Do you think the advent of Quantum Computing will skyrocket the price of Bitcoin if it were to start solving for hashes?
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Do you think the advent of Quantum Computing will skyrocket the price of Bitcoin if it were to start solving for hashes?
QC is a scam. Too much hype for nothing.
I wouldn't call it a scam but definitely overhyped.
The problem is most people (myself included) aren't quantum computer scientists and don't understand what QCs will and will not be able to break in the future. In the common consciousness it might as well be magic, which is why it's good that people like you link reference research papers written by people who actually know what they're talking about.
I'm tired of hearing about QC. It's been like a decade and a quantum computer can't perform a single meaningfully useful computation yet. I remember hearing about how Quantum Computers successfully factored the number 15, only to find out that the system was designed knowing the answer before-hand. Not to mention scaling QCs to large number of qubits seems downright intractable:
yet another confirmation of being super naive, lol
https://www.livescience.com/technology/computing/quantum-computers-could-overtake-classical-ones-within-2-years-ibm-benchmark-experiment-shows
I guess it depends on what it solves for. Hashes meaning mining happens faster? Difficulty adjust should come into play to slow it down. However, solving for private keys would tank the price, I’d think
Difficulty adjustment happens every 2016 blocks. So if they manage to solve blocks with QC they could snatch all those 2016 blocks before it kicks in. And then difficulty would be so high, that ASICS would never be able to find anything again and the QC would be the only one that finds blocks every 10 minutes.
That would be a hardcore 51% (in this case 100%) attack.
because I'm deeply in QC topic (and: because what Andreas Antonopoulos talked about QC is naive AF)
"Karagiannis points out that a key warning sign will arrive when a quantum computer reaches about 4,000 error-corrected qubits. “RSA 2048 will [then] be vulnerable to attack, which means all secure transmissions using the cipher will be reversible to plaintext"
https://www.informationweek.com/security-and-risk-strategy/is-it-time-to-start-worrying-about-quantum-computing-security-
versus
"the company says may help it produce quantum computers with more than 4,000 qubits by 2025."
https://spectrum.ieee.org/ibm-condor
versus
some chinese scientist inside says again: "2 years" (in the full article, unfortunately behind paywall now...)
https://cacm.acm.org/news/269628-underdog-technologies-gain-ground-in-quantum-computing-race/fulltext
quantum SHA-256 mining won't be revolution due to quantum characteristic
but, it will break ECDSA first, lol - because quantum computers will be undefeated in factorization
If it start solving hashes that would be a problem to the double spending feature of Bitcoin
No, it woudn't, because then miners would also start mining using QCs. Difficulty would skyrocket, ASICs would go to scrapyards and network would continue to be secure - you'd still need more compute power to make a 51% attack and double-spend.
That would require all miners to buy a bunch of QCs. Maybe they won't be available that fast to everyone.
Wouldn't advances in this be highly relevant to security and probably secret etc., kind of like Turing's Enigma program during WW2?
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