Author Topic: What will be Black swan incident for bts and btc  (Read 616 times)

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Offline jckj

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What will be Black swan incident for bts and btc
« on: December 23, 2019, 04:05:54 pm »
There is no need to worry about Quantum computer If it running follow traditional method for cracking encryption.
But How can you make sure it will be?
That will be disaster if we use 64 Quantum bit Quantum computer with ability of  8 bit per 1 Quantum bit under the situation that  Quantum computer  does not follow all encryption should test one by one. The may just test if bit 1 is righ ,bit 2 is right, bit is 3 right . .. bit 512 is right, ok, One 64 Quantum bit Quantum computer just need one running cycle is solving the encryption.  So it is easy cracking the encryption.
So is there any solution avoid such teach will be used in traditional computer or cpu system  avoid these thing happens? If There is no solution.  Bts and btc could be cracked in no more than 1024 computer running cycles. So it will not be safer for these systems. More then 1E51 computer running times for avoid cracking encryption is just a ideal dreams.  ??

Offline jckj

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Re: What will be Black swan incident for bts and btc
« Reply #1 on: December 23, 2019, 04:23:41 pm »
Reinvent keyid keyhotee bitshares, mabey include btc: https://bitsharestalk.org/index.php?topic=31901.0

Offline jckj

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Re: What will be Black swan incident for bts and btc
« Reply #2 on: December 27, 2019, 05:38:19 am »
 No solution...?

Offline Cryptick1

Re: What will be Black swan incident for bts and btc
« Reply #3 on: December 28, 2019, 11:33:39 am »
There are ways to quantum proof a blockchain. It would take a rebuild of the blockchain and the encryption protocol. So one needs to take a step back and look at the underlying encryption. Once that is fixed. One can move on to making new chains. BTS faces a lot of challenges. Quantum is not going to be the thing that sinks BTS.

There are multiple ways to attack a problem. In World War Two, lots of people looked at "Who had the best tank." And the best tank was defined as "the biggest gun, the thickest armour, and the best speed." Generally, the germans did. However, the war was won by who had the biggest economic production, who had the fuel, who had the most people, who had the economic power and who could deliver the sweeping blow. Good tanks, didn't do any good, if you couldn't get them to site. (this is why Germany didn't invade England, they didn't have a way to get tanks across the english channel.) And the Russians had pure mass production of a good tank, and lots of people to get into them. And then there was the whole strategy thing. (Don't fight two super powers.)

So the black swan incident for BTS has been global settlements. It wasn't really intended to happen. BTC's problem is more than one of security. It needs usability, marketing and more. It is not always the big things that kill a crypto currencies. sometimes it is all the little things.

Offline jckj

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Re: What will be Black swan incident for bts and btc
« Reply #4 on: December 28, 2019, 04:59:22 pm »
There are ways to quantum proof a blockchain. It would take a rebuild of the blockchain and the encryption protocol. So one needs to take a step back and look at the underlying encryption. Once that is fixed. One can move on to making new chains. BTS faces a lot of challenges. Quantum is not going to be the thing that sinks BTS.

There are multiple ways to attack a problem. In World War Two, lots of people looked at "Who had the best tank." And the best tank was defined as "the biggest gun, the thickest armour, and the best speed." Generally, the germans did. However, the war was won by who had the biggest economic production, who had the fuel, who had the most people, who had the economic power and who could deliver the sweeping blow. Good tanks, didn't do any good, if you couldn't get them to site. (this is why Germany didn't invade England, they didn't have a way to get tanks across the english channel.) And the Russians had pure mass production of a good tank, and lots of people to get into them. And then there was the whole strategy thing. (Don't fight two super powers.)

So the black swan incident for BTS has been global settlements. It wasn't really intended to happen. BTC's problem is more than one of security. It needs usability, marketing and more. It is not always the big things that kill a crypto currencies. sometimes it is all the little things.


Excellent points, especial for bts. So Bts needs be improved or reinvented to solve its defects such as usability, marketing and more.
But I can't agree with "Quantum is not going to be the thing that sinks BTS". Maybe Quantum Speed is not the Threat, But safe protocol will be a big problem.  It is easily cracking block chain encryption code no more than hundreds running cycle  if they does not follow traditional encryption safe protocol.

Offline pc

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Re: What will be Black swan incident for bts and btc
« Reply #5 on: December 28, 2019, 07:41:52 pm »
Quantum-resistant signature schemes exist, and are probably not too difficult to implement, but they generally have much bigger signatures and/or keys than ECC. This would seriously affect TX/s.
https://en.wikipedia.org/wiki/Post-quantum_cryptography#Comparison
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de

Offline jckj

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Re: What will be Black swan incident for bts and btc
« Reply #6 on: December 30, 2019, 05:10:43 am »
Quantum-resistant signature schemes exist, and are probably not too difficult to implement, but they generally have much bigger signatures and/or keys than ECC. This would seriously affect TX/s.
https://en.wikipedia.org/wiki/Post-quantum_cryptography#Comparison

well done
 And it just needs not more than 1e+25 running cycle for Quantum computer solving traditional cryptography in a safe encryption protocol. because its solving methods. It needs not more than 100 running cycles for Quantum computer solving traditional block chain cryptography in byte by byte model model.  The btc system running at the speed of  1e+20 h/s (100Eh/s). If  Quantum computer running at this speed, it just need 1e+5 s (0ne day)  for cracking  encryption codes. It is easy for Quantum computer improving 1000 to 10 G times (1e+29 /s) speed under same Micron Manufacturing Technology。 Those means it is very easy crack the block chain system  encryption protocol  in 1 ms  to one day . It is already not safe for block chain encryption protocol such as btc, bts and etc. now, in my personal idea under up technical situations.
« Last Edit: December 30, 2019, 05:26:22 am by jckj »

Offline jckj

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Re: What will be Black swan incident for bts and btc
« Reply #7 on: March 24, 2020, 05:02:54 pm »
The biggest difficult calculation times for hash 256 is 2^256 equal 10^56.  Actually btc or bts encryption protocol will be less than this.  another problem is btc, bts and etc for users will take up 10^10.  So the  calculation times for cracking will decrease to 10^46. And most difficulty calculation times by using Quantum computer will be less than10^23, maybe just 10^17 or less. So it is easy for cracking hash 256 by using  Quantum computer. If encryption protocol has a few bug, it will be more easier for cracking these things. So btc, bts are not safe any more.
« Last Edit: March 24, 2020, 05:08:53 pm by jckj »

Offline R

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Re: What will be Black swan incident for bts and btc
« Reply #8 on: March 28, 2020, 01:22:52 pm »
There's the ongoing black swan incident in bitassets now - the mandatory theft of asset value from bitasset holders by bsip76 proponents. Global settlement would have at least retained some resemblance of honour/integrity, instead they're permanently identifiable as scam coins.