Will Quantum Computing Destroy The Blockchain, Bitcoin, Steem And All Cryptos…
Has the end of cryptocurrencies started already… With China creating a multi-billion dollar quantum computing super center, Alibaba dropping $15 billion on it.., and Google and Mirosoft have the best physicists in the world working on it -- is it just a matter of time before all cryptocurrencies and the whole blockchain is hackable…
Before I go any further.., I know dick about any of this -- Im a bartender! If you want to know how to the best martini that will ever cross your lips Im your man, but as far as Quantum Computing goes -- I know squat. But, I did meet two "super-geeks/nerds" (I am not insulting them or anyone with that term, they were referring to themselves all night using those exact terms) the other night at a very private bar pre-opening.., and they were drinking gin martini's that they were not very happy with… He was complaining to one of the owners about how awful his drink was.., and when the owner tasted it -- he spit it out. The next thing I knew, I got a tap on the shoulder and the owner (an acquaintance of mine) asked if I would be so kind as to make this man one of my amazing gin martini's and at the same time show his bartenders how it's done…
After tasting the Ford's Gin Martini I made for him, he immediately leaned over the bar and hugged me.., then asked if I could make him another… After about 2-3 of these things, he started talking about Bitcoin/Cryptocurrencies and Quantum Computing… The owners of the place are all Wall St guys (very successful Wall St guys), so a lot of the crowd were the same… I heard Jamie Dimon's name mentioned a few times -- after the 3rd of 4th gin martini, these two "super-geeks" were in a heated discussion/argument about when and if Quantum Computing would not only destroy Bitcoin but wreak havoc on normal banking and all business…
Even though I know nothing about this stuff.., I could not stop listening (granted I was drinking just as many gin martinis as them)… It was wild.., this is not the usual topic of conversation Im used to hearing at a bar.
One guy was sure.., that in 5 - 10 years all cryptocurrencies would be hackable, thus destroying them… The other guy (nerd) said, even if they did come up with a quantum computer to do this, it would have to do it ridiculously fast -- before your Bitcoin transaction was confirmed.., and the amount of money it would cost to create such a computer is staggering… And if they did create it, they wouldn't want to use it to crack the Bitcoin protocol because then everyone (their rivals) would know they had such a technology.
My head was freaking spinning listening to these guys -- or maybe it was all the gin…
This went on for at least 2 hours… I was hearing terms like: elliptic curve, abstraction layer, hash, Qubit.., and of course, they mentioned Satoshi Nakomoto's name quite a bit.., and that part of his genius was that he built the protocol to withstand such attacks and the algorithm could easily be upgraded as the attacks become more advanced… They also quoted some guy named Andersen Cheng -- "Bitcoin will end the day the first quantum computer arrives." And that a quantum computer can calculate the private key from the public one in the matter of a minute or two and be able to access all your Bitcoin.
The last thing I heard them say was: Bitcoin was doomed! Why… Because they would not be able to get consensus within the community fast enough to fend-off quantum computing.., and then the guy fell off his bar stool. And as the other guy picked him up off the floor, he finished the argument by saying -- all they have to do is double the length of hashing.., and that traditional banking is at much more of a risk from quantum computing than the blockchain.
And with that, I helped them both out of the bar, hailed them a taxi -- and off they went.
When I got back in the bar.., one of the owners approached me and thanked me for making all those martinis and for putting the two of them in a cab.., and that he had never seen either one of them drink that much, or for that matter, talk that much -- I hope they didn't bore you… I looked right at him and said -- I barely know what they were talking about.., but I just couldn't stop listening!
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I agree with methusaleh. It's not hard to change the hashing algorithm by a power factor necessary to make sure that even quantum computers would require millions of years to crack encryption. Mining adjustments would have to be overhauled as soon as it was recognized that quantum computing could crack encryption and there might be network stoppage until everyone upgrades to quantum computing.
As for consensus on the bitcoin protocol, I'm inclined to think that bitcoin is the Yahoo! of finance and might no longer be dominant by the time quantum computers become reality. But if it's around and everyone realizes they will lose their wallets without an upgrade, I believe they will be very fast about it. By no means does it mean the end of cryptocurrency, but it will cause its evolution.
++ Furthermore, encryptions grows in its complexity and speed
Sounds good to me.., as long as someone has a plan to deal with it... :))
Yes we're all DOOOOMED i tell yer!!
Erm no not really switch to quantum resistant algo and carry on. There have been discussions about this - as far as I know (so in reality probably longer) since 2011. Quantum computers do some stuff freaky well - face recognition for example - but can't defeat all algos in a single crunch. Just doesnt work like that, besides not all cryptos are copy pastes of btc - like eth or dash or zcash. Monero does potentially have a risk reportedly but I think I'm right in saying they have a plan to switch algo already
As with all post titles that are couched as a question the answer here is a no
Btw I'd love to know how to make that perfect Martini tho 😉
The trick is... First use a nice dry gin: Fords, Plymouth... Then fill the mixing glass to the top with ice and add a nice splash of dry vermouth... Now shake just the vermouth and strain it out leaving just a nice vermouth coating on the ice... Add more ice to the mixing glass, add a generous amount of gin (3 oz) and stir for about 30 seconds and strain into a chilled martini glass. Now take a lemon twist and pinch the oils into the drink, then rub the twist around the lip of the glass before you drop it in. You have just made a gin martini that will bring you to your knees -- CHEERS!
You sir are an artist!
Thanks @methusaieh... Glad to hear it!
I agree with you, I think quantum computers will be stopped
Quantum computer may centralize cryptocurrency & use it to upgrade herself
to become Super AI ^^
There's got to be some fix in the works, I would imagine...
Nice story, thanks for sharing! Basically quantum computer are really really good at combinatorial problems, which is trying all combinations of something. So yea, honestly bitcoin is going to be the least of the problems:) Thanks for sharing, upvoted and followed! Cyrpto ON!!!
Thanks @s4m0ht... Yeah, I couldn't believe what I was hearing...
bitcoin is going to be the least of the problems thanls to share
It does sound like this quantum is going to be an issue for many businesses...
Great topic for discussion and great setting for that discussion! Thanks for sharing this story!
Thanks @kenny-crane... It was pretty funny how intense these two guys were, talking about this stuff... Then again, they were pretty damn drunk, too. And gin martini's are a great addition to almost any discussion... :))
i have never ever imagined about this !!
Me neither... WILD!
Amazing post!!!
CHEERS!