Breaking News: Quantum computers can crack Satoshi's wallet

[Actor_Tom_Truong_]

Breaking News: Quantum computers can crack Satoshi's wallet

Bitcoin is traceable and yet no one can find Satoshi's wallet.The good news is, Quantum computer can crack Satoshi's wallet.

[BADecker]

2018 should be the year of quantum supremacy

IBM, Dwave Systems, Google, Rigetti, Intel and others are computing to develop faster quantum computing systems.

IBM, Google and Rigetti are working on approximate gate model systems.



Rigetti has a 19 qubit chip.

The time to scale up and develop new chips with more qubits is a matter of how effectively the larger number of qubits can be tested.

There are multiple competitors with the non-error correcting gate model systems. I would predict that at least one and possible more of the competitors will try to create and test and publicly announce a 100 qubit system in 2018. A 200+ qubit prototype could be built by the end of 2018.

I think the multiple competitors in quantum computing will force a more aggressive development schedule.

DWave Systems has a 2000 qubit quantum annealing system and is working on a 5000 qubit system. The 5000 qubit was projected to be installed at a client site in 2019. This would mean that the 5000 qubit system is being tested now at Dwave. Dwave will probably publish speed tests and research papers about the 5000 qubit system in 2018. Although Dwave may choose to only use about 4000 or the 5000 total qubits.

I predict a 100 qubit gate model system or the 4000-5000 qubit DWave quantum annealing system will demonstrate quantum supremacy in several problem areas.

Read more at https://www.nextbigfuture.com/2017/12/2018-should-be-the-year-of-quantum-supremacy.html.

[BADecker]

Quantum Computers Pose Imminent Threat to Bitcoin Security

Bitcoin is taking the world by storm. The decentralized digital currency is a secure payment platform that anybody can use. It is free from government interference and operated by an open, peer-to-peer network.

This independence is one reason Bitcoin has become so popular, causing its value to rise steeply. At the beginning of 2017, a single bitcoin was worth around $1,000. By November 2017, this had risen to around $7,000. Indeed, the total value of the cryptocurrency market is some $150 billion.

A crucial feature of Bitcoin is its security. Bitcoins have two important security features that prevent them from being stolen or copied. Both are based on cryptographic protocols that are hard to crack. In other words, they exploit mathematical functions, like factorization, that are easy in one direction but hard in the other—at least for an ordinary classical computer.

Read more at https://www.technologyreview.com/s/609408/quantum-computers-pose-imminent-threat-to-bitcoin-security/.

[BADecker]

Quantum computers could crack Bitcoin, but fixes are available now

An international group of quantum boffins reckons Bitcoin could be broken by the year 2027.

The researchers from Singapore, Australia and France say that scenario represents the worst case, and would see a quantum computer able to run Shor's algorithm against the cryptocurrency's protective elliptic curve signature quicker than the 10 minutes Bitcoin needs to record a transaction in the blockchain.

There are two items of good news in the paper for Bitcoin: its proof-of-work isn't as vulnerable to “quantum speedup” as people think, and the signature can be replaced with something more quantum-resistant before the day of reckoning.

In their paper, which landed at arXiv in late October, Divesh Aggarwal and his collaborators say ASIC-based mining rigs are fast compared to even optimistic theoretical quantum computer clock speeds.

Read more at https://www.theregister.co.uk/2017/11/09/quantum_computers_could_crack_bitcoin/.

[BADecker]

Of course, what about a quantum ASIC?   

[Paranuatu]

this just means a single quantum computer or a couple of them could run the entire mining operation, not necessarily that the wallets can be hacked. In fact, if you compare the probabilities

[loreRex]

There are two items of good news in the paper for Bitcoin: its proof-of-work isn't as vulnerable to “quantum speedup” as people think, and the signature can be replaced with something more quantum-resistant before the day of reckoning.

This.
Quantum computers are pretty limited now, since they lack useful quantum algorithms. They know how to factor quickly though, but it's enough to change the POW algorithm for BTC.

[joinfree]

Quantum computers are pretty limited now, since they lack useful quantum algorithms. They know how to factor quickly though, but it's enough to change the POW algorithm for BTC.

And they would need more than thousands of quantum computers in order to crack a single wallet, so i would say that they are not worth it for the owners of them.

And they are probably going to be very expensive (just as they are right now)

What about having 100 quantum computers in order to crack a single wallet who has less than 0.01 in there? Would it be worth it? I guess that it would not.

[Shamie1002]

I think it's too expensive but if this said quantum computers have sure results then it will profit fortune.

The vulnerability of bitcoin is already mentioned by satoshi himself. He knew that when a super quantum computer is invented, there are high risk of being hacked. That is why protocols are made and two security features. Aside from elliptic curve there is the public key scheme.
Well, do you guys really wanted bitcoin to be cracked ? I think once that these are done, bitcoins are not safe anymore. There are more rooms for manipulation.

[btcone111]

So the question is... how long does it take for technology to race ahead of bitcoin?
Could bitcoin core dev easily device something that is quantum resistible?

[emuLOAD]

well, yes. they can. even without too much thought, this is one case where size does actually matter.

[angaper]

I think we are still too far away from those scenarios in which quantum computing will mean a real threat to the bitcoin and other altcoins, because these advances although they seem substantial have actually been minimal, and I could say that we are just in a stage of theoretical development with very few practical uses, for which I think we can breathe fairly calm for the next 10 years at least.

[jlanzago]

Everything is traceable, if there are traces to begin with. So yes, they could probably find out which wallet belongs to Satoshi. But wallets are just a set of keys that cannot be cracked, not even by a super computer (otherwise we would all be at risk).

[uncleduckerr]

Might not be a problem today but do we want to wait around until the problem becomes bigger than we have a solution for? I doubt that and there are ways to hedge against quantum computing hacking us and one way I know of is by investing in QRL. It is an token that sets to protect the networks from quantum computing hacks.

[heartrodriguez28]

This will be a big threat to BTC if placed in the 'wrong' hands. Is 2018 going to be its launch year?

[ClaraLuV]

This will be a big threat to BTC if placed in the 'wrong' hands. Is 2018 going to be its launch year?

These sort of made up threats are heard for a long time,in theory it is a good story ,but it is not that easy as it sounds,we need more development when it comes to reaching those levels and it is not an easy barrier to break,we might reach those pinnacle in five to ten years time and not anytime soon in my opinion.

[streetlight]

This isn't breaking news. People have been saying quantum computers are a huge theat to crypto for a long time.

The problem is they can or should be able to calculate almost anything instalty, eventually. This leads to issues with today's crypto that is condi==idered as unbreakable. I guess only time will tell.

[vintagetrex]

won't bitcoin easily counter by making bigger public/private key addresses?