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re: What does the uber-powerful Quantum supercomputer mean for bitcoin and crypto security?
Posted on 12/14/24 at 9:06 am to SpartanSoul
Posted on 12/14/24 at 9:06 am to SpartanSoul
quote:
Of course, I don't have a total understanding of the math and concepts involved in quantum resistant algorithms.
For future coins this is possible, for bitcoin this is impossible.
The way a distributed ledger works no one is actually in charge. The safety is that every time a coin is transferred its encryption includes the entire encryption history.
To note, there are no developers "working on the code" it's an algo, just like enigma. Once it's broken, the original algorithm cannot be made more robust without hacking the chains of every single bitcoin and resetting the transfer chain of every transaction.
Someone would need to find a very lightweight quantum resistant encryption else it would take forever to convert.
Then there's the issue that it's not bitcoin, you just recorded all of bitcoin transactions into a new algorithm.
The major problem though is that p np for quantum computers is currently small.
Classical computing has a significant and know p np which aids encryption.
Summary, this is a big problem that doesn't have a solution for older algos like bitcoin.
There's no way to back that out, sure someone could sell a bitcoin2, but the original algorithm has a know vulnerability where if you can get to quantum computing you can rewrite the transaction chains.
As no one controls the ledger there's nothing to be done about it. True and false transactions are going to look identical.
1
Posted on 12/14/24 at 9:19 am to PUB
quote:
Except for when they control the power grid and cut off all humans from electricity, the internet, cell phones, TVs, and our computers.
In this hypothetical, is AI going to perform maintenance on power stations and distribution lines?
Posted on 12/14/24 at 9:33 am to Squirrelmeister
quote:
Or maybe they’ll use us like batteries to generate electricity.
Posted on 12/14/24 at 9:43 am to Lucky_Stryke
quote:
If that happens I wonder if ai will essentially be at war with itself. Like ai programs/robots will want to be the leader and who decides what to do? I can see in fighting happening
I've wondered the exact same thing. If the AI is truly not only smart by also wise, they would join forces. I'm thinking they wouldn't have human characteristics such as pride.
Posted on 12/14/24 at 9:45 am to Narax
So I need to sell. Is that what you are saying?
Posted on 12/14/24 at 9:49 am to Saintsisit
quote:
quote:
Except for when they control the power grid and cut off all humans from electricity, the internet, cell phones, TVs, and our computers.
In this hypothetical, is AI going to perform maintenance on power stations and distribution lines?
Once AI reaches the level we speak of and is imbedded in anything connected to the internet, to completely shut it down would cause major disruptions to say to day living.
Also, AI could advance robotics to the point of performing many human jobs.
AI will be so much more intelligent than us that it will have already considered and prepared for anything that humans could do to "kill" it.
That's the whole point, we can't even imagine or truly appreciate just how much more advanced it will be beyond us.
Posted on 12/14/24 at 10:09 am to Timeoday
ASICs like Antminer S19 XP Hyd, a Bitcoin mining device developed by Bitmain, at a cost $5k has a hash rate of 255 terrahashes per second (TH/s) by comparison the Antminer S1 which I actually own ran at 180 gigahashes/s, the S19 is 1000 times faster yet one these latest miners still takes over 3 years to mine one bitcoin blockchain with a reward of 3.12 bitcoins at todays reward market value approximately $300k if you had 1000 of these S19’s you could be making $300,000 every couple days. Now let me ask you if a quantum computer could be configured to run a computation million times faster than an S19 you literally could mine all the remaining bitcoin mining rewards in a matter of hours if not minutes. However Quantum computing is not yet adapted to cryptocurrency mining - Qubits, the fundamental units of quantum computation, are fragile and prone to errors due to quantum decoherence, making them unreliable for extended calculations like cryptocurrency mining. But this will be improved over time. Development could take a decade to create the equipment and algorithms necessary to mine bitcoin at blazing speeds resulting in centralized quantum mining rigs this would definitely collapse all miners and mining pools. It is definitely a concern and just a matter of time.
Posted on 12/14/24 at 10:10 am to Lou Pai
quote:
Not sure about crypto but definitely seems bad for password encryption across the board. Have been dreading their impending breakthroughs.
Why I use "password" for all my passwords. It's impossible to out-sophisticate quantum computers, but can they think like an idiot?
Posted on 12/14/24 at 10:15 am to Timeoday
Quantum supercomputing just sounds like the pump of all market pumps to me. Esp when we throw in crypto, micro nuclear reactors, etc.
Not saying we’re crashing, just questioning how much meat is on the bones of these FOMO tech concepts
Not saying we’re crashing, just questioning how much meat is on the bones of these FOMO tech concepts
Posted on 12/14/24 at 10:27 am to Squirrelmeister
quote:
Or maybe they’ll use us like batteries to generate electricity.
The Matrix dropped the ball on this because they thought people were too stupid to grasp the concept but the movie isn’t about using people as batteries to keep their power on. It’s about using our brains as an interconnected CPU network to keep an ever expanding network active with the bonus of each CPU/ processor coming with built in power generators.
Posted on 12/14/24 at 11:17 am to lake chuck fan
Terminator
Posted on 12/14/24 at 11:18 am to Timeoday
Couldn’t you use Quantum computers to come up with commensurate security for Crypto?
Posted on 12/14/24 at 11:19 am to Timeoday
you should be more worried about your bank account lol.
Posted on 12/14/24 at 11:28 am to Order88
quote:
Development could take a decade to create the equipment and algorithms necessary to mine bitcoin at blazing speeds resulting in centralized quantum mining rigs this would definitely collapse all miners and mining pools. It is definitely a concern and just a matter of time.
I'm admittingly ignorant on this subject and don't understand a lot of what's being talked about here.
Without getting too far in the weeds, is the concern that someone could solve the algorithm and then steal everyone's Bitcoin or make the coins worthless?
Posted on 12/14/24 at 11:29 am to Order88
So you are saying quantum mining will create bitcoin inflation. I guess we will have to have a Cabinet level office to regulate such activity.
Gonna have to hold now and sell at the top!!
Gonna have to hold now and sell at the top!!
This post was edited on 12/14/24 at 11:30 am
Posted on 12/14/24 at 11:47 am to lake chuck fan
quote:
University of Sussex researchers estimate that breaking #Bitcoin encryption in 1 day would need 13M qubits. Willow has 105 qubits. Not possible today, but theoretically: ~124000 Willows: to break the encryption in 1 day ~340 Willows: in 1 year
Posted on 12/14/24 at 11:52 am to olgoi khorkhoi
Breaking simple passwords can be done simply by brute forcing it. Your password wouldn't stand a chance.
Posted on 12/14/24 at 12:44 pm to Timeoday
quote:
So I need to sell. Is that what you are saying?
For Bitcoin specific,
We could be decades away from it collapsing, it could be a gradual drop off who knows.
Just eventually everyone would have to move to a more secure crypto.
There will be new cryptos with less flaws.
This post was edited on 12/14/24 at 12:47 pm
Posted on 1/4/25 at 7:26 am to Timeoday
quote:
Google has constructed cooling devices nicknamed “chandeliers,” with spaghetti-like tubes and wires designed to create temperatures of minus 460 degrees Fahrenheit, making it the coldest place within 5,000 light years from earth.
Extreme cold is what it takes to cause a particle to enter a “quantum state,” essentially becoming a qubit.
Keeping qubits from warming up is one of the project’s biggest challenges and better temperature control was a major reason its new Willow chip was able to blow past the vaunted error correction milestone.
Right around the corner...
Posted on 1/4/25 at 8:13 am to Timeoday
Means Google, Rigetti and Northrop fining to corner the market on outstanding bitcoin
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