Bitcoin OGs: Quantum Hack? Pfft! 💀

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 Ah, the perennial specter of quantum computing looms once more over the Bitcoin realm. But fear not, dear friends-experts assure us that early wallets remain unscathed, and any real threats are as distant as a well-timed tea break. 😏

 

Quantum computing, that most enigmatic of technologies, has once again taken center stage in the Bitcoin saga. A most dramatic entrance, if I may say so.

Recent murmurs on X suggest that a future quantum machine might crack those early Bitcoin wallets, flooding the market with long-forgotten coins. How very… thrilling. 🤯

While some cry ‘fire!’ others insist that the fear is but a tempest in a teacup, misjudging the very essence of Bitcoin’s security.

Quantum computing fears and Bitcoin wallet security

For starters, quantum computing fears focus on a small group of Bitcoin addresses. These wallets, a relic of the past, employ the ‘pay to public key’ format. A staggering four million BTC resides here, with Satoshi’s own million BTC being the most illustrious of the bunch. 🧙‍♂️

P2PK wallets reveal the full public key once coins are moved, a most precarious detail. A quantum computer might just crack that private key with a bit of mathematical finesse. 🧮

Classical computers, those humble devices, cannot fathom such a task. But quantum machines, in their distant future, might just have the wherewithal. 🌌

Modern Bitcoin addresses, however, hide the public key until coins are moved. Without that data, even a quantum computer has nothing to attack. A clever design, if I do say so. 💡

Willy Woo, that astute observer of the crypto world, recently elucidated that most Bitcoin remains secure, even in the most dire of scenarios. The older wallets, however, are the narrowest of targets. 🎯

Not a system-wide flaw, but a narrow one. A most unfortunate quirk, if you’ll permit me. 😅

Claims of a Bitcoin crash and online debates

The debate was ignited when YouTuber Josh Otten shared a price chart, depicting Bitcoin plummeting to $3. He posited that a quantum computer might just pilfer Satoshi’s coins and flood the market. A most dramatic narrative, if I may say. 🧨

Yes. If a functional Quantum Computer is built, it could use Shor’s algorithm to crack the encryption guarding Bitcoin’s earliest wallets. This would expose the private keys to Satoshi Nakamoto’s fortune, likely crashing the market and destroying trust in the whole system.

– Josh Otten (@ordinarytings)

Such a scenario, of course, was met with derision by the OGs, who dismissed it as the fanciful musings of the overly dramatic. Willy Woo, ever the optimist, suggested that these seasoned investors would be quick to snatch up any sharp drop. 🕵️‍♂️

He added that the network would continue to function, regardless of what happens. A most reassuring sentiment, if a bit dry. 🧊

Market reaction matters as much as technology. This means that even if stolen coins hit exchanges, buyers will likely step in immediately. A most predictable outcome, if you’ll forgive the pun. 🤝

This view shows confidence built over many years. Bitcoin has weathered forks, bans, hacks, and bear markets, and its holders remain as steadfast as ever. A most admirable resilience. 🦁

Bitcoin OGs say quantum threats are far away

Adam Back, a stalwart of the Bitcoin community, offered a robust rebuttal. He posited that quantum computers capable of cracking Bitcoin’s defenses are still a distant dream, 20 to 40 years away. A most generous estimate, if I may say. 🕰️

It uses signatures…

– Adam Back (@adam3us)

Back highlighted a common misconception: Bitcoin does not rely on traditional encryption. Instead, it employs digital signatures, allowing owners to prove control without exposing their private keys. A most elegant solution. 🎩

Relatee Reading: Bitcoin Faces Quantum Risk if Developers Fail by 2030

Public keys only appear when coins move

Another point undermines the fear: public keys for many early wallets remain hidden, revealing themselves only when coins are moved. A most prudent design, if you’ll permit me. 🔒

This is crucial, for Satoshi’s wallets have never moved funds, leaving their public keys hidden. Thus, even a formidable quantum computer would find itself in a most unproductive situation. 🤷‍♂️

Thus, no data means no attack. A most satisfying conclusion, if a bit anticlimactic. 😌

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2025-12-16 07:39