Quantum Computing Threat to BTC... Correct me if I'm wrong

[DP125593]

So those of us whom have been in the space for a while are sick of hearing about this "quantum threat". At least I know I am!
First off I dont think this threat is close to becoming an issue for bitcoin and I think that there are already ways of dealing with this as I hear from AA and other btc tech guys.
CORRECT ME IF I'M WRONG but if someone had that technology to break encryption and wanted to wreak havoc couldn't they easily crash equity markets, commodity markets, forex markets, and damn near anything they pleased? Why would they mess around with a cryptocurrency that hasn't even reached a trillion dollar market cap!? -well unless they had some sort of grudge

But seriously what type of things could be done to anything internet based, which is practically everything from banking, shopping, communicating, autopilot vehicles and planes, markets etc...?

Sorry if this is off topic. I dont think it is but Im sick of talking about btc with others and they bring up this stupid scenario where it would be the end all Bitcoin and I wanna spit some good facts next time so help me out..

-Crypto Love

[avikz]

Quantum computer is expected to have the capability to break a 256 bit encryption within seconds. However, it has not yet become a reality, only a certain degree of it have been achieved!

Now, I would agree to the point you are trying to establish! Having an weapon doesn't always mean it will be misfired and used against the humanity! So even if the quantum computer is built so capable enough to break the encryption of bitcoin network, it is least likely to be used for this purpose!

[Yaunfitda]

I guess we really need to wait for years before we can suddenly say that Quantum Computing is a threat to BTC. Until then, this is just pure speculation and if ever if breaks SHA-256, someone will come up and a new consensus will be agree upon.

Here are the previous threads about it:

I don't believe Quantum Computing will ever threaten Bitcoin
Will Google's Quantum Computer Destroy Bitcoin?
How Will quantum computing affect BTC security and mining.
Quantum computers
Would Quantum Computer Kill Bitcoin
Is quantum computing threat to Bitcoin ?

[blckhawk]

With all these buzz about quantum computer's threat to current encryption techniques, we could also use quantum computing against itself. I recently watched a good video, which is 15 minutes long, regarding these encryption techniques and how quantum computers can protect itself from other attackers.

"Will Quantum Computers break encryption?" -  https://youtu.be/6H_9l9N3IXU

And another thing to mention, quantum computer made by Google is nowhere near the needed qubits to break current encryption. I think Google's quantum computer is somewhere 50, while the needed to break is near 250.

[romero121]

Quantum computer is expected to have the capability to break a 256 bit encryption within seconds. However, it has not yet become a reality, only a certain degree of it have been achieved!

Now, I would agree to the point you are trying to establish! Having an weapon doesn't always mean it will be misfired and used against the humanity! So even if the quantum computer is built so capable enough to break the encryption of bitcoin network, it is least likely to be used for this purpose!

That's the perfect description. The fear about the quantum computer is all about breaking the network of bitcoin. In reality this isn't possible with the so called quantum computer from Google. This performs mathematical calculations that is impossible with traditional computers, likewise does complex mathematical calculations in 200 seconds which takes 10000 years on traditional computers.

As the bitcoin network is of complex algorithms there existed some fear. As for experts view the super computer at present has got only 53 Qbits which is the power calculation. To break the bitcoin network it requires at least 1500 Qbits. This way bitcoin is always secure.

[ChrisPop]

Quantum computing is a powerful and threatening thing, but it is still far away from actual use. I've talked with a tech guy recently and he said that quantum computing is years or if not decades away from us. Also there are anti-quantum options that can be implemented through consensus by the miners. I'm sure that the more specialized ( + those that have more skin in the game sort to say) are doing extensive research on this. Personally I don't think this technology is a reason for worry.

[Mandoy]

Previously I thought before that quantum computing is a threat to bitcoin but a friend of mine told me that bitcoin is quantum-proof or quantum resistant. I was not convinced since I thought quantum computing can break some encryption. My friend told me that I  should read a very technical explanation written in an article. I was convinced but it is hard to understand, but I somehow grasped that quantum computing cannot destroy bitcoin.

Anyway here is the link he send me, feel free to read: https://medium.com/predict/bitcoin-and-quantum-computing-b6f048db01eb

[Astvile]

Quantum computing level now can be a threat, but in the near future for sure. Quantum computing is yes it is powerful but why can't we think it in the good way? I mean quantum computing I think may help bitcoins network to become stronger in security terms.
While quantum computing is getting faster and more powerful I'm sure that the owners of this kind of pc's will not use it in a negative way,  not unless maybe the government ordered it.

[CryptoBry]

But seriously what type of things could be done to anything internet based, which is practically everything from banking, shopping, communicating, autopilot vehicles and planes, markets etc...? I don't think it is but Im sick of talking about btc with others and they bring up this stupid scenario where it would be the end all Bitcoin and I wanna spit some good facts next time so help me out..

I am sick and tired too of this concern with quantum computing having the capacity to destroy everything Bitcoin and cryptocurrency have built so far. Now, we can categorize this supercomputer as a possible weapon to destroy Bitcoin but there will be ways the weapon can be neutralized. This is like having a nuclear weapon, a possession of such does not automatically mean the destruction of humanity though we have to admit the potential is there. At the right time, an anti-quantum computer can be coming to the market so I am not worried about this issue. Let those who are not fully aware of the whole story get stressed thinking about this.

Now people who still think that quantum computing can be the destroyer of Bitcoin should read this: https://marketrebellion.com/why-quantum-computing-is-not-a-threat-to-bitcoin/ for some ideas and guidance.

[figmentofmyass]

CORRECT ME IF I'M WRONG but if someone had that technology to break encryption and wanted to wreak havoc couldn't they easily crash equity markets, commodity markets, forex markets, and damn near anything they pleased? Why would they mess around with a cryptocurrency that hasn't even reached a trillion dollar market cap!? -well unless they had some sort of grudge

you don't think there are powerful entities out there who might like to burn bitcoin to the ground? governments/central banks, institutions holding massive shorts, etc? there are out-of-band incentives in play so low market cap won't necessarily stop bad actors from attacking bitcoin.

[AniviaBtc]

Quantum computing is a powerful and threatening thing, but it is still far away from actual use. I've talked with a tech guy recently and he said that quantum computing is years or if not decades away from us. Also there are anti-quantum options that can be implemented through consensus by the miners. I'm sure that the more specialized ( + those that have more skin in the game sort to say) are doing extensive research on this. Personally I don't think this technology is a reason for worry.

I agree, quantum computing is a threat to BTC, but it is not YET enough to defeat BTC. It is a long process and it takes a lot of hard work for this to become effective. They are working hard to defeat bitcoin and to implement a new platform. So as what you've said, don't worry because it far enough to happen yet.

[gentlemand]

IBM are saying Google's claims don't quite wash - https://www.ibm.com/blogs/research/2019/10/on-quantum-supremacy/

But this is one of those things that may well materialise and normalise before a lot of the world has a chance to put measures in place if it is a threat. The world will certainly be motivated to do something about it. Everything will be at risk to an extent.

Or it could be like cold fusion and always be a few years away from reality.

Now people who still think that quantum computing can be the destroyer of Bitcoin should read this: https://marketrebellion.com/why-quantum-computing-is-not-a-threat-to-bitcoin/ for some ideas and guidance.

So this article is saying no one with a quantum computer will go after BTC because they want to keep it secret? That's a slightly shaky basis for planning your future. What about the person who doesn't mind letting everyone know?

[Haunebu]

There are only 2 big threats to BTC in my opinion:

- Internet shutting down
- Holders selling all their BTC

These are the only 2 mostly impossible scenarios that are threats to BTC if you think about it which is why I don't think that quantum computing or anything else will pose a problem for BTC at any point in the future.

[Heisenberg_Hunter]

Keeping aside the Cryptotalk spammers post who have never heard of what a quantum computer does and talking shit here, QC would never be able to break the Hashing algorithms and hence none of the so-called QC's would be able to derive the public key from the addresses which are the RIPEMD160 and SHA256 hash forms of public keys. But rather future Quantum computers will help to break the private keys from public keys (only if they are revealed) and probably can be revealed when we try to use the same receiving addresses over and over again. There are Post quantum cryptography being developed in an active stage and this would help the bitcoin to be on a safer level. If in future, the hodler's doesn't want to get affected by QCs they should stop address reuses which will significantly reveal their public keys through which QC might break private keys.

If Quantum Computers were to break the current algorithms, the invention would pose a critical problem to almost all the machines and websites using PKC algorithms. There are various topics being created day by day and spammers are finding a way to spread wrong half-baked information to all the newbies in the form of making posts. Kindly stop making topics on QC, lock this already prevailing topic and better read on the future of bitcoin and Post Quantum Cryptography.

Until then, this is just pure speculation and if ever if breaks SHA-256, someone will come up and a new consensus will be agree upon.

This is absolutely false. Quantum Computer can never break SHA-256. Stop making non-sensical speculations which are possible only in a alternative parallel universe. Grover's Algorithm might probably solve encryption algorithms like AES-256 but can never solve Hashing algorithms.

[figmentofmyass]

QC would never be able to break the Hashing algorithms and hence none of the so-called QC's would be able to derive the public key from the addresses which are the RIPEMD160 and SHA256 hash forms of public keys. But rather future Quantum computers will help to break the private keys from public keys (only if they are revealed) and probably can be revealed when we try to use the same receiving addresses over and over again.

an attacker may not be able to crack a P2PKH output where the public key is unrevealed. however, the public key must be revealed in order to spend it. an attacker could theoretically crack unconfirmed transaction inputs and rebroadcast with a higher fee.

so your coins may be safe---as long as you never spend them. pretty useless eh?

[Artemis3]

With all these buzz about quantum computer's threat to current encryption techniques, we could also use quantum computing against itself. I recently watched a good video, which is 15 minutes long, regarding these encryption techniques and how quantum computers can protect itself from other attackers.

And another thing to mention, quantum computer made by Google is nowhere near the needed qubits to break current encryption. I think Google's quantum computer is somewhere 50, while the needed to break is near 250.

Yes but you don't have a Quantum Computer. There is a time transition period, the first Quantum Computers will be very few and owned only by large governmental or private organizations, until technology advances to the point it could reach the masses (become Personal Quantum Computers). By then, i expect everyone would be using quantum crypto. But until then Quantum Computing will remain institutional, in the hands of few, just like classic computers were until the 70ies.

Bitcoin has proposal mitigations, its been kinda set aside "for now", but core developers should consider implementing those before it becomes obvious they are needed, or it would be too late by then.

Also, as i have tried to explain before, any such advancements made within the USA can be ordered silent. Since its still early they (may) have not acted, but a time will come when you hear no more news, then the likes of the NSA will have complete clear text like access to all encrypted communications, as if we were back in the early 90ies. Later, the other even more oppressive regimes will as well... Given the way things are in this world, most likely China will get it (from America) and keep quiet as well, except suddenly their State repression becomes more efficient there as well.

As i am guessing, Google and IBM are just probably fighting over State contracts, they both will probably be hired, and ordered to shut up (gag order) by National Security. That's the riskier period, and you won't see it coming, that's the whole point...

[tsaroz]

Google has claimed they did made a working quantum computer that performed the task the fastest super computer could do in 10000 years in just 200 seconds.
https://www.cnet.com/news/google-quantum-computer-leaves-old-school-supercomputer-in-dust/

This computer is about 1.58 billion times faster than the faster super computer. I hope it still don't be able to guess every private keys with coins on them.

[Eugenar]

Google has claimed they did made a working quantum computer that performed the task the fastest super computer could do in 10000 years in just 200 seconds.
https://www.cnet.com/news/google-quantum-computer-leaves-old-school-supercomputer-in-dust/

This computer is about 1.58 billion times faster than the faster super computer. I hope it still don't be able to guess every private keys with coins on them.

I've read it, they say that it achieved the quantum supremacy which is the fastest computing power among along. In this regard, the company of google should be much more responsible aa there is a possibility that it can crack the encryption of wallets ang they should avoid it due to legality. Many business might be in trouble if there will be lack in responsibility.

[bounceback]

Quantum computing level now can be a threat, but in the near future for sure. Quantum computing is yes it is powerful but why can't we think it in the good way? I mean quantum computing I think may help bitcoins network to become stronger in security terms.
While quantum computing is getting faster and more powerful I'm sure that the owners of this kind of pc's will not use it in a negative way,  not unless maybe the government ordered it.

Quantum computers use qubits, we think theoretically will be able to do the calculations needed to break the encryption standard in a short amount of time, but this is not a serious threat to bitcoin and other crypto currencies because there is currently no evidence to show that private key bitcoin is in danger, I don't think quantum computers will pose a threat to bitcoin in the near decade.

[hello_good_sir]

Have you seen Google's recent Youtube video related to Quantum Supremacy? It's actually very interesting and well made - https://www.youtube.com/watch?v=-ZNEzzDcllU.

So those of us whom have been in the space for a while are sick of hearing about this "quantum threat". At least I know I am!
First off I dont think this threat is close to becoming an issue for bitcoin and I think that there are already ways of dealing with this as I hear from AA and other btc tech guys.
CORRECT ME IF I'M WRONG but if someone had that technology to break encryption and wanted to wreak havoc couldn't they easily crash equity markets, commodity markets, forex markets, and damn near anything they pleased? Why would they mess around with a cryptocurrency that hasn't even reached a trillion dollar market cap!? -well unless they had some sort of grudge

But seriously what type of things could be done to anything internet based, which is practically everything from banking, shopping, communicating, autopilot vehicles and planes, markets etc...?

Sorry if this is off topic. I dont think it is but Im sick of talking about btc with others and they bring up this stupid scenario where it would be the end all Bitcoin and I wanna spit some good facts next time so help me out..

If someone had enough technology to be able to break open people's private keys, they would have enough computing power would be able to destroy security systems of governments and cause nuclear warfare, think there are other issues then hacking into BTC.

Anyway, quantum technology is definitely a couple of hundred years away, let's just relax. There's not going to be anything powerful enough to make breaking into private keys viable and the computer industry has slowed down a lot in power and we can relax.