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What I'd like to know is what is the status of all those billions of dollars in crypto currency? That's quite an incentive to build a quantum computer if it wou

by zcw100 5y ago

What I'd like to know is what is the status of all those billions of dollars in crypto currency? That's quite an incentive to build a quantum computer if it would allow you to steal some of that money. And what's the legal status of breaking some encryption and stealing crypto currency? Is that even stealing?

vmception 5y ago
For defense: They rotate to a quantum proof algorithm For attack: custody is never provable in crypto, as in you can prove you own an account but you cant prove nobody else does. so a hacker can use that to their advantage. They can also delay rotation by carefully picking their targets and amounts, as all the victims will be victim blamed and not believed for a very long time so a quantum computer hack could exist for a long time unless a large theft was done. Its tricky because many power users will report unexpected thefts and the rumors will start quickly.
- postalrat 5y ago
  Why aren't they rotating now? Because it will only protect coins in new addresses. The old ones will still be vulnerable.
  - vmception 5y ago
    the attack vector is dubious We are talking about deriving private keys from an address hash, which is already still improbable with quantum logic There is also the idea of changing a signed transaction in flight before confirmation, which is the most probable Or attempting to alter the state of a smart contract, which is less probable and needs consensus
    - postalrat 5y ago
      Is there somewhere I can place a bet that within 10 years these things will be possible?
      - vmception 5y ago
        prediction markets suck with liquidity, you just have to invest in the company that would offer the ability to do it there are just already lower tech ways to make billions getting other people’s crypto, and turning that into cash easily, assuming you even want state money its just not worth it for the “aha! see only I could make this bet so accurately” gloat, right now
      - jobigoud 5y ago
        Long bets: https://longbets.org/ https://longbets.org/

by zcw100 5y ago

vmception 5y ago

For defense: They rotate to a quantum proof algorithm For attack: custody is never provable in crypto, as in you can prove you own an account but you cant prove nobody else does. so a hacker can use that to their advantage. They can also delay rotation by carefully picking their targets and amounts, as all the victims will be victim blamed and not believed for a very long time so a quantum computer hack could exist for a long time unless a large theft was done. Its tricky because many power users will report unexpected thefts and the rumors will start quickly.

postalrat 5y ago
Why aren't they rotating now? Because it will only protect coins in new addresses. The old ones will still be vulnerable.
- vmception 5y ago
  the attack vector is dubious We are talking about deriving private keys from an address hash, which is already still improbable with quantum logic There is also the idea of changing a signed transaction in flight before confirmation, which is the most probable Or attempting to alter the state of a smart contract, which is less probable and needs consensus
  - postalrat 5y ago
    Is there somewhere I can place a bet that within 10 years these things will be possible?
    - vmception 5y ago
      prediction markets suck with liquidity, you just have to invest in the company that would offer the ability to do it there are just already lower tech ways to make billions getting other people’s crypto, and turning that into cash easily, assuming you even want state money its just not worth it for the “aha! see only I could make this bet so accurately” gloat, right now
    - jobigoud 5y ago
      Long bets: https://longbets.org/ https://longbets.org/