Why Bitcoin Developers Are Not Incentivized to Talk About the Quantum Threat

The podcast explores the quantum computing threat to cryptocurrency, focusing on the potential for quantum computers to break current cryptographic methods like elliptic curves. Guests Chris Peikert and Justin Drake estimate the arrival of cryptographically relevant quantum computers by the early 2030s, emphasizing the need for immediate action due to the lengthy migration to new cryptography. They highlight the systemic risk to the entire crypto industry, where property rights could crumble as public keys become vulnerable. A key mitigation strategy involves hiding public keys behind hashes, particularly for cold storage wallets. The discussion also covers the race to develop quantum computers, with governments and public companies as major players, and assesses the vulnerability of different blockchains, with Bitcoin facing social and technical challenges in upgrading its cryptography.