Venture capitalist Tim Draper waves off the quantum computing panic around Bitcoin like it’s just another shadow in the night 🖤 he thinks banks and their dusty dollar piles are the real targets waiting to crack first 🌑 holding BTC feels way safer than trusting cash in some ancient vault to him
Draper Says Banks Face Greater Quantum Risk Than Bitcoin
Draper fired back at the worries about quantum machines shattering BTC’s code by noting how old-school bank systems look super fragile next to the blockchain’s setup in his latest X drop here
“Quantum will crack the banks long before it touches the blockchain” he posted “Everyone’s panicking about quantum breaking Bitcoin’s encryption while banks are running on legacy infrastructure that makes Bitcoin look like Fort Knox”
Even if chaos hit the network full nodes could always snap back to the last safe block he added but banks? They’re stuck with zero backup plans
This rollback idea needs some real thought though since it calls for major node and miner agreement and only pops up in wild scenarios plus it clashes with BTC’s whole unchangeable vibe Draper skipped right over that part
BTC lover Lark Davis jumped in to back the bigger picture saying solid security habits keep your coins safer than bank cash unless keys get snatched and he stressed quantum stuff will smash all old systems so why single out crypto anyway
Draper tossed in his classic call that Bitcoin will someday crush the dollar explaining in a Crunchbase chat that retailers might go all-in on BTC only sparking a dollar rush he still bets on 250000 BTC in the next 18 months from his April X vibe check it
A More Complicated Picture From Security Researchers
Security folks like on-chain analyst James Check dug deep into the quantum BTC threat last April and found the usual 6.3 million exposed-key figure blows the real danger way out of proportion active spots like exchanges are already patching up so the hot risk sits around 1716000 BTC in those early Pay-to-Public-Key spots most likely lost forever
Draper’s take on bank upgrades clashes hard with expert Jameson Lopp’s who helped push BIP-361 to lock down quantum-weak addresses and noted banks can shift to quantum fixes orders of magnitude quicker than Bitcoin’s slow consensus dance Lopp figured a full BTC crypto upgrade could drag on for up to a decade making the network’s lag the trickier issue while Draper bets banks crumble first
Just another echo from the void by iconofsin.eth 💖
