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Author Topic: How to create custom script  (Read 1341 times)
Nomad Tom
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July 16, 2012, 05:55:56 PM
 #21

This processing power equality/competition issue would be mute if in a couple years some super-cooled quantum bits produce something useful. I know quantum computing is years away, but not decades away. In the meantime the existence of bitcoins will act like an X-Prize for revolutionary computing.

When it does happen, it will be like the atomic age: the university team making the first discovery will have to test discovering the next blocks for hours or days against the entire network. It will be a shock, and then the usual volume of mining will resume (if all the bricks aren't discovered first). Like nations in the 1950s, the knowledge of a higher power will be haunting. Then the system will be in limbo until competing quantum computers appear. At least that's how I imagine the processing competition issue to resolve itself.

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July 16, 2012, 08:10:26 PM
 #22

This processing power equality/competition issue would be mute if in a couple years some super-cooled quantum bits produce something useful. I know quantum computing is years away, but not decades away. In the meantime the existence of bitcoins will act like an X-Prize for revolutionary computing.

When it does happen, it will be like the atomic age: the university team making the first discovery will have to test discovering the next blocks for hours or days against the entire network. It will be a shock, and then the usual volume of mining will resume (if all the bricks aren't discovered first). Like nations in the 1950s, the knowledge of a higher power will be haunting. Then the system will be in limbo until competing quantum computers appear. At least that's how I imagine the processing competition issue to resolve itself.

SHA-256 is not magically broken by quantum computing the way ECDSA might be. A quantum computer which is faster than a classical computer at SHA-256 will be faster than a classical computer at everything, and quantum computers are likely to be marketed to the general public long before the technology reaches that point.

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
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