Quote from: methnslavery on November 10, 2024, 07:13:22 PM

Hey, this is my first post on this forum. I found it the most relevant forum to share my thought, so I created an account.

We are still getting closer to quantum computing, which in itself wouldn't cause much of an issue to most due to new quantum resistant encryption algorithms. The developers can swiftly fork the network - new quantum resistant addresses will appear. There is just a slight issue, what do we do with addresses which have no owners, or Nakamoto's wallets? Nobody can move the bitcoin from the weak addy to a strong quantum addy. They will be waiting till the day somebody gets access to them by breaking the old standard with quantum computing.

I heard that Satoshi holds over 1M bitcoin on his wallets, he better be alive and active somehow. A theft of 1M btc would cause chaos. Well it wouldn't change how bitcoin works, but you get my point, it is no good. We can neither confiscate the bitcoin or hold it somehow (even if there is a way to do so, it would not bring any good reputation to the situation). We can't transfer the old addy format to the new one obviously. We are left with the option to wait and see whoever gets it first, China, Russia, US..?

If there will be a quantum computer powerful enough to crack the private keys, bitcoin will be least of your problems. Because that will be end of privacy as we know it, and we need to quickly solve how to protect every freaking system against quantum attacks.

We are decade away from a powerful quantum computer to give private key cracking a shot, and even with that it could take decades to crack 256 bit encryption.