TRACK CRYPTO FUNDING

“This paper, what they're not doing is, they're not saying we've broken elliptic curve cryptography. They're not saying we have a machine. They're saying, if you had a machine, this is the algorithm you would run on the machine, and these are the resource requirements. They've posited that you, if you had a superconducting qubit quantum computer, you could break elliptic curve cryptography with 1,200 logical qubits.”

“Their big contribution was realizing if you had a quantum computer this size, you could actually crack elliptic curves in around 10 minutes, which is how long it takes for a transaction to be included in the blockchain. So this opens up Bitcoin to this new style of attack, what they call on spend, what I call short range tag. And so it changes the threat model for the worse.”

“Instead, you had the most of the Bitcoin core developers that I saw comment on this accused me of having a conflict of interest for drawing attention to the papers, ignoring the fact that I was not involved in these papers at all. This is Google paper and it's a Caltech and a Stanford paper. But the thing is, this is information that seems like only they are privy to, and if you look at the Bitcoin mailing list, there's no real evidence that there's any kind of posture that Bitcoin is going to upgrade.”

“Well, I think we so we made this investment in Project 11 over a year ago. And it was with the idea that we just believed that quantum computing was going to impact public blockchains. And eventually we'd have to have some sort of a migration to post quantum. Thus, we put our capital on the line beneath that thesis.”

“Then we have OpenFX, which is a stablecoin FX wholesale liquidity company. They've raised $94 million in a Series A led by Excel with Atomico, M13, and Pantera. FX market is just being completely upended by stablecoins right now. And the big wholesale banks are nowhere. So you're seeing these companies like OpenFX just get to tremendous scale.”