Bitcoin Under Quantum Threat? New Google Data Warns About 2029 Deadline

[Jankuokm]

According to new data from Google, Quantum Attack on Bitcoin is now becoming more realistic than ever.  Google's Quantum team says that while it was previously said that it would take "millions of qubits" to hack Bitcoin, it has now dropped to below 500K (500K) qubits. According to new research, a Quantum attack can take just 9 minutes to complete, while a Bitcoin block usually takes 10 minutes to confirm. This means that the attacker can theoretically complete the attack before the transaction is confirmed — with a success rate of up to 41%. Google is now considering 2029 as a critical deadline, by which it is necessary to upgrade Bitcoin's cryptography, otherwise the Quantum threat may become a reality.
 Simply put: The faster quantum computers advance, the more at risk Bitcoin's security future may be — so an upgrade is needed early.

[NotFuzzyWarm]

Old news, ref https://bitcointalk.org/index.php?topic=5550298.msg66565809#msg66565809
Und next time, how about providing links like the above did instead of just a blurb....

[Alpha Marine]

Here we go again with another quantum computer fud.
I don't know much about quantum computers, but why does it seem like the threat is only to Bitcoin? Has Bitcoin suddenly become the most important thing in the world? Or is it the thing with the most money or the most valuable resources? Why are banks not worried about it like you guys are? Why is the stock market not worried? From my understanding of quantum computers, they can be capable of breaking the encryption of the entire internet, so why is Bitcoin the only part of the internet that should be worried?

This is how I know it's not as serious as casuals make it seem. People exaggerate things a lot. Governments of different countries should be even more worried about Bitcoin or the crypto industry, because if people get hold of something that can break almost any encryption on the internet, then they should be more worried than us.

[sleepfirefly]

thought this was for april fools day when i first read the title lol. there has been more studies proving how quantum threat is still miles away from destroying bitcoin.

[joniboini]

I don't know much about quantum computers, but why does it seem like the threat is only to Bitcoin? Has Bitcoin suddenly become the most important thing in the world? Or is it the thing with the most money or the most valuable resources?

I guess if you're involved in crypto, you'll see that news more often. I'm sure I saw articles talking about the risk to other encryption-based apps, too, like password managers and whatnot. People just like to post about Bitcoin or crypto here because, well, this is a Bitcoin forum. They won't discuss how Telegram or WhatsApp improve their algorithm to be quantum resistant so eagerly here. Just like how often you see new threads talking about malware on the security forum.

[Renampun]

If that’s the case, then it shouldn’t just be Bitcoin that needs to update its algorithm, but anything that uses cryptography, since those systems are also more vulnerable to hacking than Bitcoin... moreover, I don’t believe that quantum computers can decrypt Bitcoin’s cryptography in such a short time, there will certainly be a period before they can be fully commercialized, reliable, and capable of posing a threat, and I think that might take longer than what they’re saying.

[BitGoba]

According to new data from Google, Quantum Attack on Bitcoin is now becoming more realistic than ever.  Google's Quantum team says that while it was previously said that it would take "millions of qubits" to hack Bitcoin, it has now dropped to below 500K (500K) qubits. According to new research, a Quantum attack can take just 9 minutes to complete, while a Bitcoin block usually takes 10 minutes to confirm. This means that the attacker can theoretically complete the attack before the transaction is confirmed — with a success rate of up to 41%. Google is now considering 2029 as a critical deadline, by which it is necessary to upgrade Bitcoin's cryptography, otherwise the Quantum threat may become a reality.
 Simply put: The faster quantum computers advance, the more at risk Bitcoin's security future may be — so an upgrade is needed early.

That wasn’t any kind of Google report, but a paid advertisement funded by scammers, the owners and founders of Ethereum, the Ethereum Foundation, and people connected to them. Matthew Kratter published a video yesterday exposing everything

https://www.youtube.com/watch?v=m-7M07H27ew