Quantum technology allegedly used to steal Bitcoins from old wallets, asserts a former Wall Street trader.
In the world of technology, two groundbreaking advancements have been making waves - Microsoft's Majorana 1 chip and Google's Willow, both significant strides in the realm of quantum computing. However, the question of whether these advancements pose a threat to Bitcoin, the digital currency, remains a topic of much debate.
Harry Beckwith, founder of Hot Pixel Group, has stated categorically that there is no chance quantum computing is currently a threat to Bitcoin. Yet, some experts caution that within 20 years, quantum computing might pose a significant risk. Jameson Lopp, a cypherpunk, has even suggested burning quantum-vulnerable Bitcoins to avoid potential large-scale quantum-powered theft, which could potentially crash the price of Bitcoin.
The debate has been far from one-sided. Former Wall Street trader Josh Mandell has claimed that old Bitcoins are being stolen from long-dormant wallets. Mandell argues that a large player is secretly using technology to accumulate more BTC without using the market. This theory, however, has been met with strong pushback and mockery within the Bitcoin community.
Mandell's assertion has been challenged by Matthew Pines, executive director at Bitcoin Policy Institute, who claims that Mandell's assumption is false. On-chain analysis, according to Mandell, is believed to be the only obstacle to detecting such patterns.
The discussion has been lightened with humour, with one commentator quipping, "That's enough computer time for you today, grandpa," in reference to the discussion about quantum computing and Bitcoin. Breaking Bitcoin's cryptography, the commentator added, would require millions of stable, error-corrected qubits, a feat that is currently far beyond the reach of quantum computing technology.
In conclusion, while quantum computing is an exciting development in technology, its impact on Bitcoin remains uncertain and a subject of ongoing debate within the tech community. As with any evolving technology, it is crucial to stay informed and critically evaluate the claims made.
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