Quote from: dzoni on August 05, 2019, 05:21:45 PM

Quote from: simpleIPaddress on August 05, 2019, 04:48:10 PM

The question is important for the future of Bitcoin.
Imagine a BTC price > $1,000,000 and more than 1,000,000 'shalecoins', coins with no owner https://bitcointalk.org/index.php?topic=5134441.0 would become active.
The value of these coins would be > $1,000,000,000,000
How can that work?

There are two important.

Ad 1. If quantum computing managed to break private key cryptography in a way that it allowed somebody to control shalecoins, this would instantly induce a panic which would crash the price of bitcoin, so it wouldn't be $1,000,000,000,000 anymore, more like $1,000.

Ad 2. If quantum computing managed to break private key cryptography, we would have much bigger problems than future of bitcoin - all of the internet would be exposed to attacks it would be easy to hack anything from internet banking to medical equipment. Pure chaos would ensue and not many people would worry about their cryptocurrency.

Well Bitcoin could easily Transition into a fork that generates a new quantum proof private key (we don't know if the current one is or is not) and you'd move your coins to your new address.

Shale coins could still be a possibility but is it an issue? Thought gone coins coming back to circulation? Would it even be profitable to run a quantum machine for the length of time it takes on average to crack?