Bitcoin is in danger, do you agree?

[Riceandbean]

A lot of people still think quantum computing is something way off in the future, but honestly the pace of progress has been surprising. It’s moving faster than most of us expected.right now, bitcoin and most other cryptocurrencies are built on elliptic curve cryptography . The problem is, once a public key shows up on-chain, a powerful enough quantum computer could, at least in theory, reverse it and figure out the private key.
Now,i  am not saying this happens tomorrow,but if bitcoin does not upgrade its cryptography in the next 3–5 years, the risk gets very real. Quantum hardware is improving step by step, and once it crosses a certain threshold, the current security model won’t hold up.
We’re talking about the world’s fifth largest asset here. If it doesn’t adapt, the idea that its security could collapse almost overnight and bitcoin price will go to zero.

[goldkingcoiner]

A lot of people still think quantum computing is something way off in the future, but honestly the pace of progress has been surprising. It’s moving faster than most of us expected.right now, bitcoin and most other cryptocurrencies are built on elliptic curve cryptography . The problem is, once a public key shows up on-chain, a powerful enough quantum computer could, at least in theory, reverse it and figure out the private key.
Now,i  am not saying this happens tomorrow,but if bitcoin does not upgrade its cryptography in the next 3–5 years, the risk gets very real. Quantum hardware is improving step by step, and once it crosses a certain threshold, the current security model won’t hold up.
We’re talking about the world’s fifth largest asset here. If it doesn’t adapt, the idea that its security could collapse almost overnight and bitcoin price will go to zero.

No, Bitcoin is not in danger. There have been more than enough topics about quantum computing and how it could be used to break classic systems, if quantum computing were to ever become more than what it is now. And that is a big IF.

I already wrote my answer to what I think about this topic in this post: https://bitcointalk.org/index.php?topic=5543225.msg65391122#msg65391122

We are all scared of the boogyman that does not yet exist and may never come into existance. It is all just FUD, as I see it.

[NotFuzzyWarm]

@OP: please read and comment in one of the NUMEROUS existing threads on this. We don't need yet another...  

And personally, myself and many many other knowledgeable folks here do NOT think it is imminent danger from QC. Yes eventually something will need to be done in the coming decades but not right now.

[Ambatman]

Okay I think post like this on quantum risk and shii is getting too much
Where did you get the info that in the next 3-5 years a quantum machine that can do those would be existing?
I still can't recall why only Bitcoin
When it's not the only secure system that faces the risk of quantum technology
Banks, government and other big institutions face the threat of the growth in quantum technology.

[MGAMGA]

A lot of people still think quantum computing is something way off in the future, but honestly the pace of progress has been surprising. It’s moving faster than most of us expected.right now, bitcoin and most other cryptocurrencies are built on elliptic curve cryptography . The problem is, once a public key shows up on-chain, a powerful enough quantum computer could, at least in theory, reverse it and figure out the private key.
Now,i  am not saying this happens tomorrow,but if bitcoin does not upgrade its cryptography in the next 3–5 years, the risk gets very real. Quantum hardware is improving step by step, and once it crosses a certain threshold, the current security model won’t hold up.
We’re talking about the world’s fifth largest asset here. If it doesn’t adapt, the idea that its security could collapse almost overnight and bitcoin price will go to zero.

If you're just about Quantum Computers, let me tell you we're still off by 10 years before we get quantum processing power that can crack Cryptocurrencies and pose Tremendous Risk to Bitcoin, however it's best to be safe, always invest in a large diversified Portfolio and keep your coinz in a ledger or a physical/Cold wallet,  there will be time for bitcoin to be in shambles, but knowing people, it'll get back up very fast, back on its' feet, unless there were to be a third impact like Satoshi's address being milked, or third parties like (blackrock, Vanguard, Tesla, MGSN, Etc) manipulating the markets (which is already happening by the dozen bundles), Bitcoin is by People, For People, we should not let Major Corps hold a large sum of it, or else we're talking Monopoly. today they hold around 16% of the total Bitcoin Vol there is (with other corps not mentioned here ofcourse), If they decide to bond and sell at once, bye bye bitcoin for a couple months, blown back 10 years, probably sit at 40K, but ofcourse most people will see this as an opportunity to HODL even more Bitcoin, which can be very profitable in a couple years time.

another thing that can be risky for Bitcoin is probably non-adoption, if people decide to put their money elsewhere, we're talking shorter daily trades, lesser volumes, but for that to happen we're looking at a new cryptocurrency that has better utility and safety than Bitcoin, with the variable of how many coins there is as a maximum supply

[Stalker22]

So you expect us to have some quantum hardware that can break elliptic curve cryptography in 3-5 years? How did you come to that conclusion?  You mentioned a certain threshold. Do you even know what threshold you are talking about?  Most experts and big tech companieslike IBM and Microsoft are on a timeline that has this happening between 2035 and 2045.  The consensus is that the odds of such a quantum computer existing before 2035 are almost nil.

[DPHOR]

And you think bitcoin would be allowed to face any difficulties?
I don't think so because, whenever the developer noticed any turbulence within the network then there could be possibility for upgrade, and such would never happened that soon. Beside I don't imagine seeing bitcoin price dropping to zero due to the strong development of an altcoin project which I think might not even hold a strong position for long.

[Ziskinberg]

If you’re not an expert who can really see the vulnerability of the network with quantum computing, then I suggest don’t panic and don’t just believe everything you read. Bitcoin adoption has been growing, and more institutional investors are trusting it. Even some countries are already considering it as part of their national reserves.

Now think about it, do you really believe they don’t know about quantum computing? The question is, why would they still invest if they see it as a real threat? That’s just simple logic.

[Digifann1]

It is not, stop opening these stupid threads already. This forum badly needs a demerit system.

We are all scared of the boogyman that does not yet exist and may never come into existance. It is all just FUD, as I see it.

Exactly.

[CryptoHeadlineNews]

A lot of people still think quantum computing is something way off in the future, but honestly the pace of progress has been surprising. It’s moving faster than most of us expected.right now, bitcoin and most other cryptocurrencies are built on elliptic curve cryptography . The problem is, once a public key shows up on-chain, a powerful enough quantum computer could, at least in theory, reverse it and figure out the private key.
Now,i  am not saying this happens tomorrow,but if bitcoin does not upgrade its cryptography in the next 3–5 years, the risk gets very real. Quantum hardware is improving step by step, and once it crosses a certain threshold, the current security model won’t hold up.
We’re talking about the world’s fifth largest asset here. If it doesn’t adapt, the idea that its security could collapse almost overnight and bitcoin price will go to zero.

This is just a mere speculation without any proven statistics to back up your allegations about Bitcoin, claiming if it doesn't have an upgrade, it's likely to crash in next 3 to 4yrs. Because the truth of the fact is that we have had many people make such allegations about Bitcoin being in danger and yet Bitcoin crosses the said deadline. Which literally shows how independent Bitcoin is as a decentralized digital currency, whose existence not tied to whatever cryptography upgrade.

[moneystery]

People tend to focus only on Bitcoin, but they often overlook the fact that cryptographic systems are not used solely by Bitcoin, but by many sectors globally. This is not just a Bitcoin issue, but a global one.
In particular, regarding the development of quantum computers, as far as I know, their progress is still largely based on projections. So far, we haven’t seen any real implementations that truly threaten modern cryptographic systems.
So this shouldn’t be overblown, because even though quantum computers are developing rapidly, developers have already considered solutions to anticipate such possibilities.

[Russlenat]

I’ve been seeing a lot of threads like this popping up, so I wouldn’t be surprised if one day a new altcoin called “Quantum Coin” shows up. 

[sunsilk]

@OP. There has been a lot of scary threads like this made 5-6 years or more ago. Talking about quantum computers and how it can decode the private keys and wallets of everyone.

And they've also mentioned that it's in the near future but where are they now? I am not looking for a fact that I want them to decode already but, it's been talked a lot before and it's putting scare to some that don't have trust to Bitcoin's network.

[AmoreJaz]

@OP. There has been a lot of scary threads like this made 5-6 years or more ago. Talking about quantum computers and how it can decode the private keys and wallets of everyone.

And they've also mentioned that it's in the near future but where are they now? I am not looking for a fact that I want them to decode already but, it's been talked a lot before and it's putting scare to some that don't have trust to Bitcoin's network.

And look up until now, it is still standing and going strong. We can't deny the fact that quantum computing is already here but I don't think btc developers are just sitting around not to do anything to combat this threat. Given that this market may indeed face its absolute phase, but for now, let us take advantage of what it can offer to the people.
So before such threat happens or can totally eradicate this market, I am sure that the btc developers already found a way how to mitigate and stop such threats. For now, enjoy the opportunities that it brings to the market and be grateful that we have crypto in today's generation.

[sunsilk]

@OP. There has been a lot of scary threads like this made 5-6 years or more ago. Talking about quantum computers and how it can decode the private keys and wallets of everyone.

And they've also mentioned that it's in the near future but where are they now? I am not looking for a fact that I want them to decode already but, it's been talked a lot before and it's putting scare to some that don't have trust to Bitcoin's network.

And look up until, it is still standing and going strong. We can't deny the fact that quantum computing is already here but I don't think btc developers are just sitting around not to do anything to combat this threat. Given that this market may indeed face its absolute phase, but for now, let us take advantage of what it can offer to the people.

If quantum computers is a threat, China has got it already and the tech giants that we know of and have been part of our daily lives, they have it for sure.

Whether it's their goal or not, they are able to based on what these people are talking about and how they define what quantum computers are.

We've got enough of the scare that they've said long time ago and that's why, for those who have heard of it already. This is a little to be worried with.

[cryptomaniac_xxx]

A lot of people still think quantum computing is something way off in the future, but honestly the pace of progress has been surprising. It’s moving faster than most of us expected.right now, bitcoin and most other cryptocurrencies are built on elliptic curve cryptography . The problem is, once a public key shows up on-chain, a powerful enough quantum computer could, at least in theory, reverse it and figure out the private key.
Now,i  am not saying this happens tomorrow,but if bitcoin does not upgrade its cryptography in the next 3–5 years, the risk gets very real. Quantum hardware is improving step by step, and once it crosses a certain threshold, the current security model won’t hold up.
We’re talking about the world’s fifth largest asset here. If it doesn’t adapt, the idea that its security could collapse almost overnight and bitcoin price will go to zero.

I don't think that we will be in danger about quantum computing or hardware. But for sure, Bitcoin developers have been discussing the possibility in the future about quantum computing and could be developing a counter-measure. They are not ignorant of this issue.

And if you look at it the solution is very simple: replace the vulnerable cryptography with quantum-resistant algorithms.

Threads to read:

• Emerging Solutions for Quantum Computing Threats
• Quantum Computers Can Not Defeat Bitcoin, not even The Bitcoin Network
• Bitcoin will be vulnerable to Quantum Computers in about 2 years
• Quantum computing and the future of bitcoin.

[SquirrelJulietGarden]

A lot of people still think quantum computing is something way off in the future, but honestly the pace of progress has been surprising. It’s moving faster than most of us expected.

Discussions on possible security threats from quantum computers are not new and have already been discussing in many recent years. I don't mind too much about it as I know Bitcoin is a decentralized project that is built up by a decentralized developer community with full capacity of making necessary upgrades to deal with quantum computers and it won't be beaten and broken by quantum computers.

In Bitcoin I trust.
In Bitcoin decentralized developer community, I believe.

We’re talking about the world’s fifth largest asset here.

Bitcoin will soon increase its rank to higher onethan the fifth position, and discussions are about Bitcoin without its past, present and future rank in market cap.

[Iranus]

When it's not the only secure system that faces the risk of quantum technology
Banks, government and other big institutions face the threat of the growth in quantum technology.

If I remember correctly, bitcoin, banking systems and government security systems all use the same algorithm like SHA-256, ECDSA or AES, and just different implementations. But the funny thing is that the media continues to report and warn about the risks that QC can pose to bitcoin and cryptocurrencies. No article or news about the development of QC can harm the security system of banks, governments. Obviously, someone is deliberately spreading this misinformation with the intention of attacking the crypto industry, rather than giving a real warning.

[X-ray]

When it's not the only secure system that faces the risk of quantum technology
Banks, government and other big institutions face the threat of the growth in quantum technology.

If I remember correctly, bitcoin, banking systems and government security systems all use the same algorithm like SHA-256, ECDSA or AES, and just different implementations. But the funny thing is that the media continues to report and warn about the risks that QC can pose to bitcoin and cryptocurrencies. No article or news about the development of QC can harm the security system of banks, governments. Obviously, someone is deliberately spreading this misinformation with the intention of attacking the crypto industry, rather than giving a real warning.

Yeah this kind of fear mongering reeks FUD.

Bitcoin being quantum resistance is definitely a good thing but quantum computer are still dealing with the error from quantum tunneling, decoherence, and high error rates.

I'm pretty sure we're still far from quantum computing and even if quantum computing exist, shouldn't the tradfi sector be more worried because thats where it's the most vulnerable.

[Oshosondy]

Now,i  am not saying this happens tomorrow,but if bitcoin does not upgrade its cryptography in the next 3–5 years, the risk gets very real. Quantum hardware is improving step by step, and once it crosses a certain threshold, the current security model won’t hold up.
We’re talking about the world’s fifth largest asset here. If it doesn’t adapt, the idea that its security could collapse almost overnight and bitcoin price will go to zero.

First, the price of bitcoin may be affected by quantum computer being able to be used to get access to some coins but know that bitcoin price is never going to zero.

Second, know that there are post quantum proposals already. Let us see how this would be.

Third, make sure you do not reuse bitcoin address so that you will not be affected if something like that happens.