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by XiphiasX 237 days ago
Bitcoin transition to post-quantum cryptography is unrealistic due to this fact:

If the encryption is cracked, then who is to say who owns which Bitcoin? As soon as I try to transfer any coin that I own, I expose my public key, your "Quantum Computer" cracks it, and you offer a competing transaction with a higher fee to send the Bitcoin to your slush fund. No amount of software fixes can update this. In theory once an attack becomes feasible on the horizon they could update to post-quantum encryption and offer the ability to transfer from old-style addresses to new-style addresses, but this would be a herculean effort for everyone involved and would require all holders (not miners) to actively update their wallets. Basically infeasible.

^^^ Smart money is aware of this fact, yet real estate and gold aren’t outperforming Bitcoin. Is this truly alpha???
1 comments
bell-cot 237 days ago
So...the big fish set up a plan to transition "everyone" to their new Bitcoin 2.0. (Before the supposed "quantum crypto" smashes the punch bowl.) A bunch of the little people are unable or unwilling to transition. On the day the miners stop recognizing the old-crypto wallets & keys, those all become worthless.

Seems to me like a great plan, for the big fish to consolidate their control of Bitcoin. At the expense of little people. Who they don't care about.

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XiphiasX 237 days ago
> So...the big fish set up a plan to transition "everyone" to their new Bitcoin 2.0. (Before the supposed "quantum crypto" smashes the punch bowl.) A bunch of the little people are unable or unwilling to transition. On the day the miners stop recognizing the old-crypto wallets & keys, those all become worthless.

But that’s not the case. The should be transitioning NOW, but that’s not happening.

Also, even if it was done quickly, it would cause collapse of value.

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constantcrying 237 days ago
>The should be transitioning NOW, but that’s not happening.

Can quantum computers factor arbitrary numbers with 4 digits already?

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XiphiasX 237 days ago
No, but when they can it will be too late, so systems should be transitioning NOW.
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