quantum computers may be able to recover lost bitcoins

[bitterguy28]

quantum computers are often talked about within the bitcoin community as a threat but recently, the ceo of tether paolo ardoino says that he predicts that quantum computers would be able to hack into inactive wallets and take bitcoins to put it back in circulation he also says that active wallets should not be at risk since they should be protected and quantum resistant so really only the inactive wallets will be targeted

what do you think about this? is this something that we should hope for? or something that could just serve as a threat to bitcoin and its holders?

source: https://cointelegraph.com/news/quantum-computing-bitcoin-lost-wallet-threat-tether-ceo

[TomPluz]

Sadly, I don't have an inactive wallet with Bitcoin on but I got scammed many times so I am hoping that QC (Quantum Computing) can do something with that maybe hacked the wallets of the perpetrators and take back what they have stolen. Okay, I am just fantasizing on that. Yeah, it would be good to see if lost Bitcoins can be recovered so they can be returned to their rightful owners. Now, it would be so amazing to see if one day QC can be able to help James Howells whose ex-girlfriend mistakenly threw out a hard drive containing 8,000 bitcoins in 2013. Let's see the many things that quantum computing can do but I am praying that it would not actually make havoc with the whole Bitcoin ecosystem and torch it into ashes.

[PX-Z]

quantum computers are often talked about within the bitcoin community as a threat but recently, the ceo of tether paolo ardoino says that he predicts that quantum computers would be able to hack into inactive wallets and take bitcoins to put it back in circulation he also says that active wallets should not be at risk since they should be protected and quantum resistant so really only the inactive wallets will be targeted

what do you think about this? is this something that we should hope for? or something that could just serve as a threat to bitcoin and its holders?

source: https://cointelegraph.com/news/quantum-computing-bitcoin-lost-wallet-threat-tether-ceo

If quantum computer is already a thing, those old systems in the government and banks should be worried the most. Cryptocurrency and Bitcoin are still developing. With every change in technology, they adapt. That's why there are many BIPs for the better.

While it's true that Bitcoin wallet generation can be recovered by chance for quantum computing but if we are talking those new ways to generate bitcoin wallets, I guess that's too difficult for now.

[MrSpasybo]

quantum computers are often talked about within the bitcoin community as a threat but recently, the ceo of tether paolo ardoino says that he predicts that quantum computers would be able to hack into inactive wallets and take bitcoins to put it back in circulation he also says that active wallets should not be at risk since they should be protected and quantum resistant so really only the inactive wallets will be targeted

what do you think about this? is this something that we should hope for? or something that could just serve as a threat to bitcoin and its holders?

Well, Satoshi once shared his viewpoint on this matter: we can scan the state of the Bitcoin blockchain right before a quantum computer attack and then switch to using another blockchain with a quantum-resistant algorithm. Currently, many quantum-resistant algorithms have been developed, and we don't need to worry too much about the risk from quantum computers.

From another perspective, I would like to experience the moment when a quantum computer can reactivate Satoshi 1M BTC. That could be a historic moment for the economy, although it will take a long time for quantum computers to reach that power!

[yhiaali3]

I have read about this topic but as far as I understand it the threat is not related to whether the wallets are active or inactive but rather to the type of wallets, whether they are old or new.

Old P2PK wallets or Pay to Public Key (P2PK) is the original way to receive Bitcoin in the Satoshi era where Bitcoin is paid directly to an exposed public key, through this public key quantum computers with the necessary power can access the private key via the public key.

Modern addresses (Segwight and Taproot) are more secure and less vulnerable to quantum threats.

[mohdelayo]

Very true, talks about quantum technology are perceived as serious threats to contemporary technologies and digital advancements. Even though quantum technology is definitely going to offer a lot of use cases for bitcoin and blockchains, evidence have proven that Bitcoin is resistant to its threats as a result of it very inherent technology.

[bitterguy28]

Sadly, I don't have an inactive wallet with Bitcoin on but I got scammed many times so I am hoping that QC (Quantum Computing) can do something with that maybe hacked the wallets of the perpetrators and take back what they have stolen.

well i do not know about stolen coins because if your coins are stolen most likely it will be stored to a wallet that is well protected by the stealer and if they aren’t stupid they wouldn’t allow for a trace to find their wallet

Now, it would be so amazing to see if one day QC can be able to help James Howells whose ex-girlfriend mistakenly threw out a hard drive containing 8,000 bitcoins in 2013. Let's see the many things that quantum computing can do but I am praying that it would not actually make havoc with the whole Bitcoin ecosystem and torch it into ashes.

that is a good scenario i do not know about giving it back to owners but it can definitely be brought back into circulation i do not know how complicated it can be if they want to bring the coins back to the owners because some may pretend like its theirs so there should be a strong validation mechanism

[Baofeng]

I have read about this topic but as far as I understand it the threat is not related to whether the wallets are active or inactive but rather to the type of wallets, whether they are old or new.

Old P2PK wallets or Pay to Public Key (P2PK) is the original way to receive Bitcoin in the Satoshi era where Bitcoin is paid directly to an exposed public key, through this public key quantum computers with the necessary power can access the private key via the public key.

Modern addresses (Segwight and Taproot) are more secure and less vulnerable to quantum threats.

Yes, it's more on the exposure of public key that this Quantum computer can take advantage of Bitcoin and maybe they can break or get the private key and brute force their way.

However, it this happens, for sure Bitcoin devs will go on the next level of cryptography and stay one step ahead of Quantum computer.

[Bobcrypto]

Sadly, I don't have an inactive wallet with Bitcoin on but I got scammed many times so I am hoping that QC (Quantum Computing) can do something with that maybe hacked the wallets of the perpetrators and take back what they have stolen. Okay, I am just fantasizing on that. Yeah, it would be good to see if lost Bitcoins can be recovered so they can be returned to their rightful owners. Now, it would be so amazing to see if one day QC can be able to help James Howells whose ex-girlfriend mistakenly threw out a hard drive containing 8,000 bitcoins in 2013. Let's see the many things that quantum computing can do but I am praying that it would not actually make havoc with the whole Bitcoin ecosystem and torch it into ashes.

The initial story sounding quantum computer was like a threats on how it may effect the Bitcoin negatively, and now we are hearing that QC may be able to find lost btc key addresses and bring back lost btc. The whole story about quantum computer looks like speculations, whether in favor of Bitcoin and the blockchain technology or against its existence, remains skeptical.
I stand in doubt of any useful purposes of quantum computer with regards to cryptocurrency developments because we may hear further stories in future, especially negative stories that may significantly affect btc , and not until it eventually arrive, it is difficult to asertain anything in my opinion.

[ABCbits]

Modern addresses (Segwight and Taproot) are more secure and less vulnerable to quantum threats.

Until you create a transaction with those address type, which expose public key. By the way, it also applies to legacy address (which starts with 1... or 3...).

[bitterguy28]

I stand in doubt of any useful purposes of quantum computer with regards to cryptocurrency developments because we may hear further stories in future, especially negative stories that may significantly affect btc , and not until it eventually arrive, it is difficult to asertain anything in my opinion.

it would be difficult to know up to what extent can quantum computers reach as it will continue to improve and improve as day goes by but obviously the developers will have at least the starting idea of what it can do and they can speculate through the theories they have which they will try to code and make happen

so if they say that they are building quantum computers for this kind of purpose then we might expect something similar it’s possible for it to not be successful but it can be close

[Faisal2202]

quantum computers are often talked about within the bitcoin community as a threat but recently, the ceo of tether paolo ardoino says that he predicts that quantum computers would be able to hack into inactive wallets and take bitcoins to put it back in circulation he also says that active wallets should not be at risk since they should be protected and quantum resistant so really only the inactive wallets will be targeted

what do you think about this? is this something that we should hope for? or something that could just serve as a threat to bitcoin and its holders?

I think what is the theory behind it? Because as I don't know the technicals of BTC blockchain to that extent as a general reader how it will effect the btc which are abandoned and will not effect those are not abandoned.

I think we can't stop the emergence of quantum computers with time we will see release of such computers on public level too but the real question is are they really able to crack the security protocols of BTC wallet addresses?

[robelneo]

Its still a long way off, and just a scenario, the article clearly stated

Quantum computing won’t break Bitcoin anytime soon
“Quantum computing is still very far from any meaningful risk of breaking Bitcoin cryptography

These speculations offer a discussion if the quantum computer happens, but as long as there is no clear threat about the quantum computer hacking the chain, we are good to go, and the cryptocurrency industry will continue to exist.

[target]

If you have kept some BTC in a paper wallet for a long time because its meant for your kid when you die then that paper wallet is not safe. And so this quantum is indeed really a threat?

Or are they just really fooling us all that the conspiracy about BTC being released by NSA was real and they actually have the access of it all and they just want quantum to be blamed.  This is one of the scare news on crypto space, and do they mean its not just Bitcoin?

[erus]

~snip~
what do you think about this? is this something that we should hope for? or something that could just serve as a threat to bitcoin and its holders?

source: https://cointelegraph.com/news/quantum-computing-bitcoin-lost-wallet-threat-tether-ceo

Believe that Quantum computers exist and can be created, but see this evidence from Wikipedia: https://en.wikipedia.org/wiki/Timeline_of_quantum_computing_and_communication
Since 2009, this Quantum computer has been released and in 2009 Bitcoin was first created. Until now, there has been no valid news about Quantum computers being able to crack Bitcoin's private key.

If there is evidence like this, since 2009 there has been news about Quantum computers, for me, just relax, because maybe this Quantum computer "can be said" to be FUD for Bitcoin too. Relax is better!