Project 11 Offers 1 BTC for Longest Bitcoin Key | Contest Generates Controversy
A contest offering 1 BTC for cracking the longest Bitcoin key is stirring things up in the crypto world. Starting April 17, 2025, the initiative from Project 11 is raising questions about the true value of such a reward and the implications for Bitcoin security.
Contest Background and Participants' Concerns
The contest, dubbed the "Q-Day Prize," aims to evaluate the threat quantum computing poses to Bitcoin, pushing participants to use Shor's algorithm without shortcuts. The deadline for submissions is April 5, 2026. This attracts many yet makes some experts uneasy.
Comments on user boards reflect mixed feelings about the initiative. One participant quipped, "If you crack the code to something worth almost 2 trillion, we’ll shoot you a cool 80k. Deal?" This highlights the skepticism about the offered prize.
Key Discussion Points from the Community
Incentive Questions: Some individuals are perplexed by the motivation behind offering just 1 BTC amidst concerns that if cracking the key is possible, it could jeopardize Bitcoin's value. As one comment bluntly put it, "If it turns out that you can crack a key like this, BTC will be worthless, so the 1 BTC will be worth nothing."
Perceived Value: Others argue the true incentive may lie beyond the immediate prize, suggesting that cracking the key could grant access to a wealth of bitcoins. As one user noted, "Isn't the real reward not the 1 bitcoin but all the bitcoin ever?"
Security Risks: There are significant concerns that the contest itself could expose vulnerabilities in Bitcoin's cryptography, with a worry that the contest undermines Bitcoin’s security. A commenter stated, "Wouldn't this crash the market? So what’s the incentive of 1 BTC if Bitcoin is no longer secure?"
"The prize doesn’t reflect the difficulty of the challenge," one commentator expressed, emphasizing the expertise necessary for success.
Community Sentiment
Participants’ sentiments are a mix of intrigue and skepticism about the unusually low prize. While some praise the contest for engaging the crypto community, others see it as a dangerous gamble with security implications.
Notable Quotes
💬 "What a scam. If it turns out that you can crack a key like this, BTC will be worthless."
⭐ "The only cracking going on is with what Project 11 is smoking."
Key Insights
▲ Many believe 1 BTC is not a fair reward for such a complex challenge.
▼ Concerns raised about the potential to destabilize Bitcoin.
✸ Some view the challenge as an opportunity to assess Bitcoin's resilience against quantum attacks.
While the contest has ignited debate within the community, its ultimate impact on participation and Bitcoin’s security remains to be seen.