U.Today

This week was marked by several events in the world, technology, and cryptocurrencies, but perhaps the most hyped was the news about Willow, a new quantum chip developed by Google (NASDAQ: GOOGL). This computer solved a problem in five minutes that would take the fastest supercomputer 10 septillion years.

This news is related to cryptocurrencies in that such devices may easily hack into blockchains and crypto wallets, potentially destroying their security.

Previously, the theory that the emergence of a quantum computer could threaten the existence of cryptocurrencies was actively discussed. However, it was not taken seriously until now. The news from Google shook the market, resulting in at least $2 billion in liquidated positions of crypto traders.

Against this backdrop, many speculate whether the threat is real. Craig Wright, the controversial Australian businessman claiming to be Bitcoin's creator, Satoshi Nakamoto, weighed in.

"Bedtime Story"

Wright stated on social media that the crypto community should not worry about quantum computers.

Why not? According to Wright, they do not exist, and even if they did, quantum computers and Shor's algorithm cannot solve the hash problem. He insists that all the noise around it is just a "bunch of lies."

He explains that a quantum computer will never break a hash, and speculation about it is merely a "bedtime story for people who want to feel smart."

However, there remains an issue regarding key security; quantum computers might extract a private key from a public key. Some cryptologists argue this is not currently possible, but it cannot be entirely ruled out in the future.

This article was originally published on U.Today