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So does BTC need to hard fork? Good luck getting to a consensus again ...

by GeoSys 6mo ago

r4indeer 6mo ago
If QC gets to the point where breaking RSA and ECC in the real world is actually going to happen, I'd imagine you will find a consensus rather quickly.
- deleted 6mo ago
  [deleted]
haakon 6mo ago
If an upgrade becomes necessary, it would be a soft fork. (Consensus would still be a challenge)
sMarsIntruder 6mo ago
I’m impressed by the BTC obsession: this will definitely impact the banking sector as a whole even before. Quantum FUD, here we come.
- tsimionescu 6mo ago
  The banking sector can relatively trivially move to a new encryption scheme - this is one of the huge advantages of centralized systems. Also, the banking sector, rather than trying to provide anonymity/pseudonimity, has KYC - they can relatively simply disable remote access if they think a current system is no longer secure, and get everyone to come in to a physical office and get a secure version, after manually verifying they are the rightful holder of the account. Tldr; Bitcoin relies entirely on encryption, banking does not. So broken encryption is a catastrophe for Bitcoin, but just a bad week for banking.
  - zahlman 6mo ago
    > they can relatively simply disable remote access if they think a current system is no longer secure, and get everyone to come in to a physical office After all these years of it not being required? I think that's... very naive with regard to how clients would respond.
    - tsimionescu 6mo ago
      I'm not saying it would be pretty, but it would still be infinitely better than what migtn happen in Bitcoin land - where people will either be able to steal money from those wallets directly, or the owners will permanently lose access.
  - sMarsIntruder 6mo ago
    Upgrading decades old legacy systems? Good luck with that.
    - tsimionescu 6mo ago
      External access to banks is already using the latest versions of TLS, so no luck needed, they will just need to upgrade as they do constantly.

So does BTC need to hard fork? Good luck getting to a consensus again ...

by GeoSys 6mo ago

So does BTC need to hard fork? Good luck getting to a consensus again ...

If QC gets to the point where breaking RSA and ECC in the real world is actually going to happen, I'd imagine you will find a consensus rather quickly.

deleted 6mo ago
[deleted]

haakon 6mo ago

If an upgrade becomes necessary, it would be a soft fork. (Consensus would still be a challenge)

sMarsIntruder 6mo ago

I’m impressed by the BTC obsession: this will definitely impact the banking sector as a whole even before. Quantum FUD, here we come.

tsimionescu 6mo ago
The banking sector can relatively trivially move to a new encryption scheme - this is one of the huge advantages of centralized systems. Also, the banking sector, rather than trying to provide anonymity/pseudonimity, has KYC - they can relatively simply disable remote access if they think a current system is no longer secure, and get everyone to come in to a physical office and get a secure version, after manually verifying they are the rightful holder of the account. Tldr; Bitcoin relies entirely on encryption, banking does not. So broken encryption is a catastrophe for Bitcoin, but just a bad week for banking.
- zahlman 6mo ago
  > they can relatively simply disable remote access if they think a current system is no longer secure, and get everyone to come in to a physical office After all these years of it not being required? I think that's... very naive with regard to how clients would respond.
  - tsimionescu 6mo ago
    I'm not saying it would be pretty, but it would still be infinitely better than what migtn happen in Bitcoin land - where people will either be able to steal money from those wallets directly, or the owners will permanently lose access.
- sMarsIntruder 6mo ago
  Upgrading decades old legacy systems? Good luck with that.
  - tsimionescu 6mo ago
    External access to banks is already using the latest versions of TLS, so no luck needed, they will just need to upgrade as they do constantly.