Quantum computer will kill bitcoin

[cnmcdee]

Quantum Computing will NOT even touch cryptocurrency

If you spend some time training on the 5 Qubit IBM training system you will learn in the literature that it can only reduce the problem set by a SQRT.

[Ix]

Quantum Computing will NOT even touch cryptocurrency

If you spend some time training on the 5 Qubit IBM training system you will learn in the literature that it can only reduce the problem set by a SQRT.

This is a reference to hashing algorithms and Grover's solution.

Shor's solution breaks public key cryptography: https://en.wikipedia.org/wiki/Shor's_algorithm

"If a quantum computer with a sufficient number of qubits could operate without succumbing to noise and other quantum decoherence phenomena, Shor's algorithm could be used to break public-key cryptography schemes such as the widely used RSA scheme."

All cryptos using ECDSA are highly vulnerable.

[JesusCryptos]

Bitcoin can and will die also for many other reasons, the future of crypto is PoS and other innovative techniques

[yura_878]

Bitcoin can and will die also for many other reasons, the future of crypto is PoS and other innovative techniques

Also, I think  that if a quantum computer arrives then bitcoin will be destroyed.

[Raist]

No it will not. Or else - it must come suddenly. How do you imagine sudden attack by quantum unit? IBM or Alphabet guys will say - oh yeah we have sold 25- or 500 quantum comps to hackers, but they swore not to hack BTC... and then we have forgotten about that...neeee..... By the way I already have seen one system that will be PQC ready next summer (although there is no quantum comp still). This project is on this forum right now. So do not be afraid - quantum hackers will not have a chance-)))

[mpufatzis]

I've heard once Antonopoulos saying that in case of the quantum computers appear, the decryption code can be upgrated (I suppose to something more difficult even for those computers). I believe that he's right and so the danger should be minimal.

[djangocoin]

Quantum resistance can be added to it and other coins when the threat of quantum computers starts to become real. Right now i'd say it's a very low priority since it can and will be dealt with and is a threat that's at least a decade or more away.

[sic57005]

There were rumors 10 and even 20 years ago that quantum computer can break cryptography. Theoretically, yes. Practically we still not managed to build quantum computer than can make anything useful. Even if we finally will make one, it is not like desktop PC to sell it in boxes to every script kiddie. This would be property of some powerful research team controlled by government and why the hell they will do attempts to break BTC?

[Riddikulo]

Source1 http://www.newsweek.com/quantum-computers-kill-bitcoin-cryptocurrency-509053

Source2


So please tell me what other coin have “quantum resistance” future for now?
Please give me the name / list etc

I think it's too early to panic about quantum computers. Perhaps the developers will come up with some kind of reliable protection for their appearance and we will not have to worry about it.

[lighpulsar07]

Indeed it is theorized that the strongest encryption known to today's standard the SHA-256 and 512 would be easily cracked by a quantum computer so, bitcoin and other cryptocoins with SHA-256 algorithm will more likely be cracked and can easily manipulated but don't worry the only first quantum computer ever made is in china but it will take decades or centuries to make a quantum computer to be available on market and also, the devs will be working on this problem in future.

[ManaMan]

yes Quantum computer is a threat to the crypto currencies, most of them as of today. Others stated well that many more things will become woundable to this. I remember reading that they are still relatively in the development, I think one computer could sustain for not even 1 second.

If you are looking for Quantum resistant crypto currency you can read IOTA white paper here : https://iota.org/IOTA_Whitepaper.pdf (26 page talks about their resistance to quantum computations)

If quantum computers will be near to really be produced we could do an "upgrade" of bitcoin changing by adding another way to generate  wallet addresses so this can be updated but needs to be done right. Although there will still be possible to go through "old" addresses in that case and to take coins from lost or forgotten wallets or even once that people didn't want to transfer to a new address which is resistant to quantum computing.

[rumpel_tusk]

Why the fuck would someone "drive up the markets to short them" if they can crack the passwords to btc acc with their super computer? It's like the worst plan ever.

Just take the money from everyone's accounts? This would include all accounts, including fiat bank accounts.........

What if cryptocurrency is mainstream is and is a significant portion of the world economy's value. Then a hostile power decides to crash that sector of the economy by breaking into every account that holds cryptocurrency. The world may lose faith in cryptocurrency and abandon it. People will have lost their savings because the Cryptocurrency community wasn't prepared for Quantum Computing, which may be ready in as little 10 years!

[sic57005]

Quantum Computing will NOT even touch cryptocurrency

If you spend some time training on the 5 Qubit IBM training system you will learn in the literature that it can only reduce the problem set by a SQRT.

This is a reference to hashing algorithms and Grover's solution.

Shor's solution breaks public key cryptography: https://en.wikipedia.org/wiki/Shor's_algorithm

"If a quantum computer with a sufficient number of qubits could operate without succumbing to noise and other quantum decoherence phenomena, Shor's algorithm could be used to break public-key cryptography schemes such as the widely used RSA scheme."

All cryptos using ECDSA are highly vulnerable.

The ECDSA public key isn't exposed since most cryptos using its hash as public address. Public key itself is not stored in blockchain.
So back again to Grover's.

[rooster2000bka]

I do not quite get it! The development of hardware is necessary, the software will develop accordingly and always find the right way! BTC will be the same.

[pedropendukot]

Quantum is dangerous,the very least you can worry is about cracking BTC,any of your privacy would be compromised if they built a quantum computer.

[shyliar]

Quantum computing means no password in the world will be safe. It will be able to brute force and crack passwords for almost anything. Bitcoin will be the least of your worries when someone breaks into government accounts and steals all the money in the world. Bitcoin is such a small piece of the world's money for now.

Stop spreading fear and anxiety. Quantum computers might not come in our lifetime.

Completely agree with this. No financial system will be safe (wall street or banks) based on current technology usage. The military wouldn't be safe.

[cryptogeek101]

Source1 http://www.newsweek.com/quantum-computers-kill-bitcoin-cryptocurrency-509053

Source2


So please tell me what other coin have “quantum resistance” future for now?
Please give me the name / list etc

I think it's too early to panic about quantum computers. Perhaps the developers will come up with some kind of reliable protection for their appearance and we will not have to worry about it.

The only thing that is permanent is change. As they are thinking about using Quantum computer to brute force bitcoin wallets the developers of Bitcoin will be thinking about a high powered resistance force to counter the force . This can take years to achieve. There is no need to be afraid of the past and the future. Think about the present moment.

[KevenDabid]

I am also worried about what future Quantum computer will do to the cryptocurrency market, and whether it will lead to a complete collapse of the cryptocurrency market, which scares me.

[NaissuR]

Cardano is quantom resistant ..