Bitcoin will die at 2027

[Cherylstar86]

All of us are entitled with our own opinion. However, in my own point of view I don't think that it's going to happen. All of these are just speculations and nobody could tell or conclude as to what may happen in the future. I still believe Bitcoin's potential that it can survive from any challenges if we only support it strongly. There have been many issues Bitcoin is facing but still it managed to stay longer, demand is increasing, and is even becoming more popular.

[Wilhelm]

OP didn't take the time to Google up the Bitcoin wiki and read it.  

https://en.bitcoin.it/wiki/Quantum_computing_and_Bitcoin

Your Bitcoin Public Key is only available on the blockchain after you do an outgoing transaction.
So you can have all the quantum computers in the world but if you do not have a key to crack you have nothing.
Since your address is a double SHA256 with RIPMD160 of your public key, it is not easy to get the public key from an address since information is lost in the checksumming.

Looking at most secure wallets, they always move all funds to new accounts after each transaction, this IMO protects against Quantum computers since the public key is not published in the blockchain. Only the public keys of the empties addresses.

Other than that Bitcoin can always add extra encryption features in soft forks.

And as stated by other members, if Quantum computers become commonplace then the world will get screwed over before Bitcoin.

So stop the FUD !  

[pq]

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

Yes, Bitcoin is vulnerable to a quantum attack. The most vulnerable are the coins with published pubkeys. It's about 4 millions bitcoins, that will be hacked and sold at the exchanges, that will crash the price to 0$. Coins at one-time addresses are vulnerable too, because when a holder spends them, an attacker has about 10 minutes to crack private key and perform a double spending. SHA-256 mining is vulnerable too (Grover's algorithm). See how we solve these problems in the Bitcoin Post-Quantum fork that will happen at block 555000: https://bitcointalk.org/index.php?topic=5082692.msg48573203#msg48573203
https://bitcoinpq.org

[exstasie]

Yes, Bitcoin is vulnerable to a quantum attack. The most vulnerable are the coins with published pubkeys. It's about 4 millions bitcoins, that will be hacked and sold at the exchanges, that will crash the price to 0$. Coins at one-time addresses are vulnerable too, because when a holder spends them, an attacker has about 10 minutes to crack private key and perform a double spending.

There's a world of difference between those two situations. The existence of sophisticated QC doesn't make cracking keys instant. It's pretty much accepted at this point that Bitcoin's signature algorithm could be broken in a few years, perhaps ten years in a best case scenario. But it'll take much longer than that to develop QC that can do so in the time it takes a transaction to confirm.

Also, Bitcoin users don't expose public keys unless they're spending. Until they spend from an address, the only thing exposed is a hash of the public key. So we're mainly worried about people who reuse addresses and people who have exposed public keys (to third party services or via Pay-to-IP which was removed from the reference client several years back).

[beami]

We are talking about technology in the future, quantum computers may just be and predictions by all experts can happen, but all of this is just a prediction and that means we can just prepare to deal with it. It may not be believed in predictions because all of this is just a ceremonial. But we'll see later and the time will give answers to the experts.

[joshv06]

We are talking about technology in the future, quantum computers may just be and predictions by all experts can happen, but all of this is just a prediction and that means we can just prepare to deal with it. It may not be believed in predictions because all of this is just a ceremonial. But we'll see later and the time will give answers to the experts.

Always there are some predictions and speculation that bitcoin will die in so and so year. But i don't think and we cannot predict the future for bitcoin since bitcoin demand is increasing rapidly based on the market price we cannot confirm or speculate the die of btc there are lot of factors involved which shows btc is going to bull up again and achieve the target. Future of bitcoin can be speculated later.

[WatchMaker]

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

Lol, the quantum computing is a myth. Even if the quantum computing become a reality the bitcoin community will always implement a new algorithm to be quantum proof. Quantum computing is more of a fantasy than a reality. I think it would take more than 100 years for it to actually work.

[exstasie]

Lol, the quantum computing is a myth. Even if the quantum computing become a reality the bitcoin community will always implement a new algorithm to be quantum proof. Quantum computing is more of a fantasy than a reality. I think it would take more than 100 years for it to actually work.

That may have been the prognosis a couple decades ago, but today cryptographers mostly agree quantum computing will start threatening various signature algorithms sometime in the 2020s.

I'm sure Bitcoin will scrap ECDSA for a better algorithm when it becomes necessary, but it's something we need to plan for soon. The bigger Bitcoin gets, the more damaging and difficult to coordinate an emergency hard fork could be (especially where a rollback is required).

[Oceat]

Believe me, this story will also be a part of the history. I know a lot of people who keep on talking like they have been to the future but unfortunately, they aren't, they were just a wannabe psychic that want to get noticed for their predictions even if it is too far from the truth.

How would you expect that Bitcoin might reach to $100k, $200k, or even $300k if we didn't even see it breaks the resistance above? Bitcoin will still live no matter what you guys throw up to it, it will still rise up.

[b3j0]

People keep spreading thse kind of prediction always not only about crypto end they also said the world will end in 2012 and 2017 and in 2020 but no right so the predictions are prediction which is the thought of someone which is not enough the reason it will happen.

they say it is to create panic, so many people will sell bitcoin at low prices. surely you already understand what they will do next. getting bitcoin at a low price is their goal.

[KorakPawon]

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
 

I wonder why people like to think that bitcoin will die? I don't believe on someone's prediction, because bitcoin itself is predictable. Whether or not quantum computers used, bitcoin stand still with blockchain today, and quantum computers may be used but we don't even know whether it is really good or not. Focus on what you have today, stop speculating things out.

[Silberman]

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
 

The development of quantum computers is very slow so we have more time than that to implement algorithms that are resistant to quantum computers, so you are worrying for something that is not going to happen, it is very easy to think that something can destroy bitcoin but 10 years have passed and governments have been unable to find anything that comes close to that.

[Lazada]

People keep spreading thse kind of prediction always not only about crypto end they also said the world will end in 2012 and 2017 and in 2020 but no right so the predictions are prediction which is the thought of someone which is not enough the reason it will happen.

they say it is to create panic, so many people will sell bitcoin at low prices. surely you already understand what they will do next. getting bitcoin at a low price is their goal.

Only stupid people can be influenced by them. In fact the person who caused the panic took the opportunity to make a profit. This is something that is indeed the goal of the manipulators. They manipulate and give panic in the market. don't be too hooked on the various situations that exist, think as well as possible and we will be able to get the best momentum.

[okala]

Many speculators has come out saying the same thing over and over again and that is why we are having a very bad days in cryptocurrency as new investors will had this an the next thing that will happen is selling out of panic.  I think we should stop post of bitcoin die of a thing as it is becoming odd and is not helping the market.

[ngusmin]

I don't believe bitcoin will end in 2027, and I believe that bitcoin will not end and will survive and be more popular.

[posi]

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
 

The development of quantum computers is very slow so we have more time than that to implement algorithms that are resistant to quantum computers, so you are worrying for something that is not going to happen, it is very easy to think that something can destroy bitcoin but 10 years have passed and governments have been unable to find anything that comes close to that.

Yes, ten years have past and the government has unable find anything that will come close to destroy bitcoin and their FUDs also was unable to harm bitcoin. However, we must still not ignore the chance for any possibility and I'm sure the community are working and watching.

[bitcoin31]

No one can predict the possible happen. 9 years more and more possible to happen everyear. But the life of the bitcoin base on what people say or think is only few years and I think too that happen. We are lucky in the year 2027 bitcoin is still alive.

[Silberman]

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
 

The development of quantum computers is very slow so we have more time than that to implement algorithms that are resistant to quantum computers, so you are worrying for something that is not going to happen, it is very easy to think that something can destroy bitcoin but 10 years have passed and governments have been unable to find anything that comes close to that.

Yes, ten years have past and the government has unable find anything that will come close to destroy bitcoin and their FUDs also was unable to harm bitcoin. However, we must still not ignore the chance for any possibility and I'm sure the community are working and watching.

We must not ignore any possibility and this thread is the perfect example of that, people are worried about the possibility of something happening to bitcoin thanks to a technology that does not even exist yet and that in the best case will exist during the next 10 years, so the community is obviously very vigilant about the possible effects of technologies or laws that could affect bitcoin.

[basty03]

Well many people said bitcoin will die at this year and this year etc... but still bitcoin is there and we use it. Many people ate believing in bitcoin so I think it will hard say that bitcoin will gone and I think it impossible as long many people use it even its dropping.

[Gotomoon]

Well many people said bitcoin will die at this year and this year etc... but still bitcoin is there and we use it. Many people ate believing in bitcoin so I think it will hard say that bitcoin will gone and I think it impossible as long many people use it even its dropping.

True, there are already many times people claims that bitcoin will die. But until this time it is existing and were still using it. Yes it is impossible to die when people enjoying to use of btc.