Thought I'd share this since it's quite an interesting announcement since it's coming from Google.
So here's the story, Google recently announced another breakthrough in quantum computing using its Willow processor,. it achieved around a 40-fold reduction in errors.
For me this is another big development that could possibly bring us closer to what some have feared and some have welcomed which is quantum computing, and those concerns about Bitcoin's security are quite serious since I believe a team of big investors has already formed a group called the
Bitcoin Security Consortium to ensure the Bitcoin system remains safe.
My concern, what if they could crack those old wallets that hold millions or billions of dollars worth of Bitcoin, like Satoshi's wallets.
My answer will still be the same which will not make you worry too much because no matter how big the claims will be made by the media about quantum computers, bitcoin always has its own way of making security more sophisticated.
I know maybe this is some kind of pretty big confidence but in the end when we can only make this fear isn't it just going to make us even more burdened by overthinking when it hasn't happened (maybe not even happened).
I still believe in satoshi.
However, if something happened and the signatures were compromised (perhaps integer factorization is solved, quantum computers?), then even agreeing upon the last valid block would be worthless.
True, if it happened suddenly. If it happens gradually, we can still transition to something stronger. When you run the upgraded software for the first time, it would re-sign all your money with the new stronger signature algorithm. (by creating a transaction sending the money to yourself with the stronger sig)
Since the beginning satoshi was already preparing for the possibility about quantum computers even it was 1 decade more when he was in the initial creation of bitcoin. He confidently said this statement and now most of us are afraid to overdo it with quantum computers?