3 ms·

How long until they get their hands on the US “strategic bitcoin reserve”?

by ricardobeat 2y ago

spraveenitpro 2y ago
learn about Bitcoin Multisig security and then you tell me how long it will take
- tenyrsmaxfrmnw 2y ago
  No present security will be suficient once IBM or others breaksthrough with Quantum. This will happen for sure. https://www.youtube.com/watch?v=I20KgRZCZEI https://www.youtube.com/watch?v=I20KgRZCZEI
  - rtkwe 2y ago
    There's no guarantees that breakthrough is coming anytime soon. Scaling up the number of qubits in a processor is very hard and it's why progress has been pretty slow over the last decade.
    - aorloff 2y ago
      Crypto is your guarantee that a quantum breakthrough has not already occurred
      - rtkwe 2y ago
        Not 100% sure what you mean but it depends on who makes it. A government would have better things to do with an encryption destroying quantum computer than crashing blockchains. Personally I wouldn't crash crypto coins immediately, I'd make some money off them first then wipe it out. Also I was talking about the future. It may be impractical for centuries to make a quantum computer large enough to factor large current cryptographic keys. Last I read the difficulty of maintaining coherence has a non linear relation to the number of qubits involved.
  - snapcaster 2y ago
    Unclear this will "happen for sure", but even if it did there are quantum-proof encryption techniques
BiteCode_dev 2y ago
Maybe the strategic reserve constitution will be a way to actually give money to them in exchange for crypto. These days it feels anything is possible.
- deleted 2y ago
  [deleted]
m3kw9 2y ago
Maybe the reserve will buy wBtc that is on a L2 chain.
pessimizer 2y ago
They don't have to. The creation of such a direct government subsidy to bitcoin holders will drive the price up anyway.
- abirch 2y ago
  Until the NSA or Google uses a sufficiently powerful quantum computer: https://www.coinbase.com/learn/crypto-basics/is-quantum-computing-a-threat-for-crypto https://www.coinbase.com/learn/crypto-basics/is-quantum-comp... Then you can take anyone's crypto that you'd like.
  - realharo 2y ago
    If there's a strong enough consensus, everyone can just agree to migrate to some new technology and let the original go to zero.
    - paulryanrogers 2y ago
      DAO and Etherium?
      - realharo 2y ago
        Kind of like that, yeah. It may cause some people to re-evaluate what they even value about the whole thing and why anyone should honor the existing allocation (which is a good question). But it seems like a pretty obvious solution in face of such a complete breakdown.
  - drdeca 2y ago
    I believe, for bitcoin, that only works to spend coins from addresses that have already been used to spend coins, which, is therefore discouraged as a way to hold bitcoins? Instead, best practices are to, when sending from an address, to send all the unspent coins to addresses that have not been sent from yet. This does make things marginally harder for providing an address for people to send to though, because one has to change the address they are to send to at least every time one wants to spend what one has received. For chains where one uses one persistent address, in order to allow other important features, then it could be more of an issue. Still, I think solutions will probably be put in place before it becomes a real issue. … hm, come to think of it, the use of public/private key pairs in cryptocurrencies, is, I think, pretty much exclusively used for signing, not for encrypting, right? In that case, it seems like an option based on hashes and ZKSNARKs should be able to play much the same role? So, even if all the purportedly quantum-safe alternatives to RSA and ECC end up vulnerable for the same reasons, I think probably something that only does the signing part should be possible? Or, hm, at least in the interactive setting…
CobrastanJorji 2y ago
You have it backwards. The purpose of the reserve is to turn their crypto into money.
rchaud 2y ago
Hopefully historians do not miss the immense irony of a situation where the only 2 countries to debase their own monetary system for a pseudo-currency, both orginally used the US Dollar.

How long until they get their hands on the US “strategic bitcoin reserve”?

spraveenitpro 2y ago

learn about Bitcoin Multisig security and then you tell me how long it will take

tenyrsmaxfrmnw 2y ago
No present security will be suficient once IBM or others breaksthrough with Quantum. This will happen for sure. https://www.youtube.com/watch?v=I20KgRZCZEI https://www.youtube.com/watch?v=I20KgRZCZEI
- rtkwe 2y ago
  There's no guarantees that breakthrough is coming anytime soon. Scaling up the number of qubits in a processor is very hard and it's why progress has been pretty slow over the last decade.
  - aorloff 2y ago
    Crypto is your guarantee that a quantum breakthrough has not already occurred
    - rtkwe 2y ago
      Not 100% sure what you mean but it depends on who makes it. A government would have better things to do with an encryption destroying quantum computer than crashing blockchains. Personally I wouldn't crash crypto coins immediately, I'd make some money off them first then wipe it out. Also I was talking about the future. It may be impractical for centuries to make a quantum computer large enough to factor large current cryptographic keys. Last I read the difficulty of maintaining coherence has a non linear relation to the number of qubits involved.
- snapcaster 2y ago
  Unclear this will "happen for sure", but even if it did there are quantum-proof encryption techniques

BiteCode_dev 2y ago

Maybe the strategic reserve constitution will be a way to actually give money to them in exchange for crypto. These days it feels anything is possible.

deleted 2y ago
[deleted]

m3kw9 2y ago

Maybe the reserve will buy wBtc that is on a L2 chain.

pessimizer 2y ago

They don't have to. The creation of such a direct government subsidy to bitcoin holders will drive the price up anyway.

abirch 2y ago
Until the NSA or Google uses a sufficiently powerful quantum computer: https://www.coinbase.com/learn/crypto-basics/is-quantum-computing-a-threat-for-crypto https://www.coinbase.com/learn/crypto-basics/is-quantum-comp... Then you can take anyone's crypto that you'd like.
- realharo 2y ago
  If there's a strong enough consensus, everyone can just agree to migrate to some new technology and let the original go to zero.
  - paulryanrogers 2y ago
    DAO and Etherium?
    - realharo 2y ago
      Kind of like that, yeah. It may cause some people to re-evaluate what they even value about the whole thing and why anyone should honor the existing allocation (which is a good question). But it seems like a pretty obvious solution in face of such a complete breakdown.
- drdeca 2y ago
  I believe, for bitcoin, that only works to spend coins from addresses that have already been used to spend coins, which, is therefore discouraged as a way to hold bitcoins? Instead, best practices are to, when sending from an address, to send all the unspent coins to addresses that have not been sent from yet. This does make things marginally harder for providing an address for people to send to though, because one has to change the address they are to send to at least every time one wants to spend what one has received. For chains where one uses one persistent address, in order to allow other important features, then it could be more of an issue. Still, I think solutions will probably be put in place before it becomes a real issue. … hm, come to think of it, the use of public/private key pairs in cryptocurrencies, is, I think, pretty much exclusively used for signing, not for encrypting, right? In that case, it seems like an option based on hashes and ZKSNARKs should be able to play much the same role? So, even if all the purportedly quantum-safe alternatives to RSA and ECC end up vulnerable for the same reasons, I think probably something that only does the signing part should be possible? Or, hm, at least in the interactive setting…

CobrastanJorji 2y ago

You have it backwards. The purpose of the reserve is to turn their crypto into money.

rchaud 2y ago

Hopefully historians do not miss the immense irony of a situation where the only 2 countries to debase their own monetary system for a pseudo-currency, both orginally used the US Dollar.