US EditionCoinbase launches expert board to assess quantum computing threat
Coinbase's new advisory board includes top academics and blockchain experts to publish research and guide defenses against quantum computing threats to crypto security.
- On Wednesday, Coinbase launched the Coinbase Independent Advisory Board on Quantum Computing and Blockchain to explore quantum's impact in a non-hype based way and publish research.
- Peter Shor's 1994 algorithm can derive private keys from public keys, and quantum computing could make guessing private keys feasible, threatening Bitcoin network security.
- A Deloitte study found over 4 million bitcoins, about $370 billion, are vulnerable, and Citigroup estimated $2 trillion to $3.3 trillion in single-day bank attack losses.
- The board will publish its first paper in the next month or two, while Coinbase said deploying defensive upgrades across blockchain networks will likely take years, with Lunglhofer noting the threat is not urgent for at least a decade.
- The community remains split on urgency as Bitcoin developers estimate five to ten years before Q-day, while Christopher Wood warns it could arrive in years, prompting portfolio shifts and debates on BIP-360.
11 Articles
11 Articles
Jefferies Financial Group Just Dumped Bitcoin. Here's Why.
Key PointsThe company's global head of equity strategy believes quantum computing could undermine Bitcoin's role as a form of digital gold.Older crypto addresses could be particularly vulnerable to quantum threats.There's disagreement about how big the quantum risk is and how soon it will arrive.10 stocks we like better than Bitcoin › Christopher Wood, global head of equity strategy at Jefferies Financial Group, just cut Bitcoin (CRYPTO: BTC) fr…
Coinbase launches expert board to assess quantum computing threat
Bitcoin is one of the world’s most battle-tested pieces of software. Launched in early 2009, the network has run continuously without being hacked, and today feels more secure than ever. There is, however, a threat on the medium-term horizon that threatens not only Bitcoin but every other type of software that relies on current encryption technology. That threat is quantum computing and, on Wednesday, Coinbase announced it has created a board of…
In a post on X, an expert stated that investment advisors do not want to risk clients' capital while attacks using this technology remain a possibility, however remote.
A Wall Street analyst warns that quantum computing could eventually crack the cryptography of bitcoin
A longtime crypto bull is ditching bitcoin for gold. Christopher Wood, the global head of equity strategy at Jefferies, said he just cut bitcoin out of his firm’s long-term model portfolio, where the token has accounted for around 5%-10% of the portfolio’s allocation for the last five years. That’s because the price of the crypto has likely peaked, but also because there’s an existential threat he sees jeopardizing the bitcoin ecosystem: quantum…
The head of global equity strategy at Jefferies wrote in a report that Bitcoin has likely already reached its post-halving peak at $126,000 last year.
An IBM report warns of a critical gap between the advancement of quantum computing and business readiness, a scenario that also affects Bitcoin. Read more
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