Quantum Computer.

[Thekool1s]

Guys i wanted to discuss about quantum computers, How will they affect BTC

1st thing is that these computers will be 1000s of times faster than the current super computer so my question is what will happen to the difficulty if it rises like a rocket then the price of BTC will also rise like a rocket?

2nd thing is hacking, When these computers get to the consumer market won't hacking become a problem?

Edit: One more question will this also mean the 21 million bitcoins will be made faster?

For now i have got these points i will edit as the post progresses.

[cuddaloreappu]

https://www.youtube.com/watch?v=DkUpZkeqhF4

http://bitcoinmagazine.com/6021/bitcoin-is-not-quantum-safe-and-how-we-can-fix/

https://bitcointalk.org/index.php?topic=325800.0

[Thekool1s]

Youtube doesn't open in pakistan, I don't visit any site other than bitcointalk.org for bitcoin infromation and your 3rd link is also a youtube link. So even if i had searched it would have been no use.  

[BitCoinDream]

Guys i wanted to discuss about quantum computers, How will they affect BTC

1st thing is that these computers will be 1000s of times faster than the current super computer so my question is what will happen to the difficulty if it rises like a rocket then the price of BTC will also rise like a rocket?

2nd thing is hacking, When these computers get to the consumer market won't hacking become a problem?

For now i have got these points i will edit as the post progresses.

This is actually a well discussed topic since 2010. Just to note, if Quantum computers break bitcoin, then they'll break your online banking too. So, first worry about that.

[cr1776]

Have you tried searching the forum? There is already a wealth of information available on this topic.

Youtube doesn't open in pakistan, I don't visit any site other than bitcointalk.org for bitcoin infromation and your 3rd link is also a youtube link. So even if i had searched it would have been no use. 

Holliday didn't post any links, the guy above him did.  Anyway, there are literally 100s of topics on bitcointalk.org that don't involve youtube here are a few:

https://bitcointalk.org/index.php?topic=153302.0
https://bitcointalk.org/index.php?topic=133425.0
https://bitcointalk.org/index.php?topic=396540.0

[Thekool1s]

Have you tried searching the forum? There is already a wealth of information available on this topic.

Youtube doesn't open in pakistan, I don't visit any site other than bitcointalk.org for bitcoin infromation and your 3rd link is also a youtube link. So even if i had searched it would have been no use. 

Holliday didn't post any links, the guy above him did.  Anyway, there are literally 100s of topics on bitcointalk.org that don't involve youtube here are a few:

https://bitcointalk.org/index.php?topic=153302.0
https://bitcointalk.org/index.php?topic=133425.0
https://bitcointalk.org/index.php?topic=396540.0

Thanks but can you answer my last question?

[Koko]

Youtube doesn't open in pakistan, I don't visit any site other than bitcointalk.org for bitcoin infromation and your 3rd link is also a youtube link. So even if i had searched it would have been no use.  

Can't you use a proxy?

[Capt Drake]

Even if they breake the first encryption of bitcoin, which I think it has 3, the other 2 will be strong enough for the hacker won't be able to steal your coins, however, if you send your coins to another wallet, the hacker would be able to figure your private key and then your wallet security would be compromised.
So, every time that you send your coins to an address, you'll have to send all of your coins to another one, and keep doing that forever.

That's what I've read in some article around here.

[jonald_fyookball]

Have you tried searching the forum? There is already a wealth of information available on this topic.

Youtube doesn't open in pakistan, I don't visit any site other than bitcointalk.org for bitcoin infromation and your 3rd link is also a youtube link. So even if i had searched it would have been no use. 

Holliday didn't post any links, the guy above him did.  Anyway, there are literally 100s of topics on bitcointalk.org that don't involve youtube here are a few:

https://bitcointalk.org/index.php?topic=153302.0
https://bitcointalk.org/index.php?topic=133425.0
https://bitcointalk.org/index.php?topic=396540.0

Thanks but can you answer my last question?

No amount of computing power will make the 21,000,000 coins come faster
because difficulty is always adjusted.

[FUR11]

Guys i wanted to discuss about quantum computers, How will they affect BTC

1st thing is that these computers will be 1000s of times faster than the current super computer so my question is what will happen to the difficulty if it rises like a rocket then the price of BTC will also rise like a rocket?

2nd thing is hacking, When these computers get to the consumer market won't hacking become a problem?

Edit: One more question will this also mean the 21 million bitcoins will be made faster?

For now i have got these points i will edit as the post progresses.

It depends whether one-way mathematical functions can be reversed. If that happens, we have a problem. Also, it isn't a question how fast quantum computers are, but rather if they are able to solve the problems needed in order to 'crack' bitcoin. If they can, we are immediately burned.

[franky1]

ok here goes

SuperMUC the super computer in germany is the equivelent of 110,000 personal computers.

how we all know from the old CPU mining days that CPU mining can only handle 5-7M/hash a second mining bitcoin.
so superMUC would be the equivalent of 550Ghash (half a terrahash)

yes that's right SuperMUC is only a half a terrahash bitcoin miner. now if a quantum computer is 1000 times that would be half a petahash

so with bitcoin hash power at 138/170 petahash's. there would still need to be about 300 quantum computers based on the 1000x the speed of SuperMUC figure given by the OP

[FUR11]

ok here goes

SuperMUC the super computer in germany is the equivelent of 110,000 personal computers.

how we all know from the old CPU mining days that CPU mining can only handle 5-7M/hash a second mining bitcoin.
so superMUC would be the equivalent of 550Ghash (half a terrahash)

yes that's right SuperMUC is only a half a terrahash bitcoin miner. now if a quantum computer is 1000 times that would be half a petahash

so with bitcoin hash power at 138/170 petahash's. there would still need to be about 300 quantum computers based on the 1000x the speed of SuperMUC figure given by the OP

You are talking about a quantum computer that is running a Turing complete machine, i.e. is a multi-/all-purpose machine. If you optimize that quantum computer to do one thing (SHA256) things will look dramatically different.
Also: what if you use a quantum computer to reverse one-way mathematical functions? Goodbye, PoW....

[Omikifuse]

If quantum computers really going to exist, we will need to update our crypto protocols to stronger ones(SHA-1024)?

But the same crypto technology still can be used, so we will only need some adaptation after the panic wave

[FUR11]

If quantum computers really going to exist, we will need to update our crypto protocols to stronger ones(SHA-1024)?

But the same crypto technology still can be used, so we will only need some adaptation after the panic wave

If they really can break one-way mathematical functions, just updating to a more complex one doesn't work... It's a question of what exactly will be possible with quantum computers.

[jonald_fyookball]

If quantum computers really going to exist, we will need to update our crypto protocols to stronger ones(SHA-1024)?

But the same crypto technology still can be used, so we will only need some adaptation after the panic wave

If they really can break one-way mathematical functions, just updating to a more complex one doesn't work... It's a question of what exactly will be possible with quantum computers.

sigh...already been discussed to death in other threads.

there is no known or even theorized quantum algo or speedup for breaking one way functions.
only ECDSA.

[FUR11]

If quantum computers really going to exist, we will need to update our crypto protocols to stronger ones(SHA-1024)?

But the same crypto technology still can be used, so we will only need some adaptation after the panic wave

If they really can break one-way mathematical functions, just updating to a more complex one doesn't work... It's a question of what exactly will be possible with quantum computers.

sigh...already been discussed to death in other threads.

there is no known or even theorized quantum algo or speedup for breaking one way functions.
only ECDSA.

Yeah: no _known_! Like I said, we'll probably be safe off, but can't be sure since something just _might_ come around the corner and prove our current systems to be flawed. It wouldn't be the first time that happened with some technology!

[doubleredrolex]

I think a lot of things will have to change when quantum computers come into existence. Im sure we will cross that bridge when we get to it. No point speculating whats going to happen when the computers don't even exist yet.

[frankh13]

Guys i wanted to discuss about quantum computers, How will they affect BTC

1st thing is that these computers will be 1000s of times faster than the current super computer so my question is what will happen to the difficulty if it rises like a rocket then the price of BTC will also rise like a rocket?

2nd thing is hacking, When these computers get to the consumer market won't hacking become a problem?

Edit: One more question will this also mean the 21 million bitcoins will be made faster?

For now i have got these points i will edit as the post progresses.

May be with 1000 that machines you can to do a 51% atack!!!
For to be serious, no. Actually on block all systems spent 10 min. at all gear power.

[TinEye]

The quantum computers you are thinking of are in realms of deep science fiction. You don't have to worry about it in the forseeable future.

By the time they come BTC might even have gone Netscape's way.

[Giulio Prisco]

The quantum computers you are thinking of are in realms of deep science fiction. You don't have to worry about it in the forseeable future.

Not really, they are in the realm of near-future science fiction. See http://www.computerworld.com/s/article/9249721/Money_talks_and_that_s_all_quantum_maker_D_Wave_has_to_say