If YOU would like to be on a CRYPTO PING LIST, please pm me.
The Crypto Ping List covers the following:
Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.
Thanks! For it - or ag'in it, it'll be a wild ride.
Posted on 12/13/2024 2:24:07 PM PST by nickcarraway
What does the uber-powerful Quantum supercomputer Willow mean for bitcoin and crypto security.
-Quantum computing does indeed pose significant threats to current security systems.
-Bitcoin uses algorithms like SHA-256 for mining and ECDSA for signatures, which might be vulnerable to quantum decryption.
-But don't sell your coins just yet.
Google’s new quantum computing chip could mean bitcoin (BTC) is finished. That was the sentiment for some on Monday as the internet giant unveiled Willow, a quantum supercomputer that can perform certain computational tasks in just five minutes that would take classical supercomputers an astronomical amount of time—specifically, 10 septillion years (or one followed by 24 zeroes; a trillion trillion).
10,000,000,000,000,000,000,000,000.
Such an amount of time is greater than the existence of the entire universe at 13.8 billion years. In superficial theory, such a powerful computer could mean no passwords are safe, encrypted messages are intercepted, nuclear weapons codes are found out, and almost anything can be unlocked by brute-forcing combinations of numbers and letters.
But it isn’t all a doom and gloom yet. While quantum computing does indeed pose significant threats to current security systems, it's not a master key to the universe, atleast not right now. And there is no looming threat to Bitcoin, either.
Quantum computing leverages the principles of quantum mechanics, using quantum bits or qubits instead of traditional bits.
Unlike bits which represent either a 0 or 1, qubits can represent both 0 and 1 simultaneously due to quantum phenomena like superposition and entanglement. This allows quantum computers to perform multiple calculations at once, potentially solving problems that are currently intractable for classical computers.
Willow uses 105 qubits and demonstrates an exponential error reduction as the number of qubits increases. This is a critical step towards building a practical, large-scale quantum computer, per CEO Sundar Pichai.
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy. Bitcoin uses algorithms like SHA-256 for mining and ECDSA for signatures, which might be vulnerable to quantum decryption. And the short answer is that quantum computers, even advanced ones like Google's Willow, do not possess the scale or error correction capabilities needed to immediately decrypt widely used encryption methods like RSA, ECC (used in Bitcoin transactions), or AES (used in securing data).
If quantum computers like Willow reach a scale where they can easily factor in large numbers, they could potentially break these encryption schemes, compromising wallet security and transaction integrity.
That would require quantum computers with millions or even billions of “qubits” with extremely low error rates, far beyond the current technology.
“Google claims to have demonstrated "below threshold" error correcting capabilities with their latest quantum chip,” said Chris Osborn, founder at Solana ecosystem project Dialect, in an X post.
"Below threshold" is industry jargon for turning physical qubits, which are noisy, shitty quantum bits that are basically useless, into "logical" qubits, which are multi-qubit abstractions that correct for errors & let you actually perform real computation.” he added.
“5,000-ish logical qubits are needed to run Shor's algorithm to break encryption. In other words, *millions* of physical qubits are needed to break encryption. Google's chip today: 105 physical qubits,” Osborn noted.
Until then, cryptocurrencies (and other sectors) have time to develop quantum-resistant algorithms. Ethereum co-founder Vitalik Buterin, among others, is part of an industry cohort that has been calling for updated security procedures and tools in a quantum computing world.
“Quantum computing experts such as Scott Aaronson have also recently started taking the possibility of quantum computers actually working in the medium term much more seriously,” Buterin wrote in an October technical blog. “This has consequences across the entire Ethereum roadmap: it means that each piece of the Ethereum protocol that currently depends on elliptic curves will need to have some hash-based or otherwise quantum-resistant replacement.”
“This justifies conservatism in the assumptions around performance of proof-of-stake designs, and also is a cause to be more proactive to develop quantum-resistant alternatives,” he added at the time.
Try another day, crypto naysayers.
Something that takes supercomputers 10 septillion years to compute takes this chip 5 minutes. That’s just plain impressive.
They may be living up to their name.
If YOU would like to be on a CRYPTO PING LIST, please pm me.
The Crypto Ping List covers the following:
Bitcoin
Ethereum
Other coins built on the Ethereum blockchain mining
etc.
Thanks! For it - or ag'in it, it'll be a wild ride.
We’ll leave it to the porn industry to work out the practical details.
If someone hacks an anonymous Bitcoin, how does the rightful owner prove ownership?
If someone steals your fungible cash from a bank, you have monthly account statements, plus federally backed insurance.
If someone steals a Bitcoin and changes the pass code, the only thing left in your account is fresh air.
later
Google is being laughed at for once again making big claims, that in the past have not lived up.
E currency, digital money? Trump stated in his first term…” is based on thin air”….his 180 turn is puzzling, but I hand it to him in listening to E money enthusiasts.
The world’s Central Banks are buying Gold in historic amounts, not E money….in fact the Basel Agreements ( BIS, IMF) prohibit Central Banks from counting E money as an asset…not a Tier one asset, not a Tier Two or three asset- but zero….fads come and go….tulip bulbs comes to mind.
What are some examples?
I thought blockchain?
the 3 body problem would be a good place to start
There were similar claims by Google in 2019 regarding their breakthrough’s. It was met with a sizeable amount of skepticism. Here are some links from other articles.
https://www.science.org/content/article/ibm-casts-doubt-googles-claims-quantum-supremacy
https://www.techspot.com/news/105918-experts-cast-doubt-google-septillion-years-claim-new.html
Bitcoin may be rock solid secure, but I don’t think this PC is, or my cellphone is.
I disagree.
I always read the responses. Some of them several times.
So far, I still have no idea how I get my stolen Bitcoin back, or even how I prove it is my Bitcoin.
If you howl “blockchain” at the moon your bitcoin will appear again....
Science!
Lol.
People also use what's called a wallet, it's a digital way to lock up your Bitcoin, and only access it with your credentials.
There is an infamous case of a man in Wales, whose girlfriend threw his Bitcoin out. He's been trying for about a decade to retrieve it. But presumably, it's not stolen, it's just moldering at the dump.
Maybe another Freeper can explain it better.
It’s worth a try.
I have no idea what OpenSea is, but I’ve heard of it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.