Is Bitcoin A Ponzi Scheme?

to make money. But the scheme went on for almost a year, I think he ended up stealing $20 million


Is Bitcoin A Ponzi Scheme?

from investors in today's money that equates to about a quarter of a billion dollars. But that's


Is Bitcoin A Ponzi Scheme?

the premise of what a Ponzi scheme is. And that's what Charles Ponzi is. So that is kind of the


Is Bitcoin A Ponzi Scheme?

definition of a Ponzi scheme. You're luring in new investors saying that there's an actual product


Is Bitcoin A Ponzi Scheme?

or something of value. And you're actually just paying the early people in if new people come in.


Is Bitcoin A Ponzi Scheme?

So it's a scheme. So I just wanted to go over brief history lesson there. And with that


Is Bitcoin A Ponzi Scheme?

strike, I want to ask you, is Bitcoin a Ponzi scheme or does it have any elements of that?


Is Bitcoin A Ponzi Scheme?

I'd love to dive into that. Sure. So, you know, it's not going to matter what I say at the


Is Bitcoin A Ponzi Scheme?

everyone's going to always form their own opinion. Yeah. So, but what I can do is I'll present my,


Is Bitcoin A Ponzi Scheme?

you know, my opinion. And then everyone else can decide. But you did a really good intro as far


Is Bitcoin A Ponzi Scheme?

as what a Ponzi is. There's a couple things that I would add. But I want to take one step back.


Is Bitcoin A Ponzi Scheme?

And as you were talking, I realized that we weren't talking is Bitcoin a bubble.


Is Bitcoin A Ponzi Scheme?

That question didn't come up. And I remember that that was quite a thing for the,


Is Bitcoin A Ponzi Scheme?

for quite a while now. But nobody's really asked, I haven't heard that I've heard the narrative


Is Bitcoin A Ponzi Scheme?

get toned out quite a bit. So in the case of a bubble, I think that's because of the,


Is Bitcoin A Ponzi Scheme?

you know, zero to $20,000 back down to three and now, you know, into the 40s. And as many of us


Is Bitcoin A Ponzi Scheme?

already know, you know, at the, from the Tula bulb mania, you know, one of the most famous bubbles.


Is Bitcoin A Ponzi Scheme?

I mean, if you, if you look up bubble, you'll see a picture of a Tula from, you know, from the


Is Bitcoin A Ponzi Scheme?

1600s. They have two ups for two ups for in such a bubble that they were selling for 10 times


Is Bitcoin A Ponzi Scheme?

the annual income of a skilled artisan. And, uh, so 10 years of someone that was killed with the


Is Bitcoin A Ponzi Scheme?

prices, it's, it was insanity. But as we know, tulips never recovered. Right. After, at that point,


Is Bitcoin A Ponzi Scheme?

I mean, there was, there was never any such thing as having to work for, you know, average


Is Bitcoin A Ponzi Scheme?

wage of 10 years for the bio tulip. So, uh, so I think that that's interesting. And the way


Is Bitcoin A Ponzi Scheme?

the reason I'm bringing it back to that is because as we move forward with crypto, I expect that


Is Bitcoin A Ponzi Scheme?

each one of these narratives will be shot in dead. All right. So with that being said,


Is Bitcoin A Ponzi Scheme?

Ponzi schemes, you covered a lot of it. Um, but Ponzi schemes are based on really at the end of


Is Bitcoin A Ponzi Scheme?

the day they're based on deception. Why? Misdirection. These are all, these are all things that


Is Bitcoin A Ponzi Scheme?

perpetuate the Ponzi scheme and tell it eventually runs out. Bitcoin's transparent. You can see


Is Bitcoin A Ponzi Scheme?

the code. There is no deception. You can look at it. You can run your own node. You can have it


Is Bitcoin A Ponzi Scheme?

be with you, you know, you can, everything, everything is there for you to see there's a, so if that's


Is Bitcoin A Ponzi Scheme?

not transparency, you know, the, the opposite of deception, then I guess I just, I just don't know


Is Bitcoin A Ponzi Scheme?

what it is. Um, so the other thing is to the money with the Ponzi scheme, you've got, you know,


Is Bitcoin A Ponzi Scheme?

you have, um, money that's, uh, paying earlier investors, we're using investments from future


Is Bitcoin A Ponzi Scheme?

investors and that money is the same money, right? So, but with Bitcoin, you, the money is not,


Is Bitcoin A Ponzi Scheme?

it's not the same dollars or euros or whatever it is. It's not, it's not moving. It's the law,


Is Bitcoin A Ponzi Scheme?

it's, it's not moving it in the same way. Uh, the money, you know, they're not the same dollars.


Is Bitcoin A Ponzi Scheme?

So I, and I've talked to, I've talked to other people about this online and then they'll say,


Is Bitcoin A Ponzi Scheme?

well, something, well, you know, it, it was a bubble, but it was a bubble, but it's not anymore,


Is Bitcoin A Ponzi Scheme?

or it's a Ponzi scheme, but, okay, fine, then, and then you'll convince them, okay, it's not a Ponzi


Is Bitcoin A Ponzi Scheme?

scheme, but, but the effect is still the same. Well, what do you mean the, the effect, the end result


Is Bitcoin A Ponzi Scheme?

or the effect is still the same? And they say, well, you know, it people lose money. Well,


Is Bitcoin A Ponzi Scheme?

if some people lose money, you're basically describing any publicly traded asset class. Yeah.


Is Bitcoin A Ponzi Scheme?

So, uh, is, is Bitcoin a Ponzi, uh, no, or were there a lot of people saying that it was a bubble


Is Bitcoin A Ponzi Scheme?

of time? Yeah. Is anyone, is anyone talking tulips anymore? Not really. So Ponzi will get shot down


Is Bitcoin A Ponzi Scheme?

eventually too, in my opinion. Yeah. And it was with each year going on, obviously the case


Is Bitcoin A Ponzi Scheme?

against that becomes stronger and stronger. And I think a few parts to mention here that, um,


Is Bitcoin A Ponzi Scheme?

just to kind of reiterate on them are, you know, no investment, uh, returns are promised with Bitcoin.


Is Bitcoin A Ponzi Scheme?

You know, Satoshi wasn't sitting there writing the white paper saying, hey, if you invest in year two


Is Bitcoin A Ponzi Scheme?

or after this having, you're going to make more money, those were just built-in incentives and game


Is Bitcoin A Ponzi Scheme?

theory that actually in hindsight just keep, uh, seeming smarter and smarter, but it's important


Is Bitcoin A Ponzi Scheme?

to know, you know, there's no pre-mine. Um, no one is the CEO. There's no Charles Ponzi heading up,


Is Bitcoin A Ponzi Scheme?

uh, Bitcoin, Bitcoin is fully distributed as you mentioned before. It's open to source and even if


Is Bitcoin A Ponzi Scheme?

you look at it, you know, eventually, you know, if you, you know, profiting from it, it's, uh,


Is Bitcoin A Ponzi Scheme?

you know, taxed, um, as property. So like, there, you go on and on, the list can go on and on.


Is Bitcoin A Ponzi Scheme?

Obviously, Bitcoin is not a Ponzi scheme, but I think it's important to hit some of those points


Is Bitcoin A Ponzi Scheme?

home because some people do just look at charts or if there is hearing about it and they think,


Is Bitcoin A Ponzi Scheme?

oh, you know, it's just, you know, it's only the value of what people think, but it's like,


Is Bitcoin A Ponzi Scheme?

okay, well, what, what are you saying that like when it comes to, you know, the stock market and


Is Bitcoin A Ponzi Scheme?

other areas, people losing that too, but you just claiming that Bitcoin is simply a Ponzi scheme or


Is Bitcoin A Ponzi Scheme?

a bubble. It just doesn't do it justice and there's no strong valid argument, um, you know, proving


Is Bitcoin A Ponzi Scheme?

that and, you know, I really haven't seen any valid parts, you know, whether it be four or five


Is Bitcoin A Ponzi Scheme?

years ago or especially today that even just beat that. Yeah. And the other thing I'd add to


Is Bitcoin A Ponzi Scheme?

that is a Ponzi, you know, the Ponzi scheme has its, um, uh, it has the person,


Is Bitcoin A Ponzi Scheme?

for still, usually has a person facilitating. I think it's probably possible to do with


Is Bitcoin A Ponzi Scheme?

blockchain technology. If somewhere we do it, it's possible. It might have even been done.


Is Bitcoin A Ponzi Scheme?

But to the point of Bitcoin, Sistashi, I think one of the, of his quotes word for word was


Is Bitcoin A Ponzi Scheme?

essentially, it might make sense if other people start to think the same way, it might make sense


Is Bitcoin A Ponzi Scheme?

to get some. It's like he's throwing, you know, it's his project. He's throwing his own variability


Is Bitcoin A Ponzi Scheme?

into it saying that, hey, think be yourself. It might make sense. Not, I can guarantee to you 50%


Is Bitcoin A Ponzi Scheme?

returns of three months or 100% in nine months or what a 30 days or whatever it was. So,


Is Bitcoin A Ponzi Scheme?

completely different narratives, completely different topics, completely different levels of


Is Bitcoin A Ponzi Scheme?

transparency. I think we've buried this. Yeah. And, you know, he and another part is just, you know,


Is Bitcoin A Ponzi Scheme?

he she or them, whoever it is, they haven't even collected their own earnings based on how much


Is Bitcoin A Ponzi Scheme?

bigger it's got over time. So, there's still, you know, a million of those coins out there. So,


Is Bitcoin A Ponzi Scheme?

I think that, you know, kind of ties up that question. What I want to ask is a follow up to that


Is Bitcoin A Ponzi Scheme?

question is, if Bitcoin is not a Ponzi scheme, it's not a pyramid scheme. Um, and it is a


Is Bitcoin A Ponzi Scheme?

sound story value currently in present day in 2021, then what other risks does Bitcoin potentially


Is Bitcoin A Ponzi Scheme?

face in the near future or the far future, um, if, if it doesn't face any at the moment?


Is Bitcoin A Ponzi Scheme?

Well, the only thing I'd add to that is the, uh, the pyramid scheme that you just brought up.


Is Bitcoin A Ponzi Scheme?

Yeah. Uh, pyramid schemes, you know, they have some similar things with, um, uh,


Is Bitcoin A Ponzi Scheme?

Ponzi's with Ponzi schemes. And we know, no, most, you know, we all, I'll, I'll,


Is Bitcoin A Ponzi Scheme?

sure be sure all of us know a multi-level marketing's. Um, but with MLM and pyramid and things


Is Bitcoin A Ponzi Scheme?

like that, you have, you have a clearly defined hierarchy, right? You have someone at the top of


Is Bitcoin A Ponzi Scheme?

the pyramid and then you have their subs, right? And the commissions generally flow up, right?


Is Bitcoin A Ponzi Scheme?

Bitcoin doesn't, Bitcoin doesn't take favorites. Bitcoin that, it doesn't pick winners and losers.


Is Bitcoin A Ponzi Scheme?

Bitcoin doesn't care where you're in school, doesn't care your religion, doesn't care how much money


Is Bitcoin A Ponzi Scheme?

you have, doesn't care if you're married, divorced, your orientation, it doesn't care about anything.


Is Bitcoin A Ponzi Scheme?

Yeah. Everyone's got the same set of rules. Completely.


Is Bitcoin A Ponzi Scheme?

Interesting. Yeah. Pyramids don't have the same set of rules. Pyramids have, you know, is built


Is Bitcoin A Ponzi Scheme?

under hierarchy. So I just wanted to cover that before we, uh, before we moved on. So go ahead and


Is Bitcoin A Ponzi Scheme?

uh, go ahead. What was the final part of that question? Yeah. So we covered Ponzi schemes.


Is Bitcoin A Ponzi Scheme?

I mentioned pyramid schemes in that you briefly touched on that. So my question is that if


Is Bitcoin A Ponzi Scheme?

it's not a Ponzi scheme, if it's not a pyramid scheme and for the time being, it's a really great


Is Bitcoin A Ponzi Scheme?

story of value moving forward, then what are some of the potential risks or the risk that


Is Bitcoin A Ponzi Scheme?

Bitcoin faces in the future? Yeah. So, um, as you know, on the, on the, as many of our


Is Bitcoin A Ponzi Scheme?

viewers already know here on the quantum resistance ledger project, we're preparing for what we


Is Bitcoin A Ponzi Scheme?

call as well is Y2K, um, uh, which is a, excuse me, the, uh, similar to Y2K, we call it Y2Q for


Is Bitcoin A Ponzi Scheme?

quantum, obviously. And essentially with this risk becomes, is there is, there is, uh, there is,


Is Bitcoin A Ponzi Scheme?

uh, as quantum computers are being brought to scale, it has been shown that a sufficiently powerful


Is Bitcoin A Ponzi Scheme?

quantum computer has the ability to reverse a public key into a private key. And I was on Twitter


Is Bitcoin A Ponzi Scheme?

the other day and there was some confusion over, well, we'll just change the hashing algorithm.


Is Bitcoin A Ponzi Scheme?

And another, you know, and other things like that. No, I'm not faulting anyone that, you know,


Is Bitcoin A Ponzi Scheme?

I'm not off certainly don't fault anyone that gets a little, you know, it gets a little wound


Is Bitcoin A Ponzi Scheme?

in different ways over asymmetric encryption, symmetric encryption, public private keys,


Is Bitcoin A Ponzi Scheme?

hashing algorithms and things like that. These are all, you know, these are, these are all


Is Bitcoin A Ponzi Scheme?

technical concepts that really just don't come up in normal conversation. Well, I guess it depends


Is Bitcoin A Ponzi Scheme?

on your crowd, but you hang with, but, uh, most of these, you know, these are pretty obscure terms.


Is Bitcoin A Ponzi Scheme?

Um, but I just wanted to point out, Bitcoin's, you know, Bitcoin's, it's not about the hashing. So


Is Bitcoin A Ponzi Scheme?

pay to public key hash. If I'm paying to a Bitcoin address, which is a hashed version of that public,


Is Bitcoin A Ponzi Scheme?

uh, key, that's actually, that, that's pretty secure. So find, being able to find a preimage with


Is Bitcoin A Ponzi Scheme?

growers, uh, which is what a quantum computer would use to attack hashing, that's pretty,


Is Bitcoin A Ponzi Scheme?

that's considered right now to be quantum scare. With that being said, uh, there is this risk.


Is Bitcoin A Ponzi Scheme?

Um, and there is this risk between the, uh, private key and the public key. Now the, uh,


Is Bitcoin A Ponzi Scheme?

private key is a, as we, most of us know is just your Bitcoin, uh, private, uh, key. It's a 256 bit


Is Bitcoin A Ponzi Scheme?

random number. That's all that it is. It's a 256 bit random number. And then it goes through


Is Bitcoin A Ponzi Scheme?

your process called elliptical curve multiplication and you get a public key. Now the public key,


Is Bitcoin A Ponzi Scheme?

you can send funds to a public key, but most, a lot of people use paid, paid, a lot of people


Is Bitcoin A Ponzi Scheme?

hash the public key. And then you can pay to a public key hash. Instead, that would be the


Is Bitcoin A Ponzi Scheme?

address that you would give, uh, to someone to pay because hashes, hashes are more secure in


Is Bitcoin A Ponzi Scheme?

them. I think a lot of walls support those now. Um, uh, but the ability to, for sure is algorithm


Is Bitcoin A Ponzi Scheme?

and as fissr, sufficiently powerful quantum computer, even if most of the addresses on the Bitcoin,


Is Bitcoin A Ponzi Scheme?

uh, uh, in the state files are, you know, on the blockchain are hash addresses, which,


Is Bitcoin A Ponzi Scheme?

which in many cases are some, are should be considered to be secure. Um, even if that's the case,


Is Bitcoin A Ponzi Scheme?

there's so many different public addresses that are known. I mean, it's a, you know,


Is Bitcoin A Ponzi Scheme?

so tachies are known. It's not people don't always consider the, um, the confidence. They'll talk


Is Bitcoin A Ponzi Scheme?

about, for example, we read, I read a great article, um, on Bitcoin that really broke it down.


Is Bitcoin A Ponzi Scheme?

As far as what it was, and they said, basically there's not a threat because we have paid a


Is Bitcoin A Ponzi Scheme?

public key hash, but in, and in order to do that, all you have to do is send, take your Bitcoin and,


Is Bitcoin A Ponzi Scheme?

uh, send a payment and then bounce it back to your paid a public key hash address and your secure,


Is Bitcoin A Ponzi Scheme?

because the only thing that would be on the blockchain would be the hash address. But the,


Is Bitcoin A Ponzi Scheme?

this, you know, this article didn't cover anything like if, if any of the other bitcoins on the


Is Bitcoin A Ponzi Scheme?

chain were to become compromised, what confidence would do, you know, to the ecosystem?


Is Bitcoin A Ponzi Scheme?

We're already talking about blockchain, quantum computing, hashing encryption, public key,


Is Bitcoin A Ponzi Scheme?

asymmetric, blah, blah, blah, element, oh, P, when things start to get attention, people are


Is Bitcoin A Ponzi Scheme?

going to be confused. And we've been doing these videos for, uh, what, over a year now. And,


Is Bitcoin A Ponzi Scheme?

you know, there are times that I'm still trying to find the correct narrative in order to really


Is Bitcoin A Ponzi Scheme?

just communicate this as, as easily as possible. And, uh, at the intersection of quantum and


Is Bitcoin A Ponzi Scheme?

blockchain, that's a real challenge. So, uh, the, uh, our project is focused on keeping your digital


Is Bitcoin A Ponzi Scheme?

assets, quantum secure. We have a product, we have our ethereum project, which we'll be able to


Is Bitcoin A Ponzi Scheme?

quantum secure, uh, ether for, for, for Ethereum and a select subset of ERC 20s. The,


Is Bitcoin A Ponzi Scheme?

the, if you know, don't know what you asked you, 20s are, those are, um, other, they're other


Is Bitcoin A Ponzi Scheme?

blockchain projects that run on the ethereum network. Um, but I mean, that's the threat. So, I mean,


Is Bitcoin A Ponzi Scheme?

everyone that's watching this just needs to ask himself and do, you know, all I'm suggesting is


Is Bitcoin A Ponzi Scheme?

I, I'm not saying put up, you know, drop Bitcoin, drop Ethereum, drop Polkadot. I'm actually a


Is Bitcoin A Ponzi Scheme?

big fan of Polkadot and Ethereum and Bitcoin. Um, they all have their own, they all have their own


Is Bitcoin A Ponzi Scheme?

little niches. We're not saying drop, we're not, yeah, we're not saying drop those. What we're


Is Bitcoin A Ponzi Scheme?

saying is, look, do your own research, look at the risks. And if you think that there's a measurable


Is Bitcoin A Ponzi Scheme?

risk there, which I think it's hard to argue that there isn't, you know, in Stashu's words,


Is Bitcoin A Ponzi Scheme?

it might make sense to get some. Yeah. Now that's a good way to, uh, kind of closing that part.


Is Bitcoin A Ponzi Scheme?

What I want to do is you briefly touched on, you know, what our project is about and a little bit


Is Bitcoin A Ponzi Scheme?

of, no, the direction of where it's going. Could you, uh, dive in really quick, I'll do a few


Is Bitcoin A Ponzi Scheme?

overlays in the video here. Can you just talk about, um, you know, where someone might want to get


Is Bitcoin A Ponzi Scheme?

started on our website, if they're going there for the first time, maybe they haven't been to


Is Bitcoin A Ponzi Scheme?

the QRL that org before. Can you just kind of, you know, touch on a few things, whether it be,


Is Bitcoin A Ponzi Scheme?

you know, reading the white paper or, you know, going to wallet at the QRL.org. Uh, can you just


Is Bitcoin A Ponzi Scheme?

maybe leave us in this video with one, uh, area to kind of do a little bit of further initial


Is Bitcoin A Ponzi Scheme?

research and then we can go from there. Yeah, I definitely started off at the white at the, uh,


Is Bitcoin A Ponzi Scheme?

at the webpage. Uh, there's good information on there. There's also a, uh, there's also an FAQ


Is Bitcoin A Ponzi Scheme?

that info, I think is what it is. Yeah, build back a community. Yeah. Yeah. Community website, uh,


Is Bitcoin A Ponzi Scheme?

that that breaks down the quantum threat. So if you want to learn about QRL, go to dub, dub, dub,


Is Bitcoin A Ponzi Scheme?

dub, duck, URL.org. If you want to get go to a site that has good, some good information,


Is Bitcoin A Ponzi Scheme?

uh, about the quantum threat, go to, you know, uh, FAQQ.info. If you want to see the


Is Bitcoin A Ponzi Scheme?

internet, if you want to see things explained in video format, definitely go through our


Is Bitcoin A Ponzi Scheme?

other videos that we've done. We've been doing these for, um, 14, 13, 14, 14, 15 months now.


Is Bitcoin A Ponzi Scheme?

Um, go look at those. I've tried to take a systematic chronological approach to kind of


Is Bitcoin A Ponzi Scheme?

help people, uh, kind of get their foot in the door with the quantum threat. Um, if you,


Is Bitcoin A Ponzi Scheme?

so if you, if you're a visual learner, you just want to hear it, you have it shown to you, go there.


Is Bitcoin A Ponzi Scheme?

If you want to engage with our community members and talk about this stuff, we have a


Is Bitcoin A Ponzi Scheme?

passionate, lively discord group that you can do that. So depending on what, what your goal is,


Is Bitcoin A Ponzi Scheme?

that's what I recommend. Awesome. That leaves, you know, three to four really quality resources,


Is Bitcoin A Ponzi Scheme?

depending on the way that they want to absorb content. And, uh, if you haven't already done,


Is Bitcoin A Ponzi Scheme?

so make sure that you hit that lovely little subscribe button below, uh, that way when we come out


Is Bitcoin A Ponzi Scheme?

with new content each week, you are the very first to know about it. As we come out with new content,


Is Bitcoin A Ponzi Scheme?

you don't want to just randomly come to YouTube and three weeks later, realize you missed a good video


Is Bitcoin A Ponzi Scheme?

or two. So make sure that you hit that subscribe button to do that first. And, uh, just a strike


Is Bitcoin A Ponzi Scheme?

said, if you want to, uh, you know, see what's going on in our community, we've got a big community of


Is Bitcoin A Ponzi Scheme?

5,000 plus in discord and I think QQ that info, um, the QRL that org and strike, appreciate you


Is Bitcoin A Ponzi Scheme?

diving into, uh, this topic, um, is Bitcoin and Ponzi scheme because not only is it, you know,


Is Bitcoin A Ponzi Scheme?

it's obviously a catchy title in the sense of, you know, is it people want to know, you know,


Is Bitcoin A Ponzi Scheme?

diving into that of them being like, obviously I know it's not a Ponzi scheme or, you know,


Is Bitcoin A Ponzi Scheme?

maybe if you're a skeptic, you think it is, but the underlying parts of, you know, where the


Is Bitcoin A Ponzi Scheme?

technology stems from and where it's going in the future is the more important part of the


Is Bitcoin A Ponzi Scheme?

discussion. So strike, thank you very much for, uh, dive in on the episode today and everyone at home,


Is Bitcoin A Ponzi Scheme?

keep those digital assets secure and we will both see you next week. Take care.


Is Bitcoin A Ponzi Scheme?

Thanks guys. See ya. Bye.


No! You can't just Quantum Soft fork Bitcoin! Or can you ???

What is up everybody and welcome back to another episode of the quantum resistant ledger channel your information superhighway into the world of post quantum digital asset security


In today's video, we're going to be diving into some of the misconceptions around


Bitcoin's ability to hard fork soft fork moving forward and we're going to go through a few of these questions


My name is Ryan. I am the director of advocacy here at the QRL. I will be your coach today, and I'm joined by our director about reach strike


It's good to have you back on another YouTube episode. So it's good rock and roll


Cool, we we get to dive into a few questions


I know we've pulled some internally from our team and just from the community, but you could answer some questions here on some of the misconceptions


Yeah, what's the let's do that?


Perfect. Well


Really, I want to kind of dive into the some of these questions and


Kind of frame it with there has been talk


from different people in the industry over the years whether it be more recently or even a few years back


So like for example Andreas and Sanopolis a few years back when he was asked a question on


The quantum threat he answered with hey, we can easily migrate to another algorithm


Other people have said things similar to that more recently or at least given kind of a


You know throw the side type of answer some people have answered it differently than others


But what I want to dive into first is


Bitcoin developers have already planned for this. I want to ask that question of when someone says hey with the quantum threat coming up


Developers have already planned for this. I want to ask you when you hear that response to the quantum threat


What would you say in response to that?


Sure, so that's a good question. I've heard that I've heard that narrative a few times


in social media


um


And I guess first off my first instinct is what


Where is the evidence that you know something that like this has been planned for?


I don't see you know, there's nothing in the code and


Given the fact that the problem itself is based on the address and structure not some sort of sub function within the code or a


component of the nodes


You know an ancillary component of the nodes code the problem the problem itself is the addressing structure. It's like


your


Your engine the engine of your car, you know, it has a hairline fracture. It's running at


some point in the future


You know, there's a


Statistical chance that you could experience a problem. You're not can be able to fish it fix it with a fresh quarter paint


so I mean


There had if planning for if if planning for means discussion


There has been discussion around early discussions


I feel like three years ago us or saw where developers were talking while using lamb or signatures which is a


one-time signature scheme


But as it exists today, there's nothing in the you know


Bitcoin


Code that you know has that compatibility so if planning for equals talk then


Then planning for I guess that equals true, but if anything more than talk, you know, then false


Yeah, can we dive into


Based on that let's dive into both hard fork and soft fork misconceptions


I know


Kind of maybe you can go through either one first and then dive into the other but let's let's dive a little bit into


One and then the other of


What the misconceptions around each of those are you can dive into either or first doesn't matter which one?


Sure, so I'm gonna pre-fix and when I pre-fix my answers with nothing really is impossible


Obviously, we I think everyone in the crypto community has to give


Credit to the ingenuity of developers, you know that have been working on this technology


So yeah, absolutely blockchain and there's always you know, there's always this there's always this tug and war of what's possible


versus engineer software developer ingenuity, so I


These are my opinions, you know, there's always you know


There's always there are always new developments


You've made and new discoveries and new ways of doing things Bitcoin in front of sample, you know as a


You know representative block of watching so


um, but one of the real common narratives that I hear is Bitcoin will just heart will just heart


Bitcoin will just suck and it's usually


With soft fork or hard for it to something that's close to bottom here


Um, in the way that it's said is usually pretty casually, you know, it's just uh, you know


It's just dropping this drop in this module, you know, but you know


Suddenly quantum spirit


But let's talk about let's talk about this problem for this moment first off. What's the difference between heart for this software?


The software is typically a software is something as simple as just the


Upgrade to a node that remains backward compatible with other nodes and does not require a new chain to be created


Um


You know example might be segment made native segment for Bitcoin


That did not require a new chain. That was just a lot of vacation to the actors which transaction so


A hard fork is when you have a new chain that gets split off from the existing chain and then you essentially end up with new chains


In some cases you could even start to chain off with zero


Uh, at a genesis block depending on how you do it


But those are that's essentially the difference is soft fork you know same chain


Hard fork it was a new chain


So okay soft


What would a pulse quantum secure Bitcoin soft for it potentially looks like


Okay


As I mentioned they've been talking about real important signatures of years


Let's say you were able to


Let's say you were able to build in a pulse quantum secure module


Into the Bitcoin software in be all this you'd be able to just upgrade your node


Right and then you'd be able to receive


asymmetric


Adresses public key


ECBSA addresses the normal Bitcoin addresses and you'd also be able to receive


pulse quantum secure addresses


That doesn't really solve the problem because as


As in my earlier example segment and native segment these are all different ways of sending a doing a transaction


But it's all still Bitcoin and if it's all still Bitcoin, it's all tied into the same pricing mechanism


It's all considered consciously to be the same


So


And that's not to mention that


I'm trying to put together a pulse quantum secure version of Bitcoin on the world's largest crypto currency with a market cap that


You know exceeds general motors being able to have being able to reach some sort of distributed and an intelligent and tested and workable consensus


On something that is you know so large and exists everywhere getting everyone to agree on what this looks like


And I said this before that type of effort would likely be unprecedented blockchain


tremendous


tremendously difficult


So the something a soft fork is really out of the question because the problem is the addresses


The addresses are susceptible to shores algorithm, which can run on quantum computers, which is which are based on


fact orization a


Subfficiently powerful quantum computer would be able to take a


Public key in generating a private key and then be able to spend transactions from a wall


So it's not just


You know, we're not just trying to change the color of you know a button here or you know add add some additional functionality


The addresses themselves are the problem


and this is all because of


ECDSA, which is you know, which it is wonderful


Against classical computers. I think I think I did some I think it was reading the other day and doing some math


I think classical computers would take essentially something like 1.5 or 1.6 billion years on average in order to break a


Bitcoin e c s a address


So that means it's classically it is here it has


But with you know that all changes when you start when you start talking about and the potential


So what what about hard for


You would you would take a note upgrade the problem is that you have all of these old


addresses that exist


And that are that are not quantum secure and then you need to put these into the new chain somehow


And I was thinking about this a little bit today


I mean, maybe there could there be a way where you could do


Prove that you own Bitcoin in order to get into the new chain by using sub-playing zero-knowledge proofs or something like that


I don't know if that's possible at the very least no matter how you do nice a number of problems one


ever it seems like


Doing an automatic upgrade. I haven't seen any any reasonable conversations on having an automated way to do this to take


Chain and then just make a pulse response your you know and have your private key in your wallet work


Second let's say you were let's say there were some sort of user-oriented process in which you


You did some sort of something online or some sort of function and you were able to you know one to one transfer it over


What about the people that you know


Miss that that missed that


Transition


What what is what does pricing look like when you have old Bitcoin and new Bitcoin?


Is that is that one to one? You know, and how do you get everyone?


To be able to how do you communicate this out to everyone who writes who read how do you get consensus on the code and it still gets back to


It still gets back to an


unprecedented level of


Cooperation among distribute you know distribute across the world


I'm not reaching consensus on how to do this. It's it's just huge problem


If it is


And I'm sure there's some sort of a mathematical representation in which this is possible to do


I'm just not had you mind that sort of pinions in that direction


So


It would be impossible


Not impossible. I'm not even possible


I'm very very very difficult probably unlikely


It might be


That's that's that kind of died into it. I know we could probably it's there's just there's a lot of meets and those that question


And just each each of those in general, but I think you really touched on this a little bit


There's also I like the question of if they're able to break shot 256


Then we'll just upgrade to


384 can you dive into that for a minute?


Just a little bit more that's kind of I like that that question of because it's people


I've seen that in quite a number of places. Yeah, sure


So I mean there's a lot of in right place


So there's a lot of confusion or on cryptography encryption hash mail of rhythms


Shot 256 three those are hashing algorithms. Essentially what that means is you have


You have a stream of texture. Yeah, some sort of input and then you get a and then you get a defined output every time you run that you get the same


Um


Shaz all right. Those are already quantum secure now. There is


They're considered to be quantum secure now. There are quantum ways to


Go about trying to get up get the preimage of the of the hash output


um rovers Quantum algorithm is one of those that that has the potential to do that


But it's not it's not efficient where it's really considered to be threatened again the threat come


The problem is not the hash


We use we


Our protocol, you know in the quantum resistance ledger is based on a one-time signature


Hash-based signatures. So we use hashes internally


So hashes find the problem is the public and private keys being able to


See the public key on seeing someone's public key and then being able to generate


Which is what is supposed to be a one-way gate or a one-way punch able to generate a workable


Private key from them which basically get opens up opens up a wall of tape


That's the real problem. Hash is not a problem


What about the idea of well if you don't reuse addresses?


This is another question that I saw that I liked


You're safe because it would only expose the hash of the public key and if you hadn't transferred BTC from that address


Can you briefly dive into that one?


It's a second last question. I think that's a that's a good one


It's a great question. This one that people kind of think about. Oh, well, maybe this is an option but


So when Bitcoin was when Bitcoin was


You know first started getting used


Public keys were


You give them out. You know you can give them up. You're supposed to only use one in a time in order to


You know keep things more anonymous on the chain


And there's a couple other couple other reasons


but essentially


the


I say the public key public keys are everywhere. They're expuls when I submit a transaction


Have a public key on like it


It sends clear text over the internet. It gets processed by a node the node received that


node operator


would receive


that public key and then the


Public address that public address for that transaction that output is


Sitting in the memo for that node


So okay, irrespective of whether or not the hash transaction actually gets written to the chain is irrelevant because public addresses exist everywhere


Satashin is addresses. Well, they're pretty well known those you know, those are monitored


I can't find the micro second answer by some enthusiasts


so


The fact that only


It would only take a few addresses to get quantum compromise in order to undermine security


You know undermine the confidence and security of the entire system


So and you know and get back back to this this is all you know


This is all I mean assumption of a sufficiently powerful quantum here


We have a ways to go yet to multiply the commercially available information out there


You know, there's still quite a bit of work that needs to be done. There's systemic noise


There's the number of qubits


Need, you know that that needs to be increased in the quality of those qubits. There's but at the same time


There's innovations that are being made


And if you look at the progress that that's being made, I mean, it's pointing in one direct


It's pointing in a direction that you know


Someday that someday this is going to be a


More than it's going to be more than a speculative threat


Yeah, to add on top of that with the progress being made and


Kind of the direction of where things are going


To kind of follow up. I know in the last 20 seconds


You kind of answered it in a few sentences of you know, why it matters


But if you were to come across somebody and they are to respond to you and say you know what


I have a little bit interest in it


But quantum computing is so far away


Why should I bother to


Care right now


In at the end of 2020 in 2021


Why should I care now as opposed to that? Let's just wait five, 10 years see where it's at


For the for things to move forward even further. Can you just dive a little bit further into


Why having that outlook of that no bother at all?


What would your response be to that


So


Here's my here's my thought on this. I thought about this


What do we really know about the progress?


Yeah


We know about we know about


D-waves quantum in you know about IBM and islands you we know about island traps quantum fears


Here the stuff that we know isn't the stuff that you know these little bit of things


It's the stuff that we don't know first. There's a lot of there's a lot of


Well, positive speculation of all of the quantum computers, you know running close to room temperature


But there's not a lot of information online a lot of that secret and so let me get let me ask you this with what's at state


You know it which is essentially asymmetric encryption which runs


99.99% of


Watching which runs your credit card transaction encryption


You know I get through ancient to PS and key less you are on a secure website


Yeah, the little at the top of your screen you have the lock saying that you're secure


That's all negotiated through asymmetric encryption, which is all based on your look


Tiger fee, which is all based on factorization, which all ties in shores, which all


Could be broken by a sufficiently powerful quantum grid. So it's not the stuff that


I know that makes me think it's the stuff. It's the what it's it's the iceberg


You know that I've given before we see this top of the iceberg but


With what's at stake? What's the market cap load crypto today?


$550 $570 billion what's at stake with being able to decrypt asymmetric communications


You know between countries being able to


To spy another nation. What's it's that? Yeah, and I'll say this on video if you really consider the implications


I would not put


The degree of importance or the classic the security classification of it


Past the Manhattan project, but I would have probably say that they probably are


When you really consider what's at stake and how important information is paying the abilities


View encrypted information. Yeah, and especially it's


Especially as especially as the market cap and as the size


continues getting


Bigger and bigger into the the size it is now but when it doubles


It becomes even more precedent of like you know once it can maybe people start obviously


There's been talk about okay


Well US dollars the world reserve currency, but over time as


More and more money is flooded into the industry. It's like that that becomes even more of a pressing issue as kind of the


UNICEIN of


When quads when it happens and versus you know actually how much is at stake?


From a financial perspective for not only you know people but


Institutions governments all sorts of so that's so that we don't get I don't see anything online


The governmental progress, you know and us a other nations


other nation


Progress from from you know from the government sector. I see nothing. I see the commercial sector which you know


You know they have to please their stockholders. Hey, we're making progress


We're charging you know honey well, we're charging $10,000 an hour for you know quantum computing stockholders happy


Information itself. That's what we see. Well, we don't see that's what makes me wonder


Yeah, no thanks for diving into that


And these are kind of just a few questions


We're gonna have a few more coming up as we go into the end of you know this month and


Also going to be diving into enclave. We have a lot of exciting stuff around


With Zond in the move to proof of stake here at the Q&A foundation, but what I want to ask of you the viewer


If you have other questions that are tied to this of


Maybe there's an angle that we haven't dove into strike as an answer done yet


What type of questions do you have that we maybe haven't covered here?


Whether you're in the telegram group discord group any other platforms and that you're involved in CS within


If you're all community definitely ask us even below this YouTube video if you have a question


Feel free to ask us what questions you have because an upcoming video is we really want to try to dive in and


Best to answer those for you so that it's


We're both diving into questions that we maybe haven't thought about before or we're just


Building on the ones that we've already covered but a strike thanks for thanks again for diving on this call this morning


Thank you guys so much to everyone watching we will see you in the next video as a lot of exciting news at the Q&A foundation is coming up


Have a great rest today and we will see you soon. See ya


QRL Q & A #1- Neven’s Law, Quantum Threat, & Why Does QRL Matter?

What is up everybody and welcome back to the Quantum


Resistant Ledger channel, your video portal


into post quantum digital asset security.


I am your co-host Ryan.


I am the Director of Advocacy here at the QRL.


And we are joined by the other co-host,


Strike, who is the Director of Outreach for the QRL.


And in today's video, we're gonna be doing


a little bit different format.


It's kinda gonna be a smorgasbord, so to speak,


where we're gonna be jumping between


a few different topics, it's gonna be Q&A style,


where I am asking strike a question.


And it's gonna be a little bit more framed today


from a little bit less technical viewpoint.


And the intention behind today's video


is the QRL project that there's a lot


of technical intricacies to the project.


So when someone comes on board and they're trying


to decide, hey, why should I care about the project today?


What is the project all about?


Our job is to try to break down the technical aspects of it


so that it's more digestible to a wider audience.


So in today's video, we're gonna dive through


a number of questions and I've just kinda


provide some answers there.


So strike, is it cool with you?


If we dive into some questions


and provide a little bit of insight for the community?


Looking forward to it.


Shoot, shoot.


MUSIC


Sounds good. Well, the first question is one that is,


I've heard this from members of the community


and just people in general that have shown an inkling


for the project, but I'll make up and paint a fictional scenario.


If let's say somebody is a blockchain enthusiast,


maybe they're involved in a few projects,


hold the decent variety of crypto, maybe a little bit of ETH,


Bitcoin, and then obviously some altcoins.


But why should QRL matter to them today?


Not in two years, not in five years.


Why should QRL matter to them today?


Sure, so that's a really good question.


So there's, at any point in time,


there's a lot of emergent technologies that are coming out.


And one of the, I would say one of the most interesting


emergent technologies is this concept of quantum computer.


Now, quantum computers have been talked about for decades.


And they have a long history, quite a bit of a long history,


in quantum mechanics itself, goes back 100, 10, 120 years or so,


with Einstein and Bors, but Niels Bohr.


But the reason it's relevant nowadays is the encryption


that we use for the internet, for banking transaction,


it's a trustless form of encryption called asymmetric encryption.


And this is all based on something called factorization,


which is being able to find, take a large number


and find the two factors or integers that make it up.


And the reason this is relevant is because quantum computers


have the sufficiently powerful quantum computer


has the ability to break this.


And I would say 99.9% of all blockchain technology


is built around this asymmetric encryption.


And if you look at, so if you look at your degree


of exposure, and let's say you have a portfolio,


and I think in your example, you said we had someone


that already has Bitcoin, maybe some other altcoins.


If you even think that there's a 1% chance,


or a 2% chance, that this could be a real thing,


that these quantum computers do pose a threat.


It seems appropriate to possibly hedge


your digital assets partially in that direction.


That 1% or 2%, that's probably,


I would describe it as probably a quantum pessimist


or an optimist, and I really want the QRL.


We consider ourselves optimistically speculative


of all quantum technology.


So, obvious is clam, or none of that's financial advice.


These are just my opinions.


But I think that's why it's relevant.


And particularly with quantum computers,


the threat is, the implications of the technology


make me wonder at times.


If we really, really know what's going on,


you've got companies like IBM and Honeywell.


D-Wave, D-Wave and IBM have commercially available machines


already.


They cannot, they're not able to factor,


or break any of the modern public key encryption


or asymmetric encryption today.


But if you look at the progress that's being made,


it's increasing what appears to be exponentially.


And you're getting news every now,


whereas you used to get news every few weeks,


years ago.


You're getting news every day or every other day,


nowadays.


So it's really an interesting thing


to, I would say, keep your eye on.


And here at the, I'm a QRL team here,


we're here to provide quantum protection,


digital, digital assets are carried to anyone that wants it.


Awesome.


Yeah, now kind of a follow up on that question of kind of,


why should it matter to me today?


What are some things for anyone regardless


of where they kind of lie in the spectrum?


Obviously that people that are a little bit further along,


a little bit down the rabbit hole,


they're gonna be able to do a little bit more.


They're gonna understand it from a technical level.


But what are some things that regardless of where you are


on that spectrum, how should being proactive about it?


And what are maybe a few steps


that we could be taking today to where the quantum impact


like how it would have on me?


Like what are some things that we can do to be proactive?


So I can only speak to what I do.


And what I do is I pay attention.


If you look at some of our, in some industry leaders,


Jeff Bezos, Sir Richard Branson,


and there's some others that do this.


They follow the school of thought called ABCD.


And what that simply means is always connecting the dots.


And this is a form of intuitive thinking,


which means you see data point here,


you see data point here, you see a data point here,


you see a data point here.


And then you start to see correlations and things


and patterns that are happening.


And when you're able to do that,


it does give you a little bit of,


I would say a statistical prediction model


in your head, granted very subjective.


It depends on how people think.


But this is something I do all the time,


is trying to be able to see a paying attention.


I'm looking at where the industry is going.


And I'm taking out the noise


and trying to separate everything on the web


that's monetarily driven or advertising


and just trying to pay attention to the facts.


So what I would recommend to viewers out there


is pay attention, do your own research.


Come to your own conclusions.


This is a complex topic, sure.


But you also have a sense of intuition


that you can use to help guide yourself.


And right now, we respect it to quantum computers.


We're still very early in the technology.


But at the same time, look at the amount of news


that is coming out, look at what,


look at what Honeywell has claimed me


and look at what IBM has claimed.


And then consider for a moment what may exist,


like an iceberg, you have the top part


of the iceberg, which is smaller.


And then you have the ballast at the bottom,


everything that's under the water that you can't see.


How much do we really know about what's going on?


And these are right here in my personal opinions.


But I think that I just have a suspicion


that the real progress that's being made


is the one that's being kept


through it is the progress that's being really kept close


to the chest.


Yeah, the summit I might be some of the big players.


We really don't know.


So ask yourself, what is your exposure?


What's your risk?


You're doing all the things.


Great answer now.


Yeah, if only the Titanic knew about the whole size


of the iceberg, that made a big difference.


But diving into a different area,


in I think it was episode number seven,


you briefly touched on what is called Niven's Law.


And we all are very familiar in tech


about what Moore's Law is and that the number


of transistors on a microchip doubles every couple of years.


And obviously this gets applied


to a lot of different areas of technology.


But could you maybe dive in for just a briefly


for a few minutes on what Niven's Law is?


And I just kind of cover what that is


because I think it's important to dive into


related to what we're talking about.


So that's a really good question as well.


So Harman Niven is a researcher over at Google.


He does, he does study with artificial intelligence.


He works with quantum computers


and he's involved with,


he's involved with the Google's Quantum Initiative.


And in 2018, he began to notice that he needed


to be asking Moore for more and more processing power


in order to equate it or compare it to the quantum processor


that they were building.


And what we all know Moore's Law, for example,


you said it's every 16 months or every two years.


I think there's a little bit of variability there


in how you interpret it, but integrated circuitry.


I've seen it apply to hard drives,


magnetically integrated circuitry as well,


but essentially computer powered doubles


or storage doubles in an interview time.


But Niven's Law is, instead of being exponential,


it's doubly exponential, which means power to the power of two,


which if you have an exponential curve,


it's that old, some of you, I don't know,


if you're like me, you may have,


when you were younger, you may have tried to talk your dad


in this study, given you $5 allowance a week,


you just start with a penny.


In the next week, two pennies and four pennies and eight pennies,


I tried that, he's smart, it didn't work.


But we know that the power of exponential goes up like this,


goes up very, very quickly.


And then the doubly exponential actually goes up much deeper.


So this isn't early, it's not a law, it's per se,


it's not a guarantee.


It was something that's been proposed as an observation


that Hartman made.


And I think it's really, really interesting to consider.


And it's also, that's just based on the processing power


of the quantum CPU.


We're not, that doesn't take into consideration


advances that are being made with algorithms for factorization.


Doesn't take into consideration manufacturing improvements


for quantum processes, the quantum processes


that are able to stay into superposition for longer periods of time.


It doesn't take into consideration any of that.


And honestly, even if it's only 10% true,


some of these things, and they just get back to


what level of risk are you comfortable with,


as far as digital assets.


So awesome.


Yeah, now you briefly mentioned in the last few sentences


as superposition.


And I think this is an important one to dive into.


And I think this is one that a lot of people,


it's really hard for them to wrap their head around.


If we use like a fictional example of someone


that maybe is not tech savvy at all,


let's say I'm explaining to, I don't know, Uncle Frank.


He used a smartphone until last year


when he no longer could use, he no longer could get service.


But picture Frank is like a very laggard


when it comes to adopting technology.


And right here I have a five-franks coin from the 90s


and it's pretty easy if I explain,


or you explain to anyone what binary is.


Okay, zero and one, your flip it,


lands, heads, lands, tails.


But could we dive in just for a few minutes


on what superposition is, and just kind of laying it out


so that really we can digest it in a way


that we could then explain it to other people


and sound a little bit knowledgeable.


Sure, so as you said,


most people are aware of binary code,


zeros and ones that make up eight bits to a byte,


makes up fundamental, it's a fundamental construct


classical computers operate.


Quantum computers are completely different.


They don't look like classical computers,


they don't behave like them.


I would say that they're much more dissimilar


than they are similar.


So we know what a bit is, a zero or a one,


but what's a qubit, what's a quantum bit?


If you were to picture a coin,


if you were to picture it a bit,


a bit can be thought of as a coin line on the table,


heads up or tails up, right?


A qubit picture the coin, instead of lying down, it's spinning.


And that coin is considered to be in a state of superposition.


And what this means is you may have heard of,


and back in school and Fizz's class,


you might have heard of light in the wave slash particle


duality and a lot of this goes back 100 years.


Obviously, as light of wave, is it a wave or does it behave


like a particle?


Well, it turns out, as it turned out,


most, we know that it was both.


There's this observer effect that once you measure it,


the coin essentially falls over


and you find out what it was.


But up until it's observed or looked at,


it actually exists in a state of all possibilities.


So what this means is, you have a classical computer,


you have a coin line on the table, it's heads up,


or let's just call it heads up or tails up.


With a quantum bit, it's spinning.


And what happens is,


a quantum computer is able to,


a quantum computer is able to apply what's called


a quantum Fourier transformation.


And what that means is it's coercing the coin


into the fall, into the position based on the algorithm


that you're running in order to probabilistically


give you the answer that you want.


So that means you'll probably get the answer that you want.


They're not perfect.


They may never be, we don't know,


but it coerces that coin to fall


to give you the answer based on the algorithm.


And there's also other things like entanglement


and other components of quantum computers


that are probably not definitely outside of scope.


But, I mean, that's as far as a simple explanation,


that's as simple as I think I can make it.


There's a lot of videos out there


that do explain this in a little bit of detail.


And if you're really interested,


I definitely would at least recommend looking up


young's double slit light experiment.


Awesome, no, thanks appreciate it.


And the last question for today's show is


one that kind of relates to the first part


that we were talking about with why it should


show our own matter to me today.


And this kind of ties to the quantum threat.


And I think this is a really good last question


to dive into because I think this is something


that myself, yourself, the other members,


core contributors for QRL and the community


as whole is, how, what are a few scenarios


of how the quantum threat plays out?


Obviously, we are not a genie,


we do not have an exact timetable,


but what are a few various scenarios?


And first off, what do they potentially look like?


And how could they potentially affect us?


I think this is both a real realistic question,


scenarios and just a fun question


because obviously we don't know the exact on it.


Oh man, how could this play out?


You know, back to my iceberg analogy.


I think that there's more, this is my opinion.


Others may or may not share it.


This is quantum computing is a hotly debated field.


It can, I've seen it take very intelligent people


and polarize their polarize them


in completely opposite directions.


But how do I personally think it'll play out?


I think that there's more happening behind the scenes


than what's publicly visible.


If I had to guess, not saying for sure.


And that makes me think.


There's also, we have most quantum computers nowadays.


The industry right now is looking for


what is going to be of the best practice


for building a quantum computing.


Right now it seems to be this iron trapping method.


But there's also this, if you look up,


there's also another type of computer.


It's a full ton of computer to use as lights


which can operate at, you know,


which operates closer to room temperatures.


And there's a lot of mystery behind trying to figure out


exactly what these planet quantum computers can do.


And when I see things operate, you know,


without a lot of media exposure


and that it seemed to be playing under their radar


a little bit, you know, it makes me think a little bit more.


I mean, like I said earlier,


you have the commercially available ones by, you know,


D-Wave and IBM.


And I think Honeywell started renting out their


quantum computer somewhere else in dollars an hour


or something like that.


But as far as how it plays out,


I think it could be sudden.


I, there's this whole part that we just don't know.


All we see is what's in the news


and what's commercially available.


But if I had to guess, I don't think,


you won't see a quantum,


I don't think you'll see a quantum computer mining bitcoins.


The problem with that is any proof


of quantum computer interfacing with the blockchain


would quite quickly undermine confidence


in blockchain as a whole.


And I'm pretty sure that would, you know,


that would translate over to altcoins


in the entire space.


Hat, you know, hash rates locations of miners,


these things are really well-monitored


in the crypto community.


You would want, if someone were to,


if someone were to use a quantum computer


against blockchain technology,


they would do so under the radar in some way.


So as to be there,


maybe through a slow side-pining process


and the mere main unatteted,


it'd probably distribute it,


you know, at across multiple altcoins


in order to further make it look like,


you know, like something that's, you know,


just further disguised the approach.


So I really don't know.


It's a good question.


You know, time will tell.


That's the best I got.


Awesome. No, I appreciate it.


It's kind of one of those ones that we,


we and the members of the community


can probably, you know, discuss on, you know,


what we're, our angle is for hours and hours.


So over the next coming videos and shows,


one of the main things we're gonna be doing


is diving into kind of an assortment of topics.


Sometimes we're gonna, you know,


stick down, go down a lane


and go a little bit more deeper,


not as much jumping around.


But today's was a little bit more less technical


explaining things a little bit,


but it's all with the intention of making the QRL


more understandable and digestible for a wider audience.


And make sure coming up,


we're gonna be doing some good videos coming up


for the move to POS and also some exciting news


with Enclave coming up.


Make sure that in order for you to be able


to be able to know to buy and abreast about that,


make sure that everyone subscribes to the channel


if you have not already.


And myself and Stripe, we look forward


to bringing valuable content.


What we're also gonna be doing is we are going to be taking


actual questions from the community.


Today we took a few questions from the community,


but we kind of put more of a broad spin on it.


But for a few upcoming videos,


what we're gonna be doing is we are going to be taking


exact questions from Telegram, from Discord, et cetera.


And we're gonna be asking them live and upcoming videos.


So make sure that you tune in


and make sure that you're asking questions there


that that could be applicable to a wider audience


to be able to dive into.


And until next video, myself and Stripe,


appreciate you watching this.


And we will see you on the next show.


Have a great afternoon.


Let's see.


We're monolithic, and it's very affordable and the


car is existing today.


I'm a thank you for being here.


Is Elon Driving Bitcoin Off A Cliff or Into the Future?

In today's episode, we're going to be discussing


Is Elon driving Bitcoin off of a clip


or into the future of sustainability?


Let's dive in and find out.


MUSIC


Hey everybody and welcome back to the QRL show


where you come for the crypto and stay for the quantum.


In today's episode, we are going to be discussing


a hot topic that has been discussed, crypto, Twitter,


all over the space online and that is revolving


around Elon Musk, Michael Saylor,


and if Elon is driving Bitcoin off a cliff


or if he is driving it forward on his SpaceX rocket ships


into the future of sustainability.


With me for today's episode is our director of outreach


at the QRL, Michael Strike.


Strike, it is great to have you with me today.


Yes, sounds good.


Hey, what is going on with all this drama?


We have Musk and Saylor.


We have some very influential people that seems up front


that they're being a little bit of wishwashi,


a little waffly, if you will, in their opinions


and in their narratives and their tweets.


And when I say one person, I'm referring to one,


I say people, I'm probably just referring to one person.


What is going on there?


Let's talk about this.


Let's dive into that and the title,


obviously it's a very catchy headline


in, you know, it's Elon driving it, price off a cliff


or Bitcoin into the future of sustainability.


But there's a lot more substance


than just this catchy headline alone.


So what I'd like to do is if we could dive into some


of that substance, there's a lot of, you know,


meat on the bone to this.


So if you want to kind of start out,


maybe take us back a little bit of where this kind of


all started out in late 2020,


moving up to the last couple months of what's transpired


and, you know, when sailor got involved


and just other notable people within the PTC community,


mining and just encrypt it on general.


Yeah, yeah.


Let's go through the timeline.


We'll break this down.


We'll bring it up to write to what we know about right now.


And then we'll speculate as to the future a little bit


as to what it looks like and we'll get started.


All right, Musk, save your a Bitcoin


or driving it off of a cliff.


Let's discuss this.


Today we're going to talk a little bit about,


we're going to talk about Elon,


we're going to talk about sailor,


we're going to talk about the narrative back


to fourth time, crypto, Twitter,


the influence that Musk and sailor having


on the price of Bitcoin.


And, you know, we'll talk about,


we'll talk about some cars, Tesla's in there as well.


Nope, we're not going to bring up the Bitcoin car,


although that is a fun picture, right?


Bitcoin to the moon, Indy 500.


It's good.


Before I switch off this slide,


it's got an interesting how a decentralized platform


is sponsoring, sponsoring it, Indy 500.


I'm not really sure how that works.


Maybe one of our viewers will be able to tell us.


So this kind of really started with this post,


and I think it's NSFW would not necessarily save for work.


But, Michael sailor originally told Ask Elon,


if you want to do your shareholders, a billion dollar favor,


convert some of the Tesla balance sheet over to USD


into Bitcoin, blah, blah, blah, and this is back in December,


so we're at December of 2020 right here.


After that, Elon asks, same day,


are such large transactions even possible,


because you can't, with the type of purchases


that sailor and Musk do, it's very difficult to just go


on the retail platforms without driving massive price


increases unless you can have Coinbase


or some other platform run a slow purchasing


the algo for you that does it over time.


Yeah, I don't think Elon, he doesn't want to just,


he doesn't want to slam that ask, right?


No, it seems to be so noticeable.


Yeah.


And people would freak out.


Sailor responds, yes, I've purchased over a billion dollars


in the past month to be happy to share yours


with his playbook offline.


Offline, offline is the key there to go over


the purchasing strategy of what I just mentioned


from one rocket scientist to another.


And so now we're at January 29th in Retrospect,


it was inevitable.


A lot of speculation that Elon's referring to


adding Bitcoin to Tesla's balance sheet at this point.


And then of course we've got our Doge fan fanatics


down here.


1.5,000 likes on that Doge.


That's that's crypto Twitter right there, baby.


Tesla buys 1.5 billion in Bitcoin plans


to accept it as payment.


We're at February 8th, 2021 as you can see at this point.


So then let's fast forward from February 2 March.


Elon is on board.


You can now buy a Tesla with Bitcoin.


It shows up on the website.


You can pay for your Tesla car and pay in Bitcoin.


They're using open source software


and they're running their own nodes,


which is the right way to do things.


And they're also not just,


not just they're allowing Tesla as a form of payment.


This isn't a transitory payment for a car


that gets instantly converted into US dollars,


like a lot of retailers do.


Elon saying that we're going to retain the Bitcoin.


So he sees, at this point on March 24th,


Elon sees this as a legitimate store of value.


And we can see from the press releases


and also from the SEC filings


that he has considerable confidence in Bitcoin at this point.


So this is March.


It's fast forward a little bit more.


Elon saying it, so it's fast forward to May.


Elon pulls a, pulls the comma here


that he's going to stop accepting Bitcoin


because on the website because of its cost


to the environment, I got the better window here.


They suspend the vehicle purchases.


We're concerned about the rapidly increasing use


of fossil fuels.


So on one hand, you have Musk, right?


Who is in, when you look back to his early years,


he was trying, it seemed to be legitimately trying


to find ways than to drive disruptive innovation


in ways to serve humanity.


Which is pretty interesting, not just by itself,


but becoming one of the richest men in the world


while doing it.


So we have to give him some credit just based


on those two things alone


because those are being able to forward advances


in humanity and becoming wealthy.


You know, those are, I would say more often


than not the rule would be those are negatively correlated


rather than positively correlated.


So I give Elon a lot of credit for that.


But right here on this, it looks like,


I'm not going to say this is a backtrack


but I'm going to say that if looks as of this moment,


he's taking a course change.


And I think it'll become obvious as to why coming up here.


Oh, so right after he, right after he,


yeah, right after he makes the end of the day.


And it makes the end of the day.


And it looks a little more outside of standard deviation


to be quits that it's, right?


Okay, so this is what happened to the price of Bitcoin.


Yep.


Okay, so we're at May 13th now.


So energy usage trend over the past few months,


as I'm saying.


So what he's saying is he's acknowledging,


he's taking the side that Bitcoin could be.


He hasn't quite seen that the energy has been wasted.


But what I think he's really,


what I think he's gravitating towards is the energy


could be used more effectively, more efficiently.


In other words, could be used smarter,


which is doing things smarter is at the central hub


of most of the companies that he owns.


So I think it's easy to misinterpret this.


You know, a lot of times he'll,


he doesn't pick and choose his words.


He'll just throw whatever's on his mind.


So he's saying insane.


But that doesn't mean, he isn't saying


that that's insane based on the value Bitcoin brings.


He's leaving out the part that I think


he's probably saying in that it could just be done smarter.


Yeah.


And before you even get to the next part,


another part to add here is that when you're talking


about Elon Musk on Twitter,


obviously he's one of the richest individuals in the world,


he also has so much clout with on,


let's say Twitter itself over 50 million follows.


So he plays a certain character role,


whether you call it meme lord,


whether you call it just a media arm in itself.


So that when he is posting things,


yes, there is some parts that can be taken literally


with what he's saying,


but he sometimes will portray that in maybe a comical method,


especially on Twitter,


but there is substance behind some of the stuff.


So as you said, course correction is opposed to being like


backtracking might be the better way to go about it.


And this kind of brings us to this whole Bitcoin energy council,


which are going to dive into now.


Yeah.


So this is when the hate tweets start.


Yeah, before this.


Right around the 12th.


These are just some that I grabbed off of Twitter.


I wouldn't describe them as positive.


I would describe them as less positive than neutral.


Yeah, and there's a lot of just people that are upset,


that are have been, you know,


advocates of Bitcoin, whether they be like people that were involved


early and just kind of saying, hey, he's, you know,


he's kind of speaking out of his lane a little bit.


And you know, it's, it's the detriment of the project,


but we'll see, we'll discuss some hypotheticals


of where it might lead over the coming years.


But let's jump in this part here with the mining council,


because this has been in the news a lot lately.


Yeah.


So, uh, sailor, uh, uh, must and, and company, uh, met with the,


uh, I think they actually created this Bitcoin mining


council.


Well, loose organization, they brought these miners together.


And they said, hey, what, here's a problem.


What, effectively, what can we realistically do to solve this?


Yep.


And the, what, what, what, it's still a little vague as to what


exactly their mission statement is.


Um, but I think it's pretty easy to draw, draw some conclusions.


Um, in that Elon is, on all likelihood, looking on how to make


Bitcoin environmentally, uh, sustainable with a smaller, uh,


carbon footprint, right?


And one of the parts here, I'm just going to switch to your next


slide in a second.


One other part within that Bitcoin council conversation, uh,


according to sailor, I think he said this at consensus.


And then, uh, on another couple of media pieces, he said that what the


conversation, how it went as well was, um, the top miners within North


America were kind of letting, uh, Elon know kind of the direction and


what their commitment to sustainability was.


And then the other side of the table, they were trying to get, um,


Elon's perspective based on all of his experience, capital, all, all his


resources seeing what he was thinking and his head and kind of them coming


together because collectively it could do a lot of good, but I'm going to jump


back to your, uh, slide here so you can jump to the next one.


Yeah.


So, uh, this is factively, effectively with all of this is must


driving Bitcoin off of a cliff or into the future.


So is it, is it the superhero that I was just saying?


Is it the me or yeah?


Well, let's talk about that a little bit.


Okay.


So we have, we have Musk and obvious innovator, uh, strategic thinker, right?


He's, he's, uh, um, he owns multiple companies, uh, that deal with renewable


energy.


If I had to pick one word out of everything, I would say he's a disruptor.


And what he, what he, what he has a gift in being able to do is go into


existing, existing ecosystems, existing, uh, industries and disrupt those


industries.


He's done, he's doing it with space.


He's, he's doing it with cars.


Um, he's doing it, he's doing it in other areas.


He's got access to, uh, manufacturing incredibly powerful batteries,


powering the Tesla's.


He's got access to, uh, photovoltaics for, um, in order to generate, uh,


for energy from solar panels.


Um, this right here is, uh, um, the energy, uh, I think this was called an


energy wall.


Yeah.


Energy.


Um, I think so.


Energy wall and what are the things that it does is it, it's a battery.


And if you plug it in your house and because in a lot of areas of the world,


peak hours and non peak hours, on energy is charged differently.


So if you can store energy during non peak hours and then use it during peak


hours, peak hours, you know, uh, uh, this could essentially pay for itself.


Now, so I'm just going to throw some ideas out, some ideas out here as to what


some of this might look like.


I already know that, uh, ASIC miners, uh, through Bitmain and although in other


areas, ASIC miners, I have the, ASICs have the potential to be profitable.


Um, so if in, in Elon already has these fully electric products, how hard would


it really be for him to integrate?


I would say, um, relatively low power, but still profitable, um, based on


the case of a lot of our still profitable ASICs into products that already exist


and use it as a selling point to using my products and make money.


Um, for example, um, this could test, this, this is already knows when it's


off peak hours.


Maybe you've got a Bitcoin miner that only runs off peak hours, right?


And it's an energy efficient ASIC and, uh, you know, that, that's a potential


use case.


These are just off the top of my head, uh, like came up with them later earlier


off the top of my head.


Um, what about, uh, integrated, um, uh, ASIC miner inside of a Tesla?


And I know that sounds a little bit crazy, but just hear me out.


Um, the, the car already has broadband wireless access.


They take software updates over the year, right?


Um, what about being able to potentially make money while driving and


automatically reduce, maybe it automatically converts it over to USD for you


that you've mined and reduces your car payments.


Um, not saying that today would be a lot, but if the price of Bitcoin goes up,


or if it's Skyrockets, you know, this could be, this could be an interesting


narrative or to play with it.


And it wouldn't be that hard to integrate.


Um, and it doesn't have to be these, it doesn't have to be these 2,000 watt


miners that you see, um, on Bitmain.


These could be just lower cost ASICs.


And just as, you know, as a feature, just to, um, show possibly show,


since he's already invested in Bitcoin to show, um, his commitment to the


technology, um, this is a possible, this is a possible idea.


Um, uh, photovoltaic systems, um, Elon, Elon, Elon, you know, with solar city,


Elon has a lot of access to sustainable, renewable energy.


And my, I really think that the reason he's building this council and the reason,


the reason that you're seeing all this, all this drama online is because,


it's because of not what he said, but what he hasn't said.


And what he has not said is that he's looking to make Bitcoin, um, uh,


sustainable and environmentally friendly.


Yeah. So I mean, those are some use cases that I just that I came up with


today, I just off the top of my head and, um, we've got a lot of creative people


in our Discord community, or, and also in our YouTube audience.


Hey, if you've got some ideas on what you think on how, uh, on what you think


about what we just talked about, post them in the comments below.


What you've got an idea.


Yeah. I think that, and I think that one part adding to that.


So some people might be watching the part that you mentioned on, you know,


whether it be, you know, paying off part of a car payment at somehow connected


with Tesla, that might sound like a crazy idea now.


Maybe it still sounds crazy in five or 10 years.


Maybe it doesn't depending on where stuff goes.


But I think the collective path forward as far as what Elon's doing with his


multiple billion dollar companies and what his thoughts are on Bitcoin is he is


not whether it's course correction or maybe a little bit of a backtracking,


whatever it might be.


If he is going to be advocating for something moving forward, it has to


align with all the other things that he's doing.


He's already stated publicly for a long, long time.


His goal is to go to Mars.


And when it comes to Tesla's growth, when it comes to space, that's growth,


whether we're talking solar city, boring company, et cetera.


What, like you said, they all disrupt.


They all have an idea in mind to be for the greater good.


So that he's just kind of just saying, Hey, I'm for it.


But right now I'm really not big on the whole, you know, energy situation,


whether it be on part of him, not having a full understanding.


And that's kind of where sailor comes in, whether a sailor is talking to him,


which is one of the most notable people in the world of Moscow, everyone knows him.


But sailors been trying to do this with so many other people.


So I think that this is just an especially notable figurehead at the top,


where I think that a lot of other people that have a lot of impact will also come on


board. Maybe that's any year, maybe that's in two years.


But specifically to this Elon aspect of it, he just wants to make sure it aligns


with his ethos and what he wants to do for the world moving forward.


But I think that even talking about your other stuff about, you know,


whether we're talking ASX or stuff on, you know, houses or with cars.


We'll see where that leads moving forward.


But what I would like to ask you is how do you think, I think another interesting


aspect of the conversation is what do you think happens with?


Do you think that sailor and Musk get other notable people alongside the North


American miners involved over the next coming years?


And that helps adoption of what you're taking there?


I think that once I don't, I don't think they'll have to ask.


I think that people will naturally and they will come.


So as soon as Elon, here's the takeaway that I want, right,


here's the you and the rest of the audience and our wonderful Discord


community, think about this with all of the sustainable technology that Elon


is into between the batteries, the photo-voltics, all of these renewable,


all of these renewable energy resources.


Anything that he puts into place that adds mining hash power to the network,


takes using sustainable energy, takes away hash power from other areas,


other areas being, you know, either coal or nuclear or whatever.


Anything he can bring in with a solar panel, anything he can bring in,


that's in a sustainable way, will take hashing a power away from other areas.


And the reason for that is because other areas, when you bring,


when you start bringing in more hash power, profitability goes down.


Profitability goes down, miners that have higher kilowatt hours,


higher costs per kilowatt start to drop off, right?


So I'm curious really to see, to see where this goes, if he could,


if you could mix, if you could develop something that happens.


No, I do realize, you know, the A6 nowadays and the hashing power,


the hashing power of Bitcoin is enormous.


But also, I mean, with the latest A6, I think that there could be,


I think that there could be a solution here.


That's what my instinct is, that's what my instinct is telling me.


So once these plans start to come into place, I don't think that Musk,


and, well, sailor or Musk will have to go out, people will come to him.


Yeah, I think.


Tesla, they have no advertising department.


Yeah, exactly. He is the medium of eating with it himself.


Like, they're not hiring a PR firm. I don't care what who it is.


They don't need a PR arm. He is that arm in itself.


In closing of this conversation of talking about, you know,


sustainability, where the direction of their Bitcoin council is going to go forward.


tying in, if you enjoyed this conversation, we're going to be,


and I'll come with videos not only talking about our project, which is the QRL.


So if you are interested to learn about more about what we do,


go to the URL.org and ensure if you are interested in making sure


that you are keeping your digital asset secure and moving forward,


we are a project that will make sure that you are keeping your assets post-quantum secure.


And so if you have, if your first time viewing this video,


definitely go to the URL below Michael right there to QRL.org.


And also, if you haven't already done so, make sure that you hit that subscribe button.


So you are, you know, first to be informed on upcoming videos.


And we're not going to dive into too much more today.


We've done enough on this topic. And as Michael said,


if you have an idea for, you know, how you think that, you know,


Elan and company could be building and, you know, making Bitcoin more sustainable


in the future, put your comments below myself and Michael are going to read


every single one of them.


And upcoming episodes, we're going to be talking about other stuff in our QRL news


round table that's topical related to crypto.


Also stuff that is related to our project, which is the QRL.


So make sure that you, you check that out just if it's your first time.


Go to the QRL.org, just kind of get a general sense about what we do.


And we look forward to seeing you in future episodes.


And, you know, coming for the crypto and staying for the quantum long term.


And Michael, I appreciate you joining us in this conversation and leadness


through the timeline of Elan and Sailor.


And we will see what the rest of 2021 leads.


See ya.


Why Should I Run a QRL Node? - E04

Welcome, Curiel and Crypto enthusiasts, Michael Strike, AK Strike Attack.


Why Should I Run a QRL Node? - E04

Welcome back to your official Quantum Resistant Ledger channel, your video portal into


Why Should I Run a QRL Node? - E04

Pulse Quantum Digital Asset Security.


Why Should I Run a QRL Node? - E04

Today we're going to go over the advantages of running a node on the network.


Why Should I Run a QRL Node? - E04

I'm going to follow a video I'm going to walk you through step by step different ways


Why Should I Run a QRL Node? - E04

to get you started, but let's go over some of the fundamentals first.


Why Should I Run a QRL Node? - E04

Okay, so what's a node in the first place?


Why Should I Run a QRL Node? - E04

A node is a service that runs on a server or any computer that can be run by anyone with


Why Should I Run a QRL Node? - E04

internet access and minimal hardware in order to support the network through validating


Why Should I Run a QRL Node? - E04

or rejecting submitted transactions and then relaying those results to other nodes through


Why Should I Run a QRL Node? - E04

a peer-to-peer protocol.


Why Should I Run a QRL Node? - E04

This is fundamentally different than mining or simply owning a wallet and then you are


Why Should I Run a QRL Node? - E04

actually part of the network.


Why Should I Run a QRL Node? - E04

Miners perform the work to solve problems and nodes approve or deny their submissions.


Why Should I Run a QRL Node? - E04

In other words, nodes have a direct vote on what is approved to be written to the blockchain.


Why Should I Run a QRL Node? - E04

So it's also worth mentioning that mining is generally referred to and talking about


Why Should I Run a QRL Node? - E04

proof of work algorithms such as crypto night, which the goal is to cryptographically


Why Should I Run a QRL Node? - E04

solve difficult puzzles.


Why Should I Run a QRL Node? - E04

If you know what happens to find approved of work solution, it keeps the entire reward.


Why Should I Run a QRL Node? - E04

In proof of stake, instead of miners, there are validators.


Why Should I Run a QRL Node? - E04

The validators will stake or lock up their crypto in the blockchain and while the rules


Why Should I Run a QRL Node? - E04

on how rewards are given are different from implementation implementation, the more


Why Should I Run a QRL Node? - E04

stake generally means a higher reward.


Why Should I Run a QRL Node? - E04

As you know, one of the core values of blockchain is decentralization.


Why Should I Run a QRL Node? - E04

If you use a pool, you're relying on them to not only be available in online, but also


Why Should I Run a QRL Node? - E04

to properly relay your transactions to the network.


Why Should I Run a QRL Node? - E04

But if you run your own QRL node, you don't need anybody, except other nodes to submit


Why Should I Run a QRL Node? - E04

your transactions and the transaction of others, which reduces your overall corner-party


Why Should I Run a QRL Node? - E04

risk.


Why Should I Run a QRL Node? - E04

Many of us have also heard of the concept of zero trust or trustless consensus.


Why Should I Run a QRL Node? - E04

When crypto land, running a node is a little bit analogous to a declaration of crypto sovereignty.


Why Should I Run a QRL Node? - E04

While you're still part of the network, you're acting on your own behalf and taking an


Why Should I Run a QRL Node? - E04

active role in pioneering blockchain technology forward.


Why Should I Run a QRL Node? - E04

Running a node also makes you an active participant in the project, giving you the ability


Why Should I Run a QRL Node? - E04

to vote into what eventually gets irrefutably written into the blockchain.


Why Should I Run a QRL Node? - E04

So let's go over any potential disadvantages.


Why Should I Run a QRL Node? - E04

You'll need some technical expertise on how to spin one up, but I'm going to walk you


Why Should I Run a QRL Node? - E04

through it in a future video.


Why Should I Run a QRL Node? - E04

As of right now, the disk-based requirements are pretty low under 10 gig.


Why Should I Run a QRL Node? - E04

Also if you do mine from your node, you won't get the trickle of quanta like you would


Why Should I Run a QRL Node? - E04

from mining to a pool.


Why Should I Run a QRL Node? - E04

But think about braid-o-be when you find your first block and get the first reward and decide


Why Should I Run a QRL Node? - E04

to tell all your friends.


Why Should I Run a QRL Node? - E04

Well, maybe not that last part.


Why Should I Run a QRL Node? - E04

Depending on your perspective, this could also be an additional advantage.


Why Should I Run a QRL Node? - E04

You'll need a computer to run the node on, but this can be accomplished using the M,


Why Should I Run a QRL Node? - E04

simple computers, background processes, and many other different ways.


Why Should I Run a QRL Node? - E04

Okay, so you've got your node up and running now what?


Why Should I Run a QRL Node? - E04

The QRL online web wallet, downloadable wallet, and mobile wallet can connect to a custom


Why Should I Run a QRL Node? - E04

node.


Why Should I Run a QRL Node? - E04

If you do have your own node, it's recommended that use one of those options to connect


Why Should I Run a QRL Node? - E04

it to your node's internal IP address.


Why Should I Run a QRL Node? - E04

Even from the online web wallet to your external IP address will probably fail unless


Why Should I Run a QRL Node? - E04

you have network address translation configured on your firewall, which comes with a whole


Why Should I Run a QRL Node? - E04

different list of security considerations.


Why Should I Run a QRL Node? - E04

And that's it.


Why Should I Run a QRL Node? - E04

If you want to get started right now, be sure to visit docs.duckql.org.


Why Should I Run a QRL Node? - E04

If you want a quick startup guide on this topic, be sure to check out the Docker node


Why Should I Run a QRL Node? - E04

that's listed on the website.


Why Should I Run a QRL Node? - E04

If you have more questions, feel free to join our active QRL community on Discord.


Why Should I Run a QRL Node? - E04

Thanks for watching, and be sure to keep an eye on for the next video in which we'll


Why Should I Run a QRL Node? - E04

walk you through step by step on spinning up the node for yourself.


Why Should I Run a QRL Node? - E04

Take care and thank you.


QRL Q & A #2- Okay, but exactly HOW might a Quantum Computer Break Bitcoin?

How's it going everyone and welcome back to another episode of the Quantum Resistant


Ledger Channel, your 21st century video portal into the world of post quantum digital asset


security.


I am your co-host Ryan.


I am the director of advocacy here at the QRL.


We are joined by Strike, who is the director of outreach.


And today we are going to be diving into two primary questions that are kind of follow-ups


to what we've been talking about in past episodes.


And Strike, the first question I want to dive into is there's been a bit of confusion


amongst crypto communities regarding the quantum threat and what it is.


So the question I want to post you and just for one for us to dive into today is where


exactly is that threat coming from?


I know with people's opinions different but I love to dive into where exactly do you


see that threat coming from?


Yeah, so there's a lot of speculation online as to a lot of confusion as well as to what


this threat is and where it actually exists.


So it's probably good to clarify some of that and break it down and do some really, really


simple components which is surprisingly easy to do.


So in order to understand where the threat exists, you need to understand a little bit


about Bitcoin.


So I'll use Bitcoin as the example here.


The same concept supply to altcoins and the rest of the blockchain ecosystem in all


likelihood but we use Bitcoin as a reference.


So with Bitcoin addresses, Bitcoin is essentially a 256-bit random number.


Now there's different wallets will get to this 256 random bits in different ways but at


the end of the day, a Bitcoin wallet is just a 256-bit random number.


That's the first component.


The second component is once you have this random number, that is your private key for Bitcoin.


From that private key, your computer will perform a function called elliptical curve multiplication


and through this elliptical curve multiplication process, you end up with your public key


and your public key is what you share with everyone else to send to.


So where the whole issue comes in is this process between this 256-bit random number which


is your private key to where your wallet generates from that a public key through this elliptical


curve multiplication process.


That is conventionally considered to be a one-way function.


It only works in one way.


You can take a private key and you can generate a public key but you can not take a public


key and generate a private key.


This whole quantum threat that everyone is talking about is the ability to be able to


take that using short algorithm and a process called quantum-free or transform and cube


it with a sufficiently powerful quantum computer.


You in theory can take that public key and generate a valid private key.


So this is less about reusing addresses and a lot of the other things that you hear people


talk about online as far as security concerns and anonymity.


This is less about any of that.


It really just comes down to this one fundamental part.


In the early days Bitcoin used to write the public keys into the blockchain.


Nowadays, just the hashes are being written into the blockchain.


As far as we know, there isn't a conventional or quantum way to be able to take a hash


in the blockchain and then be able to find and then be able to transfer that into a private


key.


As far as we know, that doesn't exist.


But the fact is that public keys are everywhere.


They were never really intended to be private.


So I mean, they exist.


I saw something online the other day where it says up to 30% of public keys are within the


Bitcoin block space, within the Bitcoin block space, we're already known.


So like I said, these were never intended to be private, but it was also Bitcoin was never


built around the quantum threat.


So this one way function of being able to go from this one way function of generating


a public key from a private key was never intended or imagined to be reversed theoretically


at the time.


But with a sufficiently powerful quantum computer, you in theory can do that.


So I hope that explains a little bit about the Bitcoin wallet process and breaks that down


into something understandable and digestible.


Now I appreciate it.


It's very complex, but to try to break it down into a succinct answer like that, that


really helps one part that I want to kind of go into is kind of the second and final


question just for today's episode is there's been talk and you know, whether we're talking


Bitcoin or Ethereum and how it's tied to the quantum threat of, hey, when the quantum


threat, you know, when when it reaches a point where it's actually a threat, you hear


some people talk about, well, you know, at that point, there's really not a worry.


We already have a plan for that.


There's just going to be a simple, you know, not a simple, but there'll be an upgrade


or it'll fork at that time to something that's quantum to secure.


But can you dive a little bit into what they're saying behind that and then actually,


you know, what is more of the likely scenario, what's going to happen?


Because just saying that you're going to upgrade or, you know, fork to something that's


quantum secure, then it doesn't really, you know, if you go on to YouTube or if you're


just searching, you know, the interwebs, it doesn't really give it.


It's not really a good answer and I don't think it really answers the question.


So could we dive into that a little bit?


Yeah.


So if you go online and you start looking at what people are saying regarding their


projects or, you know, if they're, you know, if they're in support of a project, they'll


say all of the conversations come down to essentially one thing.


And if you, if you distill everything, it comes down to, well, the project will just


be hard for it.


But with many things in life, you have to look, you have to look below the surface.


Hard forking by itself is something that projects do somewhat often, I would say, but the


type of hard fork and the projects that would need the hard fork and the, and the scope of


the quantum threat are really things that are things that people aren't really talking


about.


I'll use Bitcoin for an example.


If you go online, you'll see, okay, well, is, is, is the quantum threat, does that, does


that directly threaten Bitcoin?


You'll see Paul's, of course not.


Bitcoin can just hard fork.


Okay, well, that's not entirely, that's not entirely true.


If you, if you were to hard fork Bitcoin, the problem isn't really the protocol itself


and some sort of consensus model.


The problem is the addresses themselves.


As we talked about a few minutes ago, you have the private address and then you have


the public address.


These are the addresses that are in the beginning of the blockchain are in there now.


And this, this is a fundamental part of the chain.


In order, in order for you to go quantum secure in Bitcoin, you'd have to change the


entire addressing structure.


Now, respective to consensus, Bitcoin does consensus very well with proof of work, right?


It uses, it uses modern, it uses, you know, relative to the modern cryptography in order to


reach consensus on transactions.


But what it really doesn't do as well is consensus for governance of the protocol.


This is completely distributed.


So point being, if you were to try and make, let's say you want, let's say there was


a sufficient number of people came together in this openly governed project, which is Bitcoin


and they wanted to go quantum.


You would have to gain consensus, not just ongoing quantum secure, but the type and way


in which you wanted to go quantum secure.


Then you would need to find consensus on the code and then you would need to have everyone


change their addresses at some point and you would have to have everyone upgrade their nodes.


Essentially, everything would need to change.


I mean, I can't consider, I can't view it anything less than what would be Bitcoin 2.0.


So it's not, the type of change would be, I would say the scale or scope of this type of


change would be unprecedented in the blockchain community.


So not to say it's impossible.


The crypto, you know, the crypto ecosystem has incredibly dedicated, you know, incredibly


dedicated and intelligent developers, you know, there's a lot of creativity in this entire


space with people varying scale sets, you know, all over the world.


But if, you know, I definitely see consensus as far as like governance of the Bitcoin


protocol in order to reach something that is actually a high quality post-quantum secure


project, that's what, that's where the challenge really is.


Some other, some other alcoins may have some advantages in this area.


You'll see a lot of, I'll just use Polkadot for example, you know, Polkadot has,


the distributed governance model in which you can go online and you can vote and things


like that.