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Can someone explain why Bitcoin isn't crashing due to quantum?

news.ycombinator.com

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Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#22

Post by trallnag »

constantcrying wrote: post #19

Bitcoin hasn't crashed because it is non-functional as a a currency, why would it crash because it's cryptography might break at some point in the future? >Institutions hold Bitcoin. Institutions are smart. Come on! Especially financial institutions have a serious track record of ignoring obvious problems, outright fraud and monumental incompetence.

Why is it non-functional? Over ten years ago I was able to use Bitcoin to buy stuff on one of the Silkroad derivatives. And I assume this is still possible to this day. It's better than nothing.

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#24

Post by chistev »

XiphiasX wrote: post #9
cinntaile wrote: post #7

Earlier quoted context omitted.

This reminds me of the bitcoin death predictions website. I don't know if it's still around but if it is then it probably has thousands of predictions by now.

Gove me logical argument why Bitcoin won’t get cracked by quantum computers.

Short it, then.

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#25

Post by [deleted] »

XiphiasX wrote: post #9
cinntaile wrote: post #7

Earlier quoted context omitted.

This reminds me of the bitcoin death predictions website. I don't know if it's still around but if it is then it probably has thousands of predictions by now.

Gove me logical argument why Bitcoin won’t get cracked by quantum computers.

[deleted]

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#26

Post by lesuorac »

The world doesn't operate with code as law. If somebody steals all the bitcoins in the world then they'll just fork it [1].

A significant amount of bitcoins are held by known entities (exchanges) so it's pretty trivial for institutions to keep their coins after a fork. Those of you self-hosting might have some losses.

[1]: https://en.wikipedia.org/wiki/Ethereum_Classic

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#27

Post by user432678 »

XiphiasX wrote: post #10
joey_spaztard wrote: post #6

Current quantum computers are toys for physicists that are of zero practical use. See the recent research paper about recreating quantum factoring records using a dog, an abacus, and a vintage computer

Did you read what I said? Extrapolate with exponentials. Smart people do this.

Oh shoot, should’ve bought wedding cakes for bulk rate!

Re: Can someone explain why Bitcoin isn't crashing due to quantum?

#29

Post by barbarr »

lesuorac wrote: post #26

The world doesn't operate with code as law. If somebody steals all the bitcoins in the world then they'll just fork it [1]. A significant amount of bitcoins are held by known entities (exchanges) so it's pretty trivial for institutions to keep their coins after a fork. Those of you self-hosting might have some losses. [1]: https://en.wikipedia.org/wiki/Ethereum_Classic

+1, the tokens from before a quantum hack will be transferred to a new fork. So at that moment, the value of BTC will go to 0 and the value of BTC v2 will take the value of BTC.

However at the moment, the community seems to be leaning towards pay-for-quantum-resistance [0]

[0] https://github.com/bitcoin/bips/pull/1670

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