Read_875 - Against Allowing Quantum Recovery of Bitcoin

Mar 26, 2025

The podcast dives into the looming threat of quantum computing on Bitcoin's security. It questions whether Bitcoin's foundational motto can withstand quantum attacks that could compromise private keys. Ethical and economic implications of such vulnerabilities are explored, emphasizing the need for potential updates to cryptographic standards. Listeners get practical tips for safeguarding their investments while navigating the delicate balance between personal responsibility and the core principles of cryptocurrency ownership.

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INSIGHT

Quantum Threat to Bitcoin's Core Principle

"Not your keys, not your coins" implies "your keys, only your coins."
Quantum computers break this principle by enabling unauthorized access.

INSIGHT

Targets for Quantum Attackers

High-value Bitcoin wallets, not just old ones, are vulnerable to quantum attacks.
These wallets, including exchange cold wallets, have exposed public keys.

INSIGHT

Quantum Recovery as Wealth Redistribution

Allowing quantum recovery redistributes wealth from ignorant to technologically advanced.
This benefits few and harms current Bitcoin holders through economic disruption.

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"Not your keys, not your coins."
I posit that the corollary to this principle is:
'Your keys, only your coins.'

A quantum capable entity breaks the corollary of this foundational principle. We secure our bitcoin with the mathematical probabilities related to extremely large random numbers. Your funds are only secure because truly random large numbers should not be guessable or discoverable by anyone else in the world.

It seems almost inevitable, that at some point quantum computing could reach the capacity to break current cryptographic standards, so the question is, what do we do about it? Do we allow the first entities with a powerful quantum computer, the already wealthy and powerful, attack the keys to millions of BTC and dominate the economic destiny of Bitcoin? Or should this be treated like a vulnerability? A bug in the code. Where we set a date to deprecate the old signatures, and burn the coins that were lost to vulnerable keys? The answer might not be as simple as you first suspect, Jameson Lopp makes a solid case in today's article.

Check out the original article: Against Allowing Quantum Recovery of Bitcoin by Jameson Lopp (Link: https://tinyurl.com/ysaz7va6)

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