Saylor: The quantum threat to Bitcoin (BTC) is just a trick by 'yo-yo token' sellers.

CN
6 hours ago

Bitcoin bull Michael Saylor recently downplayed concerns about the impact of quantum computing on Bitcoin, stating that it is merely a marketing strategy to promote quantum-branded tokens.

"This is mainly a marketing tactic from those who want to sell you the next quantum 'yo-yo token,'" the Executive Chairman of Strategy clearly stated during an interview on CNBC's "Squawk Box" on June 6.

The potential impact of quantum computing on Bitcoin has long been viewed as a significant threat to the security framework of Bitcoin.

According to data from the quantum computing research organization Project Eleven, there are currently 10 million Bitcoin addresses that have exposed public keys. If quantum computers develop to a level capable of breaking Bitcoin's elliptic curve cryptography (ECC) keys, over 6 million Bitcoins could be at risk.

However, Saylor pointed out that even if tech giants were to develop legitimate quantum computing threats, they would never disclose them, as doing so would put their own businesses and even the U.S. government at risk.

"Google and Microsoft would not sell computers that can break modern cryptography because that would destroy Google and Microsoft, as well as the U.S. government and the entire banking system."

For anyone concerned about quantum computing hacking Bitcoin, please listen to @saylor calmly and rationally explain why you should sleep soundly at night. pic.twitter.com/X0XzZZl0Cd

If a quantum computer were to emerge and threaten Bitcoin's security, the core development team of the protocol and hardware manufacturers would quickly implement solutions. Saylor explained, "The solution is simple: upgrade the Bitcoin network hardware, upgrade the Bitcoin network software, just like Microsoft, Google, and the U.S. government upgrade. We just need to upgrade the software."

Saylor further pointed out that the likelihood of users losing Bitcoin through phishing attacks is 10,000 times higher than the threat posed by quantum computing.

"This is the hardest system in the world to break," Saylor emphasized, adding, "Hackers will first attack your banking system, Google account, Microsoft account, and all other assets you own because their security is an order of magnitude weaker."

Project Eleven launched a competition in April to test who can use quantum computers to crack the largest portion of Bitcoin keys within the next year.

Project Eleven stated that the purpose of establishing the "Q-Day Prize" is to assess the "urgency" of the quantum threat to Bitcoin and to seek quantum-resistant solutions that can ensure Bitcoin's security in the long term.

Project Eleven noted that it is currently estimated that about 2,000 logical qubits (with error correction) would be needed to crack a complete 256-bit ECC Bitcoin key.

IBM's Heron chip and Google's Willow currently only achieve 156 and 105 qubits, respectively—still quite far from posing a substantial threat to Bitcoin, but enough to raise industry concerns, Project Eleven said.

Related: The expelled cryptocurrency companies from Singapore may find nowhere else to go

Original article: “Saylor: The Quantum Threat to Bitcoin (BTC) is Just a Trick by ‘Yo-Yo Token’ Sellers”

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