Let’s set the record straight:
Google has published a paper claiming that it would take 500,000 physical qubits and 9 minutes to break Bitcoin’s elliptic curve cryptography. Today, Google has 105 physical qubits. It would need 5,000 times that number.
There’s one detail the industry media forgot to highlight: the paper itself specifies that mining attacks using Grover’s algorithm “remain impractical for the next few decades.” So why all the fuss? Let’s see who’s talking about it.
Justin Drake of the Ethereum Foundation co-authored Google’s paper. The same Justin Drake who designs and promotes Ethereum’s post-quantum roadmap. A week before the publication, he had announced a $2 million research initiative. He quantifies the threat and sells the solution.
Nic Carter, founding partner of Castle Island Ventures, led the $20 million Series A round in Project Eleven-valued at $120 million-a company whose business model is to sell protection against the quantum threat. Then he goes public to declare that quantum computing is “the biggest risk to Bitcoin.”
It’s the same playbook as Jamie Dimon with JPMorgan: publicly, Bitcoin was a “Ponzi scheme.” Privately, JPMorgan was buying shares of BlackRock and Grayscale’s Bitcoin ETFs. Fear is a business model.
Meanwhile, quietly, BIP-360 proposes a new type of quantum-resistant address. It’s already on the testnet. The ones warning you about the danger are the same ones selling you the solution.
naddr1qqsk...
Google has published a paper claiming that it would take 500,000 physical qubits and 9 minutes to break Bitcoin’s elliptic curve cryptography. Today, Google has 105 physical qubits. It would need 5,000 times that number.
There’s one detail the industry media forgot to highlight: the paper itself specifies that mining attacks using Grover’s algorithm “remain impractical for the next few decades.” So why all the fuss? Let’s see who’s talking about it.
Justin Drake of the Ethereum Foundation co-authored Google’s paper. The same Justin Drake who designs and promotes Ethereum’s post-quantum roadmap. A week before the publication, he had announced a $2 million research initiative. He quantifies the threat and sells the solution.
Nic Carter, founding partner of Castle Island Ventures, led the $20 million Series A round in Project Eleven-valued at $120 million-a company whose business model is to sell protection against the quantum threat. Then he goes public to declare that quantum computing is “the biggest risk to Bitcoin.”
It’s the same playbook as Jamie Dimon with JPMorgan: publicly, Bitcoin was a “Ponzi scheme.” Privately, JPMorgan was buying shares of BlackRock and Grayscale’s Bitcoin ETFs. Fear is a business model.
Meanwhile, quietly, BIP-360 proposes a new type of quantum-resistant address. It’s already on the testnet. The ones warning you about the danger are the same ones selling you the solution.
naddr1qqsk...
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