posted ago by MerlinFree ago by MerlinFree +8 / -0

With Quantum Computers becoming more advanced (and even becoming commercially available) where will that lead crypto currency and how will it benefit these currencies positively?

What are some of the positives that can come from the computing capabilities of Quantum Computers and is there, perhaps, anything that may need to be done to balance the playing field without limiting people's freedom and autonomy when it comes to mining, security, and transactions?

The best case scenarios likely include a focus on the above elements to ensure the most ease and grace regarding crypto use, doesn’t hinder anyone, and actually boosts the aspect of freedom which cypto currencies permit.

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Monomial 2 points ago +2 / -0

A quantum computer sufficiently powerful to run Shor's algorithm will destroy nearly every crypto coin in existence. Having spoken with James Tagg, director of the Penrose Institute, at a crypto conference in 2019, I came away with the impression that it is highly likely a state level actor may have already developed such a machine.

While there is obviously nothing ready for commercial deployment, getting a custom device to work in a lab setting that could pull off a single task with less than 100% reliability is an entirely different question. Assuming that such a device is already in existence, it is highly likely that a database of private keys for accounts on various chains has already been built.

Note that Shor's algorithm can calculate the private key given the public key, so any account that has ever exposed their public key on the blockchain is potentially vulnerable. IF everyone used the wallet system as designed, meaning funds were never returned to an address after spending, then it should be safe. Unfortunately, while this was always the intent of Bitcoin, this is NOT how people are using it today. They are reusing addresses over and over despite spending from them. Exchanges, which have the largest balances, are in fact some of the worst offenders.

What would be the point of building a database of private keys and not exploiting it right away? To collapse confidence in the entire system. At the right time, a massive attack could be launched, with Bitcoin wallets drained simultaneously in a matter of minutes. This wholesale loss of confidence by everyone, combined with a coordinated selloff of Bitcoin by agents such as MasterCard could collapse the price of BTC so fast that nobody could escape. Most accounts would probably escape the hacking and still hold Bitcoin, but they would be worthless in terms of value due to the loss of confidence by the wider market.

But don't worry. If this were to happen, the central banks would be right there with their managed CBDC's letting you know that you don't have to put up with the dangers of those evil, decentralized coins. Luckily, no central bank could ever be this evil, right? I mean, isn't the government always on our side?

There are ways to make cryptocurrencies immune to Shor's algorithm. IOTA tries, for example. But unfortunately, they are not very convenient for a human to use.

Honeyko 2 points ago +2 / -0

Quantum computing is something that various eggheads assert will become a viable technology if eggheads are given another few billion in funding.

gorillachannel 2 points ago +2 / -0

Quantum computers are currently barely capable of basic arithmetic. They will have no impact on anything for at least a decade or two, by which time quantum proof algos will be common.

Kekistan_United 1 point ago +1 / -0
  • chyna has the record for the longest quantum encrypted signal sent; several hundred miles

  • chyna has banned crypto mining

many many many of you think its all hocum.

and you are free to believe anything you wish

just saving billions in losses to fraud is enough for them to invest in it.

many of you think Brave New World is a quaint story about some guy who lost his mind...

i am completely consigned to watch the world burn

there are many books by dystopian writers that are coming to fruition.

much of the world now feels like a snippet from virtual light