Doesn't the Chinese government have an operational quantum computer already?

This is the second time I heard it, but I think the hackers will need to have the Nano computer of IBM or something like that. If Nano computer come popular like in 20 year, the hole bloke chain will have to make a hard fork. But I think there still a minimum of 10 years. Which you time window?

Difficult but not impossible at the current moment but I'm sure with so much at stake, there will be many who are in the know that will work on improving the security. I have some bitcoin at stake but probably too small to be the first to be worried, at least for now.

I have same thought few years back. Basically is possible but difficult at this moment.

Screw that no way!

Just kidding, I could see it being possible

Great article. Not as great as your profile photo but great!

Great info thanks mate! Upvoted and resteemed 
@ch00fy

@calaber24p  all these theories and possibilities makes me worry a bit due to all our investments and time on Blockchain technology including steem. Hopefully all these corporations won´t find a way to compromise the blockchian technology and thus make crypto´s worthless. Good post indeed, thanks

When quantum computing becomes viable, breaking bitcoin would be the last of the world's worries. Imagine what will happen to the banks where the serious cash is held.

As technology progresses we will see all sorts of potential risks for the blockchain, but I believe in people who are contributing the the progress of it.

@jfollas Pretty much sums it up perfectly. That aside I wouldn't worry about it because it's not like 256 is the highest we can go.  512 bits and 1024 encryption is possible it's just not used yet. Even with faster computing we would just scale security to match it.

It'll happen sooner than we think. The defense? If you own a ton of bitcoin, don't put it all in one wallet!

This is an informative article, although I reached the opposite conclusion as you by the end!! Based on all the info you give about Quantum Computing going from 5 -> 16 quibit systems, and that 50 quibits is enough to basically destroy Bitcoin's security... AND it could happen in secret, theoretically.. no good!

Seems to me like something the bitcoin community would want to address sooner than later. "Quantum-proofing" the system may be one of the top 5 "Black Swan" issues to be considered, in my humble opinion.

Brute force can't make the private key visible to anybody but their might be some other Currency which can overtake Bitcoin by rumors of their future, these type of things might be harmful but bitcoin can't be  broken.

Because SHA-256 is a bit-mixing algorithm, I don't think quantum computing would lend itself to cracking it any easier than traditional means. I haven't seen any algorithm suggested that would help to solve any hashing algorithm. IOW, QC isn't magic that spits out results for any given problem.

I think QC will even have a problem solving the Discrete Logarithm Problem for Elliptic Curve, because each point in the field is random compared the the adjacent scalar values in the underlying group.  

EC is like having a huge stack of papers that are all in the wrong order. For example, the first page may be labeled 1,323, the second page is labeled 75, the third page is 7,888... etc.  You can easily count through the stack to find the 75th piece of paper, and tell somebody that it is page number 999. Given that page number, they will have a hard time telling you that it's the 75th piece of paper in the stack.  This is the EC DLP.

Now take that stack of papers and extend it so that it goes to the Andromeda galaxy that is 2.537 million light years away. That's only about an 85-bit number of pages. Double that distance (5 million light years), and that's an 86-bit number. We use 256 bits for Bitcoin and most other cryptocurrencies.

Where QC shines is for solving the DLP or factoring of RSA because each value is the value (no weird translation to another coordinate space, like EC requires). This is what the famous Shor algorithm helps to solve.

(Writing this comment inspired me to also create a blog post using the stack of papers metaphor: [Introducing the Elliptic Curve Discrete Log Problem](/@jfollas/introducing-the-elliptic-curve-discrete-log-problem))

We love BTC but better alternatives are already here. Don't bother with a blockchain that will take forever to upgrade when you can just switch to one that's already quantum proof, like IOTA.

One day it will certainly happen

*"there would have to most likely be some sort of compromise between developers and miners. Which raises a whole other problem."*

Haha, yes, I think we're seeing a problem like that now...

https://steemit.com/bitcoin/@lexiconical/seg-wit-is-a-trojan-horse-bitcoin-scaling-debate-explained

> Overall, while quantum computers can and at some point will have the ability to crack sha 256 and brute force private keys on many of the coins of today. I don’t think it is something we have to worry about in the immediate future

• If anything can be hacked, it will be. So why worry? @calaber24p
• We are assuming that the _state of the art_ in quantum computing is what scientific journals, mainstream media & the dark web report. Hollywood has often _forecast_ technologies already being used. e.g. _Enemy of the State_, _Stealth_, _Eagle Eye_,....

http://patentyogi.com/wp-content/uploads/2016/04/PatentYogi_Anti-Hacking-System-for-Quantum-Communication.jpg

Great post! it is necessary to erase all these myths, upvoted!

It will definitely happen eventually, but by the time it does, I believe post-quantum cryptography will have progressed significantly and cryptocurrencies can update their cryptographic function to accommodate these changes.  Glass have full always :)

Great post, thanks!

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What does quantum computing have with bitcoin? First of all quantum computing works on probabilities, so how exactly could that work on an encryption which has specific values? It just guesses it?

Quantum computing will be used for decision making AI, where you can't just calculate the outcome because the number of the variables is too big. If a quantum computer controls a ship on the sea *(in which there are valuables like, some sort of super high tech stem cells which have a low expiration date for example)*,and in front there is a storm; the quantum computer measures the odds between crossing the storm directly and risking the loss of some stem cells or decreasing the speed, or stopping the ship and wait for the storm to pass, in which it risks all the cem stells to expire if the storm lasts longer than expected.

I would be very interested in an article that describes solution to the quantum computing problem. The danger is many years ahead from actually threatening btc, but btc is a small thing compared to atomic weapons that could be hacked with quantum computers.

I watched something on steemit about IOTA, it is a new technology that is suppose to be quantum proof. The tech is call tangle and the smart token is IOTA. I found it quite interesting, and hope to be able to invest in it when it comes available. Thank you very informative article.

Yea quantum computing is pretty far off as a concern. D-Wave has usable models but they are used for very specific types of calculations.

I also think that IF quantum computing becomes widely available, we will have some kind of fork that addresses security issues.

maybe