If I may, can I boil this down to non-genius level, for myself mainly?
If there are problems that exist in the universe that cannot be solved by a computer that could fit in the universe, we're not living in a simulation?
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Basically if a computer can build a simulation, then any "problems" within that simulation should be solvable with the available physics.
So if we discover that there are unsolvable problems with available maths/physics then we are not living in a sim. So yeah, pretty much as you say :-)
Cryptogee