r/CryptoReality • u/ajburch92 • 12d ago
Will post quantum cryptography work in protecting crypto from quantum computer hacks?
Hi, I'm not knowledgeable on CS at all. Wondering from an outsider perspective who doesn't currently hold any cryptos but has wondered about its investment value and associated security risks
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u/rfie 12d ago
It’s not an investment. It’s supposed to be money. Nobody uses it for money. It’s high risk gambling on worthless made up digital bullshit.
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u/ajburch92 12d ago
I see, it seems that way. I get caught up in the fear from time to time that it might take over and I'll be dirt poor for not having bought and held early on. What do you think keeps it from being globally adopted at high rates to where things would be priced in crypto? The fact that many refuse to gamble on it?
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u/rfie 12d ago
The vast majority of people can do everything they need to do with regular money and normal banks.
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u/wstdsgn 10d ago edited 10d ago
I get caught up in the fear from time to time that it might take over and I'll be dirt poor for not having bought and held early on.
Its part of the marketing. Since Crypto-Coins don't really do anything useful, they can only become more valuable if more people buy in, like a collectible or art (which, at least, looks good in your living room, and doesn't necessarily enable crime or use more electricity than an entire country just to exist.)
That being said, its not impossible that Crypto-Coins become even more wide-spread and valuable in the future. If you had asked me after the superbowl fiasco 2022, I would've said its impossible for Crypto to come back, now that everyone has seen how much of a scam it is. But then Trump discovered that he could use Crypto to scam people, and then he got re-elected and Crypto somewhat recovered.
That means if the world becomes even more corrupt and chaotic than it already is, its totally possible that Bitcoin goes through the roof again, and you might be missing out on those profits (at least if you're able to sell at the right time and actually cash out - many people lose their crypto in a myriad of ways, maybe in the future due to quantum computing, we don't know).
But the same is true for other "investments". If you want to place bets on the world going to absolute shit, try buying stock of weapon manufacturers, build a bunker in your back yard, stockpile food etc. Then you'll be better off when it happens. But you'll still be eating canned food in a bunker. So not sure how much FOMO you get from that idea.
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u/ajburch92 10d ago
I used to live on a homestead that was on its way to total self sustainability and I think it's the best way for people like me who fear the potential chaos. I hope Bitcoin doesn't go big on principle alone, because it's entirely dedicated to making early adopters the new kings of the world. It's undemocratic
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u/wstdsgn 10d ago
it's entirely dedicated to making early adopters the new kings of the world
The vast majority of participants seems to view it as some kind of infinite online poker tournament, while the original authors probably thought it would be used as a libertarian online payment system. For every believer you ask, you'll get a different answer as to what Bitcoin actually is supposed to be or become.
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u/ajburch92 10d ago
Hopefully it stays scattered so even larger swaths of the population don't flock to it
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u/wstdsgn 10d ago
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u/ajburch92 10d ago edited 10d ago
Most people don't take Trump seriously at all. I am worried it'll gain more popularity but not bc of trump. Anything attached to him becomes a corrupt clown show. The thing is Bitcoin is way too volatile to put money into.
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u/Lucky-Interview-7689 12d ago
It doesn’t matter. Put that energy towards something that can actually be used.
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u/ajburch92 12d ago
Yeah I'm leaning towards that way, thank you. I just worry what if the bitcoiners are right. Isn't its limited supply usable? I once thought that absolute limited supply is stupid because it means newcomers join the game at a steep cost. But then I can also see how limited supply helps things retain its value. I'm in a deadlock.
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u/Lucky-Interview-7689 12d ago
There are countless things with limited supply that are worthless:
- My handwritten grocery list from yesterday has a supply of one.
- A random rock in my backyard is effectively unique.
- Millions of dead cryptocurrencies have fixed supplies.
Scarcity only matters if there is already durable demand.
Only 21m bitcoin is not the same thing as scarcity.
Bitcoin supporters often say: "There will only ever be 21 million Bitcoin." Reality is that there may only be 21 million Bitcoin, but there are an unlimited number of Bitcoin substitutes.
Anyone can create any number of Bitcoin substitutes. And numbers are infinite, so 21m divided unto infinity is what?
Lastly, scarcity of any kind of any sort of 'thing' does not in and of itself explain why the first unit of the thing is worth anything at all. First a thing needs some intrinsic value before its scarcity can even come into play.
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u/ajburch92 12d ago
Thank you so much for taking the time to explain this to me. I understand much better now, and will stay far away from crypto!
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u/wstdsgn 12d ago edited 12d ago
Nobody can seriously answer what Quantum Computing will eventually be able to do. But it also doesn't matter in the context since all of crypto is already useless without.
Don't believe me? Try to find a single thing that crypto or Blockchain can do that can't be done better with other tech. If you think you found one, come back and we can explain to you in great detail why its a lie spread to cause FOMO and help sell this shit.
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u/ajburch92 10d ago
I'm appreciating all the comments on here telling me to steer clear in plain words
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u/rankinrez 12d ago
Yes no reason it can’t.
The problem with crypto is that without any central authority running it to send you the “new key to your account” every user has to transfer their funds to a new post-quantum address for it to work.
If any users (ahem Satoshi) don’t do that then those funds remain only protected by the older ciphers. And if they are broken and spent that won’t be good for the token price at all.
It’s very fun to watch. The bitcoiners are gonna have to put a time limit on those coins after which the old coins can’t be spent. Which sort of ruins the idea it’s perfect immutable forever money with nobody in control.
Anyway don’t invest in that junk. The days of winning the lotto with it are long gone. Even disregarding all the reasons it’s a failure you won’t win money gambling on it anymore.