Can Quantum Computing Break Bitcoin? - Kroisos \ stacker news ~bitcoin

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Can Quantum Computing Break Bitcoin? - Kroisos kroisos.io/can-quantum-computing-break-bitcoin/

1 sat \ 4 comments \ @saoulidisg 17 Mar 2022 bitcoin freebie

52 sats \ 2 replies \ @zuspotirko 18 Mar 2022

Frankly the only concern I ever had about bitcoin was about quantum computers being able to break the encryption.

Let me explain:

Bitcoin only does one thing basically, and that is proof of work. It does that by solving a complicated algorithm called SHA-256.

Why am I even reading something from people who don't understand the basics of asymetric cryptography.

Signatures != Encryption != Hashing. They might all be mathematical schemes and have something to do with prime factorization, Decisional Diffie–Hellman assumption and Discrete logarithm/Elliptic Curve. But they are not the same thing.

3 sats \ 1 reply \ @saoulidisg OP 18 Mar 2022 freebie

You explain it then. With words people can understand.

4 sats \ 0 replies \ @zuspotirko 18 Mar 2022

Signatures: Like pen&paper signatures irl. Everyone can verify it, only you can make it.

**Encryption:**In asymmetric setting (like e.g. bitcoin) Everyone can make something only you can decrypt.

Breaking encryption doesn't help an attacker steal your bitcoin - he could at most spy on what you are doing which doesn't help him since the blockchain is public either way - it would be like stealing a newspaper from a mailman.

Hashing: Nothing about hashing is secret. In the context of bitcoin hashing is just a challenge that is public, everyone knows the challenge, finding a solution takes trying out a lot of things and if a solution is found it is easy for everyone to find a solution.

In practice signatures and encryption are based on the same mathematical problems which can be summarized as "different kinds of magic with prime numbers".

0 sats \ 0 replies \ @ugmug 18 Mar 2022

This is pretty relevant: https://www.schneier.com/blog/archives/2022/02/breaking-245-bit-elliptic-curve-encryption-with-a-quantum-computer.html