Bitcoin quantum threat is a ploy by ‘yo-yo token’ sellers: Saylor

Bitcoin bull Michael Saylor has downplayed concerns implicit quantum computing’s interaction connected Bitcoin, calling it a selling ploy to pump quantum-branded tokens. 

“It’s chiefly selling from radical that privation to merchantability you the adjacent quantum yo-yo token,” Strategy’s enforcement president said successful a June 6 interrogation connected CNBC’s “Squawk Box.”

Quantum computing’s imaginable interaction connected Bitcoin has been labeled arsenic a important menace to Bitcoin’s security.

According to the quantum computing probe steadfast Project Eleven, 10 cardinal Bitcoin addresses person exposed nationalist keys and much than 6 cardinal Bitcoin could beryllium astatine risk if the machines go almighty capable to ace Bitcoin elliptic curve cryptography (ECC) keys.

But adjacent if a morganatic quantum computing menace emerged from a tech giant, they wouldn’t merchandise it arsenic doing truthful could enactment their businesses and adjacent the US authorities astatine risk, Saylor said.

“Google and Microsoft aren’t going to merchantability you a machine that cracks modern cryptography due to the fact that it would destruct Google and Microsoft and the US Government and the banking system.”

For anyone acrophobic astir quantum computing hacking Bitcoin, delight perceive to @saylor calmly and rationally explicate wherefore you should slumber soundly astatine night. pic.twitter.com/X0XzZZl0Cd

Bitcoin would conscionable request to beryllium upgraded, Saylor says

If a morganatic quantum machine did travel on and endanger Bitcoin’s security, the protocol’s halfway developers and hardware manufacturers would instrumentality a fix, Saylor said:

“The reply is: Bitcoin web hardware upgrade, Bitcoin web bundle upgrade, conscionable similar Microsoft, Google, the US authorities upgrade.

Related: Can quantum computers truly interruption Bitcoin?

Saylor added that it is 10,000 times much apt that idiosyncratic would suffer their Bitcoin to a phishing attack than to quantum computing.

“It’s the hardest happening successful the beingness to hack,” said Saylor, adding: “They volition hack your banking system, your Google account, your Microsoft account, and each different plus you person overmuch sooner due to the fact that they’re an bid of magnitude weaker.”

Quantum’s menace to Bitcoin is already being enactment to the test

Project Eleven launched a competition successful April to spot who tin ace the biggest chunk of a Bitcoin key utilizing a quantum machine implicit the adjacent year.

Project Eleven said the intent of the “Q-Day Prize” is to trial “how urgent the threat” of quantum is to Bitcoin and to find quantum-proof solutions to unafraid Bitcoin implicit the agelong term.

Source: Cointelegraph

IBM, Google’s quantum computers are inactive mode disconnected threatening Bitcoin 

Current estimates suggest that astir 2,000 logical qubits (error-corrected) would beryllium capable to interruption a full, 256-bit ECC Bitcoin key, Project Eleven noted.

IBM’s Heron spot and Google’s Willow tin presently bash 156 and 105 qubits — acold disconnected causing immoderate existent menace to Bitcoin, but important capable to origin concern, Project Eleven said.

Magazine: Bitcoin vs. the quantum machine threat: Timeline and solutions (2025–2035)