#10 – Why Bother With Cryptocurrencies When Quantum Computers Are Imminent

This post is part of a larger series of post titled

The Top 10 Cryptocurrency & Bitcoin Misconceptions | Misunderstandings | Concerns | Perceptions | Criticisms in 2017

This topic is ranked last but I can see it move up the ranking as the age of quantum computing grows closer. This article in August says the real threat is probably 20 to 30 years off:

• Why Quantum Computing’s Threat to Bitcoin and Blockchain Is A Long Way Off

However, I have a feeling that quantum computers are much closer than we think. I also don’t like the excuse that only super-expensive computers will be able to do the type of computations needed to break RSA encryption. It only takes one wealthy bad actor to sow chaos. I also don’t trust certain governments like North Korea to act rationally.

Check out this recent story:

• IBM has just achieved an “impossible” step in quantum computing

I’ve been reading these sorts of headlines for years, but it’s hard to really estimate how close quantum computers are to be powerful enough to be a treat to cryptocurrencies because like Artificial Intelligence development where quantum computing development is an arms race where the public doesn’t quite know how close the future is until it happens.

I don’t know how much of a threat quantum computing is at this point, but I assume it should be a concern for the entire cryptocurrency industry. The whitepaper for quantum resistant ledger is a good primer for the threat.

As for this argument, I disagree with people that discount the cryptocurrency market on this alone. For now, I think this rightly deserves the #10 spot because critics of cryptocurrencies have better arguments to latch onto now.

Traversing the Cryptosphere,
Kryptonaut