Steve Mesa (aka Wrong_again)

🚨 "People recognize [bitcoin] is the CIA. I want to know where the databases are, where the servers are, physically.” - Prof Jiang This is the opinion of so many midwits. It's also the reason even some gold bugs cannot comprehend bitcoin to this day, and why midwits believe in centralized scam sh*tcoins. They don't understand decentralization.

The one question I can't help but ask, is the following; This paper, if I understand it correctly, is Google saying we have cracked the design for a cryptographically relevant quantum computer. That's a very big deal. Why oh why, did they focus the paper on our blockchain bags? Not government codes. Not banking infrastructure, Not internet protocols. Internet funny money. By no means disqualifying, but certainly an odd think to be the topic of interest for such a discovery.

Saw some people panicking or asking about quantum computing's impact on crypto. At a high level, all crypto has to do is to upgrade to Quantum-Resistant (Post-Quantum) Algorithms. So, no need to panic. 😂 In practice, there are some execution considerations. It's hard to organize upgrades in a decentralized world. There will likely be many debates on which algorithm(s) to use, resulting in some forks. And some dead project may not upgrade at all. Might be a good to cleanse out those projects anyway. New code may introduce other bugs or security issues in the short term. People who self custody will have to migrate their coins to new wallets. This brings to the question of Satoshi's bitcoins. If those coins move, then it means he/she is still around, which is interesting to know. If they don't move (in a certain period of time), it might be better to lock (or effectively burn) those addresses so that they don't go to the first hacker who cracks it. There is also the difficulty of identifying all his addresses, and not confuse with some old hodlers. Anyway, it's a different topic for later. Fundamentally: It's always easier to encrypt than decrypt. More computing power is always good. Crypto will stay, post quantum.

Looks like a Quantum FUD kinda day... NEW: Google Quantum AI just published a new paper showing part of Bitcoin’s encryption could THEORETICALLY be cracked with around 500k qubits of compute. About 20x fewer than previously thought. But... 1. Nobody even has hundreds of thousands of stable qubits of compute. 2. And the first to have 500k will likely be Google or IBM. These are companies that lack the motivation to go around hacking important infrastructure. 3. As CZ points out 👉 Bitcoin can soft-fork to quantum-resistant signatures years before any real threat arrives. Take a look at CZ's full take 👇