Bitcoin will die at 2027

[GoodForGood]

Hey, guys. This year I became seriously interested in quantum computers. I came across here a study of Australian and Singaporean scientists about the security of Bitcoin: https://arxiv.org/pdf/1710.10377v1.pdf There are a lot of figures and formulas in the report, I haven't understood everything, but the main idea I've caught is that if Bitcoin doesn't implement post-quantum algorithms, it won't survive until 2027.
Currently, I'm thinking hard about how I could minimize the risks - all of the sudden, it may be true about quantum computers. What do you think, guys?
Maybe, there are already some projects that make a crypto with post-quantum protection? I think it should be implemented in Bitcoin blockchain
 

[XinXan]

Really, again with this shit, this has been discussed extensively, quantum computers are still far away to be a reality, even if you could make them now, bitcoin would be the least of your problems, you could hack banks and basically anything with those not just bitcoin, in fact cryptocurrencies could be the only thing that could save us from quantum computers so yeah..

[usekevin]

Hey, guys. This year I became seriously interested in quantum computers. I came across here a study of Australian and Singaporean scientists about the security of Bitcoin: https://arxiv.org/pdf/1710.10377v1.pdf There are a lot of figures and formulas in the report, I haven't understood everything, but the main idea I've caught is that if Bitcoin doesn't implement post-quantum algorithms, it won't survive until 2027.
Currently, I'm thinking hard about how I could minimize the risks - all of the sudden, it may be true about quantum computers. What do you think, guys?
Maybe, there are already some projects that make a crypto with post-quantum protection? I think it should be implemented in Bitcoin blockchain
 

My prediction of this is false.Because bitcoin will not die at 2027.And in common , it's a unpredictable one now.The bitcoin traders had know this.Even the price of bitcoin is not a predictably one now.Then how you conclude the bitcoin will exist the market by certain period of time.Some had said the bitcoin will not sustained after 2016.But still now bitcoin ruling the cryptocurrency market.

[WinslowIII]

This article says you are wrong.

https://www.ccn.com/quantum-computing-poses-no-realistic-threat-to-bitcoin-research/

"any theoretical advantage that quantum computing possessed over the blockchain is canceled out in practice by the constraints of existing hardware and continued evolution of blockchain security. The technology that can successfully compromise a blockchain running currently, is always about ten years away from successful development, such that by the time it comes out, it is always effectively obsolete."

[NeuroticFish]

but the main idea I've caught is that if Bitcoin doesn't implement post-quantum algorithms, it won't survive until 2027.

If you read a bit more around, for example the Bitcoin wiki, you'll find out some interesting facts and predictions from people that understand Bitcoin and cryptography. For example that it's not so easy to "break Bitcoin" even with quantum computer.
I will add 2 interesting quotes from the wiki:

Bitcoin already has some built-in quantum resistance. If you only use Bitcoin addresses one time, which has always been the recommended practice, then your ECDSA public key is only ever revealed at the one time that you spend bitcoins sent to each address. A quantum computer would need to be able to break your key in the short time between when your transaction is first sent and when it gets into a block. It will likely be decades after a quantum computer first breaks a Bitcoin key before quantum computers become this fast.

A sufficiently large quantum computer would cause some trouble for Bitcoin, though it would certainly not be insurmountable.

[Question123]

We don't know when bitcoin really die but bitcoin for sure will live many years. 10 years or 1 decade is the old of bitcoin and it is good for us if bitcoin live 1 decade more so we can earn more money. There is no person who predict when bitcoin increase or when it die .

[greeklogos]

Bitcoin will die in anyway, but in nine years seems very logical to me, it is pretty long period for technology, plus bitcoin is already nine years old, if it won't change it is going to be replaced by something new.

[joshv06]

We don't know when bitcoin really die but bitcoin for sure will live many years

Well i think bitcoin will stay alive until internet is available to this world, In other word it will not die but we might see so many reforms lined up as bitcoin needs to upgrade it's traditional system to stay on top and compete with other altcoins, even though there are no other altcoins which can compete with BTC but in near future we might see a healthy competition.

[Shinpako09]

Nothing new. LOL. How many have said it since then, along with their so called proof. Even during the hype there is someone still saying that but look we are at $6k floor up to now and btc is still alive. We have more like this before and definitely we are going to have more in the near future what important is, we don't believe them until we witness it in our own eyes.

[exstasie]

Hey, guys. This year I became seriously interested in quantum computers. I came across here a study of Australian and Singaporean scientists about the security of Bitcoin: https://arxiv.org/pdf/1710.10377v1.pdf There are a lot of figures and formulas in the report, I haven't understood everything, but the main idea I've caught is that if Bitcoin doesn't implement post-quantum algorithms, it won't survive until 2027.

I'm pretty sure that's the plan: to implement post-quantum algorithms when the threat actually becomes real. I doubt most people familiar with the issue thinks elliptic curve signatures are built to last forever. Like any other existential protocol issue, the bug would be addressed and if necessary, a rollback might be performed. It's not ideal, but we also have some precedent for issues like this. I don't see it being the "death" of Bitcoin at all.

In fact, it's possible to implement a simple soft fork change to Lamport one-time signatures which could avert most of the damage.

[cakravothy]

can't prediction because 2027 still long
bitcoin about technology, blockchain tecnology
technology development is very fast , so if about technology can't future prediction  is duration over 9 year,

[cellard]

Hey, guys. This year I became seriously interested in quantum computers. I came across here a study of Australian and Singaporean scientists about the security of Bitcoin: https://arxiv.org/pdf/1710.10377v1.pdf There are a lot of figures and formulas in the report, I haven't understood everything, but the main idea I've caught is that if Bitcoin doesn't implement post-quantum algorithms, it won't survive until 2027.

I'm pretty sure that's the plan: to implement post-quantum algorithms when the threat actually becomes real. I doubt most people familiar with the issue thinks elliptic curve signatures are built to last forever. Like any other existential protocol issue, the bug would be addressed and if necessary, a rollback might be performed. It's not ideal, but we also have some precedent for issues like this. I don't see it being the "death" of Bitcoin at all.

In fact, it's possible to implement a simple soft fork change to Lamport one-time signatures which could avert most of the damage.

I wonder how the community would react to something fatal like ECDSA begin cracked. I think even the there would be drama to reach to some sort of agreement, specially if a hard fork is involved to fix the situation, but I guess quickly one of the proposed solutions would win out of necessity because when money is on the line there is not much time to fuck around.

The ones that disagree will probably fork bcash style into their own altcoin which they will call bitcoin. Probably some extra things will be proposed on the hardfork like changes in hashing algo and so on. I would be an huge even, I would like to see how miners react to that.

[maarx]

Hey, guys. This year I became seriously interested in quantum computers. I came across here a study of Australian and Singaporean scientists about the security of Bitcoin: https://arxiv.org/pdf/1710.10377v1.pdf There are a lot of figures and formulas in the report, I haven't understood everything, but the main idea I've caught is that if Bitcoin doesn't implement post-quantum algorithms, it won't survive until 2027.
Currently, I'm thinking hard about how I could minimize the risks - all of the sudden, it may be true about quantum computers. What do you think, guys?
Maybe, there are already some projects that make a crypto with post-quantum protection? I think it should be implemented in Bitcoin blockchain
 

Something fishy? Report is created for the sake of business to bring the attention of crypto to it? Do you think Bitcoin has not made roadmap on its security for its lifetime or to minimum of 30 years? Don't you think regular updates will take place to safeguard and enrich crypto business?

Every business hits the market does create articles, advertisement, promotion videos and etc to capture the market. This article must be the one among them to capture their market. And though if this report is going to be alarming Bitcoin's growth, the entire crypto team will work out enhancing the current status.

[Rune]

This entire thing about bitcoin dying to quantum computers is nonsense people bitcoin can change its algo anytime the need arises if some nonsense like sudden quantoms hit the scene we would just do a rollback and algo swap.
and then we would have "bitcoin"  "Bitcoin core classic" "bitcoin classic" and "bitcoin classic classic" obviously the rollback version would get the Bitcoin title.

Quarkcoin cam out with quantum resistant algo so many years ago people made a big fuss and then noticed how unneeded it was.

[Clark05]

There is no specific you when bitcoin die. But I hope bitcoin will still alive in few more years even they have some coin who are better to invest than bitcoin.
Bitcoin we still alive if we take care this coin promoting to other people buying more bitcoin or keeping it to your wallet for a long time and not funny selling for sure everyone will see bitcoin may be more decades if you do that

[NeuroticFish]

I wonder how the community would react to something fatal like ECDSA begin cracked.

Many don't realize that ECDSA is used in much many fields than just Bitcoin, some *very* sensitive. But they don't even care.
I noticed 2 threads on this quantum computing subject have popped up this week-end and some of its most fervent supporters are very active in both. My guess that there's some purpose behind it, and it's not for he sake of Bitcoin... So whatever common sense arguments we come with to support Bitcoin, they'll trivialize them and follow they'll purpose.

[cindygirl]

The number one flaw in this studies conclusion is that it assumes stability of all things except in the field of quantum computing. As that field progresses and advances so will other fields, by then bitcoin may have a new system which is not going to be easily target-able by a quantum computer, the same way that others have said quantum computers could target near anything, those systems will have improved security etc to be able to handle that. If you were trying to hack in to security systems of 20+ years ago with today's advancements it would be easy if you had an idea what you were doing but no one still uses those systems.

[xtrump101]

Hey, guys. This year I became seriously interested in quantum computers. I came across here a study of Australian and Singaporean scientists about the security of Bitcoin: https://arxiv.org/pdf/1710.10377v1.pdf There are a lot of figures and formulas in the report, I haven't understood everything, but the main idea I've caught is that if Bitcoin doesn't implement post-quantum algorithms, it won't survive until 2027.
Currently, I'm thinking hard about how I could minimize the risks - all of the sudden, it may be true about quantum computers. What do you think, guys?
Maybe, there are already some projects that make a crypto with post-quantum protection? I think it should be implemented in Bitcoin blockchain
 

what an amazing prediction, LoL

[ukloon]

Bitcoin itself will be secure, it is the exchanges we need to be worried about. The underlying security of the blockchain can be reprogrammed to be made quantum resistant, but exchanges are already being hacked on basic machines so they need to step up to resist quantum attacks

[davit putra]

I think bad news about bitcoin can be made easily, and will also easily cause panic for those who don't believe in bitcoin. There is no certainty that bitcoin will die in 2027, I do not believe in all that and I believe in bitcoin, bitcoin will be more popular.