Post
Topic
Board Development & Technical Discussion
Re: I don't believe Quantum Computing will ever threaten Bitcoin
by
QuickReview
on 19/12/2019, 15:52:41 UTC
I mean if you look at companies like Bitmain, they use their Asics first and mine the S**t out of them, driving up the hash rate, Once they are done they sell their stuff to the public.
Guess, what some private quantum computer developers will make before maybe selling it.
I do not know why people think that Bitcoin security will stop as is and too worried about quantum computers.  It maybe a threat but I am sure, Bitcoin developers will find way to level Bitcoin's security up before that happen.
That's not an issue. Bitcoin developers have already post quantum solutions.
But there are lots of 'shalecoins', https://bitcointalk.org/index.php?topic=5134441.0 coins with no owner. With quantum computers, these coins will become active and change the Bitcoin ecosystem.

Satoshi had already thought of the quantum computers, and the possible decoding of the privatekeys if it became available, ..
His coins would be quantum secured, if he sent them to P2PKH addresses. But he did not and isn't doing.

All I am saying is will we be able to "save" the decentralized nature of Cryptocurrencies. Once these "Super Machines" become a reality?
Yes, we will still have decentralized cryptos. It depends on us which coins will exist pre- and post-quantum. What we need is a quantum resistant signature system on the Bitcoin network now, even if we don't have to use it but it should be possible if we wanted to.

And for the "second generation quantum computers" people are already developing post SHA-hash signature systems. So we would then change to post SHA-hash signature systems before "second generation quantum computers" exist.