Crypto investors worry about quantum risk
15 posts across 3 communities in the last 60 days; 87% from r/CryptoCurrency.
“Not really. Most web servers and faster blockchains can upgrade without taking a huge hit. In fact, many servers have already upgraded. Bitcoin with its tiny blocks cannot handle a 100x increase in signature size.”
“Most crypto users are focused on prices, adoption, and the next bull run. Security upgrades usually get attention only when something goes wrong. Quantum computing raises a different kind of question. Even if the threat is still years away, upgrading cryptography across a major…”
“It doesn't matter where you hold it. If quantum attacks break the encryption on any coin, the coins will drop to 0 value overnight. Everyone's supply will be worth nothing. YOUR personal wallet doesn't need to have been hacked to still be worth nothing, since nobody wants to…”
Multiple posts express concern over the potential impact of quantum computing on Bitcoin security. Users discuss methods for protecting their cryptocurrency and criticize others' lack of awareness or preparedness.
SOURCES (31)
“Most crypto users are focused on prices, adoption, and the next bull run. Security upgrades usually get attention only when something goes wrong. Quantum computing raises a different kind of question. Even if the threat is still years away, upgrading cryptography across a major blockchain…”
“It doesn't matter where you hold it. If quantum attacks break the encryption on any coin, the coins will drop to 0 value overnight. Everyone's supply will be worth nothing. YOUR personal wallet doesn't need to have been hacked to still be worth nothing, since nobody wants to ever buy your ETH again. Even holding shares of an ETF or something wouldn't help you, since the demand dropping will make the share prices legitimately drop to 0 as well (and securities insurance doesn't”
“u need to educate yourself. idk how old your are and how big your cognitive capacity is, but u got all the tools out there.”
“Most traditional financial system have multi-layered and regional conditional access that makes them highly resistant to remote attacks in general. Phishing attacks are far easier that it most no sense to attempt a quantum attack on them.”
“the banking system can move to quantum proof solutions basically overnight, crypto will take years , if it reaches consensus at all”
“These stories are nonsense, there is absolutly no risk to Bitcoin from Quantum computers, because there are far more valuable and easier targets to go for first, like the banking system, that will collapse financial systems and countries far sooner than anybody needs to go after Bitcoin.”
“so tired of this quantum fud bitcoin and crypto have always found a way, and they will this time as well.”
“Yeah, any attack isn't going to target satoshis wallet and then announce it unless the whole plan is to destabalise cryptocurrency. It would be slow and steady stealing of honey not wanting to spook anyone”
“There is no reason we discover that the hacked key has been obtained through a quantum attack, if stolen funds aren’t satoshi’s or any early wallets.”
“Yup, make an enormous short bet, and then make a transfer from one of the Satoshi wallets. Bitcoin would plummet in seconds.”
“All an attacker would need to do is place a massive Short bet on Bitcoin, A And then attack it. The short would make large gains and they would have the bitcoin after too. Once a quantum computer exists there is definetly a strong incentive to attack Bitcoin.”
“Ironically, launching a quantum attack on Bitcion would prevent the attacker from realizing any gains: the price would plummet immediately as holders flock to safety. It's like trying to pull the rug while standing on it.”
“Not really. Most web servers and faster blockchains can upgrade without taking a huge hit. In fact, many servers have already upgraded. Bitcoin with its tiny blocks cannot handle a 100x increase in signature size.”
“You are right. It is also especially dangerous for crypto in general because of the long migration that it takes. In centralized systems, they cut over one day and that's basically it. For bitcoin and other cryptos, the cut over to quantum resistant keys is just the start of the migration. After that, people need to move all of their bitcoin to a quantum resistant wallet. It's going to take ages as the blocks will be full of transactions of people just shuffling bitcoin around to newly g”
“The biggest issue is that the Bitcoin dev community is notoriously fractures and slow at taking action on anything. There's a significant chance that Bitcoin is not adequately prepared for when this hits.”
“That’s not necessarily true. First of all, the blockchain is unencrypted. The danger is deriving people’s private keys from their public keys that are on the blockchain. Secondly, quantum resistant public private key encryption exists and real world systems are actively migrating to them. By 2030 most systemically important institutions in the US are required to have switched over by executive order. Now is the time to plan a migration, not burry our heads in the sand and go “well everyone is at”
“If a quantum computer is capable of decrypting the Bitcoin blockchain, every computer on earth is vulnerable, including banking, energy, and weapons of mass destruction.”