Latest / The Paul Barron Crypto Show / Bitcoin Reaches Peak FUD!🔥Fixing Quantum🚨 INTERVIEW with Chris Tam BTQ Technologies

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Bitcoin Reaches Peak FUD!🔥Fixing Quantum🚨 INTERVIEW with Chris Tam BTQ Technologies · The Paul Barron Crypto Show

• 0:00
  Speaker 1: Peak Bitcoin fud is here and maybe we're nearing a
• 0:04
  Speaker 1: potential civil war around the bitcoin community. Today, we're going
• 0:06
  Speaker 1: to break it down. Let's just jump right into it.
• 0:08
  Speaker 1: I want to start off with a clip today that
• 0:12
  Speaker 1: will kind of set you back if you're in crypto,
• 0:14
  Speaker 1: It'll make you think about what's going on out there.
• 0:16
  Speaker 1: This is Professor Jiong talking about bitcoin.
• 0:20
  Speaker 2: Take a look, who do you think is Satoshi Nakamoto?
• 0:23
  Speaker 2: When you do game through analysis, you end up with
• 0:25
  Speaker 2: a CIA.
• 0:26
  Speaker 3: Okay, you have that.
• 0:27
  Speaker 4: I actually said this question, where are the blockchain servers located?
• 0:32
  Speaker 5: Right?
• 0:32
  Speaker 6: I want to know where the databases are, where the
• 0:35
  Speaker 6: servers are physically.
• 0:40
  Speaker 1: So, guys, this is really what we're getting at. There's
• 0:42
  Speaker 1: a lot of fun kind of hitting the streets. We're
• 0:44
  Speaker 1: just we're not, you know, trying to discredit one way
• 0:46
  Speaker 1: or the other, just kind of showing you. Example here,
• 0:48
  Speaker 1: of course, was a Twitter a post out there kind
• 0:51
  Speaker 1: of responding to Jiang's statement that it's CIA. Yes, there's
• 0:55
  Speaker 1: issues where there are unknown you know, nodes out there.
• 0:58
  Speaker 1: The United States still leading the spot, but this also
• 1:01
  Speaker 1: could be individuals that are within this. Then of course
• 1:04
  Speaker 1: you had the John Stewart interview. All of this, This,
• 1:07
  Speaker 1: of course, was Ben Mackenzie futting crypto and all a crypto,
• 1:11
  Speaker 1: not just bitcoin, and what that looked like. If you
• 1:14
  Speaker 1: want to learn a little bit more about Ben mackenzie,
• 1:16
  Speaker 1: he's an actor, has some economic background, but not necessarily
• 1:20
  Speaker 1: full on. So let me go to a clip. Here's
• 1:22
  Speaker 1: some of the BS that was being spewed on the
• 1:24
  Speaker 1: john Stores show. Take a look.
• 1:26
  Speaker 5: I would really just separate them into two categories, which
• 1:29
  Speaker 5: is the speculative cryptocurrencies, which is bitcoin ethereum, and the
• 1:33
  Speaker 5: twenty thousand cryptocurrencies that the price goes up and down.
• 1:36
  Speaker 5: You would that be like Malania coin, and.
• 1:39
  Speaker 4: It's all stupid. It's all stupid. It's worse than our
• 1:42
  Speaker 4: regulated system, which is saying a lot. You could use
• 1:45
  Speaker 4: that for good, but you're really using it for crime.
• 1:48
  Speaker 1: It's an etf of gun running and drug running and
• 1:51
  Speaker 1: sex trafficking.
• 1:52
  Speaker 4: That's the majority, Yes, an overwhelming majority of ships are
• 1:57
  Speaker 4: going through the straighter from Moose right now paying in cryptocurrency.
• 2:00
  Speaker 4: Half of the North Korean nuclear weapons program?
• 2:04
  Speaker 3: Are you fucking kidding? Why is it?
• 2:06
  Speaker 2: I don't understand this.
• 2:08
  Speaker 4: This is blowing my mind, dude.
• 2:11
  Speaker 5: It's so wild.
• 2:12
  Speaker 1: They were talking about a small fraction of crypto being
• 2:15
  Speaker 1: used for illicted activities versus what we see in you know,
• 2:19
  Speaker 1: the illicit activities that are actually run on the fiatrails,
• 2:22
  Speaker 1: you know, like cash, bank accounts, all sorts of shadow
• 2:25
  Speaker 1: governments that are out there that's been around forever. Len
• 2:28
  Speaker 1: Alden said, hey, listen, if you really want to talk
• 2:29
  Speaker 1: to someone that actually knows what's talking about, let me know,
• 2:32
  Speaker 1: because this is the kind of fud that we shouldn't
• 2:35
  Speaker 1: be looking at now. What the real problem is right
• 2:38
  Speaker 1: now is really boiling down to the issue of quantum
• 2:41
  Speaker 1: proof and Bernstein came out with some research They analyzed
• 2:45
  Speaker 1: bitcoin's quantum computing risks. This has started to accelerate in
• 2:49
  Speaker 1: a big way. I'll zoom in on one specific area,
• 2:51
  Speaker 1: approximately fifty percent from its peak. This isn't talking about
• 2:55
  Speaker 1: bitcoins price in October. This is all reflecting a heightened
• 2:59
  Speaker 1: market anxiety regarding these quantum threats. And that's the point
• 3:04
  Speaker 1: that really we're boiling into, is that we are in
• 3:07
  Speaker 1: a position right now, we're quantum computing risks stalling the
• 3:10
  Speaker 1: institutional bitcoin investment. Kevin O'Leary has already referenced this saying
• 3:14
  Speaker 1: he's only going to allocate three percent. Is that the
• 3:17
  Speaker 1: kind of limit? Does that put a hard cap on
• 3:21
  Speaker 1: major institutional capital coming into bitcoin? Just because of what's happened,
• 3:25
  Speaker 1: and it has started to move the bitcoin community into
• 3:29
  Speaker 1: all sorts of potential solutions, none of which are good
• 3:33
  Speaker 1: because it actually breaks the bitcoin code and the religion
• 3:37
  Speaker 1: behind it. If you believe that is the case, I
• 3:40
  Speaker 1: want to play a clip from Charles Hoskinson kind of
• 3:43
  Speaker 1: talking about this.
• 3:44
  Speaker 3: Take a look, we have this adversary called a quantum computer.
• 3:49
  Speaker 3: Normally not an issue, but remember the bitcoiner is what
• 3:52
  Speaker 3: they did is they took technology and they turned it
• 3:54
  Speaker 3: into religion. Suddenly God has abandoned you. This is a
• 4:00
  Speaker 3: proposal written by credible people who called us all shit coiners,
• 4:04
  Speaker 3: to freeze all bitcoin, force a migration to post quantum addresses,
• 4:10
  Speaker 3: and effectively steal one point seven million bitcoin from the
• 4:16
  Speaker 3: rightful holders. What happened to there is only ever going
• 4:19
  Speaker 3: to be twenty one million coins and self custody and
• 4:22
  Speaker 3: bitcoin never needs to change, and everything's perfect and Sotoshi's God.
• 4:27
  Speaker 3: The first lie in the BIP is here where they
• 4:30
  Speaker 3: say it's a soft fork to actually do this, you
• 4:32
  Speaker 3: need a hard fork, buddy, your core developers telling you
• 4:36
  Speaker 3: straight in your face, thirty four percent of your supply
• 4:41
  Speaker 3: is vulnerable, and here's your hard fork here. You didn't
• 4:46
  Speaker 3: want to admit it, but this would require hard fork
• 4:48
  Speaker 3: users with frozen quantum vulnerable funds and an HD wallet
• 4:52
  Speaker 3: seed phrase can construct a quantum safe proof to recover funds.
• 4:55
  Speaker 3: That's a lie. One point seven million coins can't do that,
• 5:01
  Speaker 3: one point one million of which belong to Sutoshi. Here's
• 5:05
  Speaker 3: the thing, it's not a bad proposal, it really isn't.
• 5:08
  Speaker 3: I understand why they wrote it because if they don't
• 5:10
  Speaker 3: do this, that money will be stolen. That's a fact.
• 5:13
  Speaker 3: And these are generous numbers, eight million bitcoin. What about
• 5:16
  Speaker 3: the bitcoin that's lost. Sorry to gloat a little bit,
• 5:20
  Speaker 3: but there's a long time coming, you stuns of bitches.
• 5:22
  Speaker 3: If you ignore the problem, the flood will come, the
• 5:25
  Speaker 3: tsunami wave will hit you, and I know you're gonna
• 5:28
  Speaker 3: put your heads in the sand because you're a fing cult. Now,
• 5:32
  Speaker 3: we as an industry are here to help. And if
• 5:34
  Speaker 3: you're willing to open up the core of bitcoin, the
• 5:37
  Speaker 3: last time I'll mention it, have the courage to change things.
• 5:42
  Speaker 3: They exist, they're battle tested, they work, and they can
• 5:45
  Speaker 3: turn bitcoin into a leviathan like the world has never seen.
• 5:50
  Speaker 1: Wow, do you think they'll do it? Is the question
• 5:52
  Speaker 1: mark that would be a complete pivot completely on bitcoin.
• 5:58
  Speaker 1: Quantum is a threat. I wanted to get an expert
• 6:01
  Speaker 1: on the show to talk about this because there are
• 6:03
  Speaker 1: issues that institutional capital is facing right now at bitcoin
• 6:07
  Speaker 1: being obviously you have JP Morgan, Morgan Stanley, all of
• 6:10
  Speaker 1: these starting to roll into these ETFs, and of course
• 6:13
  Speaker 1: I bid with Blackrock. All of this has to be
• 6:16
  Speaker 1: answered very soon. So I wanted to get an expert
• 6:18
  Speaker 1: on the show. Let's go to his interview. We of
• 6:21
  Speaker 1: course have Chris tam who is the president and head
• 6:23
  Speaker 1: innovation at BTQ Technologies, kind of carrying on the concept
• 6:29
  Speaker 1: of where quantum is in the relationship to the bitcoin conversation.
• 6:34
  Speaker 1: So I want to kind of start with that because
• 6:36
  Speaker 1: you guys recently did some pretty heavy research on quantum
• 6:41
  Speaker 1: mining or the ability of doing quantum mining with bitcoin,
• 6:45
  Speaker 1: and I wanted to go into first setting the stage.
• 6:49
  Speaker 1: Why did you think this research needed to be done?
• 6:52
  Speaker 6: Yeah, So, obviously quantum computing has been an increasingly sensitive topic.
• 6:59
  Speaker 6: It's been in pretty much every major news outlet ever
• 7:03
  Speaker 6: since the beginning of this year, and really through twenty
• 7:05
  Speaker 6: twenty five, we've seen a ton of progress in the
• 7:07
  Speaker 6: scientific community around the development of these quantum technologies. And
• 7:11
  Speaker 6: so now when we think about really the quantum risk
• 7:15
  Speaker 6: to crypto assets such as bitcoin, it's really front and center.
• 7:19
  Speaker 6: Quantum competing presents the next potential threat to these digital assets.
• 7:24
  Speaker 6: And in order to get clear on what type of
• 7:28
  Speaker 6: risks we're facing, we've broken this down into two really
• 7:33
  Speaker 6: simple categories, two categories that maybe people often conflate with
• 7:37
  Speaker 6: each other, but really there's two risks that that we're
• 7:40
  Speaker 6: dealing with. One is an attack on signatures. This would
• 7:46
  Speaker 6: be you know, everyone knows that your private key is
• 7:48
  Speaker 6: where peopled all their crypto, and that's the number one
• 7:51
  Speaker 6: rule in crypto. Don't show anyone your private key, and
• 7:55
  Speaker 6: that is that's a very real risk. The other real risk,
• 7:58
  Speaker 6: or the other risk that people conflate with, you know,
• 8:01
  Speaker 6: quantum ersk to bitcoin is at tax on mining. So
• 8:04
  Speaker 6: in other words, what if a quantum computer is able
• 8:07
  Speaker 6: to mine more blocks than anyone else in the network
• 8:10
  Speaker 6: and then we lose that you know, decentralized block production,
• 8:14
  Speaker 6: and really that's the angle that we're focused on. We
• 8:17
  Speaker 6: evaluated how much energy, time and resources would it take
• 8:22
  Speaker 6: for a quantum adversary to break the bitcoin mining protocol,
• 8:26
  Speaker 6: and it turns out that it's very significant.
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  Speaker 1: So this is a little stark because you think about
• 8:34
  Speaker 1: the ability to mine out we're approaching midway on hash
• 8:38
  Speaker 1: right now, just I think just a very short time
• 8:41
  Speaker 1: away and the back half of being able to mine
• 8:45
  Speaker 1: all bitcoin, especially if you look at the capability of
• 8:50
  Speaker 1: where bitcoin could be in terms of just price value
• 8:53
  Speaker 1: in the next decade, we're talking about a significant impact
• 8:57
  Speaker 1: on the ecosystem. So a nation state, bad actors, I mean,
• 9:01
  Speaker 1: we're getting into all sorts of things. The numbers that
• 9:05
  Speaker 1: I saw in some of the report data that you
• 9:07
  Speaker 1: sent to me this kind of blew my mind, is
• 9:10
  Speaker 1: that the output to mine a bitcoin is now nearing
• 9:13
  Speaker 1: the output of like a star, as in a celestial star.
• 9:18
  Speaker 6: So that's the energy output required in order for a
• 9:21
  Speaker 6: quantum computer to marketitcoin. And the point here is saying
• 9:26
  Speaker 6: it's extremely unlikely that we'll have a quantum adversary being
• 9:31
  Speaker 6: able to mine bitcoin faster than one of the a
• 9:35
  Speaker 6: six or one of the bookmans of today. And really
• 9:38
  Speaker 6: as a result, what we're directing people's attention focused to
• 9:43
  Speaker 6: is the more short term and real risk of the
• 9:46
  Speaker 6: quantum attacks on digital signatures.
• 9:49
  Speaker 2: I need people's private keys.
• 9:52
  Speaker 1: So minding not the issue, at least not now. You
• 9:55
  Speaker 1: look at where quantum comes in, right And of course
• 10:01
  Speaker 1: I'm hearing that there's relationship now from the Ethereum Foundation
• 10:06
  Speaker 1: with a lot of the core devs of Bitcoin. They're
• 10:08
  Speaker 1: trying to solve this. They're actually maybe going to work together,
• 10:11
  Speaker 1: which was a little crazy. I even heard some news
• 10:14
  Speaker 1: about Adam back doing that. So explain to me what
• 10:18
  Speaker 1: you guys are doing to kind of solve this solution
• 10:21
  Speaker 1: right now?
• 10:23
  Speaker 2: Yeah, exactly.
• 10:23
  Speaker 6: So a lot of what we're doing is trying to
• 10:25
  Speaker 6: bring these tangible, real world solutions into the hands of
• 10:30
  Speaker 6: people that people can experiment with, that people can use
• 10:34
  Speaker 6: test we today in order to inform their decision making
• 10:37
  Speaker 6: on how to navigate this quantum risk to Bitcoin to Etheroreum,
• 10:40
  Speaker 6: to Salon and so.
• 10:41
  Speaker 2: On and so forth.
• 10:42
  Speaker 6: And one of the ways that we're doing this is
• 10:44
  Speaker 6: by building a what we're calling a quantum canary network,
• 10:47
  Speaker 6: sort of like the Canary and the coal mine idea,
• 10:50
  Speaker 6: where you know, old miners would send a bird into
• 10:52
  Speaker 6: some caves and figure out whether those birds would drop dead,
• 10:55
  Speaker 6: and if they did that it was a sign that
• 10:57
  Speaker 6: there were talks of gases.
• 10:58
  Speaker 2: Don't go there. The exact same idea with these quantum threats.
• 11:03
  Speaker 6: We're building basically a Bitcoin protocol equipped with the variety
• 11:08
  Speaker 6: of post quantum features, post quantum upgrades, to see what works,
• 11:12
  Speaker 6: what doesn't, and if something does work, what are the
• 11:16
  Speaker 6: trade offs, what does performance look like, what will transaction
• 11:20
  Speaker 6: costs be, how do you scale the network, and really
• 11:23
  Speaker 6: trying to dig into these really tough technical problems without
• 11:27
  Speaker 6: needing to bypass or without needing to confront all the
• 11:32
  Speaker 6: social consensus that bitcoin is implied with. It's fantastic as
• 11:35
  Speaker 6: a protocol, but it moves very slowly, and that's why
• 11:38
  Speaker 6: something like this quantum canary network is very well warranted.
• 11:42
  Speaker 1: So, okay, so this is happening now, This.
• 11:47
  Speaker 2: Is happening now.
• 11:47
  Speaker 6: It's I mean, we've actually been been live on test
• 11:50
  Speaker 6: net since the beginning of the year. It's approaching four
• 11:53
  Speaker 6: months now, and it's something that people We have over
• 11:56
  Speaker 6: one hundred and fifty people on this, you know, some
• 11:59
  Speaker 6: of which are my some of them are some of
• 12:01
  Speaker 6: which are running nodes, some people who have created wallets
• 12:04
  Speaker 6: and are sending these these these tokens around.
• 12:08
  Speaker 2: So it's very much live in production today.
• 12:11
  Speaker 1: Yeah, okay, all right, Well, I think the key here
• 12:14
  Speaker 1: obviously is as institutional adoption is now piling in literally
• 12:21
  Speaker 1: as we near, what could happen with clarity, most likely
• 12:26
  Speaker 1: is that this is going to kind of become front
• 12:27
  Speaker 1: and center in terms of the long game. How are
• 12:31
  Speaker 1: you guys approaching this? I mean, what's the process, what's
• 12:34
  Speaker 1: the timeline? Give me a rundown?
• 12:38
  Speaker 6: Yes, I mean I think you hit it on the head,
• 12:41
  Speaker 6: especially as we've seen through twenty twenty five the sort
• 12:44
  Speaker 6: of institutional adoption of bitcoin. We've seen massive ETF inflows
• 12:49
  Speaker 6: into the asset class. We now have you know, money
• 12:51
  Speaker 6: managers like black Rock who have significant ETF holdings of bitcoin.
• 12:56
  Speaker 6: I think you know, black Rock represents about five percent
• 12:59
  Speaker 6: of the total circulating bitcoins supply. This is very much
• 13:03
  Speaker 6: on the roadmap, right, so they have a fiduciary duty
• 13:06
  Speaker 6: to protect their investors. And you'll have seen through twenty
• 13:10
  Speaker 6: twenty five Rocks, black crocs bitcoin ETF risk disclosures on
• 13:16
  Speaker 6: quantum computing increase something like five x. They've you know,
• 13:20
  Speaker 6: it used to be a small paragraph, now.
• 13:21
  Speaker 2: It's now now it's exactly.
• 13:24
  Speaker 6: And so really what we're looking for in terms of
• 13:26
  Speaker 6: the long game is to help institutions have one alternative,
• 13:31
  Speaker 6: one sort of hedge against the risk that the bitcoin
• 13:35
  Speaker 6: protocol doesn't successfully upgrade to post quantum security. And by
• 13:42
  Speaker 6: doing so, you know, we're we're doing we're giving both institutions,
• 13:46
  Speaker 6: you know, organizations, companies, and as well as retail retail
• 13:50
  Speaker 6: users an opportunity to test out what a post quantum
• 13:54
  Speaker 6: bitcoin could look like today.
• 13:56
  Speaker 1: Okay, so with that test, when you look at that,
• 14:02
  Speaker 1: I guess there's a few things. One, is this going
• 14:04
  Speaker 1: to be something that they can implement on their side?
• 14:07
  Speaker 1: Is this something that implements on the mining side? Where
• 14:10
  Speaker 1: does the technology work?
• 14:13
  Speaker 6: Yeah, so the technology effectively mirrors what bitcoin has today,
• 14:17
  Speaker 6: So it's essentially a copycat. Let's and really what we
• 14:21
  Speaker 6: did was we took the Bitcoin codebase, which is available
• 14:25
  Speaker 6: for every for everybody on GitHub, and we forked it.
• 14:29
  Speaker 6: And we replaced forking just means we make a copy,
• 14:32
  Speaker 6: our own, our own copy of the codebase but we
• 14:36
  Speaker 6: meet some modifications where we replaced all of the vulnerable
• 14:39
  Speaker 6: cryptography with this quantum secure stenography. And so what this
• 14:44
  Speaker 6: produces is this Bitcoin esque network that effectively looks and
• 14:48
  Speaker 6: feels like Bitcoin, but it's just quantum secure. This means
• 14:51
  Speaker 6: that all of the sort of parties involved very much
• 14:57
  Speaker 6: replicate what Bitcoin has. So you have, as we mentioned, miners,
• 15:01
  Speaker 6: you have validators, you have people transacting on the network,
• 15:06
  Speaker 6: and so it really spans across the board in terms
• 15:09
  Speaker 6: of the interested parties. You know, we foresee having exchanges
• 15:14
  Speaker 6: on the network and having market makers, and really it
• 15:17
  Speaker 6: gives the entire DeFi ecosystem, this entire asset class, a
• 15:23
  Speaker 6: way to have some continuity as crypto enters this quantum
• 15:29
  Speaker 6: age thing essentially a quantum alternative or a or a
• 15:34
  Speaker 6: quantum native asset that they can start to interact with.
• 15:38
  Speaker 1: But what has been the response of the community, both
• 15:42
  Speaker 1: on institutional and maybe even on retail when they look
• 15:45
  Speaker 1: at what you guys are doing.
• 15:48
  Speaker 6: Yeah, I mean we've seen a large amount of institutional
• 15:52
  Speaker 6: interest and demand around this type of technology. I mean
• 15:56
  Speaker 6: you have even let's say Michael Sailor's company come out
• 16:00
  Speaker 6: and say, you know, we're we're going to establish this
• 16:03
  Speaker 6: quantum this quantum task force in order to stay ahead
• 16:06
  Speaker 6: of the game here. You're also seeing, as you mentioned,
• 16:10
  Speaker 6: other blockchain foundations like the Theorem Foundation come out in
• 16:14
  Speaker 6: publicly established task forces here. So we're you know, one
• 16:18
  Speaker 6: of many at this point, who let's call it task forces,
• 16:23
  Speaker 6: who have been deployed to solve this problem. But we're
• 16:25
  Speaker 6: certainly probably the furthest ahead in certain in terms of progress.
• 16:29
  Speaker 6: You haven't seen anyone else come out with a live,
• 16:33
  Speaker 6: deployed canary network full of quantum resistant bitcoin features. And
• 16:39
  Speaker 6: this is really something that you know, we've been working
• 16:41
  Speaker 6: on for the past several years, and we you know,
• 16:45
  Speaker 6: took a risk on a number of years ago in
• 16:48
  Speaker 6: terms of building a company around and fast forward a
• 16:52
  Speaker 6: few years to today where quantum computing is top of
• 16:54
  Speaker 6: mind for everybody. We just have that, you know, those
• 16:57
  Speaker 6: years of experience under our belt.
• 17:00
  Speaker 1: So okay, so does implementing your solution prevent the need
• 17:05
  Speaker 1: for bitcoin to undergo a fork hard fork?
• 17:09
  Speaker 6: But I mean that yeah, so that's a that's a
• 17:12
  Speaker 6: question for the bitcoin community. Ultimately, you know, we are
• 17:15
  Speaker 6: not the bitcoin chain. This canary network that we're running
• 17:19
  Speaker 6: is independent of Bitcoin. It would be in it would
• 17:24
  Speaker 6: almost certainly be in Bitcoin's best interest to at least
• 17:27
  Speaker 6: reference things that we're doing on chain, since we're pushing
• 17:31
  Speaker 6: live quantity upgrades today. And again, it sort of serves
• 17:35
  Speaker 6: as a map for what works and what doesn't and
• 17:37
  Speaker 6: what the trade offs are interesting. But ultimately, you know,
• 17:40
  Speaker 6: what bitcoin does is up to its community. I mean,
• 17:45
  Speaker 6: I'm certainly one of many in that community, but what
• 17:48
  Speaker 6: I do know is that Bitcoin moves extremely.
• 17:51
  Speaker 2: Slowly, right. It's you know, it's.
• 17:53
  Speaker 6: Our sort of thinking that the pace or rate of
• 17:58
  Speaker 6: change in Bitcoin doesn't quite match the rate of change
• 18:03
  Speaker 6: needed when confronting exponentially increasing technologies.
• 18:09
  Speaker 1: Well, and that's a problem, and we've seen this in
• 18:12
  Speaker 1: other technology where the speed of change and advancement in
• 18:17
  Speaker 1: core architecture isn't matching out to what the market is
• 18:20
  Speaker 1: now faced with, especially if you start to implement AI
• 18:24
  Speaker 1: and what we're going to see here. I was just
• 18:26
  Speaker 1: watching a little bit on Anthropic and just the element
• 18:31
  Speaker 1: of what they've done in terms of leaping to cyber
• 18:34
  Speaker 1: and the ability of what AI is going to be
• 18:36
  Speaker 1: able to do in terms of finding exploits and vulnerabilities.
• 18:40
  Speaker 1: This is exactly what you're talking about here, So for
• 18:43
  Speaker 1: someone who holds bitcoin right now, or digital assets in general,
• 18:48
  Speaker 1: because I would assume that this is going to affect
• 18:50
  Speaker 1: a lot of other digital assets. But let's go a bitcoin.
• 18:53
  Speaker 1: What would be the takeaway from the research that you
• 18:57
  Speaker 1: guys have done so far?
• 19:00
  Speaker 6: I think the takeaway would be getting clear on what
• 19:02
  Speaker 6: the quantum risks are. Our paper did a really good
• 19:05
  Speaker 6: job articulating that the quantum risk is actually very specific,
• 19:10
  Speaker 6: and it's a specific risk on these signatures on private keys,
• 19:14
  Speaker 6: and that will help you as an individual advocate and
• 19:17
  Speaker 6: assess evaluate different bitcoin improvement proposals and different solutions out
• 19:22
  Speaker 6: there on the market. Right if someone is talking about
• 19:25
  Speaker 6: using a quantum computer to mine bitcoin, they're probably not
• 19:30
  Speaker 6: very serious and any associated products or proposals related to
• 19:34
  Speaker 6: that should be taken with a grain of salt.
• 19:37
  Speaker 2: Yeah, if you're really looking for.
• 19:39
  Speaker 6: Yeah, exactly, I mean we're really we're talking about again
• 19:42
  Speaker 6: that the energy output of a star in order to
• 19:46
  Speaker 6: power a quantum computer to be able to mine bitcoin
• 19:49
  Speaker 6: blocks within that ten minute time frame, something that classical
• 19:53
  Speaker 6: computers are excellent at doing. Contic computers don't achieve that
• 19:56
  Speaker 6: same sort of advantage in the same amount of time, right,
• 20:00
  Speaker 6: And really what we encourage people to do is to
• 20:02
  Speaker 6: look on the market for solutions that are addressing the
• 20:04
  Speaker 6: risk at their core and evaluate whether that's something that
• 20:08
  Speaker 6: they want to be a part of, advocate for, be
• 20:11
  Speaker 6: part of the community for.
• 20:12
  Speaker 2: I definitely push it narrative.
• 20:15
  Speaker 1: Chris Ham, thanks so much for coming in today. We
• 20:19
  Speaker 1: appreciate it because I think this is going to become
• 20:21
  Speaker 1: a big topic as we move forward, which I think
• 20:24
  Speaker 1: is maybe going to be especially with institutions coming at
• 20:29
  Speaker 1: the speed that they are right now. Morgan Stanley just
• 20:31
  Speaker 1: breaks in and many more. I imagine banks are going
• 20:34
  Speaker 1: to be on their way, So this is going to
• 20:36
  Speaker 1: get I think, front page news very soon. So thanks
• 20:39
  Speaker 1: for all the work you guys are doing. We appreciate
• 20:41
  Speaker 1: you stopping in.
• 20:43
  Speaker 2: Yeah, thanks for having us Paul.
• 20:51
  Speaker 1: If you like this video, like and subscribe, drop a
• 20:53
  Speaker 1: comment down below, and also join our free private member group.
• 20:57
  Speaker 2: The link is in the description.