The seeming culprit is the Federal Reserve planning to raise interest rates. However, I wonder - could a cause of this be quantum computing breakthroughs? I read today that an Australian research team was able to achieve 99% accuracy in quantum calculations: https://scitechdaily.com/major-breakthrough-as-quantum-compu.... Please correct me if I'm wrong, but my understanding is that quantum computers would totally break Bitcoin as it is based on the SHA-256 algorithm.
Why would SHA-256 be vulnerable to quantum computing? Grover's algorithm only gives a square-root speedup for reversing hash functions, and that's in the best-case scenario where there are no engineering issues (e.g. the need for error correction) which could create polynomial overhead. That still leaves you with 128 bits of security.
Quantum computing could certainly break elliptic curve cryptography, but my understanding is that this only becomes an issue if you publish your public keys (e.g. if you use your key to digitally sign a message) instead of just publishing their hash, which is not standard practice in Bitcoin (for exactly this reason).
Swedish reiterated call for EU ban on PoW, Russian drafted ban on all crypto, interest rate rises give investors less risky long term treasury options, influence of tech sell off.
cyanydeez|4 years ago
garaetjjte|4 years ago
slaw|4 years ago
uejfiweun|4 years ago
cevi|4 years ago
Quantum computing could certainly break elliptic curve cryptography, but my understanding is that this only becomes an issue if you publish your public keys (e.g. if you use your key to digitally sign a message) instead of just publishing their hash, which is not standard practice in Bitcoin (for exactly this reason).
linschn|4 years ago
aaronrobinson|4 years ago