Quantum computers will end Cyrpto

[iSkyCastle]

Considering the time length it takes for any major advancement, I'd wait for another decade..

[1715347586]

1715347586

[maeusi]

Wouldn't it be enough to connect the majority of hash power to manipulate the blockchain, for example of Bitcoin with a majority of 51% instead of waiting for quantum computers? For private individuals not feasible, but for large institutions, such as powerful intelligence agencies, the required $ 3 billion investment plus electricity costs would be a breeze, wouldn't it?

[darklus123]

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.

Quantum Computers are much faster that the current one. Defending such attack basically impossible. Unless the current bitcoin system and hardware are being upgraded. I believe that quantum computer will not caused a problem to bitcoin community if the bitcoin community will also start using quantum computers.

[preshpr1nce]

When it comes to cracking/hacking, it takes far far longer to crack something than it does to patch something.
The amount of hours and days hackers put in to finding a vulnerability to just have it patched in a few days is pretty standard.

Quantum computing is not an easy feat, picture the days when a computer was the size of a warehouse, quantum computing is further behind than this if you were to look at it that way, it'll take the most tiny fraction of a time to make something quantum resistant vs these machines being real and capable of cracking encryption.

Encryption is also a factor of strength vs speed, as computing power goes up you can use larger keys for more strength without sacrificing speed, for example in todays world, a 256 bit encryption key is considered extremely strong against brute force attacks, in 10 years time 512 bit may become the norm... to implement a stronger key is far far easier than producing greater hardware.

[coinforumgentr]

or other banking systems?

it destroys them.

[pvk444]

or other banking systems?

it destroys them.

Hardly.

Banks rely on aymmetric (public / private) key algorithm. There are estimates that say 256-bit RSA could be broken by quantum computers in about 10 years. (Hashing algorithm in Bitcoin would AT LEAST take 10 years to solve by quantum computers using brute force).

However, there are already post-quantum (i.e. quantum resistant) algorithms out there, which will replace the key algorithms used today. So neither cryptocurrencies, nor the banking system, are truly in danger.

[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.

Quantum Computers are much faster that the current one. Defending such attack basically impossible. Unless the current bitcoin system and hardware are being upgraded. I believe that quantum computer will not caused a problem to bitcoin community if the bitcoin community will also start using quantum computers.

How is your post related to mine? How can we prevent quantum computers from decrypting bitcoin adresses by upgrading the hardware in the system?

If what you are saying is true that there is no way to implement a protocoll that is safe against quantum attacks, bitcoin is doomed. But I don't think that is the case.

If you want to read about encryption post quantum computers see here: https://en.wikipedia.org/wiki/Post-quantum_cryptography

But that has nothing to do with hardware upgrades in the bitcoin community

[darklus123]

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.

Quantum Computers are much faster that the current one. Defending such attack basically impossible. Unless the current bitcoin system and hardware are being upgraded. I believe that quantum computer will not caused a problem to bitcoin community if the bitcoin community will also start using quantum computers.

How is your post related to mine? How can we prevent quantum computers from decrypting bitcoin adresses by upgrading the hardware in the system?

If what you are saying is true that there is no way to implement a protocoll that is safe against quantum attacks, bitcoin is doomed. But I don't think that is the case.

If you want to read about encryption post quantum computers see here: https://en.wikipedia.org/wiki/Post-quantum_cryptography

But that has nothing to do with hardware upgrades in the bitcoin community

Please be specific to whom are you talking to because basically we have the same idea that it is merely impossible to attack bitcoin using quantum  computers. Tho we have to admit that hardwares can really affect the bitcoin community since we need to adopt so bitcoin will continue to be a part of the system. I cannot see any reason why should we worry about it

[jhean_arcane]

I've been thinking about this lately and came to this conclusion.

When/If we get quantum computers we will know about this ahead of time. All that needs to happen is that we change the cryptography to quantum resistant tech. If that's possible I'm not sure but since it's just code I'm going to say it is.

People will have to transfer their cryptos to these new quantum resistant addresses on each blockchain.

Any coins left in older addresses will be susceptible to quantum attacks.

Having said that, it appears that it is bad to invest in cryptocurrency now.

Quantum computers will complicate cryptocurrency more. To make quantum resistant algorithms in blockchain, then will that mean using quantum computers? This is going to be a real mess.

[Angel35]

Yes you're right if quantum computers appear it would easily decode cryptocurrency, but developers are not silly it can work in other direction also, I suppose it would be used to make Cryptocurrency resistant from quantum coding.

[Reinsurer]

Once a quantum computer can instantly pick up any passwords - how to protect information? Will the confidentiality disappear with the arrival of such devices? Of course not. The so-called quantum encryption comes to the rescue: it is based on the fact that when you try to “read” a quantum state, it collapses, which makes any hacking impossible.