there's already quantum resilient algorithms for blockchains to use and it is just a matter of update. And no, bitcoin is not the best (yet it is most valued), it is not cutting edge, it is already obsolete.
Just search via Pieter Wuille's talking about "All PQC Schemes have larger keys &/or signature compared with ECC", and think it over why Pierter, as one of the most famous bitcoin developers, have said so! Is that a first barrier for bitcoin to upgrade to quantum resistant? or how hard for these "larger" to be implemented on bitcoin? Then you can figure out a little bit how hard it'll be bitcoin to be quantum-proof! Actually, bitcoin is the hardest staff to migrate to quantum resistant, not only including that "algorithms have larger" tech side, but also including consensus! @@nitemare1525
There is a saying amongst Bitcoiners. If quantum computing can break bitcoin blockchain, it probably can break banking systems too. To which, we have bigger problems to worry about.
@@thebiglebowski6965 because the attacker would have to outpower the majority of the network to have power over it. The miners and those who run a node are far too fast of a network to be outdown by an outsider at this stage. You couldn’t change the proof of work unless you could go back and re-mine all the other blocks ever mined. The blockchain is an immutable trust network at this point it won’t be unwoven it could only at best be slowed down temporarily by the largest of threats. Even if the internet went offline the blockchain could be rebooted and all the proof of work would be there where they last left off.
Industry already has those figured out. All it takes for systems to stay ahead of quantum computers is to rotate encryption keys faster than the quantum attackers can factor and break them. Tech is already here.
This is so wrong. A bank can migrate easily to post quantum cryptography. BTC is hard to fork and there's no way to migrate all the coins in dead or sleeping wallets (millions!) to wallets encrypted with pqc private keys. Check out QANplatform for answers.
All or most banks and email providers will probably update their encryption to be quantum proof before they get exploited. Can the same happen for BTC?
@ChineseRatfaceCHANG If quantum computers are powerful enough to crack Bitcoin hash, then we can use it to secure the blockchain as well. grade school explanation. no need for complex examples.
@ChineseRatfaceCHANG you're referring to hardware wallets, aren't you? that's a different story. I'm referring to Bitcoin's blockchain. you can control it if you can have the 51% of the hash rate. controlling this needs high computing power or a huge amount of money.
I enjoyed the video! It uses some of the results from my paper without reference - on the qubit requirements to break bitcoin. The paper is very technical but figured I would share it here anyway. I commented earlier but I think it was flagged or removed, not sure. Cheers! You can find the paper by searching its title - "The impact of hardware specifications on reaching quantum advantage in the fault tolerant regime"
Bitcoin is an open source project, there are cryptographic algorithms resistant to quantum computers. They will probably fork to a Bitcoin version that incorporates this cryptographic algorithm
@@goodguy9787 Why does this matter also? As long as the hash rate among miners is distributed and decentralised it doesn’t matter. E.g Everyone will just use Grover’s algorithm to mine Bitcoin.
3:18 making nodes to support a fork is easy task when there's a valid reason. in this case quantum resistant algo is supported in a heartbeat in the main chain.
Why not use the quantum computers for blockchain? After the error issue is resolved it seems like going to the qubit is only an evolutionary step for cryptocurrencies.
Quantum computing is still very young, it currently consumes too much energy and too many resources to build one, and at this lvl there are too many errors to correct in the programming that you can't do like a traditional computer, takes a long time
That's the thing though. If you read any papers on the legitimacy of the industry of quantum computing itself. It's dubious at best. Cos everyone's is being all secrecy with each other. Everything is proprietary. Everyone is accusing each other of fraud. Companies are investing tons of money into it cos they don't have a choice. A couple of them could very well be pouring money into duds or the next Theranos. The middle ground could be neuromorphic computing which would be more powerful than traditional computing, but less powerful than qubit techs. Quantum + neuromorphic = we probably created an intelligent life.
Quantum computing is not in everything more efficent than actual computers. For example mining with quantum computer is not more efficient than mining with AISICS
And then it would be quantum computers on the block chain vs quantum computers trying to hack it. Now do you think anyone will be allowed to have quantum computers? No, only the richest and most powerful (bankers who own everything) and it's in their intrest to get rid of bitcoin I believe
I'm not an IT guy, but what about dynamic keys that produce random keys constantly making it near impossible for QCs to solve? even if theh crack it, the next key replaces it rendering the previous inaccessible?
It can BREAK BTC blockchain AND if the attacker as a collective owns >50%, it can also rewrite it. Modern banking systems are being made PQCP by changing algos. BTC ECC and SHA-256 are harder to change, because it breaks address space and more.
1) Сеть Bitcoin не взломать таким способом, потому в алгоритме заложен потолок на выпуск, периодичность и регулирование сложности, а прощая комиссия добытчикам идёт от транзакций в сети (возможно это основной доход, потому что bitcoin почти весь выпущен и уже в дефиците, но он делится на части). 2) Через некоторое время QPU (квантовые вычислительные блоки) будут в составе обычных CPU, по аналоги с NPU, VPU и FPU. QPU будет использоваться в традиционных ЦП как ASIC для ускорения специфических задач. Например GPU работает с полигонами, но это не мешает её вычисления адаптировать для кодирования (сжатия) звука и прочего, для ускорения при меньшем потреблении энергии.
Destroy the very thing that can monetise quantum computing? That would be very dumb. Mining btc with a quantum computer would be very bullish for the price and security of the network. If someone was clever enough to build a quantum computer they would also understand that mining bitcoin with such a computer would make them one of the richest people on earth. Quantum computing as a threat to bitcoin is a very short sighted argument.
There’s no easy way to calculate a fair value for Bitcoin as you do with stocks, because a Bitcoin is an inert body that doesn’t sell anything to customers, or provides any dividends to investors, so trying to predict a future price is futile because it all comes down to “faith”. If people believe that bitcoin will be widely adopted as a major currency, it’s price will increase, but the only possible way to make money with Bitcoin is by buying it today and selling it at a higher price tomorrow, and to whom? To that naive guy that thinks this chain can go on forever, but in reality, as the price keeps going up, it becomes increasingly more difficult to sell it at increasingly higher prices. The only people making money with this are the “wolves” that know how to navigate the market short term fluctuations, buying low and quickly selling high, while the “sheeps” get slaughtered, doing exactly the opposite, and of course, the market creators, who don’t care what Bitcoin does, as long as they can charge their transaction fees. For long term investing, stocks are still the tried and true way to go. Bitcoin is just another cult.
No need to crack the private keys. From the sratch, it could generate all the private keys in sequence, massive random private keys (hash) generation will keep connecting to some random bitcoin wallets. And they will only move the coin when the attacks will begin
Thats quite a big cashprize for whoever will invent quantum computing. 1 million bitcoin is... At 70k and probably be way more then, 70 billion dollars Bruh thats less than expected finally. But probably will be way more when it will be digital gold.
This next era will be cool because Ai with quatum computers and advanced cryptography will change everything we know about internet lol poor humans cant hide your passwords anymore 😂
No need to worry because gaming theory came into play, there’s non advantage to hack btc network so even if one could there’ll be 0 reward in doing that. Btc was safe even before quantum computing was invented.
the. Lament Satoshi’s wallet is cracked, I think people will be more afraid of the nuclear codes being hacked. There are tons of things more important than BTC at stake with quantum computers.
You don‘t have to sell. When we see that quantum computing is near to break the algorithmus you safe have another 10 years to update Bitcoin. You need only a softfork. Than you send your Bitcoin to a new Adress and everything is safe again
You failed to mention AI. At the speed of AI, we are on the precipice, the event horizon of the singularity. AI isn't one guy or a few guys using a qbit-run computer to hack but a powerful network-reaching AI equivalent to millions of hackers just casually focused on hacking the blockchain while computing other AI tasks. It'll be easy in about 5 years or less. You heard it here first, folks, but don't live in fear, it's just a control mechanism that's been the tool of the powerful since our Australopithecine ancestors. Quantum, AI, and Blockchain are only hammers. They can be used to build a kanawatsugi structure or used to bash someone's head in. We have the power. Get involved.
@@floriangoldschmied9231 imagine thinking you just read a code and find a backdoor (few individuals could do that because you need to be an expert) and also imagine believing once you found a backdoor you can access it freely…the possibilities are endless. And i have no doubt very smart individuals spent time searching for vulnerabilities in the code. But we can’t know for sure and recent history has shown the existence of backdoors where nobody could ever have imagined.
@@floriangoldschmied9231 imagine believing a not expert just look at btc code and discovers a backdoor 🤣 also I suppose you think the once you find a backdoor you just “enter” right?
What nobody is telling that same way Bitcoin shall also be updated to make the system more cumbesome via 50%miners.Also who shall spend so much do disrupt Blockchain??Chyna tried once but honest nodes always beats dishonest nodes.
What happens when theres no more bitcoin to mine and miners have no incentive to carry on mining blocks? If there are no miners then there are no miners to validate transactions?
They also get paid to validate transactions. In fact, there has been many times where the transaction pay out were greater then the reward for finding the next block.
If you ever thought any form of digital currency is a path to freedom, you were deluded. Make some money off crypto while you can brother, but dont lie to yourself. Non-physical form money only serves as a means to control.
