RE: The Future of Cryptocurrency - Let's Talk About It

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The Future of Cryptocurrency - Let's Talk About It

in threespeak •  5 years ago 

I haven't read into this much but apparently quantum computing is a big threat to bitcoin (and just about any PoW blockchain). Don't worry though, steem is safe :)

threespeak
5 years ago by

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      ·  5 years ago 

    I don't think it's that big of the threat. Old system would be more vulnerable than Bitcoin anyway

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        ·  5 years ago 

      Steem is safe because?
      Can't it just steal private keys?

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          ·  5 years ago 

        It'll be immune to 51% attacks by quantum computers though. Plus I believe we need to match the account name with the private key on steem in order to perform an op.

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          ·  5 years ago 

        Yes, Steem is immune to 51% attack because it's not PoW but the account name matching doesn't matter as it will simply target big accounts and crack the private key using the account's public key.

        That said, when an account get compromised only liquid currencies can get stolen and the chain also has account recovery mechanism so powered up stakes are basically safe.

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            ·  5 years ago 

          Indeed, powered up stake protects us even more. And to top it all off, crypto is probably still safer than traditional financial institutions in terms of quantum threats.

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            ·  5 years ago 

          Yeah, on technical level blockchains are safer than traditional finance but you know how it will go.
          The company(ies) who creates practical quantum computers will cartel with banks and not attack them first but attack blockchains first to undermine blockchains' security while in reality banks are even less safe.

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