Bitcoin Q&A: Is Quantum Computing a Risk?

Is quantum computing a menace to Bitcoin? How can Bitcoin grow to be safer in opposition to a quantum computing assault? Will this improve require transferring cash to new addresses? Will or not it’s applied as a comfortable or onerous fork? What occurs to cash managed by misplaced keys?

CORRECTION: Apologies for the confusion – concerning the query of whether or not Satoshi’s (suspected) cash could be weak to a quantum computing assault on ECDSA, the right reply is within the first clip at 3:05. Whereas what I initially say at 6:10 is true, that Satoshi didn’t spend their cash, these coinbase transactions nonetheless used pay-to-public-key (P2PK) as a substitute of pay-to-public-key-hash (P2PKH), which suggests the general public keys are already uncovered.

Extra about hashing and public key cryptography in Bitcoin:

These questions are from the Could month-to-month Patreon session and a part of the Denver discuss, which passed off on Could twenty sixth and August sixth 2018 respectively. In order for you early-access to talks and an opportunity to take part within the month-to-month dwell Q&As with Andreas, grow to be a patron:

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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has grow to be probably the most well-known and revered figures in bitcoin.

Comply with on Twitter: @aantonop
Web site:

He’s the writer of two books: “Mastering Bitcoin,” revealed by O’Reilly Media and thought of one of the best technical information to bitcoin; “The Web of Cash,” a e-book about why bitcoin issues.

THE INTERNET OF MONEY, v1:

[NEW] THE INTERNET OF MONEY, v2:

MASTERING BITCOIN:

[NEW] MASTERING BITCOIN, 2nd Version:

Translations of MASTERING BITCOIN:

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50 COMMENTS

  1. @aantonop the enigma code was broken by polish mathematicians and cryptoanalysts: Rajewski, Rozycki, Zygalski

  2. The fuck, I didn’t know that Aantanop is Andreas M. Antonopoulos, I have been referring to your book from quite a while now.

  3. Most (all?) of Satoshi’s coins are in P2PK addresses, not P2PKH, so his coins are immediately vulnerable to a quantum computer which can reverse ECDSA.

  4. 2:45-3:31 “You can change the algorithms of all the active wallets, but some wallets have lost keys or the people who had those keys died and they can’t change the signing algorithm which means those wallets will be captured by quantum computers. So we will know what quantum computers exist when satoshi’s coins move… That’s one of the reasons why they will move. Eventually they will move and they will move because eventually someone will be able to break the keys. But for the rest of the eco system we can migrate quite easily to another algorithm. It’s not really as big of a threat that people think it is.”

  5. They will just double spend until they cant double spend…What a great way to rule the world.

  6. In the near future, quantum computers will be able to crack all binary based cryptology algorithims easly beacuse of its design. Nature and universe is working based on quantum mechanics, and nature is very complex situation which is existing computers will never be simulate it one on one. Quantum copmuters will be able to simulate the nature and the universe closely. I mean that all cryptology systems have to be change based on quantum mechanics. I dont know how the quantum cryptology look like for now but we will see it.

  7. Hey Andreas, Would there be a dapplication towards Bitcoin’s network on distributed scaling toward the quantum realm?? An example, nonce iteration parsed in to seven separate realms each with divergent scaling methods

  8. “I’m not worried about the NSA having quantum computers”. Dude they use their spying powers to trade nudes and spy on their wives and girlfriends. smfh

  9. So let’s say they don’t hack the Bitcoin.. but the q computer has a great amount of processing power… So let’s say I have a quantum computer.. and I mine Bitcoin… What do you believe will happen to the price of Bitcoin???

  10. Quantum computing would not only affect Bitcoin/Crytpo, it will ALSO destroy the current Banking/Credit/Financial system a lot easier.

    Nobodies money will be safe in the current financial/banking/credit system with quantum computing, at least with Bitcoin there are different layers of security that we can switch to to protect our money.

  11. Does this also apply for ethereum? so if you spend some eth would there be a digital signature left on the blockchain that could eventually be cracked ?

  12. Quantum processing is here. D-Wave has a commercially available version for under $3 million that has 2048 q-bits that can break blockchain.

  13. Imagine.. We are already close to an AI that could do thousands of years work in a week or two. At the moment we see gov researched non weapons to the public released years later.. Things are gonna get weird when we hit a certain point

  14. 1:27 The Enigma was broken in 1932/33 in Poland (by a guy named Marian Rejewski) and yes, the Poles _did_ keep it secret until July 1939 when they invited the French and the British and told them the whole theory and methods. It even included the “bomb” machine, later improved by the Bletchley Park people and Alan Turing there. Strangely enough, Rejewski was never invited to work at Bletchley Park despite him being in London at the time. A borderline criminal neglect, if you ask me: the guy who broke the Enigma is _right there_ and is _not_ asked to participate in a major lifes-saving war effort. Astonishing.

  15. Thanks for the interesting video.
    What about the other side of the (bit)coin? The miners.
    Once there will be, say, 20-50 powerful quantum computers out there – some may be used to mine Bitcoin with a fraction of the energy and time required to mine using the current technology. Wouldn’t these “quantum players” take over the entire Bitcoin mining “industry”?

  16. I dont think a currency that can replace the fiat currency system we currently are in is “Small Fish”… I still think blockchain is at risk still…

  17. about bitcoin and other blockchains: this ECDSA is the protocol that turns the private key into public keys, right?
    isn’t it just a matter of changing the protocol to one quantum resistant?
    it really feels like just adding some layers of equations which are generated in a decentralized fashion (meaning that no one knows all the equations that can be used and in which order they will be used to encrypt both the keys and the hashs).

    one thing i still couldn’t figure out by now but have a clue on this: the encryption of the private key confirming that the public key used to transfer any money happens online?
    ok, only the public keys go public, but where the “signature”, the “yes, this public key was generated here by my private key using my cryptography” happens? is it locally?

    i guess from what you said that no: if the quantum mofo can break into the SHA256 he would still have to get that public key and break the ECDSA aswell – so it means that the private key confirms that it is sending X to Z locally and then this message goes online.

    COOL, but then there’s another problem: wouldn’t it be easier for a hacker to hack this confirmation and not the encryption itself? understanding what makes the wallets say “yes, this public key belongs to me here” and emulating it?

  18. now about quantum computing: people seem to worry about it breaking into old blocks/hashs/wallets… what about confirming new ones?
    what about confirming fake ones?

    if there are 6 quantum computers working for a hacker, probably they would be basically mining most transactions, so they would have the hash numbers, blocks etc.
    i’m not sure how the nonces/new hash creations happen, which seem to be the missing piece here but, wouldn’t they have enough data to fake a transaction and to confirm it by themselves?

    let’s say: Q1 just mined a transaction where X received 1 BTC. he then fakes a transaction where X sends him the 1 BTC and his 6 quantum computers will probably be the fastest ones to solve for the nonce of it and then, confirm the fake transaction.

    if the miners assigned to mine a transaction are more random than that – how they are randomized in the safest cryptos?

  19. is it a threat now?. and if i would get a new ledger and only send my crypto to it would it be safe

  20. 3:57 “They can’t change the signing algorithm” Why does he say this? Can’t you just change the protocol to only allow quantum-resistant signatures???? Yeah?

  21. Just wait until terrorist start using bitcoin …. you don’t think quantum computing will be used hahaha smh Bitcoin is dangerous people

  22. Adjustments to the monetary system is not small fish to the NSA. I don’t work for the NSA, but to say something like that is a bit off, or to sure of yourself and making the classic smart person mistake.

  23. Late at night dreaming about Bitcoin trying to think of any potential threats that could kill Bitcoin. Then Google the potential threat, and Andres is there to help you breathe again.

  24. Wait that’s not true, he just said the am of Qbits you’d need to break a wallet encryption is out of reach when literally it’s not and the processing power scales up exponentially when you add 1 more Qbit each time. So that was a wrong representation of the realistic tech capabilities.

  25. I am correct that Andreas is wrong here? The satoshi coins are stored in old non-hashed address p2pk and not hashed p2pkh, therefore his coins are vulnerable to Quantum computing attacks?

  26. Maybe I’m high but quantum computing by IBM is around 1000q. Today..seems like a great way for a reset.. get the whole world to denominate there store of value in btc,,, let the world think it’s better than sliced bread. Then. Bomb! Hacked. Worthless.. the idea will survive but will we wish we had gold?

  27. taking control of world finance isn’t SMALL. its THE weapon of choice. look around again sir

  28. Hallo, Great content. I know the topic is old, but I have a question. what if you only have one ledger nano and want to send bitcoins but not all of them. Theoretically the leftover bitcoins on ledger are at risk according to your statement, right ? I know that ledger uses xpub. ledger work with master private key and master public key and generates from it the 100s of addresses that belong to one account. As I understand it, this means that every time a ledger is to receive bitcoins, a new address is generated (for privacy purpose) , which can theoretically be assigned to the xpub. If I have understood this correctly, does this mean that there is actually only one master public address and Master private key? Theoretically, all coins would then no longer be quantum safe after an outflow of coins to another address. If so, what about the creation of a new bitcoin account on the same ledger nano ? Is a new public address and private key created there ? Or have I misunderstood, because it is always the same master public address and Master private key. It is possible that I have mixed up something. I would be grateful for clarification.

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