Why do criminals use money and not Bitcoin?

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There are people who would prefer to be in a money economy for reasons other than a negative economic analysis of central bank money policies or a link to the image of banknotes. Criminals and corrupt politicians, for example. Money works well for them, but sometimes it can be very inconvenient. Here ‘s a case I wrote about last year: two California-based home medicine workers were arrested after police arrested them for dumping nearly $ 1 million in cash. intends to buy Mary Jane for business purposes. Money? There is.

I understand why the unattached, marginalized poor in remote parts of the world are reaping the benefits of electronic payments for choice money for the on-going global criminal, the $ 100 bill. in California? Don’t have Bitcoin there?

With the big problem of threatening the Benjamins, why did these menacing impresarios only buy a few Bitcoins, drive to the fall zone and press the “giddy up” button when the goods instead!

But they stayed analog. They grabbed the green bags and drove off in their car. But why? They may have read that next-generation computing computers will be able to break Bitcoin encryption next year and decided that car stock was a more secure option or perhaps they liked the smell money – a lot of people do, after all. . For whatever reason, they made unfreezing internet money to buy them and went through with a legacy lily. So I have to ask the obvious question: if drug dealers don’t use Bitcoin to buy stuff, who does? How can it be more convenient to wrap around big money wodges than zipping some internet magic money through the interwoven tubes?

That’s not to say Bitcoin is the right solution for a criminal to go ahead, though. You will, I am sure, have another issue: that is the Irish hashish horticulurist who wisely decided to invest in cryptocurrency rather than euro. He amassed fortunes in a loot. He hid the passwords to the Bitcoin wallets holding the benefits he did not get in his fishing rod.

He got five years.

Meanwhile, the Irish Criminal Assets Bureau (CAB) was seized in its twelve wallets, which contained 6,000 Bitcoin (then worth $ 50m-ish but now worth $ 200m-ish). Unfortunately, its fishing rod has “gone missing.” Fortunately, CAB believes it is only a matter of time before what they refer to as “computer advancements” allow them to open a digital treasure chest.

Quantum of Satoshi

Possibly with “computer upgrades” they mean waiting for the quantum computers to come in and unlock the wallets. They are in good company, as many others (e.g., organized crime, unruly “whales” and the tax authorities of many nations) are waiting for them too!

It’s a really good story, and if any filmmakers want to develop this script consultant into a blockchain based on real events, as they say, I’m ready to answer the call! Jason Statham is the undisputed special producer who does things trying to get the quantum computer before the Mafia gets to the dying Al Pacino to seize the identity of a rat who imprisoned his brother in prison. decryption. Meanwhile, educated killer Jody Whittaker is also on the lookout for it. Unbeknownst to her client is North Korea, which wants to wreck Bitcoin as soon as they have removed the stash to buy nuclear missiles from Tommy Lee Jones, who is on a ship- American War Removal …

(Reality is unfortunate. That drug dealer, Mr Collins, was stopped, but the Irish police stopped in the wee hours of the morning by chance. Unfortunately for him, herbs were worth € 2,000 in his car and was trapped. His buildings were inspected, and that is how industrial-grade cannabis farming was discovered.)

Anyway, back to quantum computers scanning code. These will happen (as I explained 15 years ago), but they will not happen tomorrow. Professor John Martinis, a former Google scientist

GOOG
 quantum computing team, says Google’s plan in this area is to build a million-qubit system with an error rate low enough that error correction will be effective. He says that, at this point, about a decade from now, the system will have enough logical qubits that the system will be able to implement powerful algorithms that attack side problems. outside the capacity of classic supercomputers.

Building that programmed quantum tool that solves a problem that a classical computer cannot solve in no time can deliver “quantum supremacy”. That’s an important milestone in technological evolution and Google is just one of the players in a race that many viewers see as the next space race, but this time between the US, the Europe and China.

What does this have to do with Bitcoin? Well, quantum computers that scan code can scan their codes. For technical reasons related to public keys and objects, Deloitte accountants estimate that approximately four million Bitcoins could be stolen by a quantum computer. With Bitcoin at $ 40,000 that means a pot of over a hundred billion dollars or so at the end of the quantum rainbow. This makes it worth spending a few billion to build such a device if you are a Mafia, treasure hunters after lost or abandoned stops or representatives of foreign powers who are deceived in the markets.

It ‘s a serious threat, and many people have already begun work on plans to move Bitcoin to more stable forms of encryption (see, for example, “Promising to counter quantum: slow protection for Bitcoin face of a fast quantum computing attack “from 2018) but these schemes still need access to the old vulnerable wallets to transfer the cryptocurrency to the new, less vulnerable wallets.

Not everything is lost in the world of cryptocurrency when quantum computers arrive, of course. Even if quantum computers were created tomorrow, however this could put down for Bitcoin, that would not mean the end of decentralized cryptocurrencies. In the long run, alternatives to Bitcoin, based on quantum computing and communication features, could be expected to emerge.

This is not a new idea. As the Swedish Central Bank’s recent working paper on Quantum Technology for Economists states, the original concept of quantum money (dating back to the early 1980s) takes advantage of “the theorem without cloning ”validated by Wootters and Zurek (1982). This means that it is not possible to clone such an unknown quantum state as a striker without end resources will not yet be able to copy a coin. So, as this Chinese researcher points out, this means that quantum cryptocoins can be more like real coins (which cannot be doubled) and that opens up very interesting thinking.

Still, assuming the Irish police seize a quantum computer before the Mafia does, a tidy sum sits in Mr Collins’ wallets (as in Mr Satoshi’s) and the next time the Garda pulls someone over in the middle of the night it will be in Lambo.

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