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Speaker 1: I get it.

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Speaker 2: It's scary hearing about what quantum computers could do to

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Speaker 2: bitcoin one day, if or when they actually arrive.

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Speaker 1: But here's the thing.

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Speaker 2: Understanding how Bitcoin's encryption actually works is the key to

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Speaker 2: understanding how quantum can or more importantly, can't, disrupt it.

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Speaker 2: And what I'm about to show you will completely flip

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Speaker 2: the script on your perspective because while everybody else is

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Speaker 2: panic selling based on fear on headlines, you'll have the

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Speaker 2: technical knowledge to stay calm and potentially profit from their fear.

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Speaker 1: Now.

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Speaker 2: I've been building tech companies for decades. I'm a partner

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Speaker 2: to leading bitcoin venture fund, I'm an officer of a

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Speaker 2: publicly traded bitcoin company, and this is the same analysis

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Speaker 2: that we use internally, and now you can profit from it.

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Speaker 1: Two. So let's go. All right, we're going to jump

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Speaker 1: right in.

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Speaker 2: We got to talk about quantum computing and bitcoin. Now,

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Speaker 2: first of all, this is technical discussion, but I'm going

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Speaker 2: to make it as simple and easy to understand some

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Speaker 2: no matter where you're at with your age, your technical ability,

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Speaker 2: We're going to make it clear for you. I'm also

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Speaker 2: going to tell you, just right up front, spoiler alert,

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Speaker 2: there is some bitcoin that is at risk and some

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Speaker 2: that's not as at risk.

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Speaker 1: And if the stuff is at risk, there's things that

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Speaker 1: we can do about it.

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Speaker 2: Okay, I'm gonna give you all that, but the first

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Speaker 2: thing we have to understand is that quantum computing is

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Speaker 2: not here. So in the world, everything is possible, but

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Speaker 2: not everything is probable. So we don't want to worry

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Speaker 2: about everything that's possible to happen in the world.

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Speaker 1: Aliens could come destroy the world tomorrow. It's possible, it's

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Speaker 1: not very probable. So quantum computing. Google put out an

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Speaker 1: alert an update.

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Speaker 2: They said, quantum computing could it could break Bitcoin like

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Speaker 2: encryption to could because it's hypothetical. We don't have it now.

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Speaker 2: Potentially we don't know. It could be eight to ten

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Speaker 2: years away, so we don't evenly have to worry.

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Speaker 1: About this right now.

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Speaker 2: However, we're gonna address this front on So Google update

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Speaker 2: it's coming eventually.

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Speaker 1: They said that it could come faster than we think

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Speaker 1: it could.

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Speaker 2: Use twenty times less resources, and finding didn't definding, didn't

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Speaker 2: mention bitcoin.

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Speaker 1: They said Bitcoin like encryption.

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Speaker 2: Okay, so let's just dispel some of that fud right

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Speaker 2: off the bat. But let's get right into this and

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Speaker 2: see what part of bitcoin is at risk and what's

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Speaker 2: it not. So you have to understand first of all

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Speaker 2: that bitcoin is encrypted, obviously, right, that's the crypto part

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Speaker 2: of the cryptocurrency, the cryptography.

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Speaker 1: Okay.

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Speaker 2: Now, within that, you have what's called a public key

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Speaker 2: and a private key.

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Speaker 1: Let me explain this for you real simply.

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Speaker 2: So if I had a locker at my school, and

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Speaker 2: I would say that locker is let's say C nineteen,

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Speaker 2: so that's my public address, and I could say, hey,

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Speaker 2: go put this letter in my public.

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Speaker 1: Address in my C nineteen.

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Speaker 2: You could walk over there slide it in, but only

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Speaker 2: I would have a private key to actually open it up.

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Speaker 1: And move the contents.

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Speaker 2: So that's how bitcoin and cryptocurrency works in general. There's

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Speaker 2: a public key that everybody could see, but then only

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Speaker 2: you would have a private.

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Speaker 1: Key that you could open up. That's the basics of it.

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Speaker 2: Now there's different types of cryptography that we've had to

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Speaker 2: secure those keys, and it changes over time. I'm going

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Speaker 2: to take you through some of these changes because understanding

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Speaker 2: that is the key to understand if you're at risk.

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Speaker 2: So a couple of that we've had the first version

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Speaker 2: of the key was the public key was used instead

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Speaker 2: of a hash. So what this means is that everybody

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Speaker 2: could see the public key. All the types of signature

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Speaker 2: schemes that we've had since then do it differently. Instead

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Speaker 2: of showing the world the public key, they use a

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Speaker 2: hash in the blockchain. So they put a signal inside

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Speaker 2: the main blockchain to the public key, but the public

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Speaker 2: key is not available. That's a really key piece to

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Speaker 2: understanding what's going on. Why is that because of the

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Speaker 2: quantum risk? Okay, now what is at risk of quantum? Well,

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Speaker 2: the P two p K that was the first scheme,

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Speaker 2: it is immediately vulnerable to quantum. Watch out, Quantum could

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Speaker 2: attack this. How how does it attack it? That's because,

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Speaker 2: as I explained, before the public key was shown, it

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Speaker 2: wasn't a hash of a public key like it is

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Speaker 2: with later versions.

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Speaker 1: The entire key was shown.

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Speaker 2: Now in this instance, the hash hides the key, so

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Speaker 2: it's not readily available. That's why later versions of the

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Speaker 2: schemes are quantum resistant.

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Speaker 1: So how big of a problem is this?

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Speaker 2: Well, bitcoin that was mined before four March of twenty ten,

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Speaker 2: so from two thousand and nine to twenty ten, just

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Speaker 2: in that window are the only ones that uses that scheme.

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Speaker 2: So basically everything after that point is impossible to.

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Speaker 1: Break the hash.

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Speaker 2: Okay, so the bitcoin blockchain is secure. It can't break

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Speaker 2: the hash. It could only break and get the public

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Speaker 2: key if it's readily available, and that's only for keys

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Speaker 2: that were made before March of twenty ten. And assuming

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Speaker 2: that the bitcoin has never been moved, why is that, Well,

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Speaker 2: we have to understand what's at stake. So in that

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Speaker 2: period from two thousand and nine to twenty ten, one

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Speaker 2: point seven million bitcoin were mine.

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Speaker 1: During that period, it was the golden age. Anybody could

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Speaker 1: plug in a computer or get bitcoin. Was amazing. I

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Speaker 1: wasn't doing it.

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Speaker 2: Unfortunately, one point million bitcoin were mine up until that

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Speaker 2: date of March twenty ten, and again they used the

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Speaker 2: pay to public key where it was readily available. Now,

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Speaker 2: of that one point seven million, that's what's at risk

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Speaker 2: right now, ninety five percent of that bitcoin has never moved.

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Speaker 2: Most likely people lost their keys. Now Satoshi, whoever Satoshi is,

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Speaker 2: was whatever, has a certain amount of keys in their wallet.

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Speaker 2: We can see that there's about one point one million

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Speaker 2: bitcoin sitting in that wallet. It's about five percent of

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Speaker 2: the supply at today's current price, which we're making new

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Speaker 2: all the time. Eyes at the time we're recording this,

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Speaker 2: it's about one hundred and twenty four billion dollars that

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Speaker 2: would put Satoshi if they can claim this wallet, whoever

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Speaker 2: could claim this wallet in the twelfth richest person in

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Speaker 2: the world right now today. Okay, so what's that risk here?

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Speaker 2: What's that risk is these coins right here. So hypothetically

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Speaker 2: they could break in, they could steal those coins, and

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Speaker 2: then what they would own them maybe the twelfth which

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Speaker 2: person they could dump them in the market. They could

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Speaker 2: potentially short term, you know, crash the price and tell

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Speaker 2: the market absorb those and went back up.

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Speaker 1: But that's really the total potential risk that we have.

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Speaker 1: That's what's at stake.

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Speaker 2: However, there's solutions for this right problems, solutions things that

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Speaker 2: could be done. Number One, if you have coins, if

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Speaker 2: you're lucky enough to have gotten coins in that period

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Speaker 2: before March of twenty.

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Speaker 1: Ten, all you need to do is just move your

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Speaker 1: coins to a new wallet address. You're automatically secure.

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Speaker 2: If so Toshi could come to light, he could move

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Speaker 2: his coins as well. However, the ecosystem doesn't want a

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Speaker 2: hacker using some quantum computing to get those coins, so even.

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Speaker 1: Those have potential security.

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Speaker 2: So a solution would be an hourglass, and basically an

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Speaker 2: hourglass would be to put those wallets into this frame

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Speaker 2: that would limit the movement.

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Speaker 1: Of those all right, So what we could do is

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Speaker 1: you could put some sort of constraints around it.

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Speaker 2: So for example, no more than one bitcoin could be

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Speaker 2: moved per block, So that way they just couldn't take

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Speaker 2: the one point one million.

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Speaker 1: It would drip very slowly over a.

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Speaker 2: Long period of time, and so they would set the

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Speaker 2: rate at which they'd move and the time the date

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Speaker 2: of when they'd move. So for example, you'd say approximately

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Speaker 2: one hundred and twenty years.

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Speaker 1: You could move all those coins.

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Speaker 2: So drip very slowly would barely mean anything to the ecosystem.

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Speaker 2: And that would be no matter how hard or how

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Speaker 2: strong quantum computing gets, they would be limited by the

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Speaker 2: rates of that network of that hourglass that get puts in.

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Speaker 2: What about the other signatures, So, as I said, there's

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Speaker 2: been lots of different variations of these signatures that have happened.

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Speaker 1: We've had segue, We've had tap root, we've had.

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Speaker 2: P two ppkh, all these different things, lots of different schemes.

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Speaker 1: Well, again, all of those obscure.

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Speaker 2: All of them hide the public key by putting a

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Speaker 2: hash into the blockchain. So what does that really mean. Well,

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Speaker 2: what that means is that the public key is going

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Speaker 2: to be hidden until until you spend from that wallet.

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Speaker 1: So what happens is it's safe. They can't get into

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Speaker 1: it because they can't see the public key. It's hidden.

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Speaker 2: But if you spend from that wallet, then all of

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Speaker 2: a sudden, the public key is displayed. So now quantum

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Speaker 2: could get it. So what does that mean, Well, what

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Speaker 2: that means is that if you spend from that wallet

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Speaker 2: and leave money in there, leave bitcoin in there, that

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Speaker 2: bitcoin could be susceptible if.

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Speaker 1: You leave a balance in there. So what do you do?

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Speaker 2: Well, solution, you create a new wallt So if you're

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Speaker 2: going to spend from that wallet, which would expose the

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Speaker 2: public key, you're going to spend whatever you need, transfer

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Speaker 2: to the bitcoin whoever, and then whatever the balance is left,

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Speaker 2: you move that into a new wallet and then to

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Speaker 2: be safe. All right, that's the solution. Now Sotoshi actually

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Speaker 2: recommended this. The recommendation for a good security is to

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Speaker 2: always use a new wallet.

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Speaker 1: You can create as many of them as you want.

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Speaker 1: You can go and do.

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Speaker 2: Usually most hardware wallets will support this and you can

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Speaker 2: just create as many wallet addresses if you want. Now,

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Speaker 2: one thing that I didn't say at the beginning is

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Speaker 2: this is all about you managing your own private key.

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Speaker 2: One of the most revolutionary things about bitcoin is for

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Speaker 2: the first time in humanity, we can own property that

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Speaker 2: cannot be seized. It might be the oldest problem that

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Speaker 2: humanity's ever had. How do I protect my chickens or

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Speaker 2: my goats from being stolen. So we have friends, we

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Speaker 2: have a village, we have a kingdom, we have a

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Speaker 2: country to protect our assets, and now we can protect

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Speaker 2: our assets with.

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Speaker 1: Just a cryptographic key.

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Speaker 2: It might be the most revolutionary thing ever, and so

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Speaker 2: I think we should take advantage of that. I advocate

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Speaker 2: for securing on bitcoin with your key. However, if you

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Speaker 2: have your bitcoin on exchange like at coinbase, they have

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Speaker 2: your key.

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Speaker 1: If you have it on a river, they have your key.

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Speaker 2: If you have it through an ETF they hold the key,

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Speaker 2: so you don't need to worry about any of this.

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Speaker 2: It's for those that are taking their own custody. But again,

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Speaker 2: so Toshi recommended that.

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Speaker 1: Always use new address wallets. That's the key default if

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Speaker 1: you're going to do this, Now, what about lightning?

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Speaker 2: Because lightning is like layer two and it's how we

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Speaker 2: can move bitcoin way faster, cheaper, more privately than we

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Speaker 2: can on the main change.

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Speaker 1: So what about that? Could that be broken?

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Speaker 2: Well not really, because the public key it gets revealed

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Speaker 2: when the channel closes. So the channel opens up, we

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Speaker 2: put some money in there, it gets exchange, and the

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Speaker 2: channel closes. Now by default, they're actually pretty okay. Now,

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Speaker 2: of course there's some medication that could be done, but

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Speaker 2: of course.

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Speaker 1: We don't have quantum, so.

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Speaker 2: We're not exactly sure how to prepare for it because

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Speaker 2: we don't even have it yet. All right, so you

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Speaker 2: have to understand a lot of this is hypothetical. We

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Speaker 2: don't know what we're preparing for yet, but we know

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Speaker 2: that we're pretty safe.

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Speaker 1: Okay, one more thing. There's the midpool.

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Speaker 2: So what happens is there's all these transactions happening. I'm

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Speaker 2: transferring to you, you're transferring to them, and these traction

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Speaker 2: transactions go into what's called the mid pool, and then

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Speaker 2: the miners, the bitcoin miners will process those transactions. Okay,

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Speaker 2: now the transactions they get broadcasts. We have to show

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Speaker 2: them to all the miners, so they can get the

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Speaker 2: transaction process. Okay, transfer this money to that person, transfer

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Speaker 2: to this person.

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Speaker 1: Right, So that's the problem.

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Speaker 2: The public key is, it's public in there, so it's vulnerable. Now,

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Speaker 2: it's not just that easy. It would require a massive

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Speaker 2: amount of computer power. It would have to be brute

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Speaker 2: force attacks, so it's not trivial by any means, but

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Speaker 2: it's possible that could be a potential attack vector. However,

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Speaker 2: again there are solutions to this. So for example, we

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Speaker 2: could do delays where things couldn't move right away. We

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Speaker 2: could use quantum proof addresses. So again we can change

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Speaker 2: those address schemes and we can move them into quantum

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Speaker 2: proof addresses.

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Speaker 1: So none of this is catastrophic. There is some danger.

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Speaker 2: If you don't do anything or you don't do things right,

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Speaker 2: but none of this catastrophic.

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Speaker 1: It can all be fixed.

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Speaker 2: Now, what about post quantum So in two thousand and

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Speaker 2: nine we had a scheme two thousand nine, we had

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Speaker 2: another one, twenty twelve, twenty fifteen, twenty seventeen, twenty twenty one.

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Speaker 2: What is next again, we can come up with a

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Speaker 2: new key scheme.

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Speaker 1: I don't know. Twenty thirty, twenty twenty eight, we don't know.

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Speaker 1: We can come up with a new scheme that everyone

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Speaker 1: could move their wallets into this.

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Speaker 2: One to be post quantum resistant. So it's not the

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Speaker 2: big risk like everybody thinks it is. Now some will

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Speaker 2: be at risk, some might So moving forward, what are

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Speaker 2: we going to do? Number one, don't panic and certainly

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Speaker 2: don't go by like these quantum resistant tokens that these

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Speaker 2: scam artist are trying to sell you. Okay, bitcoin is

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Speaker 2: going to be perfectly fine as long as you use

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Speaker 2: a little bit of reasonable common sense. Number two, use wallets,

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Speaker 2: new wallets, don't reuse old ones, all right. So again

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Speaker 2: you can create as many wallets as you want, spend

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Speaker 2: what you want to spend, and move the rest to

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Speaker 2: a new wallet.

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Speaker 1: Simple.

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Speaker 2: Also move utxos so utxl are unspent transactions, move them

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Speaker 2: into new addresses. The new addresses are going to be safe. Also,

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Speaker 2: think of it like a checking versus savings. All right,

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Speaker 2: So my savings is something that sits in like cold storage.

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Speaker 2: It's deep and dark cold storage. The checking is like

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Speaker 2: something I'm spending from. Maybe you think about like your wallet.

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Speaker 2: You wouldn't walk around town with all the money in

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Speaker 2: the world and the wallet. You just kind of take

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Speaker 2: what you need for the day, and if you lost.

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Speaker 1: It, it's not the end of the world.

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Speaker 2: So think about your bitcoin in custody sort of like that.

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Speaker 2: So your stuff is in deep cold storage, I don't

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Speaker 2: have to worry about that. I put a little bit

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Speaker 2: if I want to go spend some of it, keep

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Speaker 2: it in a new walllet to keep it safe and

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Speaker 2: ignore the fud. Bitcoin's not gonna be crashed by quantum.

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Speaker 2: It's perfectly safe. So now that you know that your

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Speaker 2: bitcoin is perfectly safe, the next thing you probably want

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Speaker 2: to know is like, what could the price be in

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Speaker 2: twenty thirty, twenty forty, and twenty fifty. If you want

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Speaker 2: to know that and want to see the math to

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Speaker 2: break down what those price points and predictions are, you

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Speaker 2: probably want to go watch this video right here. Otherwise

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Speaker 2: I'll see you over there. And that's what I got

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Speaker 2: to your success.

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Speaker 1: I'm out