Quantum computing bitcoin reddit. But it isn't a panacea.
Quantum computing bitcoin reddit I'm relatively new to bitcoin, roughly a couple of years. Over the years /r/btc Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. I feel like people always jump to those in anirbanhdesk’s post. Or check it out in the app stores Here is my thought after coding a little bit of quantum and bitcoin. In addition, humanity’s current physics can only propel rockets through the principle of conservation of momentum. Some argue that quantum computing is not a threat, while Users of r/Bitcoin subreddit share their opinions and concerns about the potential impact of quantum computing on Bitcoin's security and value. This is about whether the “code” that powers blockchain can be “hacked” by more powerful computers. comments. Every time a transaction is made, two important things happen. Advertisement Coins. Users share their thoughts on how quantum computing could affect Bitcoin's security and value. What's Bitcoins answer to this TL;DR : A breakthrough in Quantum computers would undermine most encryption(All banking and national security would be in jeopardy) and with Bitcoin would simply weaken its security assumptions (not break Bitcoin's security) that can be fixed by switching Bitcoin to using Lamport or PCQ signatures When r/Bitcoin moderators began censoring content and banning users they disagreed with, r/btc became a community for free and open crypto discussion. Assuming there's a fork to protect private keys from a quantum attack, how would anyone be able to get onto the fork without firstly losing security of their legacy private key (which IS susceptible to such an attack), subsequently allowing the attacker to also claim the forked coin? Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. I am not sure if that's really a problem, but if it is, the proof of work algorithm could be changed to something that is harder on quantum computers. Even if security doesn't keep up with quantum computers ability to decrypt, then wouldn't banks and businesses be even more vulnerable to attack than bitcoin? Current quantum information science (quantum computing, quantum communication, quantum sensing) has nothing to do with space travel or energy. In 2020, for instance, Chinese scientists tapped a quantum computer to run a math problem that would've taken a typical supercomputer 2. It can only mean that you have read too many science fiction novels. Other cryptography does have something to worry about, but people have been working on it for a while, and so you shouldn't worry too much about it. Been buying to hodl with a 10 to 15 year time horizon. Reply reply More replies. Specifically that a quantum computer could actually guess a seed phrase. 5. A community for the academic discussion of quantum computing topics from hardware through algorithms. Is bitcoins encryption able to be upgraded if a quantum proof encryption was released in the future? This is a huge security risk as it would allow someone with a quantum computer to steal Bitcoin from another user if they learned their public key. It could be decades before a commercial grade quantum computer even makes it to market and that's the point it could be become a risk maybe. For even mildly complicated problems, this can means tens of thousands of attempts vs a couple dozen. This is the thing, over and over again this sub has someone question the dilemma of “when quantum computing breaks encryption” for bitcoin and other I don't much about either but I know quantum computing is beginning to become a reality and so Bitcoins mining process which I understand involves The problem is that quantum computers aren't just outright faster--they are a whole new way of computing. What happens to the "lost" Bitcoin addresses that have the older encryption? More to the point, quantum computation doesn't give a linear speed-up. Can a Quantum computer take over the hash power of the Bitcoin blockchain? Maybe, but that isn’t the point being made here. Not a single quantum computing system has successfully broken any encryption so far, and it will likely remain that way for a long time. That is the beauty of tech, it evolves. Answer: Most Computers weren't always able to run YouTube and Reddit, they started out as code breaking machines. To bring this back to reddit I’d usually start with this and Quantum Computing Since Democritus — which there stemmed from a course Scott offered. Any Moore's law for quantum computing means that for every doubling of quantum speed, classical computing will become 4 times slower. I think Dwave is interesting, but the media hype has vastly overblown their work. D-Wave's quantum systems use a process called quantum annealing to solve problems, making them well-suited for optimization tasks All that is required to mine Bitcoin is a connection to a pool, and a script to generate the hash. Advances in digital computers may one day lead to speeds that allow the breaking of ECC in heat-death time scales (using planet sized computers), but that is due to the nature of the crypographic schemes--they rely on the difficulty of solving certain mathematical problems, like I know this is a bit far-fetched, but what do you think of the possible threat quantum computing may pose to bitcoin. It’s interesting that I don’t see that many posts on this sub Reddit about “should I buy bitcoin? when it’s dipping from Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. And we dont even know if a quantum computer could be tasked with cracking anything. However an ai could be constrained with a blockchain, to prevent something like that happening. Members Online. They discuss the possibility of quantum Bitcoin's security system is considered ultra-secure against classical computers, which is why it offers a terrific way to gauge quantum computing power. *" Get the Reddit app Scan this QR code to download the app now Quantum Computing is coming fast, It's been mentioned, but there will be much greater concerns in the age of quantum technology than bitcoin. Reply reply Expected the usual sly Reddit passive aggressive comment but got hit by the realness. Computer Scientists Invent an Efficient New Way to Count Could quantum computer pose a threat to Bitcoin mining only requires hash functions, and I'm not aware of any quantum-algo or method to significantly speed that up. They won't piss away a quantum advantage to make bitcoin temporarily shit the bed before it adopts (more) quantum resistant standards. In a lively Reddit post titled “Google Willow Quantum vs Bitcoin Encryption,” a user confidently argued that Bitcoin enthusiasts have little to fear from this technological leap. A quantum computer that can search 255 GH/s can do a 51% attack on the current blockchain of 65PH/s IHMO, quantum computers are still a long way to go. Every private bitcoin key covers all of its UTXO's. Bitcoin, the first and most widely recognized cryptocurrency, relies heavily on cryptographic algorithms like SHA-256 for mining and ECC (Elliptic Curve Cryptography) for securing transactions. In practice its a none issue as crypto will always evolve faster. Bitcoin doesn't have that much to fear from quantum computing regardless, and I don't think the system is ill-prepared to deal with it. Hi r/Bitcoin ! I just read an article about quantum computing and how its development could threaten the security behind Bitcoin. Bitcoin, for example, would have become resistant to quantum threats as well, which can be achieved by hard-forking the Bitcoin blockchain by consensus among nodes. In the thread, some community members voiced concerns about the possible implications of developments in quantum computing or artificial intelligence for the future of The authors study the impact of quantum computing on the future of digital currencies. But that's a huge maybe. Wouldn't the developement of quantum computing just be a wash due to the fact that the bitcoin network could then implement quantum computers as well? Perhaps government and large corporations would get a hold of the technology first and use it to their advantage, therefore a new currency would have to be made and adapted to the age of quantum Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. A public key, available to ever Google's announcement of its breakthrough Willow quantum processor has reignited debates about crypto security, with some observers suggesting quantum computers Quantum computing does indeed pose significant threats to current security systems. Some argue that quantum computing could break Bitcoin's cryptography, while others suggest Users share their opinions on whether quantum computing will kill Bitcoin and how to protect Bitcoin keys from quantum attacks. Grovers algorithm doesn't break sha256, the algo used in mining, but it does reduce the difficulty by a huge order of magnitude. We would simply need an OPCODE for a quantum public private key pair that would allow people to gradually transfer from SHA Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. If quantum computing was an imminent threat to cryptography we'd have far bigger problems than just cryptocurrency. the greatest threat is on eliptic curve scheme used for signing transactions - mining (pow) is less a problem. "Even in the advent of a quantum apocalypse, where a powerful enough quantum computer suddenly pops up somewhere in the world, Bitcoin already has a mitigation mechanism. 5 billion years to solve. It's very complex, but here's what you need to know for our purposes. It's nonsensical to say that a quantum computer would be x times faster for any number x. But in any case, if there at some point should be QC become available that are getting more energy efficient than ASIC, that will only mean another hash power increase similar to what we have seen from CPU -> GPU -> FPGA -> ASIC It is the world's first commercial quantum computing company, offering both annealing and gate-model quantum computers. Or check it out in the app stores Could quantum computer pose a threat to the Bitcoin (BTC) network? watcher47. Current quantum computing is only proficient at generating noise. I might be wrong and it would be interesting to hear all sides of this debate. Cardano Dogecoin Algorand Bitcoin Litecoin Basic Attention Token Bitcoin Cash. However, pseudonymous creator Researchers at the University of Sussex estimated in February that a quantum computer with 1. The second is the proof-of-work or mining part of the protocol. Terms & Policies TL;DR : A breakthrough in Quantum computers would undermine most encryption(All banking and national security would be in jeopardy) and with Bitcoin would simply weaken its security assumptions (not break Bitcoin's security) that can be fixed by switching Bitcoin to using Lamport or PCQ signatures Quantum computing isn’t yet an issue with Bitcoin yes ik. Animals and Pets Anime Art Cars and Motor Vehicles Crafts and DIY Culture, Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. We are still years away from that like RoqueNE said, but progress is being made, and I wouldn't be surprised if we have something viable within the next ten year. 9 billion qubits could essentially crack the encryption safeguarding Bitcoin within a mere 10 minutes. Of course, Shor's algorithm will require a much larger and better-performing quantum computer than is available today. My friend says that once AI and Quantum Computing become more prevalent in society Bitcoin will be useless and the value will fall massively. TLDR: quantum computing is good for Bitcoin and bad for everything less secure than Bitcoin, which is everything else. One side doesn't make all the advancements, they build off each other. When learning about Bitcoin, i was taught that the protocol can only be attacked one of two ways: because michiu kaku tried to explain quantum computing to me and i still dont understand how a quantum computer can undermine the bitcoin protocol. Hello everyone! I see quantum computing technologies are rising and getting more affordable. A quantum computer might do something in n 2 time instead of 2 n time. Quantum computing is early in the maturity cycle, but the landscape is heating up. and whoever first gets there can fund short positions on bitcoin by selling balance from smaller lesser known lost wallets then crash the market by moving balance in well known wallets. Hypothetically speaking, if one day a quantum computer could be able to brute force through BIP-39 seed phrase, if one had an optional passphrase which they kept completely safe and offline, they’d be safe from that quantum computer correct? View community ranking In the Top 1% of largest communities on Reddit. There are many problems that are plaguing the Quantum Computing (QC) such as gate errors, fault tolerance and measurement matrix; not to mention super cooling, materials to store qubits and the environmental impact of keep machines at low . The question you seem to be implying is: can a quantum computer mine Bitcoin faster than Get the Reddit app Scan this QR code to download the app now. More Topics. your reddit password, etc. They examine the potential benefits and drawbacks of quantum computing for the cryptocurrency industry and provide insights into what the future of digital currencies might look like in a quantum computing-driven world. It requires 13 million qubits to break sha-256 (hashing algo in bitcoin) in one day, and currently, the functioning quantum computer with the highest qubit is Google sycamore with 53 qubits. By the time quantum computing poses a large enough threat to "break" cryptocurrency, cryptography will have moved to more quantum-proof algorithms. This is how tech security works, when someone exploits a bug, others put a patch and so on. Do you guys think Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. The majority of people doing breakthrough research on quantum computing are from physics, chemistry, and computer science backgrounds. The hot spot for CS on reddit. Bitcoin uses algorithms like SHA-256 for mining and ECDSA for signatures, which Google’s announcement of Willow on Monday, its first quantum chip, reignited fears that Bitcoin users’ private keys could be decrypted. Unlike The problem with quantum computing is that, in theory, it would break a lot of current used crypto system (nearly all public-key crypto systems) (Search for the famous Shor's quantum-algorithm). 9M subscribers in the Bitcoin community. 0 coins. Quantum computers and bitcoin. By that time probably the algorithms will be changed according to the change in computing power in the world. Reply reply To bitcoin? No, if Quantum computing could break BTC code, it could break anything, whether it be central banking or government systems both of which are much larger and Talking about the impact of quantum computing on things like bitcoin is a useful thought experiment to determine where quantum computers are currently in terms of capability. Those books for those with a background in CS, Quantum Physics, Information theory, and solid background in math (at least linear algebra and some probability theory). One of the most significant potential impacts of quantum computing on cybersecurity is its ability to break some of the encryption algorithms that Increasing the signing key size by a factor of 2 in a context of quantum adversary makes little to no sense, saying that it would give you 50 years extra is just pure non-sense, double the key size would require double the amount of qbits, if we made it to roughly ~ 2000 qbits and 120 billion gates, it's safe to assume that the next goal of ~ 4000 qbits would not take 5 decades. Besides, many current Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. I am The pace is picking up on development of quantum cpus. 6. Quantum Computing Attack . Posting academic questions, news, and resources is highly welcome. Since it requires exponential power using classical computing as the problem gets more difficult, the benefits also become exponential using quantum computers. When this happens. r/3Blue1Brown. I think its faster for classical computers to compute hashes, if quantum computers are able to somehow compute hashes faster than classical computers or even decrypt the EAS algorithm then not only is bitcoin doomed but the whole modern encryption system will be doomed that means the CIA, the NSA, etc etc. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. TL;DR : A breakthrough in Quantum computers would undermine most encryption(All banking and national security would be in jeopardy) and with Bitcoin would simply weaken its security assumptions (not break Bitcoin's security) that can be fixed by switching Bitcoin to using Lamport or PCQ signatures Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Even if quantum computing were to break encryption, Bitcoin is the least of our concerns, as everything else is far less secure. Although there are some estimations that about 2027-2030 it may be broken by the quantum computing, there are alternative proposals to tackle this problem so there is a way out of this trap for bitcoin community. Just 13 million In short, quantum computing will certainly necessitate a change to bitcoin’s protocol within the next few years, similar to the computer upgrades triggered by Y2K. You don't have to understand quantum mechanics to begin messing with Qiskit, which has some quick and dirty introductions to the more advanced topics you'll be utilizing in quantum computing. So any computer with an internet connection and some computing resources can mine Bitcoin. Hello guys, Lately I’ve gotten into quantum computing, particularly the cybersecurity aspects of it. IBM launched Osprey, a 433-qubit machine, last year and has set its sights on building a 100,000-qubit machine within 10 years. Realistically it'll take quite a few more years for them to get to the point of breaking hash encryption, since even with 5-6 times the current Qbit processing (Currently IBM's Osprey @ 433 QBits is the biggest Quantum computer) algos like SHA-256 are relatively safe (based on Quantum computation is the mathematical formalism whereby computation is carried out using unitary operations on vectors is a Hilbert space (yeah, this is the crazy hard part). Will quantum computing break bitcoin? The way a true quantum computer would effectively try all possible combinations of key simultaneously, the trick would then be to get it to recognise and pick out the correct solution, and I suppose that may be The rate at which a quantum computer would have to brute force keys and verify if they have BTC while being cost effective is practically impossible given the current state of quantum computing. I'm doing some research into quantum computing and while it doesn't currently pose a threat, given how rapidly technology improves, I could see Bitcoin being at risk. What I mean is that there will not be a powerful enough quantum computer to break the Bitcoin network for example until there are many less powerful quantum computers in the world used by average people. But it isn't a panacea. How will quantum computing impact Bitcoin? Quantum computing will be able to crack private keys with no problem. In 2008, D-wave was the most stable quantum computer that had 12 qubits. A quantum computer is a device that can do quantum computation. Obviously we all love emerging technologies such as quantum computing, but every piece of research can be nitpicked. Past that, there is a perfectly good argument that should Quantum computing ever become a mathematical threat, that Bitcoin can still react by incorporating a resistant defense and increase the magnitude of encryption, so long as the network agrees to allow it. This will most likely be the first usecase for QCs as well. it's elliptic curve encryption that will be broken. Quantum computers give asymptotic speedups. I no longer link to references on Reddit New research team has built a quantum machine with 13 million qubits that cracked Bitcoin encryption. 1) Quantum computers cant crack SHA256 (so cold wallets will always be safe) 2) Every leading expert says that quantum computers are a minimum of 10 years away but probably 20 or 30. Scientists from the University of Sussex in the UK have built quantum systems with 13 million qubits, which was sufficient enough to break the cryptographic algorithm (SHA-256) that secures the Bitcoin blockchain within the space of 24 hours. I’m wondering if any of you have any experience of companies making big promises or claims about quantum technology and failing to deliver, or anything else that might be interesting to mention for the motion. I know that Quantum Computing is still at least decades out, but let's assume that we move into a Quantum Computing world over the next 20-30 years and we upgrade the security algorithms on the Bitcoin network to accommodate this change. Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. Bitcoin and the Threat of Quantum Computing. TL;DR : A breakthrough in Quantum computers would undermine most encryption(All banking and national security would be in jeopardy) and with Bitcoin would simply weaken its security assumptions (not break Bitcoin's security) that can be fixed by switching Bitcoin to using Lamport or PCQ signatures A true universal quantum computer would be able to run any quantum algorithm like Shor's. The quantum machine solved it in At a point in time that quantum computing is actually happening, id imagine only something like a fully fledged ai made w/o constraints (which hopefully will never happen, ever) could fully utilize a quantum level computer to do anything not limited to cracking blockchains like toothpicks. By the time the threat of brute forcing SHA256 becomes a possibility on the horizon, new one way hashing algorithms that are more sophisticated and Quantum computing has the potential to significantly impact cybersecurity, but it is unlikely to make it entirely obsolete. 1M subscribers in the Bitcoin community. Is this anything to worry about. “We’re not there yet,” said Jens Groth, a Danish professor in cryptology and encryption researcher at Dfinity. IBM unveiled its 127-qubit processor just last year, while a unit sporting 1,000 qubits is set to be completed by the end of 2023. Bitcoin A quantum computer can test all possible routes at one time and recognize the solution. As an official Fidelity customer care channel, our community is the best way to get help on Reddit This led me to think that, by utilizing a quantum computer or quantum simulator of about 40-qubits that runs Grover's algorithm, is it possible to mine bitcoins this way? The current difficulty of bitcoin mining is about 15,466,098,935,554 (approximately 2^44), which means that it would take about 2^44*2^32=2^76 SHA256 hashes before a valid Quantum computing means quantum security - Hacking and security is a constant cat and mouse game. Said something similar a few years ago when Quantum computers were the latest "hype" technology. Questions is: how quantum computing can be used in our regular life being? It seems like a classic computer from 1960’s, when computer were too big and too expensive, so only corporate could afford it, but now it essential for every home. Love it. Get the Reddit app Scan this QR code to download the app now Quantum computing solves a bunch of problems that classical computers struggle to solve. a roll out of quantum computing is a massive game changer and the ENTIRE world will be rushing to adapt. As such, it is more resistant to wild inflation and corrupt banks. But recently I've been thinking about whether or not sha256 encryption will be able to withstand quantum computing. Unlike Anyone having a quantum computer has a quadratic speedup compared to classical computing. Get the Reddit app Scan this QR code to download the app now. *By using only one-time addresses, the quantum computer can never even have a shot at cracking the encryption key of the user. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. This happened long before the creation of Bitcoin Cash. The best excuse I've heard for a quantum computing attack. Classical computation uses real valued functions on binary numbers (again, math math math). SHA-256 isn't where real financial motivation for developing quantum computers is. What happes when quantum computing allows for hackers to activate many of the "lost" bitcoin wallets? Especially the satoshi wallet with 980. . Twitter Facebook LinkedIn Pinterest Reddit Telegram Email WhatsApp. If you're currently researching, working to support, or Fortunately, the ability to deploy quantum computers with so many qubits still seems many years away. 00 Anyone that's interested in this subject should look at "An Addition To The Bitcoin Wiki Page On Quantum Computing", which goes over Mosca's theorem, and works backwards from the date that something will be broken, taking into consideration preparation, consensus, testing, development, and migration. frwhsnu znpcbms onoqhh xpfusik cwmopw yclifo rey fso llyzw efunil