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Bitcoin will be hackable with quantum computers by 2027

Discussion in 'Bitcoin and Cryptocurrency' started by Millard Baker, Aug 18, 2019.

  1. Millard Baker

    Millard Baker Member

    Bitcoin’s race to outrun the quantum computer

    Want to steal some Bitcoin? All you need to do is find your victim’s 16-character public key and calculate their private key by solving something called an “elliptic curve discrete logarithm problem.” No sweat! With a regular computer, that’ll take you around 50 million times the amount of time the universe itself has left—around 0.65 billion billion years.

    Ah, but with the right quantum computer, able to process information at speeds exponentially faster than today’s supercomputers? Suddenly, what seems uncrackable becomes child’s play, able to be broken in under 10 minutes.
    Reference: Quantum Attacks on Bitcoin, and How to Protect Against Them | Aggarwal | Ledger
     

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    MindlessWork and bigrobbie like this.
  2. bigrobbie

    bigrobbie Member

    A thief will find a way to be...well, a thief.
     
  3. Millard Baker

    Millard Baker Member

    The quantum revolution is coming, and Chinese scientists are at the forefront

    China’s drive to dominate a field with big economic and military applications outpaces some U.S. strides

    More than a decade ago, Chinese physicist Pan Jian-Wei returned home from Europe to help oversee research into some of the most important technology of the 21st century.

    At a conference in Shanghai this summer, Pan and his team offered a rare peek at the work he described as a “revolution.”

    They spoke of the hacking-resistant communications networks they are building across China, the sensors they are designing to see through smog and around corners, and the prototype computers that may someday smash the computational power of any existing machine.

    All the gear is based on quantum technology — an emerging field that could transform information processing and confer big economic and national-security advantages to countries that dominate it. To the dismay of some scientists and officials in the United States, China’s formidable investment is helping it catch up with Western research in the field and, in a few areas, pull ahead.​

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    Last edited: Aug 19, 2019
    Dw725 and bigrobbie like this.
  4. flenser

    flenser Member AnabolicLab.com Supporter

    Based on some of the quantum cloud services available NOW, it wouldn't surprise me to see it happen much sooner than 2027. I was surprised to learn that some of the servers are more or less sitting idle due to a lack of demand.
     
    Dw725, MindlessWork and Mac11wildcat like this.
  5. Mac11wildcat

    Mac11wildcat Member AnabolicLab.com Supporter

    Where’s an audio clip of trump saying “China” when you need it...
     
    CrispyRockClimber likes this.
  6. Dw725

    Dw725 Member

    Agreed.

    It seems that when science made predictions in the past , that we would have x by yy date, they were usually jumping the gun. But at the exponential rate tech is advancing , we usually beat those dates now.

    Look how powerful our pocket computers have become in just ten years, and the advancements in ai over just the past 5.
     
    flenser likes this.
  7. flenser

    flenser Member AnabolicLab.com Supporter

    I am mostly looking at what it would take to make the necessary server time available to would be hackers, assuming the hackers know the public keys of wallets containing very large sums worth the cost of the server time.

    The trouble I see with quantum computer advances is the material science has no promising research (that I know of) to move the processors off of servers and into the hands of consumers. That limits the applications it can be used for significantly which will keep costs high, even if those costs are temporarily depressed.
     
    Dw725 likes this.
  8. Masterofron

    Masterofron Member AnabolicLab.com Supporter

    I wish XMR was more commonly used..
     
  9. Serono

    Serono Member

    This wouldn't really make sense though unless there is FAR more liquidity in the market when this happens. Trying to move and liquidate large sums of btc, in it's current state, can drop the market significantly. Something like this would be catastrophic.

    In this hypothetical scenario, the second quantum computing breaks a private key, the market will tank on fear alone, and the coins will be near worthless. People watch large addresses, and they know when things move, or get transferred to exchanges. There will be a VERY small window to get the BTC to fiat, which will leave an obvious paper-trail.

    The only goal for someone to use QC to crack private keys would be to harm/kill btc.

    That said, QC poses a lot of issues aside from BTC. At the point quantum can crack BTC, it will have been able to crack a lot of other, potentially more significant things, far sooner.

    There are people working hard on making BTC and other cryptos quantum resistant, so we will see how tat goes.
    As do I, but there are easy ways to spend XMR anon and the recipient gets BTC. So this way YOU can use XMR.
     
    flenser likes this.
  10. Masterofron

    Masterofron Member AnabolicLab.com Supporter

    Yes xmr.to, I’m writing a guide later as many people have been curious to learn how to use Monero.