Will quantum computers kill bitcoin?

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Dec 17, 2024

Hunter Beast, a Bitcoin developer specializing in quantum resistance, discusses his journey from discovering Bitcoin to enhancing its security against quantum threats. He highlights how quantum computers could breach elliptic curve cryptography and endanger P2PK coins. Hunter introduces a proposed pay-to-quantum-resistant hash solution and discusses the challenges of implementing post-quantum cryptography. The conversation emphasizes community collaboration for upgrades and preparing Bitcoin for a secure future amidst evolving technology.

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ANECDOTE

Hunter's Bitcoin Journey

Hunter Beast bought Bitcoin for $1,000 in 2017, only to sell it two hours later due to volatility.
After extensive research, he recognized Bitcoin's potential and dedicated himself to its development, focusing on quantum resistance.

INSIGHT

Quantum Threat to Bitcoin

Quantum computers pose a threat to Bitcoin by potentially breaking the elliptic curve cryptography (ECC) used to secure transactions.
Shor's algorithm can derive private keys from public keys, making ECC vulnerable.

ADVICE

Mitigating Quantum Risks

Avoid reusing Bitcoin addresses to mitigate the risk of quantum computer attacks.
Taproot addresses, while useful, should not hold large amounts due to on-chain public key storage.

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In this episode, we sit down with Hunter Beast, a developer focused on making bitcoin quantum resistant. Hunter shares his journey from discovering bitcoin in 2017 to working on a Bitcoin Improvement Proposal (BIP) aimed at securing the protocol against future quantum threats. We explore how quantum computers could compromise elliptic curve cryptography, why P2PK coins are at risk, how address reuse poses risks, and Hunter's proposed pay-to-quantum-resistant hash solution. He explains the challenges of implementing post-quantum cryptography, the trade-offs between security and efficiency, and the timeline for potential quantum threats. Hunter also discusses the importance of community collaboration on upgrades and how bitcoin can prepare for a secure future while maintaining its core values.

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TIMESTAMPS:

00:00:00 - Intro
00:01:02 - Meet Hunter: Bitcoin and quantum focus
00:01:51 - Fixing money: Bitcoin's potential to fix the world
00:03:06 - Real risks vs myths
00:04:41 - Elliptic curve cryptography: Bitcoin’s security backbone
00:06:08 - Why bitcoin matters: Grounding the digital world
00:07:07 - Quantum risks: Shor's algorithm and private keys
00:10:33 - Quantum threat: An existential risk to bitcoin
00:11:44 - Resilience: Lessons from Carrington event
00:12:57 - Quantum resistance
00:14:26 - Hunter’s proposal: Pay-to-quantum-resistant hash
00:17:04 - Public key risks: Old coins, mempool, reuse, taproot
00:20:22 - Quantum solutions: SegWit v3 and new algorithms
00:26:21 - Resistant addresses: Naming conventions and tips
00:31:06 - Securing bitcoin with new cryptography
00:34:06 - Signature challenges: Balancing security and block space
00:37:07 - Future cryptography: Preparing for quantum security
00:43:27 - Trade-offs of quantum-proof cryptography
00:50:00 - Quantum risk timeline: Predictions and unknowns
00:55:27 - Satoshi’s coins: Why not burn vulnerable addresses
01:00:18 - Soft fork challenges: Consensus and activation risks
01:03:10 - Closing thoughts: Hunter’s work and resources

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