Message:Appears there is a math algorithm to crack the encryption. If true, bitcoin, et al, wealth is no longer safe.
From web post:
Cryptographer retired in 2011 after helping create the RSA foundation. He published updates every two years on efforts to destroy Discrete Logarithm Problem, RSA. His efforts were always posted as update "work in progress." On March 3, 2021 at age 77, he published a final abstract:
https://eprint.iacr.org/2021/232.pdf (safe link)
Heady stuff and would take me too long to attempt to digest. But last line of opening reads "This destroys the RSA cryptosystem."
In laymen terms --
"The security of RSA relies on the practical difficulty of factoring the product of two large prime numbers. This takes exponentially longer as the bitsize increases. This method reduces it to polynomial time so instead of (2^800)/2 brute force operations you can now break RSA 800 bit keys in roughly 7x10^10 operations, or 70 Billion. Given a desktop computer with a decent GPU could do that in a couple hours; it's fair to say RSA encryption is functionally dead.
How this applies to Bitcoin is a bit of a stretch but it's there. Finding P given Q on an elliptic curve shares the same computational complexity as the factoring problem. The DLP is just a special case of the Factoring Problem. So the same lattice based methods they used to destroy RSA will shortly be applied to ECC, and before you know it cypherpunks will be emptying the hotwallets of all the big crypto exchanges.
Bitcoin died today. Or at the very least it was diagnosed with a terminal illness."
I make no guarantee on these facts, because quite frankly I am old and indifferent. I merely advise that if you own something, know what's happening to your investments. I'm a traditional
pick stocks that I know investor. But thought I'd share what happens in an unregulated market. Romans were quite wise.
ca·ve·at emp·tor /ˌkavēˌät ˈem(p)ˌtôr/
The principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.
Yours,
IronRed
04-Mar-2021