Crypto and quantum computing

[Anonymous No.14611234]

Honest question: does quantum computing pose any threat to crypto, now or in the future?

Why or why not?

Which coins are less susceptible to quantum computing than others?

> no unreasonable fudding or shilling, honest replies only

[Anonymous No.14611287]

if qc breaks current encryption standards then everything is lost

and I mean crypto, internet, banking and civilisation

[Anonymous No.14611302]

software engineer here

i'm familiar with just the basics of quantum computing, so i may butcher this explanation

consider a classical computer that has a 4 core CPU. realistically, it can just do 4 instructions at a time, and so for problems that require on the order of 2^256 operations to complete... like "guessing" someone's private key, it will take a VERY VERY VERY long time

a quantum computer guesses all possibilities at once, given enough qubits of processing power, totally destroying any attempt at security through bit entropy like bitcoin has

[Anonymous No.14611346]

>>14611302
So that would mean crypto is effed if quantum computers become more common place?

[Anonymous No.14611367]

>>14611346

there are "quantum resistant" hashing algorithms out there, but everything i know in computer engineering leads me to believe that quantum resistance doesn't really exist...

basically yes, we're fucked in the ass if a terrorist or hacker ever gets one of these

[Anonymous No.14611415]

>>14611367
wouldnt the QC still have to compromise half of the blockchain network to make any changes? or would that be trivial for it

[Anonymous No.14611417]

>>14611234
Yaniv Altshuler, an MIT researcher and CEO and co-founder of predictive analytics platform Endor Protocol, said:
“Quantum computers are becoming incredibly powerful, and they are advancing faster than most people expected. However, their capabilities will not break the blockchain. Each year, when new hardware is released, it rekindles concerns about the blockchain’s integrity, but there is no evidence that quantum computing can compromise the blockchain.”
Stewart Allen, the chief operating officer at quantum computing firm IonQ, believes that, by the time a quantum computer grows to become sufficiently powerful to imperil the integrity of today’s blockchains, security systems will have moved to algorithms capable of containing them:
“There is no real threat of quantum computers breaking blockchain cryptography in the short-term. If and when this does happen, cryptography will have moved to more quantum-proof algorithms. We're at least a decade from quantum computers being able to break blockchain cryptography.”
Others, however, did not quite share this optimistic view.
ILCoin's executive manager, Norbert Goffa, expressed his concern over the potential emergence of quantum-powered mining pools:
“If somebody has a quantum based mining pool, it’s easy to dominate others. [...]Today we do not have any quantum-based mining machines. On the other hand, a lot of companies have been working on quantum-based computing technology. We believe that in the next five years it could be real. Maybe less, who knows?”
Rakesh Ramachandran, CEO and co-founder of QBRICS Inc, emphasized that quantum computing is poised to have an effect in virtually every sphere in which cryptography is used. In the case of blockchain technology, he said, we might expect a systemic shift:
“Quantum computers will be redefining cryptography of not only blockchain but wherever there is an application of cryptography including simple things like an online banking website

[Anonymous No.14611427]

>>14611234
There is a considerable research and work being done to mitigate the effects and move to quantum-resistant cryptography or post-quantum cryptography.
“However, the challenge of blockchain is not just about the threat that quantum computing represents but scope of how blockchain will migrate to the new version of cryptography.”
All experts provided surprisingly similar estimates of how much time we have before quantum computers can pose a threat to blockchains’ integrity, varying within a range from five to 10 years. They were also fairly consistent in their recipes for dealing with potential quantum-powered attacks: Most agree that a gradual shift to quantum-resistant cryptography will be necessary, as well as building infrastructure that will support it. Blockchains will have to evolve, but it is unlikely that quantum computing technology will fundamentally threaten their existence.

[Anonymous No.14611440]

>>14611417
This sounds dire for crypto DESU

[Anonymous No.14611465]

>>14611440
Not really. Like, it really doesn’t at all. Also if you havent made it in the next 3-5 years off crypto you might as well hero.

[Anonymous No.14611469]

Actual doctor in quantum comp here.
Crypto is fine, quantum resistant protocols have very little chance of being broken eventually by a quantum algorithm. By very little I mean that this happening leads to a bunch of completely unacceptable consequences.
>>14611302
This is sorta true but the difficulty comes from recovering the result of all these operations which is very hard and you end up getting an advantage in only very specific issues.

[Anonymous No.14611474]

>>14611287
This

[Anonymous No.14611478]

>>14611465
Their comments all seem to massively understate its impact DESU so I don't believe it

[Anonymous No.14611486]

>>14611415

yes it does, but it is trivial to 51% attack bitcoin if you have a quantum supercomputer. this is effectively impossible with a classical supercomputer. here's why -- suppose the bitcoin network has a hash rate of 50 EH/sec, or 50,000,000,000,000,000,000,000 hashes/sec... you only need a quantum computer capable of the equivalent classical hash rate of 140 GH/sec or 140,000,000,000 hashes/sec to 51% attack the network with ease

[Anonymous No.14611505]

>>14611469
> Actual doctor in quantum comp here.

very nice. then you will know that someone with a quantum supercomputer sufficiently powerful to 51% attack the bitcoin network would have most likely already solved the problem of observing the result

[Anonymous No.14611510]

>>14611478
K

[Anonymous No.14611521]

>>14611469
Can you explain this a little more, why is that

> Crypto is fine, quantum resistant protocols have very little chance of being broken eventually by a quantum algorithm

And what makes a "quantum resistant protocol" "quantum resistant"?

Aren't most cryptos not "quantum resistant"?

[Anonymous No.14611527]

>>14611505
...okay?

[Anonymous No.14611529]

>>14611486
forgot to add, it is impossible with a regular classical supercomputer because said computer would have to have extraterrestrial origins or be brought back using a time machine... we just aren't capable of building a machine that powerful (and probably won't be for another 100+ years minimum)

[Anonymous No.14611552]

>>14611234
No, we have quantum resistance already kek

[Anonymous No.14611581]

>>14611234
Yeah I am unironically somewhat worried about this.

I think there is a chance that we will all wake up one day in 2019-2030 to an alert on our future-phones that quantum computing has hacked the Bitcoin blockchain and BTC is now worth $0.01.

Average out your gains cunts. Just in case.

[Anonymous No.14611597]

>>14611552
No, I only know of one coin which advertises "quantum resistance"

[Anonymous No.14611628]

Snowblossom has a multisig scheme that makes it safe against up to around 16,000 qubits. QRL and other projects are doing similar stuff to this but I’m not as familiar with them.
Look up NIST and their post-quantum cryptography contest. It’s a fun problem to explore. If Bitcoin was compromised it would be an absolute cataclysm on the world economy. I have my doubts that every major blockchain project will be able to secure themselves effectively. And then of course, there are other things we have to worry about, like nuclear weapons being hijacked.
Quantum-state blockchains have also been theorized which are fundamentally different from classical blockchains since they would exist in temporality rather than space... if realized, it’s technology that would alter the course of history forever.

[Anonymous No.14611636]

>>14611597
I don't mean coin, I mean we have the encryption ready to go.

https://arxiv.org/pdf/1711.04235.pdf

[Anonymous No.14611719]

>>14611234
Why quantum computing would be a threat to crypto ?
IF you consider the powerful processing power that will be able to use a decentralised node system to test millions of combinaison per second to decypher crypto key, so yes.
Crypto will fall at some point, there is no doubt. And quantum processing will do that without doubt.
Nothing last forever and technology has an exponential trend.

[Anonymous No.14611743]

>>14611234
quantum computing would wreck everything including normal payment methods too.

[Anonymous No.14611865]

quantum computing is a meme just like general AI. both will never exist

[Anonymous No.14611891]

>>14611865
With people like you we would still use seashells to trade...

[Anonymous No.14611916]

>>14611628
I actually looked the NIST thing up, very interesting.

[Anonymous No.14611938]

>>14611865
What do you base that on? Are you actually learned on the topic or are you are you reddit fag who read an article four years ago and thinks they are an expert?

[Anonymous No.14612088]

Bamp

[Anonymous No.14612100]

crypto, yes, decentralized oracle solutions, no

[Anonymous No.14612190]

>>14611865
>>14611938
I think neither of those are memes.

I think quantum computing will slowly grow over the next 50 years. Quantum computing is currently where standard computing was in the 1960s or so. It will be a whole new world when it really gets going. Just like the standard internet was a whole new world for boomer who didn't see it coming. It will. blow. your. minds.

Same with general AI. I think this is further off, say 100-300 years. But eventually it is inevitable. The brain is just a molecular machine, so I don't see why an artificial version shouldn't be possible. And when it happens, it will literally. change. everything. It will be the end of the world and the start of a new one. Singularity or whatnot. If we are lucky we will still be alive to see it.

Anyway blockchain is good for now but obviously it will be obsolete at some point in the next 1000 years. Cash out your gains regularly people.

[Anonymous No.14612210]

>>14611234
Crypto is a ponze scheme at worst, and an unstable and highly vulnerable money laundering/illegal transaction platform at best. Quantum computing would be able to theoretically ruin anything, and yes, crypto markets would be raped easiest and hardest, however, you aren't going to be able to convince the unwashed autists who want a get rich quick scheme to epic own the Jews of this.

[Anonymous No.14612246]

>>14611234
I'm not worried about quantum computing. It's going to be used for High Frequency Trading first anyway, and since institutional money will never touch crypto-- I have zero concern. The real sell signal is institutional adoption.

[Anonymous No.14612478]

>>14612190
I appreciate your post, but can you comment on your education, position, etc to shore up your credibility?

[Anonymous No.14612487]

>>14612246
So... Libra?

[Anonymous No.14612561]

>>14612478
I have a PhD but not in this field.

I'm smart but I don't know shit about the actual technical details of quantum computing.

[Anonymous No.14612564]

>>14612478
Whats the point? Anyone can lie.

phd in internet memes here

[Anonymous No.14612592]

>>14611234
there has yet to be a single quantum computing experiment that has outperformed a traditional electronic computer
It's a fucking meme you retards. fusion 2.0

[Anonymous No.14612604]

>>14612592
It's not a meme you fucktard. It's just weaker than classical computer.

[Anonymous No.14612615]

>>14612604
> It's just weaker than classical computer.
that means it's a meme

[Anonymous No.14612626]

>>14612592
No more like fission 1943

[Anonymous No.14612634]

>>14612487
When the SEC says Gemini is a good idea.

[Anonymous No.14612643]

>>14612592
Explain how it won't materialize then, faggot

[Anonymous No.14612739]

>>14611234
eventually, in a matter of decades, quantum computers will be able to break the current cryptographic system, they are very good at factorization.
There are alternative cryptosystems that are quantum secure, like NTRU

[Anonymous No.14612764]

>>14611916
The algorithms being developed for NIST are what will be shaping quantum-resistant cryptography for the next decade or so.
Here is the original paper that proposed the quantum blockchain idea: https://arxiv.org/pdf/1804.05979.pdf
I recommend reading it thoroughly if you have a genuine interest in this. Honestly, everyone on this board should read it.

[Anonymous No.14613539]

Bump