A debate broke out on social media on Saturday in regards to the aptitude results of a quantum computer hacking Satoshi Nakamoto’s Bitcoin (BTC) stash after which dumping those coins onto the market.
The debate started when YouTuber Josh Otten shared a label chart of BTC crashing to $3.00 and said that this would well well possibly occur if a sufficiently critical quantum computer emerges and steals pseudonymous Bitcoin creator Satoshi Nakamoto’s 1 million BTC and sells them.
“Many OGs would buy the flash fracture. The Bitcoin network would dwell on; most coins are not straight susceptible,” prolonged-duration of time Bitcoin holder Willy Woo said.
However, there are about 4 million BTC held in pay-to-public-key (P2PK) addresses, collectively with Satoshi’s coins, which expose the beefy public key onchain when coins are spent, making them prone to quantum attacks, Woo added.
Exposing a Bitcoin pockets’s beefy public key onchain exposes these wallets to quantum attacks at some point attributable to a sufficiently critical quantum computer could well well possibly theoretically score the non-public key from the general public key at some point
Newer forms of BTC pockets addresses are not as prone to quantum attacks attributable to they develop not repeat the beefy public keys onchain, and if the general public secret’s not known, then a quantum computer cannot generate the paired non-public key from that files.
The Bitcoin and crypto communities proceed to debate the aptitude results of quantum computing on Bitcoin and the encryption expertise that underpins cryptocurrencies, with some arguing that quantum computing shall be the death of the industry.
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Bitcoin OG Adam Lend a hand says the chance of quantum computers is a protracted time away
Adam Lend a hand, an early Bitcoin holder, cypherpunk and co-founder of Bitcoin expertise company Blockstream, said that BTC will not be going to face a quantum chance within the next 20-40 years.
Lend a hand argued that there is masses of time to adopt post-quantum cryptography requirements, which exist already, earlier than a quantum computer critical ample to crack in vogue encryption and cybersecurity requirements is constructed.
Market analyst James Test said that quantum computing would not threaten Bitcoin’s expertise attributable to users will migrate to quantum-resistant addresses by the time a viable quantum computer emerges.
The quantum chance poses more of a chance to Bitcoin’s market label attributable to there is “no chance” that the Bitcoin neighborhood will agree to freeze Satoshi’s coins earlier than a quantum computer hacks his wallets and places the coins support into circulation, Test said.
Journal: Quantum attacking Bitcoin would be a waste of time: Kevin O’Leary
