Last coins mined with quantum computing

[MykelSilver]

I think the last part of the 21M coins will be mined using quantum computing
http://gigaom.com/2013/05/24/australian-researchers-get-closer-to-scalable-quantum-computing/

Curious when this happens.
Mining using quantum computing will be much faster i.m.h.o.

[1714972797]

1714972797

[1714972797]

1714972797

[Geez]

Well sadly nobody of us will experience the mining of the last few coins.

[TaxReturn]

The current state of knowledge is that hashing is not susceptible to quantum computing but ECDSA is. In other words, if QC reaches a sufficiently advanced stage it will not help mining, but make the whole network obsolete because the asymmetric encryption will be easily breakable.

[MykelSilver]

The current state of knowledge is that hashing is not susceptible to quantum computing but ECDSA is. In other words, if QC reaches a sufficiently advanced stage it will not help mining, but make the whole network obsolete because the asymmetric encryption will be easily breakable.

My question: This includes also breaking or cracking the primary key of the bitcoin wallet (Bitcoin Address) ??  :-(

[TaxReturn]

My question: This includes also breaking or cracking the primary key of the bitcoin wallet (Bitcoin Address) ??  :-(

Yes, on a theoretical quantum computer the private key to a public key can be computed much, much, much faster than on any traditional computer. This is true for ECDSA at least, which is the method used by bitcoin.

When quantum computing has advanced this far (will likely take some decades) and bitcoin is still around, the asymmetric encryption must be replaced by something that isn't susceptible to quantum algorithms. There are possible methods, but since it's all theory at this point research is still in its infancy.

[Aureum_Coffee]

The last Bitcoin will not be mined with a quantum computer.

It's because the computer will be suffering from Heisenberg uncertainty principle.  The computer won't be able to tell if it has generated the last Bitcoin or not, or it has both generated/not generated the last Bitcoin.   

[cdog]

Its either going to be Bitcoins or Nuka-Cola caps...

[MykelSilver]

What about this? http://www.dwavesys.com/en/products-services.html
So: End of Bitcoin?
Found the answer: https://en.bitcoin.it/wiki/Myths#Quantum_computers_would_break_Bitcoin.27s_security

Quote:The DWAVE system often written about in the press is, even if all their claims are true, not a quantum computer of a kind that could be used for cryptography. Bitcoin's security, when used properly with a new address on each transaction, depends on more than just ECDSA: Cryptographic hashes are much stronger than ECDSA under QC. Bitcoin's security was designed to be upgraded in a forward compatible way and could be upgraded if this were considered an imminent threat.
See the implications of quantum computers on public key cryptography here http://en.wikipedia.org/wiki/Quantum_computer#Potential
The risk of quantum computers is also there for financial institutions, like banks, because they heavily rely on cryptography when doing transactions.