October 4, 2025 • 12 mins
I get it. It's scary hearing about what quantum computers could do to Bitcoin one day if or when they actually arrive. But here's the thing. Understanding how bitcoins encryption actually works is the key to understanding how quantum can, or more importantly, can't disrupt it. And what I'm about to show you will completely flip the script on your perspective.
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Episode Transcript
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Speaker 1 (00:00):
I get it.
Speaker 2 (00:00):
It's scary hearing about what quantum computers could do to
bitcoin one day, if or when they actually arrive.
Speaker 1 (00:07):
But here's the thing.
Speaker 2 (00:08):
Understanding how Bitcoin's encryption actually works is the key to
understanding how quantum can or more importantly, can't, disrupt it.
And what I'm about to show you will completely flip
the script on your perspective because while everybody else is
panic selling based on fear on headlines, you'll have the
technical knowledge to stay calm and potentially profit from their fear.
Speaker 1 (00:29):
Now.
Speaker 2 (00:29):
I've been building tech companies for decades. I'm a partner
to leading bitcoin venture fund, I'm an officer of a
publicly traded bitcoin company, and this is the same analysis
that we use internally, and now you can profit from it.
Speaker 1 (00:39):
Two. So let's go. All right, we're going to jump
right in.
Speaker 2 (00:43):
We got to talk about quantum computing and bitcoin. Now,
first of all, this is technical discussion, but I'm going
to make it as simple and easy to understand some
no matter where you're at with your age, your technical ability,
We're going to make it clear for you. I'm also
going to tell you, just right up front, spoiler alert,
there is some bitcoin that is at risk and some
that's not as at risk.
Speaker 1 (01:02):
And if the stuff is at risk, there's things that
we can do about it.
Speaker 2 (01:04):
Okay, I'm gonna give you all that, but the first
thing we have to understand is that quantum computing is
not here. So in the world, everything is possible, but
not everything is probable. So we don't want to worry
about everything that's possible to happen in the world.
Speaker 1 (01:17):
Aliens could come destroy the world tomorrow. It's possible, it's
not very probable. So quantum computing. Google put out an
alert an update.
Speaker 2 (01:26):
They said, quantum computing could it could break Bitcoin like
encryption to could because it's hypothetical. We don't have it now.
Potentially we don't know. It could be eight to ten
years away, so we don't evenly have to worry.
Speaker 1 (01:39):
About this right now.
Speaker 2 (01:40):
However, we're gonna address this front on So Google update
it's coming eventually.
Speaker 1 (01:45):
They said that it could come faster than we think
it could.
Speaker 2 (01:47):
Use twenty times less resources, and finding didn't definding, didn't
mention bitcoin.
Speaker 1 (01:54):
They said Bitcoin like encryption.
Speaker 2 (01:57):
Okay, so let's just dispel some of that fud right
off the bat. But let's get right into this and
see what part of bitcoin is at risk and what's
it not. So you have to understand first of all
that bitcoin is encrypted, obviously, right, that's the crypto part
of the cryptocurrency, the cryptography.
Speaker 1 (02:12):
Okay.
Speaker 2 (02:13):
Now, within that, you have what's called a public key
and a private key.
Speaker 1 (02:17):
Let me explain this for you real simply.
Speaker 2 (02:18):
So if I had a locker at my school, and
I would say that locker is let's say C nineteen,
so that's my public address, and I could say, hey,
go put this letter in my public.
Speaker 1 (02:30):
Address in my C nineteen.
Speaker 2 (02:31):
You could walk over there slide it in, but only
I would have a private key to actually open it up.
Speaker 1 (02:35):
And move the contents.
Speaker 2 (02:36):
So that's how bitcoin and cryptocurrency works in general. There's
a public key that everybody could see, but then only
you would have a private.
Speaker 1 (02:43):
Key that you could open up. That's the basics of it.
Speaker 2 (02:45):
Now there's different types of cryptography that we've had to
secure those keys, and it changes over time. I'm going
to take you through some of these changes because understanding
that is the key to understand if you're at risk.
So a couple of that we've had the first version
of the key was the public key was used instead
of a hash. So what this means is that everybody
(03:06):
could see the public key. All the types of signature
schemes that we've had since then do it differently. Instead
of showing the world the public key, they use a
hash in the blockchain. So they put a signal inside
the main blockchain to the public key, but the public
key is not available. That's a really key piece to
understanding what's going on. Why is that because of the
(03:26):
quantum risk? Okay, now what is at risk of quantum? Well,
the P two p K that was the first scheme,
it is immediately vulnerable to quantum. Watch out, Quantum could
attack this. How how does it attack it? That's because,
as I explained, before the public key was shown, it
wasn't a hash of a public key like it is
with later versions.
Speaker 1 (03:45):
The entire key was shown.
Speaker 2 (03:47):
Now in this instance, the hash hides the key, so
it's not readily available. That's why later versions of the
schemes are quantum resistant.
Speaker 1 (03:55):
So how big of a problem is this?
Speaker 2 (03:57):
Well, bitcoin that was mined before four March of twenty ten,
so from two thousand and nine to twenty ten, just
in that window are the only ones that uses that scheme.
So basically everything after that point is impossible to.
Speaker 1 (04:12):
Break the hash.
Speaker 2 (04:14):
Okay, so the bitcoin blockchain is secure. It can't break
the hash. It could only break and get the public
key if it's readily available, and that's only for keys
that were made before March of twenty ten. And assuming
that the bitcoin has never been moved, why is that, Well,
we have to understand what's at stake. So in that
period from two thousand and nine to twenty ten, one
(04:36):
point seven million bitcoin were mine.
Speaker 1 (04:38):
During that period, it was the golden age. Anybody could
plug in a computer or get bitcoin. Was amazing. I
wasn't doing it.
Speaker 2 (04:44):
Unfortunately, one point million bitcoin were mine up until that
date of March twenty ten, and again they used the
pay to public key where it was readily available. Now,
of that one point seven million, that's what's at risk
right now, ninety five percent of that bitcoin has never moved.
Most likely people lost their keys. Now Satoshi, whoever Satoshi is,
(05:07):
was whatever, has a certain amount of keys in their wallet.
We can see that there's about one point one million
bitcoin sitting in that wallet. It's about five percent of
the supply at today's current price, which we're making new
all the time. Eyes at the time we're recording this,
it's about one hundred and twenty four billion dollars that
would put Satoshi if they can claim this wallet, whoever
(05:28):
could claim this wallet in the twelfth richest person in
the world right now today. Okay, so what's that risk here?
What's that risk is these coins right here. So hypothetically
they could break in, they could steal those coins, and
then what they would own them maybe the twelfth which
person they could dump them in the market. They could
potentially short term, you know, crash the price and tell
the market absorb those and went back up.
Speaker 1 (05:50):
But that's really the total potential risk that we have.
That's what's at stake.
Speaker 2 (05:55):
However, there's solutions for this right problems, solutions things that
could be done. Number One, if you have coins, if
you're lucky enough to have gotten coins in that period
before March of twenty.
Speaker 1 (06:07):
Ten, all you need to do is just move your
coins to a new wallet address. You're automatically secure.
Speaker 2 (06:12):
If so Toshi could come to light, he could move
his coins as well. However, the ecosystem doesn't want a
hacker using some quantum computing to get those coins, so even.
Speaker 1 (06:23):
Those have potential security.
Speaker 2 (06:24):
So a solution would be an hourglass, and basically an
hourglass would be to put those wallets into this frame
that would limit the movement.
Speaker 1 (06:33):
Of those all right, So what we could do is
you could put some sort of constraints around it.
Speaker 2 (06:37):
So for example, no more than one bitcoin could be
moved per block, So that way they just couldn't take
the one point one million.
Speaker 1 (06:43):
It would drip very slowly over a.
Speaker 2 (06:46):
Long period of time, and so they would set the
rate at which they'd move and the time the date
of when they'd move. So for example, you'd say approximately
one hundred and twenty years.
Speaker 1 (06:55):
You could move all those coins.
Speaker 2 (06:56):
So drip very slowly would barely mean anything to the ecosystem.
And that would be no matter how hard or how
strong quantum computing gets, they would be limited by the
rates of that network of that hourglass that get puts in.
What about the other signatures, So, as I said, there's
been lots of different variations of these signatures that have happened.
Speaker 1 (07:15):
We've had segue, We've had tap root, we've had.
Speaker 2 (07:17):
P two ppkh, all these different things, lots of different schemes.
Speaker 1 (07:21):
Well, again, all of those obscure.
Speaker 2 (07:24):
All of them hide the public key by putting a
hash into the blockchain. So what does that really mean. Well,
what that means is that the public key is going
to be hidden until until you spend from that wallet.
Speaker 1 (07:35):
So what happens is it's safe. They can't get into
it because they can't see the public key. It's hidden.
Speaker 2 (07:39):
But if you spend from that wallet, then all of
a sudden, the public key is displayed. So now quantum
could get it. So what does that mean, Well, what
that means is that if you spend from that wallet
and leave money in there, leave bitcoin in there, that
bitcoin could be susceptible if.
Speaker 1 (07:55):
You leave a balance in there. So what do you do?
Speaker 2 (07:57):
Well, solution, you create a new wallt So if you're
going to spend from that wallet, which would expose the
public key, you're going to spend whatever you need, transfer
to the bitcoin whoever, and then whatever the balance is left,
you move that into a new wallet and then to
be safe. All right, that's the solution. Now Sotoshi actually
recommended this. The recommendation for a good security is to
(08:18):
always use a new wallet.
Speaker 1 (08:20):
You can create as many of them as you want.
You can go and do.
Speaker 2 (08:22):
Usually most hardware wallets will support this and you can
just create as many wallet addresses if you want. Now,
one thing that I didn't say at the beginning is
this is all about you managing your own private key.
One of the most revolutionary things about bitcoin is for
the first time in humanity, we can own property that
cannot be seized. It might be the oldest problem that
humanity's ever had. How do I protect my chickens or
(08:44):
my goats from being stolen. So we have friends, we
have a village, we have a kingdom, we have a
country to protect our assets, and now we can protect
our assets with.
Speaker 1 (08:53):
Just a cryptographic key.
Speaker 2 (08:55):
It might be the most revolutionary thing ever, and so
I think we should take advantage of that. I advocate
for securing on bitcoin with your key. However, if you
have your bitcoin on exchange like at coinbase, they have
your key.
Speaker 1 (09:05):
If you have it on a river, they have your key.
Speaker 2 (09:08):
If you have it through an ETF they hold the key,
so you don't need to worry about any of this.
It's for those that are taking their own custody. But again,
so Toshi recommended that.
Speaker 1 (09:17):
Always use new address wallets. That's the key default if
you're going to do this, Now, what about lightning?
Speaker 2 (09:23):
Because lightning is like layer two and it's how we
can move bitcoin way faster, cheaper, more privately than we
can on the main change.
Speaker 1 (09:29):
So what about that? Could that be broken?
Speaker 2 (09:31):
Well not really, because the public key it gets revealed
when the channel closes. So the channel opens up, we
put some money in there, it gets exchange, and the
channel closes. Now by default, they're actually pretty okay. Now,
of course there's some medication that could be done, but
of course.
Speaker 1 (09:47):
We don't have quantum, so.
Speaker 2 (09:48):
We're not exactly sure how to prepare for it because
we don't even have it yet. All right, so you
have to understand a lot of this is hypothetical. We
don't know what we're preparing for yet, but we know
that we're pretty safe.
Speaker 1 (09:59):
Okay, one more thing. There's the midpool.
Speaker 2 (10:01):
So what happens is there's all these transactions happening. I'm
transferring to you, you're transferring to them, and these traction
transactions go into what's called the mid pool, and then
the miners, the bitcoin miners will process those transactions. Okay,
now the transactions they get broadcasts. We have to show
them to all the miners, so they can get the
transaction process. Okay, transfer this money to that person, transfer
to this person.
Speaker 1 (10:21):
Right, So that's the problem.
Speaker 2 (10:23):
The public key is, it's public in there, so it's vulnerable. Now,
it's not just that easy. It would require a massive
amount of computer power. It would have to be brute
force attacks, so it's not trivial by any means, but
it's possible that could be a potential attack vector. However,
again there are solutions to this. So for example, we
(10:44):
could do delays where things couldn't move right away. We
could use quantum proof addresses. So again we can change
those address schemes and we can move them into quantum
proof addresses.
Speaker 1 (10:54):
So none of this is catastrophic. There is some danger.
Speaker 2 (10:57):
If you don't do anything or you don't do things right,
but none of this catastrophic.
Speaker 1 (11:00):
It can all be fixed.
Speaker 2 (11:02):
Now, what about post quantum So in two thousand and
nine we had a scheme two thousand nine, we had
another one, twenty twelve, twenty fifteen, twenty seventeen, twenty twenty one.
What is next again, we can come up with a
new key scheme.
Speaker 1 (11:15):
I don't know. Twenty thirty, twenty twenty eight, we don't know.
We can come up with a new scheme that everyone
could move their wallets into this.
Speaker 2 (11:21):
One to be post quantum resistant. So it's not the
big risk like everybody thinks it is. Now some will
be at risk, some might So moving forward, what are
we going to do? Number one, don't panic and certainly
don't go by like these quantum resistant tokens that these
scam artist are trying to sell you. Okay, bitcoin is
going to be perfectly fine as long as you use
a little bit of reasonable common sense. Number two, use wallets,
(11:46):
new wallets, don't reuse old ones, all right. So again
you can create as many wallets as you want, spend
what you want to spend, and move the rest to
a new wallet.
Speaker 1 (11:54):
Simple.
Speaker 2 (11:55):
Also move utxos so utxl are unspent transactions, move them
into new addresses. The new addresses are going to be safe. Also,
think of it like a checking versus savings. All right,
So my savings is something that sits in like cold storage.
It's deep and dark cold storage. The checking is like
something I'm spending from. Maybe you think about like your wallet.
(12:16):
You wouldn't walk around town with all the money in
the world and the wallet. You just kind of take
what you need for the day, and if you lost.
Speaker 1 (12:22):
It, it's not the end of the world.
Speaker 2 (12:23):
So think about your bitcoin in custody sort of like that.
So your stuff is in deep cold storage, I don't
have to worry about that. I put a little bit
if I want to go spend some of it, keep
it in a new walllet to keep it safe and
ignore the fud. Bitcoin's not gonna be crashed by quantum.
It's perfectly safe. So now that you know that your
bitcoin is perfectly safe, the next thing you probably want
to know is like, what could the price be in
(12:43):
twenty thirty, twenty forty, and twenty fifty. If you want
to know that and want to see the math to
break down what those price points and predictions are, you
probably want to go watch this video right here. Otherwise
I'll see you over there. And that's what I got
to your success.
Speaker 1 (12:56):
I'm out
I get it.
Speaker 2 (00:00):
It's scary hearing about what quantum computers could do to
bitcoin one day, if or when they actually arrive.
Speaker 1 (00:07):
But here's the thing.
Speaker 2 (00:08):
Understanding how Bitcoin's encryption actually works is the key to
understanding how quantum can or more importantly, can't, disrupt it.
And what I'm about to show you will completely flip
the script on your perspective because while everybody else is
panic selling based on fear on headlines, you'll have the
technical knowledge to stay calm and potentially profit from their fear.
Speaker 1 (00:29):
Now.
Speaker 2 (00:29):
I've been building tech companies for decades. I'm a partner
to leading bitcoin venture fund, I'm an officer of a
publicly traded bitcoin company, and this is the same analysis
that we use internally, and now you can profit from it.
Speaker 1 (00:39):
Two. So let's go. All right, we're going to jump
right in.
Speaker 2 (00:43):
We got to talk about quantum computing and bitcoin. Now,
first of all, this is technical discussion, but I'm going
to make it as simple and easy to understand some
no matter where you're at with your age, your technical ability,
We're going to make it clear for you. I'm also
going to tell you, just right up front, spoiler alert,
there is some bitcoin that is at risk and some
that's not as at risk.
Speaker 1 (01:02):
And if the stuff is at risk, there's things that
we can do about it.
Speaker 2 (01:04):
Okay, I'm gonna give you all that, but the first
thing we have to understand is that quantum computing is
not here. So in the world, everything is possible, but
not everything is probable. So we don't want to worry
about everything that's possible to happen in the world.
Speaker 1 (01:17):
Aliens could come destroy the world tomorrow. It's possible, it's
not very probable. So quantum computing. Google put out an
alert an update.
Speaker 2 (01:26):
They said, quantum computing could it could break Bitcoin like
encryption to could because it's hypothetical. We don't have it now.
Potentially we don't know. It could be eight to ten
years away, so we don't evenly have to worry.
Speaker 1 (01:39):
About this right now.
Speaker 2 (01:40):
However, we're gonna address this front on So Google update
it's coming eventually.
Speaker 1 (01:45):
They said that it could come faster than we think
it could.
Speaker 2 (01:47):
Use twenty times less resources, and finding didn't definding, didn't
mention bitcoin.
Speaker 1 (01:54):
They said Bitcoin like encryption.
Speaker 2 (01:57):
Okay, so let's just dispel some of that fud right
off the bat. But let's get right into this and
see what part of bitcoin is at risk and what's
it not. So you have to understand first of all
that bitcoin is encrypted, obviously, right, that's the crypto part
of the cryptocurrency, the cryptography.
Speaker 1 (02:12):
Okay.
Speaker 2 (02:13):
Now, within that, you have what's called a public key
and a private key.
Speaker 1 (02:17):
Let me explain this for you real simply.
Speaker 2 (02:18):
So if I had a locker at my school, and
I would say that locker is let's say C nineteen,
so that's my public address, and I could say, hey,
go put this letter in my public.
Speaker 1 (02:30):
Address in my C nineteen.
Speaker 2 (02:31):
You could walk over there slide it in, but only
I would have a private key to actually open it up.
Speaker 1 (02:35):
And move the contents.
Speaker 2 (02:36):
So that's how bitcoin and cryptocurrency works in general. There's
a public key that everybody could see, but then only
you would have a private.
Speaker 1 (02:43):
Key that you could open up. That's the basics of it.
Speaker 2 (02:45):
Now there's different types of cryptography that we've had to
secure those keys, and it changes over time. I'm going
to take you through some of these changes because understanding
that is the key to understand if you're at risk.
So a couple of that we've had the first version
of the key was the public key was used instead
of a hash. So what this means is that everybody
(03:06):
could see the public key. All the types of signature
schemes that we've had since then do it differently. Instead
of showing the world the public key, they use a
hash in the blockchain. So they put a signal inside
the main blockchain to the public key, but the public
key is not available. That's a really key piece to
understanding what's going on. Why is that because of the
(03:26):
quantum risk? Okay, now what is at risk of quantum? Well,
the P two p K that was the first scheme,
it is immediately vulnerable to quantum. Watch out, Quantum could
attack this. How how does it attack it? That's because,
as I explained, before the public key was shown, it
wasn't a hash of a public key like it is
with later versions.
Speaker 1 (03:45):
The entire key was shown.
Speaker 2 (03:47):
Now in this instance, the hash hides the key, so
it's not readily available. That's why later versions of the
schemes are quantum resistant.
Speaker 1 (03:55):
So how big of a problem is this?
Speaker 2 (03:57):
Well, bitcoin that was mined before four March of twenty ten,
so from two thousand and nine to twenty ten, just
in that window are the only ones that uses that scheme.
So basically everything after that point is impossible to.
Speaker 1 (04:12):
Break the hash.
Speaker 2 (04:14):
Okay, so the bitcoin blockchain is secure. It can't break
the hash. It could only break and get the public
key if it's readily available, and that's only for keys
that were made before March of twenty ten. And assuming
that the bitcoin has never been moved, why is that, Well,
we have to understand what's at stake. So in that
period from two thousand and nine to twenty ten, one
(04:36):
point seven million bitcoin were mine.
Speaker 1 (04:38):
During that period, it was the golden age. Anybody could
plug in a computer or get bitcoin. Was amazing. I
wasn't doing it.
Speaker 2 (04:44):
Unfortunately, one point million bitcoin were mine up until that
date of March twenty ten, and again they used the
pay to public key where it was readily available. Now,
of that one point seven million, that's what's at risk
right now, ninety five percent of that bitcoin has never moved.
Most likely people lost their keys. Now Satoshi, whoever Satoshi is,
(05:07):
was whatever, has a certain amount of keys in their wallet.
We can see that there's about one point one million
bitcoin sitting in that wallet. It's about five percent of
the supply at today's current price, which we're making new
all the time. Eyes at the time we're recording this,
it's about one hundred and twenty four billion dollars that
would put Satoshi if they can claim this wallet, whoever
(05:28):
could claim this wallet in the twelfth richest person in
the world right now today. Okay, so what's that risk here?
What's that risk is these coins right here. So hypothetically
they could break in, they could steal those coins, and
then what they would own them maybe the twelfth which
person they could dump them in the market. They could
potentially short term, you know, crash the price and tell
the market absorb those and went back up.
Speaker 1 (05:50):
But that's really the total potential risk that we have.
That's what's at stake.
Speaker 2 (05:55):
However, there's solutions for this right problems, solutions things that
could be done. Number One, if you have coins, if
you're lucky enough to have gotten coins in that period
before March of twenty.
Speaker 1 (06:07):
Ten, all you need to do is just move your
coins to a new wallet address. You're automatically secure.
Speaker 2 (06:12):
If so Toshi could come to light, he could move
his coins as well. However, the ecosystem doesn't want a
hacker using some quantum computing to get those coins, so even.
Speaker 1 (06:23):
Those have potential security.
Speaker 2 (06:24):
So a solution would be an hourglass, and basically an
hourglass would be to put those wallets into this frame
that would limit the movement.
Speaker 1 (06:33):
Of those all right, So what we could do is
you could put some sort of constraints around it.
Speaker 2 (06:37):
So for example, no more than one bitcoin could be
moved per block, So that way they just couldn't take
the one point one million.
Speaker 1 (06:43):
It would drip very slowly over a.
Speaker 2 (06:46):
Long period of time, and so they would set the
rate at which they'd move and the time the date
of when they'd move. So for example, you'd say approximately
one hundred and twenty years.
Speaker 1 (06:55):
You could move all those coins.
Speaker 2 (06:56):
So drip very slowly would barely mean anything to the ecosystem.
And that would be no matter how hard or how
strong quantum computing gets, they would be limited by the
rates of that network of that hourglass that get puts in.
What about the other signatures, So, as I said, there's
been lots of different variations of these signatures that have happened.
Speaker 1 (07:15):
We've had segue, We've had tap root, we've had.
Speaker 2 (07:17):
P two ppkh, all these different things, lots of different schemes.
Speaker 1 (07:21):
Well, again, all of those obscure.
Speaker 2 (07:24):
All of them hide the public key by putting a
hash into the blockchain. So what does that really mean. Well,
what that means is that the public key is going
to be hidden until until you spend from that wallet.
Speaker 1 (07:35):
So what happens is it's safe. They can't get into
it because they can't see the public key. It's hidden.
Speaker 2 (07:39):
But if you spend from that wallet, then all of
a sudden, the public key is displayed. So now quantum
could get it. So what does that mean, Well, what
that means is that if you spend from that wallet
and leave money in there, leave bitcoin in there, that
bitcoin could be susceptible if.
Speaker 1 (07:55):
You leave a balance in there. So what do you do?
Speaker 2 (07:57):
Well, solution, you create a new wallt So if you're
going to spend from that wallet, which would expose the
public key, you're going to spend whatever you need, transfer
to the bitcoin whoever, and then whatever the balance is left,
you move that into a new wallet and then to
be safe. All right, that's the solution. Now Sotoshi actually
recommended this. The recommendation for a good security is to
(08:18):
always use a new wallet.
Speaker 1 (08:20):
You can create as many of them as you want.
You can go and do.
Speaker 2 (08:22):
Usually most hardware wallets will support this and you can
just create as many wallet addresses if you want. Now,
one thing that I didn't say at the beginning is
this is all about you managing your own private key.
One of the most revolutionary things about bitcoin is for
the first time in humanity, we can own property that
cannot be seized. It might be the oldest problem that
humanity's ever had. How do I protect my chickens or
(08:44):
my goats from being stolen. So we have friends, we
have a village, we have a kingdom, we have a
country to protect our assets, and now we can protect
our assets with.
Speaker 1 (08:53):
Just a cryptographic key.
Speaker 2 (08:55):
It might be the most revolutionary thing ever, and so
I think we should take advantage of that. I advocate
for securing on bitcoin with your key. However, if you
have your bitcoin on exchange like at coinbase, they have
your key.
Speaker 1 (09:05):
If you have it on a river, they have your key.
Speaker 2 (09:08):
If you have it through an ETF they hold the key,
so you don't need to worry about any of this.
It's for those that are taking their own custody. But again,
so Toshi recommended that.
Speaker 1 (09:17):
Always use new address wallets. That's the key default if
you're going to do this, Now, what about lightning?
Speaker 2 (09:23):
Because lightning is like layer two and it's how we
can move bitcoin way faster, cheaper, more privately than we
can on the main change.
Speaker 1 (09:29):
So what about that? Could that be broken?
Speaker 2 (09:31):
Well not really, because the public key it gets revealed
when the channel closes. So the channel opens up, we
put some money in there, it gets exchange, and the
channel closes. Now by default, they're actually pretty okay. Now,
of course there's some medication that could be done, but
of course.
Speaker 1 (09:47):
We don't have quantum, so.
Speaker 2 (09:48):
We're not exactly sure how to prepare for it because
we don't even have it yet. All right, so you
have to understand a lot of this is hypothetical. We
don't know what we're preparing for yet, but we know
that we're pretty safe.
Speaker 1 (09:59):
Okay, one more thing. There's the midpool.
Speaker 2 (10:01):
So what happens is there's all these transactions happening. I'm
transferring to you, you're transferring to them, and these traction
transactions go into what's called the mid pool, and then
the miners, the bitcoin miners will process those transactions. Okay,
now the transactions they get broadcasts. We have to show
them to all the miners, so they can get the
transaction process. Okay, transfer this money to that person, transfer
to this person.
Speaker 1 (10:21):
Right, So that's the problem.
Speaker 2 (10:23):
The public key is, it's public in there, so it's vulnerable. Now,
it's not just that easy. It would require a massive
amount of computer power. It would have to be brute
force attacks, so it's not trivial by any means, but
it's possible that could be a potential attack vector. However,
again there are solutions to this. So for example, we
(10:44):
could do delays where things couldn't move right away. We
could use quantum proof addresses. So again we can change
those address schemes and we can move them into quantum
proof addresses.
Speaker 1 (10:54):
So none of this is catastrophic. There is some danger.
Speaker 2 (10:57):
If you don't do anything or you don't do things right,
but none of this catastrophic.
Speaker 1 (11:00):
It can all be fixed.
Speaker 2 (11:02):
Now, what about post quantum So in two thousand and
nine we had a scheme two thousand nine, we had
another one, twenty twelve, twenty fifteen, twenty seventeen, twenty twenty one.
What is next again, we can come up with a
new key scheme.
Speaker 1 (11:15):
I don't know. Twenty thirty, twenty twenty eight, we don't know.
We can come up with a new scheme that everyone
could move their wallets into this.
Speaker 2 (11:21):
One to be post quantum resistant. So it's not the
big risk like everybody thinks it is. Now some will
be at risk, some might So moving forward, what are
we going to do? Number one, don't panic and certainly
don't go by like these quantum resistant tokens that these
scam artist are trying to sell you. Okay, bitcoin is
going to be perfectly fine as long as you use
a little bit of reasonable common sense. Number two, use wallets,
(11:46):
new wallets, don't reuse old ones, all right. So again
you can create as many wallets as you want, spend
what you want to spend, and move the rest to
a new wallet.
Speaker 1 (11:54):
Simple.
Speaker 2 (11:55):
Also move utxos so utxl are unspent transactions, move them
into new addresses. The new addresses are going to be safe. Also,
think of it like a checking versus savings. All right,
So my savings is something that sits in like cold storage.
It's deep and dark cold storage. The checking is like
something I'm spending from. Maybe you think about like your wallet.
(12:16):
You wouldn't walk around town with all the money in
the world and the wallet. You just kind of take
what you need for the day, and if you lost.
Speaker 1 (12:22):
It, it's not the end of the world.
Speaker 2 (12:23):
So think about your bitcoin in custody sort of like that.
So your stuff is in deep cold storage, I don't
have to worry about that. I put a little bit
if I want to go spend some of it, keep
it in a new walllet to keep it safe and
ignore the fud. Bitcoin's not gonna be crashed by quantum.
It's perfectly safe. So now that you know that your
bitcoin is perfectly safe, the next thing you probably want
to know is like, what could the price be in
(12:43):
twenty thirty, twenty forty, and twenty fifty. If you want
to know that and want to see the math to
break down what those price points and predictions are, you
probably want to go watch this video right here. Otherwise
I'll see you over there. And that's what I got
to your success.
Speaker 1 (12:56):
I'm out
Host
Mark Moss
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