, yes it is. However, nothing is stopping a quantum-crypto-currency from hitting the market.

Quantum encryption. That has got to be an oxymoron lol

How would that work? Wouldn't all forms of encryption we have now be rendered useless?

http://en.wikipedia.org/wiki/Post-quantum_cryptography

In contrast, most current symmetric cryptographic systems (symmetric ciphers and hash functions) are secure from quantum computers.[2][5] The quantum Grover's algorithm can speed up attacks against symmetric ciphers, but this can be counteracted by increasing key size.[6] Thus post-quantum cryptography does not focus on symmetric algorithms.

Besides that I assume the day quantum computers can do more than simple calculations we'll have encryption algorithms designed for them.

[TitanBTC]

Besides that I assume the day quantum computers can do more than simple calculations we'll have encryption algorithms designed for them.

Exactly.  It just a matter of using longer salt values.  We use 256-bit encryption because its highly impractical to crack it without years of time on a supercomputer, but there's no reason we couldn't just increase the length of our encryption keys.

In short, unless someone is hiding a quantum computer that is 50 years ahead of its time, we're probably safe.   

[AzureEngineer]

You think if/when quantum computers become reality the military, the internet and the government won't update their security measures?

Depends on which military and government gets their hands on a quantum computer first.

They already have quantum computers. D-Wave Systems is producing them. I am not sure if they are anywhere near usable for any such hacking But it probably would be quick to mine with them

D-wave systems are not quantum computers.

[alkuluku]

You think if/when quantum computers become reality the military, the internet and the government won't update their security measures?

Depends on which military and government gets their hands on a quantum computer first.

Read my post above.

[JordanL]

They already have quantum computers. D-Wave Systems is producing them. I am not sure if they are anywhere near usable for any such hacking But it probably would be quick to mine with them

D-Wave sounds like the BFL of quantum. They claim to have produced one but have not shown any evidence, and if I remember correctly many quantum computer experts are skeptical. They teamed up with some American military contractor (D-Wave is from Vancouver), Lockheed I think, so it's likely that the US military will have them first, one way or another.

Thankfully for us, they have bigger things to do with them than worry about Bitcoin.

Once they become more widespread either Bitcoin will have to be radically updated, or replaced with some type of quantum cryptocurrency.

[atp1916]

How are the D-wave systems are not quantum computers?

I've googled et all but still not understanding what the underlying qualifications for quantum computing may be?

[umairsaleem011]

This is not a problem I think. You can just upgrade bitcoin and use a very  high encryption suitable for quantum computers.

[b!z]

How are the D-wave systems are not quantum computers?

I've googled et all but still not understanding what the underlying qualifications for quantum computing may be?

They can't be used to mine bitcoin iirc

[fireforce]

How are the D-wave systems are not quantum computers?

I've googled et all but still not understanding what the underlying qualifications for quantum computing may be?

They can't be used to mine bitcoin iirc

 They could, but would bring huge fluctuations in conversion and logarithms of the system.

[smilez]

What is quantum computing anyway?