SHA-256 turned a trending subject final night time on X after one other spherical of quantum concern, uncertainty, and doubt (FUD) unfold throughout Bitcoin social media.
In keeping with a viral put up, monetary analysts at Normal Chartered revealed a suggestion to promote bitcoin (BTC) and purchase gold on “credible rumors a quantum computer has cracked SHA-256.”
Neither of these issues really occurred.
No quantum laptop cracked SHA-256 this week, and Normal Chartered didn’t advocate promoting BTC for gold.
Laughing at gullible customers on X, they commented on the put up’s reputation, saying, “BTC community is really this stupid.”
Emulating the side-by-side emblem model of Bitcoin historian Pete Rizzo, the unique put up gained over 30,000 impressions, quote-tweets of their 1000’s, and lots of of likes.
One other faux quantum assault on Bitcoin
Bitcoin miners use SHA-256 to hash blocks of transactions and earn the precise to assert coinbase rewards and add information to the ledger.
If a quantum laptop have been ever in a position to crack SHA-256, it would have the ability to take over Bitcoin’s hashpower and censor or stall new transactions getting into the blockchain.
Most types of fashionable cryptography, together with giant web and monetary safety providers, additionally depend on SHA-256.
If a quantum laptop ever cracked this algorithm, trillions of {dollars} within the international economic system can be in danger — not simply BTC.
