The Truth About Cryptocurrencies: A Clearheaded Guide to the Crypto World
(www.expensivity.com)
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Yes, but this is true of all technology. They say quantum computing won't be a things for at least another 50 years. BTC is already outdated compared to many newer coins. In time, something better than the blockchain will come along and replace it. Why not utilize it until then?
Yeah, and the CB isn't gonna implode for another 8-10 years...
Right, right?
Leo said the world is going to end in 9 years so what's the point of any of this haha
I guess the point is we are still thinking.
And communicating.
And imho that is good.
...but muh bitcoin is going to fell tall trees....
Quantum computers are not magical or generic in any way. They're millions of times faster for certain problems, but everything else they'll do slower than a generic computer. We already have encryption algorithms that's unaffected by quantum computers.
As for mining, there's no need to worry there either. You know the ASIC miners designed for Bitcoin mining only and nothing else, they too are already millions of times faster than a generic computer. They're even faster than the theoretical quantum computer on solving SHA256 hashes.
It would be overkill and unnecessary expensive to use quantum computers for any type of hash rate attack.
How much faster exactly? We're talking keys the size of 2²⁵⁶ with brute force as the only method. Also, how is this an argument against crypto? with ability to crack this type of keys, all encrypted data would be at risk, this includes banks, secret files and much more.
Thanks to blockchain, crypto could fork at any point in time, and change it's encryption algorithm. If funds suddenly start to get stolen from wallets here and there everyone will agree to a fork that reverse to a time before the vulnerability.
How would you protect or reverse secret documents leaking out to the public. How will a bank recover, or a credit card company with physical devices and all needing to be replaced. It's gonna take forever, and some damage will never be fixed.
Worst case for crypto, network being taken offline until a new quantum proof algorithm is discovered. Soon as it's implemented the network comes back online again, in a earlier state.