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RE: The Large Bitcoin Collider is Trying to Break Into Bitcoin Wallets

in #bitcoin7 years ago

Excellent news!
But the birthday paradox will soon be a dominant force here. That's going to make projects like this more lucrative as time goes on, so long as the number of wallets with money in them continues to grow.

They made a huge design mistake. They should be caching against all addresses that have EVER had money, instead of just the UTXO set.

That will increase the chances of a collision dramatically especially if as they say they are really just looking for collisions.

FYI there is a 100% perfect way to prevent exactly this kind of attack and that is to use multisig addresses. P2SH is not something that can be cracked and P2SH is in fact quantum safe since the reality is it is analogous in many ways to an implementation of GMSS a known "Post Quantum" algorithm.

As long as your keys are not related to each other in any way, then P2SH Multisig is safe against both brute force attacks and quantum attacks.

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I'd rather have this being done openly than secretly. If too many collisions... time to tweak the code. I'm sure that wouldn't be a contentious hard fork.

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