A renewed debate has emerged within the Bitcoin group over what would occur if a quantum laptop managed to hack Satoshi Nakamoto’s Bitcoin pockets and dump the cash available on the market.
Debate over quantum menace
The dialogue started after YouTuber Josh Otten posted a chart speculating that Bitcoin’s worth may crash to $3.00 if a sufficiently highly effective quantum laptop compromised Satoshi’s 1 million BTC and bought them.
Willy Woo, a well known long-term holder, responded:
“Many OGs would purchase the flash crash. The Bitcoin community would survive; most cash will not be instantly weak.”
Woo famous that round 4 million BTC, together with Satoshi’s, are saved in older pay-to-public-key (P2PK) addresses that reveal the total public key onchain, making them extra uncovered to potential quantum assaults.
Newer tackle codecs wouldn’t have this vulnerability as a result of they don’t expose the general public key until the cash are spent, making them safer from quantum threats.
Vulnerability of outdated addresses
The chance arises as a result of a sufficiently superior quantum laptop may theoretically derive non-public keys from uncovered public keys.
Nevertheless, solely cash in addresses with recognized public keys, comparable to P2PK and reused addresses, could be in danger. For data on what number of bitcoin are in existence and their distribution, see what number of bitcoin.
Timeline for quantum danger
Adam Again, cypherpunk and co-founder of Blockstream, argued that Bitcoin is unlikely to face a quantum menace for not less than 20-40 years.
He said there’s ample time to transition to post-quantum cryptography requirements, which exist already.
Market analyst James Examine added that customers would doubtless migrate to quantum-resistant addresses earlier than such a menace turns into actual.
Market implications and consensus
Whereas most specialists agree the Bitcoin community would survive such a state of affairs, the market worth may face excessive volatility.
Examine warned that there’s little probability the group would attain consensus to freeze Satoshi’s cash if a quantum hack did happen, suggesting any flash crash could be met by consumers slightly than protocol modifications.