From GPT:
The ability of quantum computing to potentially crack a Bitcoin private key is tied to how public keys are exposed during Bitcoin transactions. Here's how this works:
Public Key Exposure in Bitcoin Transactions
Receiving Bitcoin: When someone receives Bitcoin to their wallet, only the Bitcoin address is exposed. This address is derived from a hash of the public key, specifically through SHA-256 followed by RIPEMD-160. Hash functions are resistant to quantum attacks with current quantum algorithms, making it computationally infeasible for a quantum computer to reverse-engineer the public key or private key from the address.
Sending Bitcoin: When a transaction is made to send Bitcoin, the public key is included in the transaction for verification purposes. This exposure of the public key is critical because it opens up the possibility for a quantum computer to attempt to derive the private key.
Quantum Computing and Cryptographic Vulnerabilities
Bitcoin's security relies on the elliptic curve digital signature algorithm (ECDSA). ECDSA is secure against classical computers but vulnerable to quantum computers due to Shor's algorithm.
Shor's Algorithm: A sufficiently powerful quantum computer can efficiently solve the discrete logarithm problem, which underpins the security of ECDSA. If the public key is exposed, Shor's algorithm can calculate the corresponding private key.
Why Sending Bitcoin Makes Keys Vulnerable
1. Exposing the Public Key: When Bitcoin is sent, the public key is revealed in the transaction data.
2. Quantum Attack Feasibility: With the public key exposed, a quantum computer can attempt to use Shor's algorithm to calculate the private key.
3. Time Sensitivity: For the quantum attack to succeed, it must be executed quickly, ideally before the transaction is confirmed and miners move the Bitcoin to a new address.
Why Only Receiving Bitcoin is Safer
If the Bitcoin is only received and never spent, the public key remains hidden. Since quantum computers cannot reverse the hash functions (SHA-256 and RIPEMD-160) efficiently, the private key cannot be derived from the Bitcoin address alone.
Key Takeaway
Bitcoin's vulnerability to quantum attacks lies in the exposure of public keys during transactions. By not sending Bitcoin, the public key remains hidden, preserving the security of the private key against quantum computing attacks.
What was weird about the pod was they didn’t even say quantum. I think he meant classical. Quantum advancing far enough to do this is a big big if.
I didn't even notice that, how they didn't bring up quantum.
When he made the comment about Satoshi having sent a transaction, being where vulnerability is, I knew of this quantum thing, so that's what I assumed he was talking about.
So always use up the whole utxo and have all change sent to fresh address? Sounds easy enough to stay safe, if that's it
Yeah, that's why I'm not really worried about it. Seems like an easy defense.
so this is how their going to do it.
convince people bitcoin is only safe to hold and not to send.
The quantum fud is overblown, imo. The same people who fud it as an excuse not to have Bitcoin, are the same people who don't realize nukes, their stocks and bank accounts would be easier to compromise lol.
“in the interest of national security, to protect the Stategic Bitcoin Reserve, we must now x, and y, because of z, bitcoin reserve notes will be legal tender at…”
Interesting theory. Was always my assumption BTC was govt adjacent / co-opted /created.
Nobody has a better incentive to discover bitcoin besides the world reserve currency holder.
its not a theory.
its just banter between bitcoin maxis who think government is always up to something.
Tbh it's probably the best resolution as 90% of humanity is asleep. Not the best solution but maybe how it resolves. The economy is massively deflationary while the monetary policy is inflationary. Everyone who has their head out of the sand knows this now. Need to close that gap somehow.
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