The time you wait for the result feels agonizing, and when that moment comes, the dopamine in your wallet with 0.xxxx BTC suddenly dissipates, you predicted the right number but didn't buy, the grand prize is irrelevant to you, just a Loser, and what's worse is the impact and anxiety brought by your inner circle friend and spiritual mentor's A8 withdrawal, you just hope for the opportunity to get back on board.
Knowing is easy, but doing is difficult, a common problem for everyone. How much you buy the dips is how many roadblocks you have.
On December 10, Google introduced its latest quantum chip Willow on its official blog, triggering renewed discussion in the crypto community about the threat of quantum computing attacks. Will quantum computing undermine the existing encryption security mechanisms, particularly posing a threat to mainstream cryptocurrencies like Bitcoin?
Partly due to the news, according to data from Coinglass, a violent crypto market correction triggered $1.758 billion in liquidations within 24 hours.Bitcoin has fallen from $100,000 to $94,000, a drop of about 6%. Ethereum and other Altcoins fared even worse. From last night's high, Ethereum saw a drop of about 10%, while other Altcoins plunged as much as 20%.
Did you seize the opportunity in front of you? As for worrying about whether quantum computing will kill encryption, if you don't understand the technology, you don't understand it, but you have to be able to calculate the cost, whether it's mining the remaining Bitcoin or the security issues of existing Bitcoin, is using a quantum computer to hack encryption profitable or just a waste of effort?
If we simplify the Bitcoin protocol, it can be divided into two parts: mining (based on hash) and transactions (based on elliptic curve signatures). To be able to attack the Bitcoin hash and signature in a short period of time, it is estimated that a quantum computer with about 13 million qubits would be needed to complete the decryption within 24 hours. In comparison, Google's Willow chip, although an important breakthrough, only has 105 qubits, and the computing power required may be like what Musk said, you'd have to install solar panels in all the deserts to have enough, and it's not cost-effective to use a cannon to kill a mosquito.
However, some ancient wallets that used the Pay-To-Public-Key format, which leaks the public key, once the public key is exposed, the Shor algorithm adjusted for ECDSA can be run on an ideal quantum computer to find the private key in polynomial time, including Satoshi's 1 million Bitcoins, while current encrypted wallets no longer use this format, and Vitalik has also proposed a method to mitigate the risk of quantum computing, explaining in his X post in March that this problem can be solved through a simple hard fork. Users need to download a new wallet software, and most users will not lose their funds.
Of course! Bitcoin is constantly evolving, and in the future, hash-based Lamport signatures or lattice-based cryptography resistant to quantum attacks can be introduced. And these can be activated through soft forks. In addition to developers, good usage habits can also effectively defend against quantum threats, such as changing the receiving address (one-time-use) instead of reusing the address. Assets can also be transferred to relatively more secure Segregated Witness addresses before quantum computers pose a sufficient threat.
Quantum computers still need a relatively long time to mature, during which the encryption algorithms of the blockchain will also be constantly iterated and upgraded, and the two sides are in a state of game, jointly promoting the progress and development of each other's technology.
And on the same day, another major event also affected the trend of Bitcoin. Microsoft's major shareholders voted against including Bitcoin in the company's balance sheet, believing that including Bitcoin in the company's balance sheet is not in the long-term interests of shareholders. They are concerned that the high volatility of Bitcoin will have a negative impact on the company's financial stability, and are uncertain whether such an investment can guarantee a positive return for investors. The market sentiment has also been somewhat dampened as a result.
What will the market be like next?
Now that Trump has a trifecta of power and ambition that exceeds that of previous policymakers, including his own in 2016, but it will be more than a month before he can really flex his muscles, and there are also the liquidity realization needs of Western Christmas and Eastern Spring Festival, the market volatility will also intensify, there are opportunities in it, wish you well!
