Is Quantum Computing a threat to Bitcoin?

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Quantum Computing is hailed as a technical breakthrough and a lot of people are scared by it. What's the engineering reality? What can it do to Bitcoin? Part 1 of this question.

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Thank you for all your contributions to this space. I and many others appreciate you sharing your knowledge.

jasoncannon

i dont get it... quantum computing isn't a threat to bitcoin because it isn't near its final stages? the whole point is to address when it does reach that final stage then wat?! do we still pretend it isn't near its final stages while the quantum computer is siphoning our bitcoin out of our wallet?!

mikenewman

Hi Jimmy! I agree with you; no fear needed for Quantum Computing breaking SHA256, yet. But: keep your eye on the ball. Because the question was: 'how to upgrade to a new algoritm'. Once SHA256 suddenly is cracked, can you still upgrade? How to prove who owns which coins at that stage? You cannot refer or link to the SHA256 bitcoin blockchain because that one is then compromised, remember. Are there really any solutions to migrate after SHA256 is cracked? Or is it needed to do it in advance, because thats my guess.

acuteioa

Hey noticed a mistake at 2:30, you said Shore's algorithm can bring 2^256 calculations down to 2^128, but that's wrong. Shore's algorithm gives a much greater Big O speedup than a sqrt and has nothing to do with SHA256 or hashing. What you probably meant was Grover's algorithm, which can give a square root speedup on solving hashing problems.

dominicnapoleon

Love this new format, bit like Anton. I think a less developer focused side/series to your channel will be a crowd pleaser. Thanks

sim

I wish you were right. I am deeply involved in quantum computing and AI development, as I run a few companies in this space and am a computer science professional for decades, who has worked with Google, IBM and DWave’s technologies in R&D since they were released. However, as we have now (by most accepted definitions) reached a point of demonstrable Quantum Supremacy, and several new algorithms have been published that actually lend themselves to a Q-AI form of cracking several popular forms of encryption (including two of the dominant types that are popularly used in blockchain), your assurances are a bit muted. There are most definitely obstacles (thankfully, as we need time to prepare and adapt current architectures including security), but we are finally seeing billions being poured into the field on those problems, and one after another is being solved or side-stepped via novel approaches.
Obviously time will tell, but one interesting project between Google and NASA Ames is focused on a type of a type of effectively simultaneous processing, which at around 250 gate-base (non-QA) qubits will provide the first attempt at creating a quantum NP hard encryption. The reason for its creation is that without it, we see that most classical forms of encryption are very likely to become breakable in a quantum/probabilistic sense. This is not based on any intuition, but rather a combination of Neven’s Law with algorithms being developed and tested currently. So, stay tuned and keep learning, as “magic” is coming.

amdenis

When thru quantam physics will time travel be possible??

billhuffy

He sounds very smart I wonder what his thoughts are on precious metals like gold and silver

chrisredfield

True..quantum computers have long way to go. And when are built to perfection they could only find private key from public key. It cannot break hashing algorithms. If you always move ur funds to new address on every transaction then you are also safe in that regards. I feel AI is more dangerous because with alphago beating go champion we can clearly say AI has become better than humans in realizing pattern and it is improving very fast. So there is a risk that AI could reduce hashpower needed to mine blocks. But that is like increase in hashpower to mine a block so network will adjust hashpower. Downside is it will lead to more centralization.

vizeet

This camera angle is weird, kind of looks like the viewer is towering over you. But great video!

SpartanDrazen

This has been a question lingering in the back of my head for a while. I guess we need to watch for when they are able to have superconducting material without nitrogen and fans which will be awhile right?

tecnohunk

Great points! It would take a long time to actually perfect that!

michaelbonacci

It is not certain that quantum will ever work. It is just a buzzword for marketers to extract funding grants.
And if it did any two of; devs, miners or users would fork within a week.

blancsteve

Quantum computing makes everyone stupid.

KittyBoom

The people who think cryptocurrency is going to be destroyed by quantum computing, are probably the same kind of people who
use words like "algorithm" at every possible opportunity regardless of context, use the word "nucular power", don't know what arabic numerals are, instantly get an erection whenever using the word "fatal flaw!", and don't wash their hands after using the bathroom

ninetales