Quantum computers will end Cyrpto

[3piecechickendinner]

I wrote about this very issue as a limitation in my whitepaper. 

"Although we feel that Hyperledger Fabric is the best solution for enterprise blockchain use cases, we did find
some limitations in the solution. Currently, data is encrypted before it is stored in the chain code. If the data is
shared with all the nodes, then all nodes will have a copy of the encrypted data but they will not have the key
required to encrypt the data. The potential issue with this approach is that data on the ledger is immutable and
can be potentially held there for years. At some point, years down the line, our quantum computing power will
evolve and today’s encryption technique will be compromised and may expose all of the data across the nodes.
But with proper governance in place, an organization can adopt a proper migration strategy to mitigate this
risk."

But I'm not sure what we can do to protect against this, are there any serious projects that are addressing this need?

[Blockchaincat]

Will appear new quantum crypto coins

[MrSpasybo]

Will appear new quantum crypto coins

It would be cryptocurrency under the management of a state or large organization, and that token would go against the purpose and value of the crypto community. No one wants to support quantum tokens.

Moreover, most current mining operating systems on Windows or Linux have built-in quantum-resistance functions.

[JustADreamer]

Big statement thread title haha.

Watched click on the weekend, talking about Quantum computers, they're a long long way off. I enjoy science so understand the basic theory behind quantum physics, from quantum entanglement to Schrödinger cats theory.

If the binary digits can be both 1 and 0 at the same time means that any calculation can instantaneously be worked out.

therefor when and if we ever seen Quantum computers surely they could effectively solve the entire blockchain algorithm instantly.

That's my basic understanding. So effectively crypto is not really a future currency so to speak.

Any thoughts.... I'm probably complete wrong haha

If I remember correctly IBM has a Quantum computer you can play around with online.
They want to observe what people would do with it to give them ideas!

Either way I would check it out if you're really interested!
Here's the link:

Code:

https://quantumexperience.ng.bluemix.net/qx/editor

[logosobscura]

Big statement thread title haha.

Watched click on the weekend, talking about Quantum computers, they're a long long way off. I enjoy science so understand the basic theory behind quantum physics, from quantum entanglement to Schrödinger cats theory.

If the binary digits can be both 1 and 0 at the same time means that any calculation can instantaneously be worked out.

therefor when and if we ever seen Quantum computers surely they could effectively solve the entire blockchain algorithm instantly.

That's my basic understanding. So effectively crypto is not really a future currency so to speak.

Any thoughts.... I'm probably complete wrong haha

It's all about the cryptography algorithm- there are Quantum resistant encryption algorithms that aren't being used widely, but are being used by some organizations (namely intelligence organizations and research labs)- mainly because the overhead isn't worth it. Even AES can be Quantum resistant given a large enough key size. Sorry to burst the science fiction- QC will greatly increase computational capability but it won't lead to the ability to calculate all possible solutions to all possible mathematical problems instantly.

[btc2mars]

Big statement thread title haha.

Watched click on the weekend, talking about Quantum computers, they're a long long way off. I enjoy science so understand the basic theory behind quantum physics, from quantum entanglement to Schrödinger cats theory.

If the binary digits can be both 1 and 0 at the same time means that any calculation can instantaneously be worked out.

therefor when and if we ever seen Quantum computers surely they could effectively solve the entire blockchain algorithm instantly.

That's my basic understanding. So effectively crypto is not really a future currency so to speak.

Any thoughts.... I'm probably complete wrong haha

Yes it could.
However there are already coins trading in the top 10 that are quantum resistant.

[bitcoinfrings]

Well let's worry about bitcoin not going below $1000 first than to worry about quantum computers..

[MintDice]

Hey there,

--And that’s how quantum computers pose a significant risk to Bitcoin.  “The elliptic curve signature scheme used by Bitcoin is much more at risk, and could be completely broken by a quantum computer as early as 2027,” say Aggarwal and co.

The quote above is from a great read that delves into the discussion you started. Check it out through the link below...

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

[audaciousbeing]

Big statement thread title haha.

Watched click on the weekend, talking about Quantum computers, they're a long long way off. I enjoy science so understand the basic theory behind quantum physics, from quantum entanglement to Schrödinger cats theory.

If the binary digits can be both 1 and 0 at the same time means that any calculation can instantaneously be worked out.

therefor when and if we ever seen Quantum computers surely they could effectively solve the entire blockchain algorithm instantly.

That's my basic understanding. So effectively crypto is not really a future currency so to speak.

Any thoughts.... I'm probably complete wrong haha

I don't understand why we are concerned about what Quantum computer will do to bitcoin in the future whether its going to end crypto or not, one thing is certain and that is bitcoin has come with its own liberation at its time and have put itself in the book of history forever as one that change the way we do things, that went to the very fabric of what we have come to know and the victory is that its disrupt every of those of our believe.

What is even surprising to me and I believed should do same to others is how someone who does not have access to Quantum computer would create what Quantum computer can only put an end to which means with further development, Quantum computer might not be enough to break its code.

[Naitik]

With a little anticipation, it will definitely not end crypto. There are already some project that are quantum resistant, and I believe more and more coins will add this feature, as the threat become bigger every day.

Of course, if you don't pay attention, if you don't update your wallet, if you don't sell the coins that are the most exposed, etc... Yes, you might end up robbed. Just basic safety. You wouldn't store your gold on your kitchen table. You don't want virus / malwares / trojans on your crypto computer, and as the time goes, you might want to reduce your potential exposure to quantum tech.

By the way, we are still far from home user quantum computer (about 15 millions $ I believe), but they already exist in few labs around the world, and I guess in some giant techs companies as well. So the threat is already here, even if, for now I doubt the few quantum owners give a shit about hacking crypto.

Yes you are right. Quantum computers are very less in numbers. With the advancement in technology will provide the solutions to the problems.
Although it will be tough.
Whenever there is need, There is a discovery. So don't be afraid, one will end up with all solutions.

[green547]

The thing is quantum computing isn't even possible.  Its only a quack theory.  It will never be released.

[EcuaMobi]

The thing is quantum computing isn't even possible.  Its only a quack theory.  It will never be released.

I guess the same thing was said about flying, traveling at more than 40km/h, computers, ...  

But, seriously, it's several years away and it won't kill crypto. It will adapt.

Ok So time travel and teleportation is also possible?

Wrong board, this is "Serious discussion"

[green547]

The thing is quantum computing isn't even possible.  Its only a quack theory.  It will never be released.

I guess the same thing was said about flying, traveling at more than 40km/h, computers, ... 

But, seriously, it's several years away and it won't kill crypto. It will adapt.

Ok So time travel and teleportation is also possible?  quantum computers will never exist.

[bubbagump]

The thing is quantum computing isn't even possible.  Its only a quack theory.  It will never be released.

I guess the same thing was said about flying, traveling at more than 40km/h, computers, ... 

But, seriously, it's several years away and it won't kill crypto. It will adapt.

Ok So time travel and teleportation is also possible?  quantum computers will never exist.

They already exist.  Start reading here: https://www.research.ibm.com/ibm-q/learn/what-is-quantum-computing/

[toolsmans]

crypto enthusiasts are in any industry. So are those who make quantum computers. Some countries will use these technologies to destroy cryptography while others would protect it. in any case we see how growing is interesting to the crypt. so the issue of protection will be resolved, since those who are FOR, more.

[play]

Wouldn't the whole financial system itself be vulnerable to Quantum computing.  After all, the FIAT currencies are just numbers in a computer and if quantum computers can crack any cryptography instantly doesn't that make any networked computer an open book? 

So when quantum computing is sufficiently advanced everything that is secured is crackable so I wouldn't be too worried about Cryptos as I am sure that the central banks of the world will be rushing to find a workaround which we can usurp.

[lockept93]

We are currently only able to generate 15 or 49 qbit processors, which is a modest number to mention about building a quantum computer.

However, with the rapid development of science and technology, we can expect that in the next 10 years, we will have the first quantum computer with a billion times greater power than current computers.

In the light scenario for cryptoworld, quantum computers are used to solve the problems of scalability, speed or the nature of blockchain technology, we will get the network at the rate of billions tps.

In another dark scenario, quantum computing is the property of a big company, or of a whole nation, since no private farm has the capacity / opportunity to build a quantum computer at the stadium size. That could be a way for the government to control the crypto community because the quantum computer is so powerful. Forget the concepts of "attack 51%", because there will be "attack 90%", forget the decentralization because most of the power of the system is in the hands of the government.

That fears me alot.
I wish me a world were Quantum computing will HELP the Blockchain technology. Cryptos as well.

[darklus123]

Quantum computers will end Cyrpto

I agree.  But you are not going to get anyone to drop their coins right now because of it.

People do not care about the future.  They only care about right now.  

Shortsightedness must be an evolutionary trait. 

This is really how a person's mind worked.  Since we can't predict the future we only focus on the present. I also like the idea of what you will do today dictates the future. Tho we people also foresee the future that we are gonna be making from the present

[oviudiu]

I have my doubts that the Quantum Computers will end crypto and here is why.
First of all, it's gonna take a long time until Quantum Computers will be in every home, or accessible for a good price to the masses so there will be time for the crypto community to adapt to this new technology.
Quantum computers will affect the way we mine crypto currencies and there are a lot of coin which doesn't require mining and therefor, those coins might win some ground.
On the other hand, Quantum Computers doesn't mean that 1 player in this industry will have it and mess up with the whole comunity. No, if 1 player can buy a Quantum Computer, others will do to and therefor the market will just increase the difficulty for small players. On the other hand, there could be other changes that could occur for mining, for example, an upper limit for how much mining power you can have and still make profit.

[butch3r]

I am pretty sure that the concerns about quantum computers disrupting cryptocurrencies is not about the hike in hashrate.

The way bigger risk is that quantum computers could decrypt the encryption that is used for adresses. If someone finds the private key to one large Bitcoin adress with his quantum computer, bitcoin will be worthless.

So the bitcoin protocoll must be prepared for such an attack before quantum computers are ready.