In a world where quantum computing threatens to upend the very fabric of our digital existence, River’s own Alexander Leishman has taken it upon himself to sound the alarm. According to him, Bitcoin‘s security is about as sturdy as a paper umbrella in a monsoon, while our beloved banks are fortified like a medieval castle—complete with moats and drawbridges, one presumes.
The debate, as lively as a soirée at a country estate, has reignited with Leishman asserting that Bitcoin is in far greater peril than the traditional banking system. One can almost hear the gasps of horror from the Bitcoin enthusiasts as they clutch their digital wallets.
“It is VERY fair to debate the timeline of a quantum threat to Bitcoin. I’m personally quite skeptical it’s a near-term problem.
However, a lot of people are saying ‘everything will break with QC, including the entire banking system, so if Bitcoin breaks everything does.’ This is…”
— Alexander Leishman 🇺🇸 (@Leishman) February 20, 2025
In a rather enlightening post on X, dated Feb. 21, Leishman elucidated that the security of Bitcoin funds hinges precariously on the private key. Once the public key is laid bare, a quantum computer could waltz in and access the funds with all the grace of a ballet dancer. How charming!
“There is no layer of protection here for any address with a revealed public key. It is, BY FAR, the most ROI+ attack to perform if you have access to a QC no question.”
— Alexander Leishman
However, our dear banks, those bastions of financial stability, are not so easily rattled. Leishman argues that while a quantum computer could indeed disrupt HTTPS encryption—our digital knight in shining armor—malicious actors would still need to intercept traffic and hijack DNS, a task akin to herding cats.
Moreover, banks employ additional security measures, such as IP whitelists and symmetric password authentication, which are as impervious to quantum shenanigans as a well-guarded secret. Leishman, with a twinkle in his eye, explains:
“Even if you do manage to pop a bank you need to get that money somewhere. Everything is very KYC’d with a lot of manual controls around large movements of funds. Good luck moving millions or billions without a human catching something.”
— Alexander Leishman
While the specter of quantum computing looms over Bitcoin like a dark cloud, it seems we need not fret just yet. Recent developments, however, suggest that quantum computing may be knocking at our door sooner than we think.
On Feb. 19, Microsoft unveiled a new quantum chip, the Majorana 1, claiming it heralds a future where quantum computing is “years, not decades” away. One can only imagine the excitement in the tech world, as if they’ve just discovered a new flavor of ice cream.
Despite the lingering doubts, titans like Google and IBM are predicting that large-scale quantum computers could be operational by 2033. So, dear reader, keep your digital wallets close and your quantum fears closer!
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2025-02-21 12:41