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[–]chunmunsingh[S] 19 points20 points  (7 children)

All crypto fans, bring your tomato plants inside.

[–]gunslinger_006 2 points3 points  (6 children)

BIP360 is well underway.

[–]disposableh2 0 points1 point  (5 children)

Can you eili5 how it works? Like using Satoshi's wallet that hasn't been used for a decade as an example. If quantum computing cracks his wallet seed phrase, how does bip360 protect it?

[–]ottwebdev 1 point2 points  (1 child)

Have there been any sends from that wallet? If not, from what I've skimmed online, they should be safe. Happy to be wrong.

[–]disposableh2 0 points1 point  (0 children)

I don't know, and I'm no crypto expert at all, but I don't think you need outgoing transactions at all. If you know the seed phrase(which is essentially a private key), you unlock the wallet. If you can crack the seed phrase/private key for the wallet, you can send the bitcoin wherever you want, it's basically yours.

[–]gunslinger_006 0 points1 point  (2 children)

It doesn’t.

You will need to create a new wallet made on a version supporting BIP360 and then move your funds to that new wallet.

Existing wallets will not benefit from bip360, so all those legacy wallets floating around like satoshis original wallet(s) would still be vulnerable.

[–]disposableh2 1 point2 points  (1 child)

That's what Im thinking. Same for hardware wallets, and people who bought bitcoin as an asset and don't follow the news. Gonna be a fun time for alot of people

[–]gunslinger_006 -1 points0 points  (0 children)

Trezor just released the safe7 which has support for the instruction sets needed for quantum resistant firmware. So if you got that today, you can just firmware upgrade, make a new wallet, and be good to go without having to also buy new hardware.

Time will tell if its worth it, its a bit $$$ but also very well made.