Right Thing, Wrong Time

Cryptocurrency, quantum supremacy, imminent death of the Internet.

So, Google recently announced that they’d achieved quantum supremacy. One of the things that quantum computers are supposed to be really good at is cracking crypto really fast.

The past couple of years have seen an explosion of cryptocurrencies, which are one application of blockchain, which relies heavily on crypto.

I have a Keybase account, because of lots of reasons, but mostly nowadays I use it for backing up my private git repos. But, as a consequence of having a Keybase account, I am being given Stellar Lumens (XLM), which is a cryptocurrency. I wondered what good these things are, and did a little bit of poking around. It seems to be the case that this is principally for moving other currencies around. I have dollars, I want to give you euros, I can turn the dollars into lumens, send you lumens, and then you turn the lumens into euros. So, remittances with better (maybe?) exchange rates, and with less (maybe?) government oversight.

But now, here’s the thing: you and I don’t have quantum computers. But nations and companies with budgets the size of nations’ do. So, how secure is cryptocurrency, really? And what good is blockchain when Google or Amazon or China or whoever can diddle the crypto? I dunno. Maybe someone smarter than I am can explain it to me.

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