One day, people with the quantum machines will get rich anyways cracking all the “lost” bitcoin. Also Satoshis crypto if he truly destroyed access to it. I myself have a fair amount of lost crypto on chain.
Never thought of telling you that , but I don’t know any other channel showing the text and talking about the same text at the same time. I extremely love it .
@RokSlana I was thinking the same. Because Those same lost coins that didn't move would just end up being easy targeting unless there's a away to protect those coins
Quantum computing is good for one thing, getting government grants to research for a lifetime. Just like cold fusion its a technology thats never worked. The errors even in a small processor mean that even a normal computer can solve it. People get scammed by lack of understanding and big words.
Hey man just wanted to say I got serious about bitcoin right before the election, read the bitcoin standard and was orange pilled and came across your channel. You have been an amazing presence when it comes to education in the space and wanted to pass on my sincerest thanks, and if I can do humbly out in a request I’d love for you to make an updated video on hardware wallets! Thank you
Another thought: if bitcoin is compromised by quantum, people would lose faith in it, and its price would go to zero, making the attack, costly and ineffective
But then the world would know that the US, China, Russia, or Israel, etc had a quantum computer-- unlikely that Bitcoin is the initial target for that reason
Loved it! Thank you! So glad I found this place!: interesting, fun and with so much content I need to learn! I would only suggest if you could speak a little bit slower, just for the sake of no native English speakers, since -despite the blank slate helps at home- my poor English is kind of a burden when listening to you in the car, going to work! ;-)
Maybe it would be wise for the Bitcoin community to start discussing ways to migrate to a quantum resistant BTC network that doesn't create a hard fork
if the entire Bitcoin network stops all transactions and only does quantum safe migration, the minimum migration timeline is 74 days if it is done in one batch. The larger the signature the longer the timeline. It is possible it would take 1-2 years of solid transactions if a different signature is used like WOTS+.
When you hear FUD on the news about quantum computers breaking encryption, they are generally talking about RSA encryption (first generation and an old encryption standard) elliptic curve encryption is a totally different animal. Rest assured, you are safe. If you are still hesitant then please research it. It’s a fun topic and you will learn a lot.
Hi Matthew, what about multisig wallets? Do I understand correctly that they are more safe from quantum computing because of it having multiple xpubs? Thanks
Thinking that Bitcoin can't/won't evolve with the world, is the saddest argument FUDsters bring to the table. Also, if a malicious actor can uncover someone's private keys and steal their Bitcoin, isn't it also the case that someone else with a Qomputer can do the same to them? Anyway, great vid MK
Matt. I dont understand if i send btc from one wallet to another to spend so i am always using a new address. Whats to keep someone looking up onchain data to trace the wallets back to the original? Excuse me if this is a dumb question. Thanks in advance
Can you speak to XRP and its validity please? I’m hearing more and more about it thus I am wondering about its place in the future crypto world. Thank you and I greatly appreciate your insights and opinions.
If Bitcoin follows the same patterns it followed in the last cycles,we will have a 200k Bitcoin by the end of 2025.I think we can even have more than 200k because many catalysts will impact the crypto market in 2025:1-Central banks joining the Bitcoin bandwagon in January 2025,2-A new SEC commissioner will be nominated 3-More institutions will come to the market 4-A potential Crypto regulation will come out in 2025 5-FED lowering interest rates all year of 2025...never been a better time to be involved in the market........ I have managed to grow a nest egg of around 3b"tc to a decent 26B'tc in the space of a few months. Amidst this, the insights of a knowledgeable guide like that of Sandy Barclays can be crucial. Her expertise in navigating the nuances of trading has been the key for Me understanding and making the most of these emerging financial trends.
New survey has revealed rising adoption of cryptocurrency among the world billionaires, as they start experimenting in the digital currency, expanding their investments portfolio beyond traditional profitable assets.
Hey Matthew, woke up to an X user “Anchor Drops” talking about losing 10 Bitcoin and other things on a ledger. I would never use a ledger but it sounds like this user may have signed a phishing transaction as far back as three years ago and the hackers just sat and waited. Could you make a video explaining what may have happened and how we can stay vigilant protecting our sats? Are there other softwares we should run on our computer before plugging in a hardware wallet like an antivirus/malware scan? Should we always do our hardware wallet business over vpn? When is multi-sig a feasible solution for hodlers. As always, thank you for this channel and your continued efforts teaching Bitcoin!
Hey Matthew. Could you make a video about the potential of paying off one’s mortgage with bitcoin? Or does that sort of video cross into financial advice? I find the working out the math very difficult. Would love to hear it from you!
Thanks for creating this content. I was not aware of this major hole in the security. This is actually pretty concerning Value of Bitcoin would go to zero overnight with a single exploit
Doesn't having a soft fork for Bitcoin to have quantum resistant addresses only solve part of the many problems quantum computers will cause? Mining itself would need to be completely changed, which is the foundation of the Bitcoin protocol. You will also need new hardware devices, the current ones becoming useless. ALL the current mining rigs would become useless overnight. If there is an hard fork instead of a smooth transition like it increasingly seems like there's going to be since the community doesn't acknowledge that there is urgency, the new quantum resistant chain would be extremely weak at the beginning leaving it highly vulnerable to 51% attacks. It would also cause a taxable event, and probably so many more problems that I can't think about. The transition needs to be started now for it to be a soft fork, or else Bitcoin could have a catastrophic failure event and im a bitcoiner, I want it to succeed.
Can you make a video on what makes an an address quantum resistant? Can you also make a video on what other aspects of bitcoin use encryption or hashing and how these would need to be upgraded. Will any of this require a hard fork?
Kratters Bitcoin lore at this point. The way you weave the facts with game theory with this powerful force is inspiring. I invite you to tell stories at some point.
Is there a tool that can determine whether a wallet is vulnerable to a quantum attack (because any transaction in the past exposed its unhashed public key)?
This scares me. What if the fees get really high when they crack ECDSA and it becomes costly to move the coins? Also how much time will we plebs who dont really understand this stuff be allotted to move our coins?
I think diversification is an always a good idea. You can still be heavy on Bitcoin but one or two other assets wouldn’t be a bad idea. Especially if it helps you sleep bit better at night.
Once again, thank you for your work on another video! I am wondering if a multi-sig solution would ward off quantum attacks on a private wallet though. Even if quantum computing could crack one private key, could it realistically compute the correct combination of 2/3 or 3/5 keys to access a wallet?
Many are now arguing that bitcoin has been co-opted and as bitcoin transactions can be monitored it lacks the necessary privacy to support private peer to peer exchange. Is the bitcoin era over and can privacy coins save the day?
Hey Mathew. Long time fan. I have my Bitcoin in cold storage and I have accidentally used the same 2 addresses twice. Should I make a whole new wallet now?
Great Video. But here's one thought: An amazing safety property of bitcoin minig is that it requires asic's instead of normal multipurpose gpu's. Therefore starting a 50% attack requires a mining facility. Imagine you could use any large supercomp to mine. The costs for an attack would go down by the cost of required mining hardware for such an attack, since the respective supercomp could be used for any other task prior and before the attack. Ofc the difficulty adjustment can still be made in a transition to a 'quantum mining world' but an asic mining quantum chip seems pretty unlikely? Thoughts?
Thank you Matthew for this analysis. Have you any opinion about the recent study stating that deployment of a quantum-proof BTC protocol would require 76 to 305 days of BTC blockchain shutdown, either total or partial? Do you see this as a potential threat too?
So what will we do with the lost bitcoins and the stack of sathoshi , which will account to a total of 10-20% of the supply, yes the rest can move to a quantum resistant wallet, but from 10 years from now btc will be much more in price and this 10 to 20% supply is not gonna be a small amount, is there any way with which we can hardfork every wallet in block chain and keep the same private key, i don't know much about the fork and all , but just concerned about this future situation with lost wallet's
You have no idea if quantum will ever be able to crack ECDSA. We don’t have enough data points on the rate of improvement. If it scales logarithmically (likely) it could take practically forever. Google also lies. In 2019 they said their quantum computer (50qubits at the time) performed an operation which would have taken 10,000 years for a classical computer. IBM did it in a few days, with much better accuracy
I was hoping you would make a video about why one can't separate Bitcoin's store of value from it also being a currency. If it is a store of value, it has to be some sort of medium of exchange----those are convertible with each other.
Matt, you said reusing addresses would compromise those addresses, however, once the attacker retrieves the private key from any address, that private key could be used to derive and spend all addresses of that wallet, isn't that the case?
Quick AI search results: If an attacker gets the chain code, parent public key, and a private key from any child address, they can reverse engineer the parent private key and expose all private keys for the child addresses.
Can you start posting content on X too if you aren’t already? UA-cam disabled user to watch videos in the background while using other apps unless they pay for premium
When you say re-use an address/spend from an address - do you mean the address becomes exposed if you send to an address more than once, or only if you send from an address more than once? Thanks.
@@takethepowerback83 No-- the spending itself is the movement. You just want to completely empty the Bitcoin address and send any change back to a fresh new address. Most modern wallets will do this automatically
Logically speaking, Those that make the quantum chip would also need to provide quantum protection otherwise their own system could be hacked by their own chip, so it makes sense that protection will arrive hand in hand being two sides of the same coin.
Even using hundreds of qbits comes with a huge increase in errors that require correction mechanisms. What happens when you use more and more qbits is that the system itself becomes more and more unstable. All those qubits have to be extremely cold, and isolating them (particularly when there would be millions of them) for neighbouring effects of the very substrate that they are housed within, by todays technology is impossible.
@Bitcoin_University it will be interesting to see how the market does at absorbing those coins once they find their way back into the ecosystem. Maybe an interesting thought experiment for a video.
It will be interesting to see how the market reacts to those coins finding their way back into the ecosystem. Maybe an interesting thought experiment for a video.
No, I don't think so, since the coins will end up at a fresh address. If you subsequently do a partial spend from that fresh address, then you may leak signature or public key info that a quantum computer could use to derive your private keys
Hi Matt - can you make a video on how Bitcoin even with a supply cap of 21M coins could still solve the money velocity problem? If everyone just hodls BTC where is the incentive to create goods and services?
Matt, you urge us to receive & store sats at multiple addresses on our hardware wallets but later to consolidate UTXO's toward a single address. Is this not contradictory advice?
The end goal is to end up with UTXOs in cold storage that are 1 million sats or more, in order to future proof against higher on-chain transaction fees. So for example, wait to withdraw from a custodian until you have accumulated 1 million sats or more while dollar cost averaging. There are trade-offs between privacy, future proofing against fees, and the risks of leaving your coins with a custodian. No perfect solution
p2pkh is fine, no multiple addresses don't help. When the attackers have 6000 nodes at 1152 qubits, all transfers can be simultaneously cracked and Bitcoin is effectively off. Quantum spends no additional time per additional public key crack, they just need enough registers to store the answer. If Bitcoin increases block size and decreases block time, there will be a few months where transactions may again be possible, but not many. If Intel wins the race, there is no competition and Bitcoin is permanently dead until new cryptography. I am advocating that Bitcoin fix their issues today, but consensus may wait all the way until the quantum apocalypse
It certainly seems as though Bitcoin will evolve with whatever technology throws at it. I lean towards hope more than certainty however. I feel mining will have to undergo underlying changes as well if these "quantum" processors and "AI" take hold in the near term. As you stated, BTC may be the least of our worries. Thanks Matt, this is important content.
In short, we are far from a time when quantum computers can realistically threaten Bitcoin. Cryptocurrency experts argue that decrypting a Bitcoin typically requires around 13 million qubits, far exceeding Willow's 105 qubits
Please help to support this channel's work:
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One day, people with the quantum machines will get rich anyways cracking all the “lost” bitcoin. Also Satoshis crypto if he truly destroyed access to it.
I myself have a fair amount of lost crypto on chain.
This is the reason why we all need Bitcoin University. Thanks Matthew.
Thank you
Never thought of telling you that , but I don’t know any other channel showing the text and talking about the same text at the same time. I extremely love it .
Thank you
@@Bitcoin_Universityme too
Moving current bitcoin to new addresses would give us a good idea of how many coins have actually been lost.
Yes, true
Indeed. Than again, the lost coins would also become recoverable when this happens.
more would also be lost during transfer because BTC users are too slow to migrate.
@@RokSlana😮
@RokSlana I was thinking the same. Because Those same lost coins that didn't move would just end up being easy targeting unless there's a away to protect those coins
I had been looking forward to this video. Great stuff as always. Thank you!!
What an amazing video! Almost every question I had and worry with quantum computers was answered and explained so well! Thank You for posting this!
GM Matt and happy Friday! You hit the nail on the head. With advancement in quantum computing, it also will be with Bitcoin. Have a wonderful weekend!
Have a great weekend
GM
Great offense always beats great defense
You the man! Just requested this the other day from you. Thanks, Matthew!
I always learn something new and helpful from you, Matthew. I do like your use of blankslate to focus. Thanks!
Thank you
Thanks!
Thanks so much for your support!
Quantum computing is good for one thing, getting government grants to research for a lifetime. Just like cold fusion its a technology thats never worked. The errors even in a small processor mean that even a normal computer can solve it. People get scammed by lack of understanding and big words.
Exactly.
@@philfortner1805 mission to mars as well..”oh we’re going to mars by year 2020”…big talks of impossibility
I think they just came out with an error correcting breakthrough tho
@@Axon_the_neuron oh so though, but tough though, but you never know though, so there you go, though.
Thanks very much for assessing the current situation, sorting through the FUD, and providing your view of how this may all play out.
Love your dedication, education, insight and intelligence. Thank you, Matthew!
Hey man just wanted to say I got serious about bitcoin right before the election, read the bitcoin standard and was orange pilled and came across your channel. You have been an amazing presence when it comes to education in the space and wanted to pass on my sincerest thanks, and if I can do humbly out in a request I’d love for you to make an updated video on hardware wallets! Thank you
Another thought: if bitcoin is compromised by quantum, people would lose faith in it, and its price would go to zero, making the attack, costly and ineffective
That may not stop someone from doing it
China just wants to burn BTC. Breaking BTC is also a way for a one of 40+ quantum companies making news in 2027. That's their goal.
@ Indeed 😞
That may be the plan
But then the world would know that the US, China, Russia, or Israel, etc had a quantum computer-- unlikely that Bitcoin is the initial target for that reason
Thank you Matthew!
Loved it! Thank you! So glad I found this place!: interesting, fun and with so much content I need to learn! I would only suggest if you could speak a little bit slower, just for the sake of no native English speakers, since -despite the blank slate helps at home- my poor English is kind of a burden when listening to you in the car, going to work! ;-)
Maybe it would be wise for the Bitcoin community to start discussing ways to migrate to a quantum resistant BTC network that doesn't create a hard fork
Great video on a current topic! LOVE it! Thank you for clarifying the space.
Imagine the network fees when everyone has to move to a new address at the same time
if the entire Bitcoin network stops all transactions and only does quantum safe migration, the minimum migration timeline is 74 days if it is done in one batch. The larger the signature the longer the timeline. It is possible it would take 1-2 years of solid transactions if a different signature is used like WOTS+.
Oof
When you hear FUD on the news about quantum computers breaking encryption, they are generally talking about RSA encryption (first generation and an old encryption standard) elliptic curve encryption is a totally different animal. Rest assured, you are safe. If you are still hesitant then please research it. It’s a fun topic and you will learn a lot.
ECDSA will eventually get cracked too
@ Yes! No encryption standard will last forever. . You made a great video on this today. Thank you sir.
ECDSA is hacked 2-3 years before RSA 2048 because 2048 bits requires more qubits than 256 bit encryption.
@@ungovernable-bc1QKD will last as long as physics.
Read up on computing power of willow!
Hi Matthew, what about multisig wallets? Do I understand correctly that they are more safe from quantum computing because of it having multiple xpubs? Thanks
Thinking that Bitcoin can't/won't evolve with the world, is the saddest argument FUDsters bring to the table. Also, if a malicious actor can uncover someone's private keys and steal their Bitcoin, isn't it also the case that someone else with a Qomputer can do the same to them? Anyway, great vid MK
Matt. I dont understand if i send btc from one wallet to another to spend so i am always using a new address. Whats to keep someone looking up onchain data to trace the wallets back to the original? Excuse me if this is a dumb question.
Thanks in advance
How do you always stay so calm 😂 love the content mate it’s awesome ❤
Excellent info! Thanks Matt
Can you speak to XRP and its validity please? I’m hearing more and more about it thus I am wondering about its place in the future crypto world. Thank you and I greatly appreciate your insights and opinions.
If Bitcoin follows the same patterns it followed in the last cycles,we will have a 200k Bitcoin by the end of 2025.I think we can even have more than 200k because many catalysts will impact the crypto market in 2025:1-Central banks joining the Bitcoin bandwagon in January 2025,2-A new SEC commissioner will be nominated 3-More institutions will come to the market 4-A potential Crypto regulation will come out in 2025 5-FED lowering interest rates all year of 2025...never been a better time to be involved in the market........ I have managed to grow a nest egg of around 3b"tc to a decent 26B'tc in the space of a few months. Amidst this, the insights of a knowledgeable guide like that of Sandy Barclays can be crucial. Her expertise in navigating the nuances of trading has been the key for Me understanding and making the most of these emerging financial trends.
She mostly interacts on Telegrams, using the user-name.
@SandyBarclays .
It doesn't matter if you are a current hodler or a newbie, you can capitalize on the fluctuation of bitcoin by trading with good strategy/signals..
Sandy gave me the autonomy I need to learn at my own pace and ask questions when I need to she’s so accommodating.
New survey has revealed rising adoption of cryptocurrency among the world billionaires, as they start experimenting in the digital currency, expanding their investments portfolio beyond traditional profitable assets.
Awesome content as always, thanks Matthew!
Thanks for watching and commenting
Thanks for the great research you do. Appreciate the vid.
Hey Matthew, woke up to an X user “Anchor Drops” talking about losing 10 Bitcoin and other things on a ledger. I would never use a ledger but it sounds like this user may have signed a phishing transaction as far back as three years ago and the hackers just sat and waited. Could you make a video explaining what may have happened and how we can stay vigilant protecting our sats? Are there other softwares we should run on our computer before plugging in a hardware wallet like an antivirus/malware scan? Should we always do our hardware wallet business over vpn? When is multi-sig a feasible solution for hodlers. As always, thank you for this channel and your continued efforts teaching Bitcoin!
Hey Matthew. Could you make a video about the potential of paying off one’s mortgage with bitcoin? Or does that sort of video cross into financial advice? I find the working out the math very difficult. Would love to hear it from you!
Thanks for the great info Matthew!
Thanks for creating this content. I was not aware of this major hole in the security. This is actually pretty concerning Value of Bitcoin would go to zero overnight with a single exploit
Doesn't having a soft fork for Bitcoin to have quantum resistant addresses only solve part of the many problems quantum computers will cause? Mining itself would need to be completely changed, which is the foundation of the Bitcoin protocol. You will also need new hardware devices, the current ones becoming useless. ALL the current mining rigs would become useless overnight. If there is an hard fork instead of a smooth transition like it increasingly seems like there's going to be since the community doesn't acknowledge that there is urgency, the new quantum resistant chain would be extremely weak at the beginning leaving it highly vulnerable to 51% attacks. It would also cause a taxable event, and probably so many more problems that I can't think about. The transition needs to be started now for it to be a soft fork, or else Bitcoin could have a catastrophic failure event and im a bitcoiner, I want it to succeed.
Hey Mathew, can you make a video on how quantum computing could affect bitcoin mining, and not just individual addresses?
The beautiful thing about Bitcoin is the technology is adaptable and it's participants are honest.
Thanks Matthew - Really appreciate your calm insight!
Was waiting for this one!! ❤
Can you make a video on what makes an an address quantum resistant? Can you also make a video on what other aspects of bitcoin use encryption or hashing and how these would need to be upgraded. Will any of this require a hard fork?
Thanks for doing another one of these on quantum computers, the FUD has been strong this week
Great intel. Thank you for am informed take as always.
Was wondering your take. Thanks!
Excellent video on an important aspect of
I was waiting for this one. Brilliant one Matt! Thanks for making it clear that the risk is not limited to just BTC. BTC will win this one
Heyyy thanks for dropping this one Matt!
If we move our BTC to a quantum proof address would we still have the same seed phrase(24 words) ?
Better to use different one
I think its really time to take action for the masterminds to work something out
Kratters Bitcoin lore at this point. The way you weave the facts with game theory with this powerful force is inspiring. I invite you to tell stories at some point.
Thanks Mathew, that was a very comforting explanation.
Is there a tool that can determine whether a wallet is vulnerable to a quantum attack (because any transaction in the past exposed its unhashed public key)?
love your work
This scares me. What if the fees get really high when they crack ECDSA and it becomes costly to move the coins? Also how much time will we plebs who dont really understand this stuff be allotted to move our coins?
I think diversification is an always a good idea. You can still be heavy on Bitcoin but one or two other assets wouldn’t be a bad idea. Especially if it helps you sleep bit better at night.
Great video sir. Thank you 🙏
Thx Matthew
Once again, thank you for your work on another video! I am wondering if a multi-sig solution would ward off quantum attacks on a private wallet though. Even if quantum computing could crack one private key, could it realistically compute the correct combination of 2/3 or 3/5 keys to access a wallet?
Another great video!
Many are now arguing that bitcoin has been co-opted and as bitcoin transactions can be monitored it lacks the necessary privacy to support private peer to peer exchange. Is the bitcoin era over and can privacy coins save the day?
Hey Mathew. Long time fan. I have my Bitcoin in cold storage and I have accidentally used the same 2 addresses twice. Should I make a whole new wallet now?
Great Video. But here's one thought: An amazing safety property of bitcoin minig is that it requires asic's instead of normal multipurpose gpu's.
Therefore starting a 50% attack requires a mining facility. Imagine you could use any large supercomp to mine. The costs for an attack would go down by the cost of required mining hardware for such an attack, since the respective supercomp could be used for any other task prior and before the attack.
Ofc the difficulty adjustment can still be made in a transition to a 'quantum mining world' but an asic mining quantum chip seems pretty unlikely? Thoughts?
Thank you Matthew for this analysis. Have you any opinion about the recent study stating that deployment of a quantum-proof BTC protocol would require 76 to 305 days of BTC blockchain shutdown, either total or partial? Do you see this as a potential threat too?
Thank you Sir MK …..
Thanks for your support!
What if the time comes for everyone to move their coins to quantum resistant addresses, wouldn't that potentially drive fees to astronomical heights?
So what will we do with the lost bitcoins and the stack of sathoshi , which will account to a total of 10-20% of the supply, yes the rest can move to a quantum resistant wallet, but from 10 years from now btc will be much more in price and this 10 to 20% supply is not gonna be a small amount, is there any way with which we can hardfork every wallet in block chain and keep the same private key, i don't know much about the fork and all , but just concerned about this future situation with lost wallet's
Excellent video
do you think that the us 1, btc strategic reserve will be from claiming ownership over these wallets? devious minds imagine devious things.
Thank you.
You have no idea if quantum will ever be able to crack ECDSA. We don’t have enough data points on the rate of improvement. If it scales logarithmically (likely) it could take practically forever.
Google also lies. In 2019 they said their quantum computer (50qubits at the time) performed an operation which would have taken 10,000 years for a classical computer. IBM did it in a few days, with much better accuracy
Which coin is good for short term invest
I was hoping you would make a video about why one can't separate Bitcoin's store of value from it also being a currency. If it is a store of value, it has to be some sort of medium of exchange----those are convertible with each other.
Matt, you said reusing addresses would compromise those addresses, however, once the attacker retrieves the private key from any address, that private key could be used to derive and spend all addresses of that wallet, isn't that the case?
It is a good question. I don't have the answer. But an answer starts with a question.
Quick AI search results: If an attacker gets the chain code, parent public key, and a private key from any child address, they can reverse engineer the parent private key and expose all private keys for the child addresses.
@ So essentially the answer is all utxos are vunlnerable once a single one is spent?
Don't forget that technology can really compound unbelievably so bitcoiners we should always be ready to tackle quantum technology
So Satoshis coins are hackable because they can't be moved to a new quantum resistant address?
Can you start posting content on X too if you aren’t already? UA-cam disabled user to watch videos in the background while using other apps unless they pay for premium
Sold a little shrapnel as we broke 100k to "celebrate" and why do I suddenly feel so...dirty?
When you say re-use an address/spend from an address - do you mean the address becomes exposed if you send to an address more than once, or only if you send from an address more than once? Thanks.
You reveal the public key (and signature) to a Bitcoin address when you spend from it
So just create a new address and move coin from old address to new address before each spend?
@@takethepowerback83 No-- the spending itself is the movement. You just want to completely empty the Bitcoin address and send any change back to a fresh new address. Most modern wallets will do this automatically
Could quantum computers be used to simply mine all the remaining coins?
No, because the difficulty adjustment would kick in after 2016 blocks
Logically speaking, Those that make the quantum chip would also need to provide quantum protection otherwise their own system could be hacked by their own chip, so it makes sense that protection will arrive hand in hand being two sides of the same coin.
Thank you Matt for the education and quality content every day. Your channel has been and continues to be incredibly helpful.
Even using hundreds of qbits comes with a huge increase in errors that require correction mechanisms. What happens when you use more and more qbits is that the system itself becomes more and more unstable. All those qubits have to be extremely cold, and isolating them (particularly when there would be millions of them) for neighbouring effects of the very substrate that they are housed within, by todays technology is impossible.
Thats not the case w Willow though
If Satoshi's addresses will never be updated won't they eventually get hacked?
Yes, the coins will be stolen unless someone moves the BTC to a quantum-resistant address type
@Bitcoin_University it will be interesting to see how the market does at absorbing those coins once they find their way back into the ecosystem. Maybe an interesting thought experiment for a video.
It will be interesting to see how the market reacts to those coins finding their way back into the ecosystem. Maybe an interesting thought experiment for a video.
Quantum computers may also be used to speed up and protect the bitcoin blockchain.
So if we coinjoin, does that make our btc more vulnerable to a quantum attack? Theoretically?
No, I don't think so, since the coins will end up at a fresh address. If you subsequently do a partial spend from that fresh address, then you may leak signature or public key info that a quantum computer could use to derive your private keys
Good Morning
Good morning
Would a multisig be more safe?
How does a decentralized system agree on and implement a new standard to be quantum resistant, or any change for that matter?
Hi Matt - can you make a video on how Bitcoin even with a supply cap of 21M coins could still solve the money velocity problem? If everyone just hodls BTC where is the incentive to create goods and services?
Great info Thanks.
Have you ever watched a movie called sneakers with robert redford ? Its from 1992.
Matt, you urge us to receive & store sats at multiple addresses on our hardware wallets but later to consolidate UTXO's toward a single address. Is this not contradictory advice?
The end goal is to end up with UTXOs in cold storage that are 1 million sats or more, in order to future proof against higher on-chain transaction fees. So for example, wait to withdraw from a custodian until you have accumulated 1 million sats or more while dollar cost averaging. There are trade-offs between privacy, future proofing against fees, and the risks of leaving your coins with a custodian. No perfect solution
p2pkh is fine, no multiple addresses don't help. When the attackers have 6000 nodes at 1152 qubits, all transfers can be simultaneously cracked and Bitcoin is effectively off. Quantum spends no additional time per additional public key crack, they just need enough registers to store the answer. If Bitcoin increases block size and decreases block time, there will be a few months where transactions may again be possible, but not many. If Intel wins the race, there is no competition and Bitcoin is permanently dead until new cryptography. I am advocating that Bitcoin fix their issues today, but consensus may wait all the way until the quantum apocalypse
Tnx
My understanding is that by improving quantum error correction, approx 2,000 qubits are required to break ECDSA.
That may be true. I don't know enough about QC to weigh in on that
I know it's off topic, what happened with mission to mars?
What do you think of the USDG (global dollar stable coin)?
It certainly seems as though Bitcoin will evolve with whatever technology throws at it. I lean towards hope more than certainty however. I feel mining will have to undergo underlying changes as well if these "quantum" processors and "AI" take hold in the near term. As you stated, BTC may be the least of our worries.
Thanks Matt, this is important content.
In short, we are far from a time when quantum computers can realistically threaten Bitcoin. Cryptocurrency experts argue that decrypting a Bitcoin typically requires around 13 million qubits, far exceeding Willow's 105 qubits
Its funny how people jump to worst case scenario. They forget about all the other infrastructure that is at risk.
Quantum computing, to the extent that it even exists, is a long, long way from being even close to breaking encryption.
Multi sig wallets with 3/5 config will be even more secure.