Coinbase urges preparations for quantum attacks on bitcoin

00:00 Speaker A

Something that's not bringing in uh new investors is fear of Quantum.

00:06 Speaker A

Coinbase outlines ways to protect to protect from Quantum attacks. So on October 13th, that is yesterday,

00:15 Speaker A

Coinbase released a technical post that said preparation should start before a quantum threat becomes certain because network changes and wallet migrations can take years.

00:24 Speaker A

So Coinbase said they custody approximately 5% of all Bitcoin for their customers. Obviously, you know that they custody most of the ETFs.

00:32 Speaker A

So they have a pretty significant say in this market.

00:36 Speaker A

The discussion in this paper includes flexible strategy, uh security designs and staged migration.

00:44 Speaker A

They ask the difficult questions, what to do about abandoned or inaccessible coins like Satoshi's wallets and that that discussion should proceed while we do the technical work. So

00:54 Speaker A

the real story here is that they're saying that quantum is going to be an issue. We don't know how big and now is the time to get prepared. They're basically preparing to change the locks before a future machine can come in and

01:05 Speaker A

pick them.

01:08 Speaker A