Adam Back Rebukes Nic Carter Over Bitcoin Quantum Fears
Blockstream CEO Adam Back criticized Castle Island Ventures founding partner Nic Carter for amplifying concerns about quantum computing risks to Bitcoin, following Carter’s explanation of his firm’s investment in Project Eleven, a startup focused on protecting Bitcoin and other crypto assets from potential quantum threats.
In a post on X on Friday, Back wrote, “You make uninformed noise and try to move the market or something. You’re not helping.” Carter had outlined on X why Castle Island Ventures backed Project Eleven.
Back said the Bitcoin community acknowledges the need to research and develop defenses against possible quantum computing risks and is pursuing that work “quietly.” Carter disputed that view, stating that many Bitcoin developers remain in “total denial” about the threat of quantum computing to Bitcoin.
Source: Pledditor
While the investment resurfaced recently on social media, Carter first disclosed it in a Substack post on Oct. 20, saying, “I disclosed this in the first sentence of my main article on quantum. Can’t get more transparent than that.”
Carter cites “quantum pilled” rationale
Carter said he invested after Project Eleven CEO Alex Pruden “quantum pilled” him. “I became extremely concerned about quantum threats to blockchains. I put capital behind my convictions, always have,” he wrote. “I knew the bad faith criticisms would come, so I made absolutely sure to be crystal clear about my financial exposure here.”
Source: Nic Carter
Carter outlined several reasons he believes quantum computing poses a risk to Bitcoin, including government preparations for a post-quantum environment, Bitcoin’s appeal as a potential “bug bounty” for quantum supremacy, and increasing investment in quantum technology firms.
Some forecast a two- to nine-year window for risk
On Thursday, Capriole Investments founder Charles Edwards said on X that quantum computing could present a genuine threat to Bitcoin within the next two to nine years unless the network upgrades to quantum-resistant cryptography.
Other market participants have voiced less urgency. Back said it is prudent for Bitcoin to be “quantum ready,” but argued the risk is unlikely to materialize for several decades, describing the technology as “ridiculously early” and still facing significant research and development challenges.
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