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Quantum hackers can bring down Bitcoin: expert

Quantum hackers can bring down Bitcoin: expert



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11 Comments

  1. From OP

    > Read the article asshat

    Kudos for not putting up a paywall article. So I decided to give it a read. Few choice quotes:

    > The rise of quantum computing may…

    The word “may” is a qualifier to keep people from commiting when they are on shaky ground. From a statistical standpoint, a room full of typewriters and chimpanzees MAY produce the complete works of Shakespeare, it is just damned unlikely.

    > Public key cryptography based on the RSA standard has been in use since the late 1970s. Each user has a public key for purposes of identification, and a private key

    Bitcoin doesn’t use RSA. It uses ECDSA which is different on very fundamental levels.

    > The public key is based on two very large prime numbers, which are secret; only the recipient knows the prime numbers, which are required to decrypt the message. Factoring extremely large numbers into primes, decrypting the private key requires factoring extremely large numbers into primes, something that takes supercomputers a very long time to do.

    Bitcoin obscures public keys behind quantum-proof SHA256 / RIPEMD160. Only those who perform address reuse (spending) would even be applicable to the theories laid out in this article.

    > “When they give you the money, they give it to an address,” Ding said. “ The address is a short form of your public key.

    Guy clearly doesn’t know that bitcoin addresses are hashes-of-keys, not keys

    > Taproot creates an interface between Bitcoin and ordinary cash transactions

    WTF?!?… Taproot has nothing to do with linkages to FIAT banking.

    ^(*sigh*)

  2. tldr; Professor Jintao Ding of Tsinghua University has warned that $3 trillion of cryptocurrency assets are vulnerable to hacking by quantum computers. The best thing about hacking Bitcoin, he explained, is that it isn’t against the law. “Once you have a quantum computer, blockchain and Bitcoin are finished,” Ding said.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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