- Mar 30, 2018
- 12,092
- 14,357
I was surprised when people freaked post the news, because I remembered vividly this was accounted for and now even google says crypto won’t be effected for a while so don’t sell in fear.
Google Quantum Computing Won’t Effect Crypto Yet!!!
- Thread starter Mr Positive
- Start date
- Sep 15, 2024
- 502
- 142
True!
roydan
Elite Member
- Dec 17, 2013
- 5,618
- 14,572
I could be too dumb to figure it out, but I can't how it won't affect crypto.
Let's assume that there are only 24 word seeds, each has 2048 options.
So there are technically 4.7*10^2826 options.
Can't quantum computing solve it pretty fast?
I understand why it won't make mining stupidly easy (difficulty is changing in response to the rate in which blocks are mined), but can't understand why bip-39 is still considered safe.
Is it just about scale?
Let's assume that there are only 24 word seeds, each has 2048 options.
So there are technically 4.7*10^2826 options.
Can't quantum computing solve it pretty fast?
I understand why it won't make mining stupidly easy (difficulty is changing in response to the rate in which blocks are mined), but can't understand why bip-39 is still considered safe.
Is it just about scale?
Crytononame
Senior Member
- Oct 24, 2024
- 804
- 442
Google's being a bit misleading. Quantum computing is a massive problem for everyone using encryption, including crypto and especially banks. Luckily, we have roughly 10 years to prepare.
RougeSailor
Registered Member
- Oct 10, 2024
- 57
- 53
Google's Willow Quantum chip has 105 qubits, which is significantly less than the estimated 13 million qubits required to decrypt Bitcoin.. lol.. The estimated quantum computers capable of threatening cryptocurrency encryption are at least 5-15 years away..
Even if they manage to break the encryption, Satoshi had alternate arrangements to deal with it
Source: https://bitcointalk.org/index.php?topic=191.0
Even if they manage to break the encryption, Satoshi had alternate arrangements to deal with it
Source: https://bitcointalk.org/index.php?topic=191.0
natsuko
Banned - Multiple Rules Violations
- Aug 21, 2023
- 2,379
- 1,166
I completely agree! People tend to overreact to any bit of news related to quantum computing and crypto. It's important to remember that the technology is still in its early stages, and it will likely take years before it has any real impact on blockchain security. Plus, the crypto community has been preparing for quantum threats for some time now, with solutions like quantum-resistant algorithms already being explored. No need to panic; it's just a wait-and-see situation for now!
xReminisce
Elite Member
- Dec 29, 2012
- 7,333
- 36,788
people freak out about everything