A quantum computer would render all existing encryption algorithms obsolete overnight. And if you had access to one of those why would your main priority be to destroy cryptocurrency anyway? there's no profit in that, you could only steal coins during transfer so people would just stop transfer until a stronger encryption algorithm is in use.
Why not attack your bank? take over their servers and demand a ransom in gold or something that would actually have value after the collapse?
Why not attack the government? remove all evidence of your existence, any warrants, or give yourself plenty of fake identities and remove the trace so you never have to pay tax again, and could probably receive lot's of "free" stuff without anyone ever noticing.
Why not read secret messages? maybe do a little inside trading, know that the globalist scum is up to and so on?
Anyone thinking temporary taking down cryptocurrencies is the main priority is just as dumb as your average burn loot murder thug who lack any consequential thinking skills.
Or realizing that the locking mechanism for most things is obsolete is a smart understanding of security. Yes their initial priority probably won’t be btc but we’ve heard rumors governments had quantum computers now we get to see them finally wagging it around. Knowing security weaknesses across the board is important in the growing better options department.
Knowledge is power, the story is significant regardless if you think the conclusion is wrong.
the point of hacking a crypto is not to steal money, but to have access to all the financial transation history of everyone.
Crypto ledger technology is based on the fact that there is a distributed copy of every single transaction that ever occurred. if you could hack that ledger you would know everyones purchase history, legal, illegal or gray. who everyone donates to, who they associate with. it would be the easiest way to track dissidents and strip them of their power
edit: the "money" is the bait, info control is the goal
On public chains like Bitcoin for instance you can already see every transaction ever made. Unless you transferred to a shared KYC exchange wallet and made a white exchange to fiat which you then put into your main bank account that information is of no use to anyone other than verifying that a cryptocurrency is in fact secured and that nobody is minting new coins out of thin air.
Plus that if you follow the guidelines and never reuse addresses, you'd not only limit the time frame at which point someone could decrypt and view your transactions, you also make yourself nearly untraceable by always appearing with a new identity.
All possible attack vectors are already publicly known, and MSM continues with their fear mongering, just like they do with the plandemic.
Anyone thinking temporary taking down cryptocurrencies is the main priority is just as dumb as your average burn loot murder thug who lack any consequential thinking skills.
Won't be much of a "bonus" once the algorithm is changed and the network comes back online. By that time it's proven to be more secure than any other system, assuming they succeed in brute force it of course. Quantum computers has been a known threat for a long time in the cryptographic world and most cryptocurrency projects are prepared for the day that threat becomes reality.
Because it would drop to a zero dollar value before you could ever cash even a fraction of it out or buy anything, as soon as there's clear evidence on chain that someone actually stole crypto by simply using brute force, which could only be done with a quantum computer under very specific circumstances and limited time frames.
Consider it a protection mechanism, it is fully possible to reverse a blockchain into a certain state, say moments before it was breached, after updating the encryption algorithm so that it won't happen again. All it takes is that a majority agrees on it and you'll end up with a fork. You now have Bitcoin (old and hacked) and Bitcoin (current and secured).
Most other applications relying on encryption won't recover that easy.
How so? wouldn't it make more sense to punish the people doing stuff the government doesn't like. Or is that something only the Biden administration would do.
Even if China DID come up with a computer powerful enough to crack a 1024 bit key (they're not even in the ballpark) we'd just bump to 2048 as a standard.
And yet, as you say: "a legitimate "quantum computer" would allow China to crack ALL encryption. "
A quantum computer would render all existing encryption algorithms obsolete overnight. And if you had access to one of those why would your main priority be to destroy cryptocurrency anyway? there's no profit in that, you could only steal coins during transfer so people would just stop transfer until a stronger encryption algorithm is in use.
Why not attack your bank? take over their servers and demand a ransom in gold or something that would actually have value after the collapse?
Why not attack the government? remove all evidence of your existence, any warrants, or give yourself plenty of fake identities and remove the trace so you never have to pay tax again, and could probably receive lot's of "free" stuff without anyone ever noticing.
Why not read secret messages? maybe do a little inside trading, know that the globalist scum is up to and so on?
Anyone thinking temporary taking down cryptocurrencies is the main priority is just as dumb as your average burn loot murder thug who lack any consequential thinking skills.
Or realizing that the locking mechanism for most things is obsolete is a smart understanding of security. Yes their initial priority probably won’t be btc but we’ve heard rumors governments had quantum computers now we get to see them finally wagging it around. Knowing security weaknesses across the board is important in the growing better options department.
Knowledge is power, the story is significant regardless if you think the conclusion is wrong.
you lack vision.
the point of hacking a crypto is not to steal money, but to have access to all the financial transation history of everyone.
Crypto ledger technology is based on the fact that there is a distributed copy of every single transaction that ever occurred. if you could hack that ledger you would know everyones purchase history, legal, illegal or gray. who everyone donates to, who they associate with. it would be the easiest way to track dissidents and strip them of their power
edit: the "money" is the bait, info control is the goal
On public chains like Bitcoin for instance you can already see every transaction ever made. Unless you transferred to a shared KYC exchange wallet and made a white exchange to fiat which you then put into your main bank account that information is of no use to anyone other than verifying that a cryptocurrency is in fact secured and that nobody is minting new coins out of thin air.
Plus that if you follow the guidelines and never reuse addresses, you'd not only limit the time frame at which point someone could decrypt and view your transactions, you also make yourself nearly untraceable by always appearing with a new identity.
All possible attack vectors are already publicly known, and MSM continues with their fear mongering, just like they do with the plandemic.
No it wouldn't. There is also limitation to qbit depth and access to qc hardware.
There are quantum proof encryption algos because of this.
definitely not the main priority - just a "bonus"
Won't be much of a "bonus" once the algorithm is changed and the network comes back online. By that time it's proven to be more secure than any other system, assuming they succeed in brute force it of course. Quantum computers has been a known threat for a long time in the cryptographic world and most cryptocurrency projects are prepared for the day that threat becomes reality.
... famous last words
I suspect this is more about cracking US military crypto than Bitcoin.
2 trillion dollars in crypto’s says “why not both”
Because it would drop to a zero dollar value before you could ever cash even a fraction of it out or buy anything, as soon as there's clear evidence on chain that someone actually stole crypto by simply using brute force, which could only be done with a quantum computer under very specific circumstances and limited time frames.
Consider it a protection mechanism, it is fully possible to reverse a blockchain into a certain state, say moments before it was breached, after updating the encryption algorithm so that it won't happen again. All it takes is that a majority agrees on it and you'll end up with a fork. You now have Bitcoin (old and hacked) and Bitcoin (current and secured).
Most other applications relying on encryption won't recover that easy.
definitely.
cracking btc is just a bonus
Yea yea, wake me up when Satoshi's coins start moving. Until then, they're completely full of shit.
How so? wouldn't it make more sense to punish the people doing stuff the government doesn't like. Or is that something only the Biden administration would do.
Still not a conspiracy though.
Just another day in the computation encryption cat'n'mouse game.
Fud fail
And yet, as you say: "a legitimate "quantum computer" would allow China to crack ALL encryption. "
agreed.