Theoretical quantum computers, if successfully built, is a threat to all encryption. Blockchains adds time complexity for each block appended to the chain. It will be the last system to break, and won't be of any use if that happens as the market valuation would instantly drop to $0 shortly after the first theft occurs.
Then a fork would be made, using a new quantum secure algorithm and a snapshot from before the thefts begun. This will restore everything almost instantly, while your bank will be fucked, any secured information you had encrypted will remain leaked and lot's of other problems.
FBI has never traced Bitcoin transactions in order to find people, this is outright bullshit. All fake news media FUD claiming this leaves out one important detail, and this will get you busted no matter how you pay.
Everyone who's gotten caught has done something stupid, like live streaming their crime from their own KYC verified fakebook accounts. They withdrew a large chunk of cash from their bank (serial numbers logged) and got their faces plastered allover the surveillance cameras, then the receiver of the payment shows up to the same bank, with the same large chunk of cash and want to deposit it to their account. Bam, now you're both busted. And it has nothing to do with medium of exchange, just some basic police work.
Whoever develops the first true quantum computer has a leg-up on the rest of the world. Meaning they can exploit it for nefarious purposes.
It could become the equivalent of a race to nuclear arms.
I know that evil corporations such as Google are already researching and investing in development of quantum computing and may have some preliminary prototypes already working.
I will have to research the vulnerabilities of bitcoin more. Some trusted sources reported that FBI invested heavy resources into tracking down perpetrators of child abuse porn snuff videos. Like harming children on video or raping children. Distributing that kind of content may motivate government to violate some due process and privacy laws to go after perpetrators. But that assumes FBI is truly committed to prosecuting pedophiles and not protecting them. I will try to post links later for my sources why I assumed Bitcoin was traceable to some extent. It could just be my misunderstanding.
Before 2017 some Bitcoin wallets where reusing public keys. This may be convenient if say you wanted to receive donations and then track them all by having everyone donate to the same address.
Nowadays pretty much all wallets generate a new receive address for every transaction. This means you need the private key to keep track of the wallets full balance as well as all in and outgoing transactions. Making it incredible hard to track...
People who get caught because of "tracing" has sent directly to a KYC verified exchange service, all exchange wallets are known and so the police only has to ask the exchange for who received the money which they as a financial institution has to reveal. Bitcoin itself is pretty much untraceable if used correctly. But if you need even better privacy, Monero is the real deal.
Theoretical quantum computers, if successfully built, is a threat to all encryption. Blockchains adds time complexity for each block appended to the chain. It will be the last system to break, and won't be of any use if that happens as the market valuation would instantly drop to $0 shortly after the first theft occurs.
Then a fork would be made, using a new quantum secure algorithm and a snapshot from before the thefts begun. This will restore everything almost instantly, while your bank will be fucked, any secured information you had encrypted will remain leaked and lot's of other problems.
FBI has never traced Bitcoin transactions in order to find people, this is outright bullshit. All fake news media FUD claiming this leaves out one important detail, and this will get you busted no matter how you pay.
Everyone who's gotten caught has done something stupid, like live streaming their crime from their own KYC verified fakebook accounts. They withdrew a large chunk of cash from their bank (serial numbers logged) and got their faces plastered allover the surveillance cameras, then the receiver of the payment shows up to the same bank, with the same large chunk of cash and want to deposit it to their account. Bam, now you're both busted. And it has nothing to do with medium of exchange, just some basic police work.
Whoever develops the first true quantum computer has a leg-up on the rest of the world. Meaning they can exploit it for nefarious purposes.
It could become the equivalent of a race to nuclear arms.
I know that evil corporations such as Google are already researching and investing in development of quantum computing and may have some preliminary prototypes already working.
I will have to research the vulnerabilities of bitcoin more. Some trusted sources reported that FBI invested heavy resources into tracking down perpetrators of child abuse porn snuff videos. Like harming children on video or raping children. Distributing that kind of content may motivate government to violate some due process and privacy laws to go after perpetrators. But that assumes FBI is truly committed to prosecuting pedophiles and not protecting them. I will try to post links later for my sources why I assumed Bitcoin was traceable to some extent. It could just be my misunderstanding.
Before 2017 some Bitcoin wallets where reusing public keys. This may be convenient if say you wanted to receive donations and then track them all by having everyone donate to the same address.
Nowadays pretty much all wallets generate a new receive address for every transaction. This means you need the private key to keep track of the wallets full balance as well as all in and outgoing transactions. Making it incredible hard to track...
People who get caught because of "tracing" has sent directly to a KYC verified exchange service, all exchange wallets are known and so the police only has to ask the exchange for who received the money which they as a financial institution has to reveal. Bitcoin itself is pretty much untraceable if used correctly. But if you need even better privacy, Monero is the real deal.