Latest / Simply Bitcoin / BREAKING: 1.7 Million Bitcoin EXPOSED. Google Set the Date. 2029 | Simply SatoSHE

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BREAKING: 1.7 Million Bitcoin EXPOSED. Google Set the Date. 2029 | Simply SatoSHE · Simply Bitcoin

• 0:00
  One of the top tech companies in the world just released a 22
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  page report claiming that bitcoin's security algorithm may
• 0:09
  be at risk. Every coin, every transaction
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  tracked and putting your Bitcoin at risk.
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  Here's what they're reporting. Breaking bitcoins cryptography
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  requires 20 times fewer resources than anyone previously
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  thought. We're talking about a quantum
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  computer that could crack the encryption protecting your
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  wallet in minutes. Google set a 2029 deadline, and
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  the price of Bitcoin just dropped into the 60s.
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  I want you to sit with that for a second because it sounds
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  terrifying and honestly, part of it is.
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  But the bigger question is why drop this information now?
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  Who wrote this? Is this a coordinated attack or
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  a genuine concern? Let's find out.
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  Welcome back to Satoshi. Let's get into it.
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  Bitcoins wallet security relies on something called elliptic
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  curve cryptography, specifically ECDLP 256.
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  In plain English, when you create a Bitcoin wallet, a
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  mathematical relationship between your private key and
• 1:13
  your public key protects your funds.
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  The assumption has always been that solving that mathematical
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  problem would require millions of quibbets more computing power
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  than any realistic quantum computer would ever have.
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  Google's paper changes that S dramatically.
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  They've compiled quantum circuits, essentially the code
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  for how a quantum computer would run the attack, that require
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  fewer than 1200 logical quibits and under 500,000 physical
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  quibits to break ECDLP 256. That's a 20 fold reduction from
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  prior estimates, and they say that it could be done in
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  minutes. Now here's what I want to be
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  precise about, because the coverage has been sloppy.
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  What the paper says, a future quantum computer could break
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  bitcoins wallet encryption. What the paper does not say that
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  this is possible. Today, no quantum computer with
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  500,000 physical quibits exists. The most advanced quantum
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  processors today have a few thousand, and we are nowhere
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  near that capacity yet. Google published this to give
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  the cryptocurrency community time to upgrade, not to announce
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  that Bitcoin is already broken. In fact, Bitcoin might not even
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  be a thing in this. It might really just affect the
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  shit coins. Their own words.
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  We want to raise awareness on the issue and are providing the
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  cryptocurrency community with recommendations to improve
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  security and stability before this is possible.
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  There's also a crucial distinction in the mainstream
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  coverage that is completely missing.
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  Bitcoin actually uses 2 cryptographic systems.
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  Shocked 256, which powers Bitcoin mining and proof of
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  work, is not vulnerable to quantum attacks.
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  The paper is specifically about ECDSA, the signature algorithm
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  used for wallet keys. The Bitcoin network itself is
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  not at risk. Specific exposed wallets are
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  which wallets are exposed primarily 2 types.
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  First. Wallets that have already sent a
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  transaction, because when you send, your public key becomes
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  visible on the blockchain. Second to PK outputs the oldest
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  Bitcoin addresses, including Satoshi era coins where the
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  public key was exposed. By design, about 1.7 million
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  bitcoins sits in these vulnerable addresses.
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  If you've never sent from a wallet and you're using a modern
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  address type, your coins are significantly safer.
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  Now here's where it gets a little interesting.
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  The T is that the Google Paper names its partners Coinbase, the
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  Stanford Institute for Blockchain Research, and the
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  Ethereum Foundation. The paper was co-authored by
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  someone employed by the Ethereum Foundation and the paper dropped
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  on the same day that Ethereum launched its quantum resistance
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  portal. I'm gonna let that sit for a
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  second. Now, I'm not saying Google's
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  findings are fake. The math is the math.
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  The threat is real. But the timing, the
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  partnerships, and the narrative framing of this paper are worth
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  examining carefully. Because here's what's happening
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  in the coverage. Bitcoin is being portrayed as
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  vulnerable and unprepared. Etherium is being portrayed as
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  proactive and ahead of the curve.
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  The paper specifically mentions that Etherium is already testing
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  post quantum alternatives like BLS12-381.
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  Google's own blog post mentions the Etherium Foundation by name
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  as a collaborative partner. Meanwhile, Bitcoin is framed as
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  having no coordinated response. And yet Bitcoin Magazine
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  confirmed this week that ABIP 360, a Bitcoin improvement
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  proposal specifically designed to make Bitcoin quantum
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  resistant, is already deployed on test net.
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  Developers are literally writing the code right now.
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  Developers, developers, developers, developers.
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  The narrative doesn't match the reality.
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  And the question that you should be asking is who benefits from
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  that gap? Google's own paper warns that
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  unscientific fear is, and I'm quoting directly, an attack on
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  the system. The irony of that statement,
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  given the coordinated timing of this release, is not lost on me.
• 5:45
  And look, if this episode has you thinking about the security
• 5:48
  of your own stack, that's exactly the right instinct.
• 5:51
  That's where the Bitcoin Way comes in.
• 5:53
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• 5:57
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• 6:02
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• 6:05
  control of your stack. Book a free 30 minute
• 6:08
  consultation at the bitcoinway.com/simply.
• 6:11
  Tell them Satoshi sent you. Here's the theory I want to put
• 6:14
  forward, and I want to be transparent in that this is my
• 6:17
  opinion, not an established fact.
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  But I think it's worth saying out loud.
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  Building a quantum computer capable of breaking bitcoins.
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  Cryptography is not something an individual, a startup, or even
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  most corporations can do. We're talking about a machine
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  requiring hundreds of thousands of physical Quibbets operating
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  at temperatures colder than outer space, requiring
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  extraordinary cooling infrastructure, billions of
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  dollars of investment, and years of coordinated engineering at a
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  nation state level. The entities that can build this
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  are Google government research labs and state sponsored
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  programs like China's Quantum Initiative.
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  These are not decentralized actors.
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  These are the most centralized, most powerful institutions on
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  the planet. And here's the thing about those
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  institutions. They need centralized currency
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  to maintain control, the ability to print money, to freeze
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  accounts, to monitor financial transactions, to cut people off
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  from the financial system. That is a fundamental pillar of
• 7:22
  how modern states exercise power, and Bitcoin is a direct
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  threat to that pillar. A fixed supply, permissionless,
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  censorship resistant monetary network that nobody controls is
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  the last thing that a centralized power structure
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  wants to see succeed. So ask yourself, what is the
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  incentive structure here? The most powerful centralized
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  actors on the planet have both the means to build quantum
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  computers and the motive to use them against the most powerful
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  decentralized monetary network ever created.
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  Quantum isn't just a technical threat to Bitcoin, it's the most
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  powerful tool a centralized system has to fight back against
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  a decentralized 1. And yet, Bitcoin has survived 17
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  years of existential threats, code bugs, exchange hacks,
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  regulatory crackdowns, bands, bear markets.
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  Every single time the network adapted and got stronger.
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  So here's what I find genuinely fascinating about Bitcoin.
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  And it connects to something bigger than just quantum.
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  Bitcoin is, in a very real sense, the first network in
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  history where human beings have a direct economic incentive to
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  ensure its survival and upgrade its defenses.
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  Miners, developers, node operators.
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  They're not doing this out of the Bitcoin they hold.
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  Mine and earn only has value if the network survives.
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  The having creates A perpetual economic engine that funds
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  security indefinitely. The open source development
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  model means that when a threat is identified like quantum, the
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  best cryptographers in the world have every incentive to solve
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  it. BIP 360 being on test net right
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  now is not an accident, it's bitcoins immune system
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  activating. The same way that the network
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  adapted to SegWit, to taproot, to lightning.
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  It will adapt to quantum not because someone told it to,
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  because the incentive structure demands it.
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  And here's the other thing post quantum cryptography doesn't
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  just protect Bitcoin. Shaw 256 in quantum resistant
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  signature schemes will eventually be the security
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  backbone of the entire digital economy.
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  Banking systems, government databases, military
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  communications. Bitcoin is not fighting this
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  battle alone. The entire Internet has to solve
• 9:51
  this problem, and the solutions being developed, including VIP
• 9:55
  360, will be part of the global upgrade that benefits everyone.
• 10:00
  Google set a 2029 deadline to migrate its own systems. the US
• 10:05
  government is working on it. Bitcoin developers are already
• 10:09
  on test net. Everyone is moving.
• 10:11
  So the question isn't whether Bitcoin can adapt, it's whether
• 10:15
  it can adapt fast enough. And the answer based on the
• 10:18
  history of this network is a yes.
• 10:23
  And if any of this makes you think about your own Bitcoin
• 10:25
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• 10:29
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• 10:52
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• 10:56
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• 11:00
  OK, enough theory. Let's talk about what this
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  actually means for you right now.
• 11:05
  First, don't panic. The Google Paper is a warning
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  about a future threat and not an announcement that Bitcoin is
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  already broken. No quantum computer capable of
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  this attack exists today. Second, stop reusing wallet
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  addresses. Every time that you send from
• 11:21
  the same address, your public key is exposed on the
• 11:24
  blockchain, so use a new address for every transaction.
• 11:28
  Every modern wallet makes this easy.
• 11:30
  Third, if you have coins in the old P2, PK addresses the very
• 11:36
  old Bitcoin address format. First of all, you're probably a
• 11:39
  billionaire. Second of all, those are the
• 11:41
  highest risk. If you have access to those
• 11:44
  keys, consider moving those coins to a modern address type
• 11:48
  if you want to still be a billionaire. 4th watch VIP 360.
• 11:52
  It's on test net now. When it moves to main net, it
• 11:55
  could be the most important Bitcoin upgrade since Taproot.
• 11:59
  Understand what it does. It introduces quantum resistant
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  signature schemes that protect your keys even against a few
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  future CRQC 5th and most importantly, the fact that this
• 12:11
  threat is being discussed openly, that developers are
• 12:14
  already building solutions, that Bitcoin magazine is covering VIP
• 12:19
  360 that check matey read the paper and called for a formal
• 12:23
  plan that is the system working exactly as it should.
• 12:28
  Bitcoin has no CEO to panic. It has a community of thousands
• 12:32
  of developers and millions of hodlers who all have economic
• 12:36
  skin in the game, and that is not a weakness.
• 12:39
  That is the strongest security model that has ever been
• 12:42
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• 12:44
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• 13:06
  Do not sleep on this. Bitcoin has been called dead and
• 13:10
  then resurrected more times than I can count.
• 13:12
  Trust me, I've been in the space long enough to know every threat
• 13:16
  gets louder right around the bottom of a bear market.
• 13:19
  Funny how that works. The Google paper is real, the
• 13:22
  threat is real, nobody is denying that, and the timeline
• 13:26
  is real. And bitcoins response already on
• 13:29
  test net, already in development is also real.
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  So here's what I keep coming back to.
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  The most powerful centralized institutions on the planet are
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  spending billions of dollars building the technology that
• 13:43
  they hope will finally break Bitcoin and Bitcoins.
• 13:46
  Response is a volunteer community of developers who hold
• 13:50
  the asset and have everything to lose.
• 13:53
  History says bet on the people with skin in the game.
• 13:57
  Thanks for watching simply Bitcoin Satoshi.
• 13:59
  Don't forget to smash the like button.
• 14:01
  Share the show with your friends and drop a comment below.
• 14:04
  I read them all. Follow me on X at Internet
• 14:07
  Sophie and as always, stack, slay and stay bullish baby.