Blockstream CEO Adam Back Critiques Nic Carter's Claims on Bitcoin Quantum Threats

Blockstream's CEO, Adam Back, has challenged the assertions made by Nic Carter about the risks posed by quantum computing to Bitcoin. While Carter emphasizes the immediate dangers, Back believes the Bitcoin community is quietly handling these risks.

Key Takeaways

Adam Back asserts that Bitcoin developers are addressing quantum risks behind the scenes without causing public hysteria.
Nic Carter contends that the threat is genuine and that many developers are in denial about its potential impact.
Discussions surrounding quantum computing risks highlight a divide in the urgency perceived by different stakeholders in the Bitcoin ecosystem.

The debate initiated on social media platform X when Carter spoke about Castle Island Ventures' investment in Project Eleven, a startup developing defenses against prospective quantum attacks on Bitcoin and other cryptocurrencies.

Back criticized these alarmist claims, suggesting that Carter's words create unnecessary worries. In a response post on Friday, Back stated, “You make uninformed noise and try to move the market or something. You’re not helping.”

Blockstream CEO Adam Back Critiques Nic Carter's Claims on Bitcoin Quantum Threats

Adam Back Highlights Quiet Preparations for Quantum Risks

Back emphasized that the Bitcoin community is not ignoring the potential long-term threats posed by quantum computing. He notes that developers and researchers are actively finding solutions but prefer to maintain a low profile rather than incite public concern.

He believes that discussions around quantum computing often become exaggerated, straying from factual technical evaluations.

In contrast, Carter maintains that a sizable section of the Bitcoin community refuses to acknowledge the issue seriously. He remarked that many developers are still in “total denial” regarding the risks that powerful quantum machines could potentially pose to Bitcoin’s cryptographic structures.

Although the investment in Project Eleven was recently brought into public discourse, Carter pointed out that he had transparently shared Castle Island’s support for the project weeks ago.

In his Substack post dated October 20, he claimed, “I disclosed this in the first sentence of my main article on quantum. Can’t get more transparent than that."

Carter described his experiences with Project Eleven's CEO, Alex Pruden, as having opened his eyes to the significant risks quantum computing presents to blockchain technologies.

“I became extremely concerned about quantum threats to blockchains. I put capital behind my convictions, always have,” he stated, highlighting he anticipated criticism and made his financial interests clear beforehand.

In supporting his viewpoint, Carter referenced government initiatives preparing for a post-quantum era, increased funding in quantum technology companies, and the notion that Bitcoin could incentivize advancements in quantum technological capabilities.

Growing Concerns Over Bitcoin’s Quantum Future

The conversation regarding quantum threats is not limited to Back and Carter alone.

Charles Edwards, founder of Capriole Investments, has cautioned that quantum computing might become a legitimate danger to Bitcoin within the next two to nine years unless the network transitions to quantum-resistant cryptography.

Conversely, others remain doubtful. Kevin O’Leary, a multimillionaire investor, has suggested that leveraging quantum machines to target Bitcoin would be an inefficient application of technology, implying that more significant benefits lie in other areas such as medical research and artificial intelligence.

While Back acknowledges the need for Bitcoin to prepare for a “quantum ready” future, he insists that imminent threats are still decades away, describing current developments in quantum technology as being in their “ridiculously early” stages and facing substantial research challenges.