Mike Novogratz, CEO of financial firm Galaxy Digital, recently disclosed a massive $9 billion trade in Bitcoin (BTC) made by one of his clients, which appears to be related to fears about quantum computing. This mention sparked a discussion about the urgency of Bitcoin to prepare for this potential quantum threat.
Novogratz suggested that quantum computing is currently serving as a pretext for such sales. The businessman downplays short-term technological risks, Trust your developers to implement the necessary changes in a timely manner.
The event sparked a public confrontation between key players in the ecosystem. Discuss with the community Whether the protocol ignores immediate existential threats. That casts serious doubt on the current readiness of Bitcoin developers.
The debate begins: buying and selling millions of dollars.
Nick Carter, an analyst and partner at Castle Island Ventures, interpreted Novogratz’s words as a serious warning. Carter claims that fear of quantum computing directly influenced the Bitcoin whales’ decisions.
In response to Carter’s claims, Alex Thorne, head of research at Galaxy Digital, asserted that quantum threats were not a motivating factor for customers to leave. He said Carter’s interpretation was incorrect and asked to see the official record of Novogratz’s words.
Thorne said Novogratz only mentioned the matter. like a story It is becoming common in the market.
Despite the clarification, the discussion escalated to the validity of Bitcoin’s technological development, with Carter saying that long-time investors They are losing faith in the resilience of the protocols.
He added that the lack of a clear quantum roadmap is scaring institutional capital. Although many system advocates believe that these arguments are simply asking; cause unnecessary panic. However, in Mr. Carter’s case, due to the size of the sales, some participants they prefer not to take risks.
Analysts argued that there was a need to look for a quick solution. He also denied criticism he received from software developer and Bitcoin Core community member Matt Corallo, who called him an “outsider.”
If you think you can stop me by calling me an outsider or saying, “You don’t know how things work,” you’re sorely mistaken. I know how things work, but I don’t like what I see. We recommend hitting the “Fix All” button as soon as possible, as we will continue until the issue is fixed.
Nick Carter.
Technical responses to skepticism
Carter’s main criticism is based on the incompetence of developers regarding quantum threats.
Based on this, Mr. Corallo denies it. it is Programmers ignore quantum risksrejects that there has been very little effort in this area.
Corallo cited active efforts at prestigious institutions such as Chaincode Labs and Blockstream Research. And one example is BIP-360, proposed by developer Ben Sigman to establish a quantum-secure transaction system, a fact reported by CriptoNoticias.
Adam Bach, CEO of technology company Blockstream, supported and confirmed Corallo’s position. The team invests time in research applied Develop resilient digital signatures.
Corallo’s argument supports the idea that: Quantum is just FUD (fear, anxiety, doubt; in Spanish: fear, anxiety, doubt). He added that solutions will not be found “overnight.”
Literally both major Bitcoin research institutions (Blockstream Research and Chaincode) have invested resources into understanding what the post-quantum Bitcoin shift looks like, and have come up with some interesting results.
Matt Corallo, Bitcoin Core Developer
The developers believe it is beneficial to do this now, given the time it will take to implement it. Therefore, it is given importance Advancing the transition to post-quantum signatures Considering how much time it takes to implement changes to the core.
But for Carter Current efforts are not enough Failure to meet required migration deadlines. He estimates that it will take at least 10 years for Bitcoin to safely move all funds.
Quantum Threat: Between FUD and Reality
Nick Carter’s position emphasizes technical arguments Warn of approaching quantum threat. Some estimates suggest that only 2,000 logical qubits can break public-key cryptography. Meanwhile, the industry is already predicting that the following chips will hit the market in 2028: Over 8,000 qubits Logical.
Today, the most powerful quantum chips process just 48 logical qubits. This is Harvard University’s QuEra, the most powerful quantum computer ever reported. This advanced processing hardware It is still in the operational testing stage.
It is this scenario that has some global investors reporting short positions in Bitcoin out of quantum fear. Jefferies chief strategist Chris Wood recently withdrew his investment in the asset. he transferred capital to gold Citing concerns about progress of quantum computing.
This is also said to be a factor in the decline in Bitcoin prices. On the other hand, there are reports that maintain quantum risk; not incorporated In the price trend of BTC.
Meanwhile, progress is being made in addressing quantum risks. It’s already starting to appear on other networks, Like in the case of Ethereum. Developers have already announced efforts such as setting up a task force. Exchanges like Coinbase have also turned to their boards of directors to help steer their platforms into the post-quantum era.
With Bitcoin, developers make sure that network security is on the right track. Community consensus prevents important improvements from being made suddenly or arbitrarily.
The BIP-360 technical proposal exemplifies programmers’ commitment to future security. Global organizations estimate that it will be several years before there is a computer capable of decoding Bitcoin. Therefore, the response still takes some time.
(Tag Translation) Bitcoin (BTC)
