Quantum Computing and Bitcoin

[sametyui73]

The most important point of failure that I see in asymmetric encryption is running a Random Function in key generation stage. providing real randomness is one of the hardest problems that I ever seen - because what you think is random at first sight, in fact carries a hidden pattern inside. so most of the time random number generation is where Cryptanalysis begin their job from.

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[aliashraf]

The most important point of failure that I see in asymmetric encryption is running a Random Function in key generation stage. providing real randomness is one of the hardest problems that I ever seen - because what you think is random at first sight, in fact carries a hidden pattern inside. so most of the time random number generation is where Cryptanalysis begin their job from.

Take a look at Von-Neumann extractor.

[AverageGlabella]

Quantum computing will not destroy Bitcoin. I believe that given enough time and the right amount of preparation we can implement ways of protecting against quantum computers. The biggest concern is QC attacks which later quantum computers should be capable of doing. But by the time that this happens we should of been able to look at the situation and guard against it by changing algorithms and everything. I assure you that there's enough people working on the protection of Bitcoin that a quantum computer will not destroy it. Its true that quantum computers will put much of the security of users at risk and not just in Bitcoin. But technology seems to adapt and balance itself out. Currently we have algorithms which traditional computers cannot break. I expect this to be the same when quantum computers are released.

This is a quote form the Bitcoin wiki: "As of 2016, the largest general-purpose quantum computers have fewer than 10 qubits. Attacking Bitcoin keys would require around 1500 qubits. Humanity currently does not have the technology necessary to create a quantum computer large enough to attack Bitcoin keys. It is not known how quickly this technology will advance; however, cryptography standards such as ECRYPT II tend to say that Bitcoin's 256-bit ECDSA keys are secure until at least 2030-2040."

As you can see from that quote the current quantum computers are no where near being sufficent enough to be a threat to Bitcoin. In fact we are far off it. As you can see they put a deadline on it and say that the ECDSA keys are secure until at least 2030. Which gives us more than enough time to prepare for the development of better quantum computers.

In fact users can guard against quantum computers themselves. By regularly moving their coins around and only using one address. This would prevent any brute force attempts by a quantum computer.

[Quickfant]

The faster the computer the more BTC that can be mined https://youtu.be/loLirgyrzNY

Although that is true. The difficulty would also increase to prevent any issues with quantum computing. The real issue with quantum computers is breaking the current algorithm and not the mining aspect.

A problem with the mining aspect is that quantum computers could push up the difficulty and render the network difficult for those who can't afford quantum computers.

[Michal_open_source]

If now all of the sudden the SHA256 encryption could be decoded that bitcoin being useless would be our least concern as the banks and web pages also use this technology right?

[aliashraf]

If now all of the sudden the SHA256 encryption could be decoded that bitcoin being useless would be our least concern as the banks and web pages also use this technology right?

it is not about SHA256, it is not an encryption mechanism and QC has nothing to do with it and there will be no technology ever capable to do anything about it!
QC is good at solving a row of mathematical problems much faster than conventional computers and it includes ECDSA which is Elliptic Curve Digital Signature Algorithm used by bitcoin and many other institutions and people as well as banks and anybody who is involved in e-commerce and needs signing transactions or documents digitally.

That said, you are right, QC is not just about bitcoin and is a more general threat to financial and legal systems and security of digital sphere. Interestingly, bitcoin would be among the least vulnerable technologies because most systems are open to QC attack in large widows of time while bitcoin public keys are not disclosed (being hashed) and any hypothetical QC attack has to be carried out in like few hours in the worst case! It is the window in which bitcoin keys are disclosed and open to attack but not confirmed yet to become useless.

[andrecalabrese]

IBM just released a new quantum computer, but it will still take a few years before applications can use its full potential.

See press release here: https://www.engadget.com/2019/01/08/ibm-q-system-one-quantum-computer/

its 20 qubit

//Andre

[af_newbie]

IBM just released a new quantum computer, but it will still take a few years before applications can use its full potential.

See press release here: https://www.engadget.com/2019/01/08/ibm-q-system-one-quantum-computer/

its 20 qubit

//Andre

Wake me up when they release 3000 qubit QC.

See you in 2050.

[keychainX]

IBM just released a new quantum computer, but it will still take a few years before applications can use its full potential.

See press release here: https://www.engadget.com/2019/01/08/ibm-q-system-one-quantum-computer/

its 20 qubit

//Andre

Wake me up when they release 3000 qubit QC.

See you in 2050.

there are already 100 qubit boxes, and rumors of 500 qubit at military/goverment facilities in China.

That wakeup call may come sooner than you think

/KX

[aliashraf]

IBM just released a new quantum computer, but it will still take a few years before applications can use its full potential.

See press release here: https://www.engadget.com/2019/01/08/ibm-q-system-one-quantum-computer/

its 20 qubit

//Andre

Wake me up when they release 3000 qubit QC.

See you in 2050.

there are already 100 qubit boxes, and rumors of 500 qubit at military/goverment facilities in China.

That wakeup call may come sooner than you think

Doubt it, actually it will be delayed like for another more 30 years. Things get messy when the number of qubits increases. Meet my grand son in 2080.

[Wind_FURY]

Bitcoin will be the least of the world's concerns if Quantum computers start rolling out within the next few decades. Banks, credit cards, the internet itself will be in trouble.

Plus I found this on Twitter, https://twitter.com/jsmith_crypto/status/1082101810456920065

Read it. The thread ended in, "My best guess for when Bitcoin and other cryptocurrencies will be practically threatened by quantum computers? 10-20 years".

[keychainX]

IBM just released a new quantum computer, but it will still take a few years before applications can use its full potential.

See press release here: https://www.engadget.com/2019/01/08/ibm-q-system-one-quantum-computer/

its 20 qubit

//Andre

Wake me up when they release 3000 qubit QC.

See you in 2050.

there are already 100 qubit boxes, and rumors of 500 qubit at military/goverment facilities in China.

That wakeup call may come sooner than you think

Doubt it, actually it will be delayed like for another more 30 years. Things get messy when the number of qubits increases. Meet my grand son in 2080.

So what about this:

50 Qubit onsale online
https://www.engadget.com/2018/01/09/this-is-what-a-50-qubit-quantum-computer-looks-like/?guccounter=1
D-Wave claims to have 2000 Qubit
https://www.dwavesys.com/quantum-computing
Google had 75 qubit 10 months ago
https://thenextweb.com/artificial-intelligence/2018/03/06/google-reclaims-quantum-computer-crown-with-72-qubit-processor/
Rigetti has 128 qubit chip
https://medium.com/rigetti/the-rigetti-128-qubit-chip-and-what-it-means-for-quantum-df757d1b71ea

Still think its gonna take several decades?

Guess NSA has one tooo...

/KX

[bartekjagoda]

IBM just released a new quantum computer, but it will still take a few years before applications can use its full potential.

See press release here: https://www.engadget.com/2019/01/08/ibm-q-system-one-quantum-computer/

its 20 qubit

//Andre

Wake me up when they release 3000 qubit QC.

See you in 2050.

there are already 100 qubit boxes, and rumors of 500 qubit at military/goverment facilities in China.

That wakeup call may come sooner than you think

Doubt it, actually it will be delayed like for another more 30 years. Things get messy when the number of qubits increases. Meet my grand son in 2080.

So what about this:

50 Qubit onsale online
https://www.engadget.com/2018/01/09/this-is-what-a-50-qubit-quantum-computer-looks-like/?guccounter=1
D-Wave claims to have 2000 Qubit
https://www.dwavesys.com/quantum-computing
Google had 75 qubit 10 months ago
https://thenextweb.com/artificial-intelligence/2018/03/06/google-reclaims-quantum-computer-crown-with-72-qubit-processor/
Rigetti has 128 qubit chip
https://medium.com/rigetti/the-rigetti-128-qubit-chip-and-what-it-means-for-quantum-df757d1b71ea

Still think its gonna take several decades?

Guess NSA has one tooo...

/KX

You forgot NASA

[aliashraf]

bitcoin is the last system, sensitive mission critical system I mean, which would suffer from QC, you guys take your concerns to bankers for the starter, then come back to my grand, grand sons in like half a century later and give them heads up about bitcoin unconfirmed transactions with disclosed "old fashioned" pub keys that are subject to QC attack.

Personally I think it takes much longer for QC to grow enough to be able to break an ECDSA 256 bit cryptography in like 5 minutes (expected confirmation time) and it is just one heavy txn.

[AverageGlabella]

bitcoin is the last system, sensitive mission critical system I mean, which would suffer from QC, you guys take your concerns to bankers for the starter, then come back to my grand, grand sons in like half a century later and give them heads up about bitcoin unconfirmed transactions with disclosed "old fashioned" pub keys that are subject to QC attack.

Personally I think it takes much longer for QC to grow enough to be able to break an ECDSA 256 bit cryptography in like 5 minutes (expected confirmation time) and it is just one heavy txn.

It will get there eventually but we are a great way off of it coming a problem and by the time quantum computers that are capable of disrupting the ECDSA most modern technologies will have moved onto another system which is quantum resistant. Quantum resistant systems already exist so its as simple as implementing one which benefits Bitcoin more.

[Laskoo]

Bitcoin will be the least of the world's concerns if Quantum computers start rolling out within the next few decades. Banks, credit cards, the internet itself will be in trouble.

Plus I found this on Twitter, https://twitter.com/jsmith_crypto/status/1082101810456920065

Read it. The thread ended in, "My best guess for when Bitcoin and other cryptocurrencies will be practically threatened by quantum computers? 10-20 years".

I think Bitcoin core developers are thinking already on how to change the code and make bitcoin signatures quantum proof.

And if you and others like you think that Bitcoin will be threaten by quantum computers in the next 10-20 years, then the Bitcoin developers must change the code in the next 5 years.

[mixoftix]

IBM just released a new quantum computer, but it will still take a few years before applications can use its full potential.

See press release here: https://www.engadget.com/2019/01/08/ibm-q-system-one-quantum-computer/

its 20 qubit

//Andre

this would be a good practice to imagine a GRID of these 20 qubits is online out there and passing the calibration phase the begin mining..  

[Wind_FURY]

Bitcoin will be the least of the world's concerns if Quantum computers start rolling out within the next few decades. Banks, credit cards, the internet itself will be in trouble.

Plus I found this on Twitter, https://twitter.com/jsmith_crypto/status/1082101810456920065

Read it. The thread ended in, "My best guess for when Bitcoin and other cryptocurrencies will be practically threatened by quantum computers? 10-20 years".

I think Bitcoin core developers are thinking already on how to change the code and make bitcoin signatures quantum proof.

And if you and others like you think that Bitcoin will be threaten by quantum computers in the next 10-20 years, then the Bitcoin developers must change the code in the next 5 years.

Yes they do. Adam Back talked about it in this inteview, https://stephanlivera.com/episode/42

He did not go into full detail or propose a roadmap on when to upgrade to a quantum-resistant signature scheme but he didn't sound that alarmed as well.

Quantum computers, as far as Bitcoin is concerned, might not be as bad as the FUD make it sound.

[af_newbie]

IBM just released a new quantum computer, but it will still take a few years before applications can use its full potential.

See press release here: https://www.engadget.com/2019/01/08/ibm-q-system-one-quantum-computer/

its 20 qubit

//Andre

Wake me up when they release 3000 qubit QC.

See you in 2050.

there are already 100 qubit boxes, and rumors of 500 qubit at military/goverment facilities in China.

That wakeup call may come sooner than you think

Doubt it, actually it will be delayed like for another more 30 years. Things get messy when the number of qubits increases. Meet my grand son in 2080.

So what about this:

50 Qubit onsale online
https://www.engadget.com/2018/01/09/this-is-what-a-50-qubit-quantum-computer-looks-like/?guccounter=1
D-Wave claims to have 2000 Qubit
https://www.dwavesys.com/quantum-computing
Google had 75 qubit 10 months ago
https://thenextweb.com/artificial-intelligence/2018/03/06/google-reclaims-quantum-computer-crown-with-72-qubit-processor/
Rigetti has 128 qubit chip
https://medium.com/rigetti/the-rigetti-128-qubit-chip-and-what-it-means-for-quantum-df757d1b71ea

Still think its gonna take several decades?

Guess NSA has one tooo...

/KX

D-wave access is costly.  Try their Leap account.  You get 1 min/month of free QPU time.  Commercial access is $2000/hr/month.

I tried their 'dwave' SDK SPI, no solvers were available for the supplied endpoint and my API token.  Pretty useless.

Smoke and mirrors if you ask me.

Try it for yourself: https://cloud.dwavesys.com/leap/

It is not something you can buy on newegg.com and use it.

[r1s2g3]

Just wondering why somebody having QC will like to attack bitcoin, when there is so much Fiat lying in banks ?
Don't you think that fiat in bank will be the first target before they will think of brute forcing bitcoin wallets.