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Author Topic: [2016-05-12] CoinFac claims it can make bitcoin mining 4,000 times faster  (Read 614 times)
smartgerman
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May 12, 2016, 07:57:42 AM
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CoinFac claims it can make bitcoin mining 4,000 times faster
A recently established Hong Kong company says it is going to use the next generation quantum computing technology to “bring lucrative mining back into Bitcoin industry.”
http://www.coinfox.info/news/5468-coinfac-utverzhdaet-chto-mozhet-uskorit-bitkoin-majning-v-4000-raz-2
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alani123
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May 12, 2016, 08:12:39 AM
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This seems like a typical press release scam. The scammers pay few hundred dollars for their press release to be broadcasted all over the web... And a few days later you'll see them disappear after ripping off the few people that fell for it.














 

 

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aliashraf
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May 14, 2016, 06:43:29 AM
 #3

CoinFac claims it can make bitcoin mining 4,000 times faster
A recently established Hong Kong company says it is going to use the next generation quantum computing technology to “bring lucrative mining back into Bitcoin industry.”
http://www.coinfox.info/news/5468-coinfac-utverzhdaet-chto-mozhet-uskorit-bitkoin-majning-v-4000-raz-2

It is REALLY a scam:
http://www.coindesk.com/palantir-quantum-bitcoin-cloud-mining/

But the question is:
How it would be handled in terms of decentralized prerequisites of Blockchain if it was not a scam?

The hypothetical quantum computing technology is (and will remain) a very expensive one totally out of rich of public domain and even private sector of most countries. I think any appropriate answer/counter-action needs the vast cooperation of 'the public' itself and it can't be synchronized (it MUST be, as the offender, the possible offender, is a centralized or semi-centralized entity threatening to hold a majority of the network's hash power) without a matured service. It is a long story and an old debate, I am just using this opportunity to remind the fact that the clock is ticking and the deadline is coming. Scams are not just some 'lies' they are more complicated and have their roots in some realities.
Features like smart contract should be enriched and standardized asap and the ground should be prepared to form very large yet decentralized corporate-like entities under online democratic control of millions of people. Pooling has nothing to approach the problem. Pools are centralized by their nature, obviously.
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May 14, 2016, 07:49:48 AM
 #4

Besides the story being scam, there is some arguments about SHA256 being so-called 'quantum-safe'. Well, it is not! A hypothetical Turing complete quantum machine is capable of executing the algorithm and calculate the hash, it is just about the level of this machines development. In the near future it is not likely to be realized but look at the big picture:
1- It will happen sooner or later
2- There exists advantages for huge investments in new technologies that ordinary people can't afford for it in the current "institution state" of the society.
3- Corporates and governments (not being so different, though) can use this advantage to attack the chain.
4- We are experimenting this phenomenon, in its preliminary stages, right now: new ASICS technologies are leveraged months and years exclusively, by 'big' miners, making them bigger.

Ordinary people, the crowd, have strategic interests in forming large competitive organizations that can keep the chain decentralized  and it should be supported by the chain itself.

alani123
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May 14, 2016, 09:50:01 AM
 #5

CoinFac claims it can make bitcoin mining 4,000 times faster
A recently established Hong Kong company says it is going to use the next generation quantum computing technology to “bring lucrative mining back into Bitcoin industry.”
http://www.coinfox.info/news/5468-coinfac-utverzhdaet-chto-mozhet-uskorit-bitkoin-majning-v-4000-raz-2

It is REALLY a scam:
http://www.coindesk.com/palantir-quantum-bitcoin-cloud-mining/

But the question is:
How it would be handled in terms of decentralized prerequisites of Blockchain if it was not a scam?

The hypothetical quantum computing technology is (and will remain) a very expensive one totally out of rich of public domain and even private sector of most countries. I think any appropriate answer/counter-action needs the vast cooperation of 'the public' itself and it can't be synchronized (it MUST be, as the offender, the possible offender, is a centralized or semi-centralized entity threatening to hold a majority of the network's hash power) without a matured service. It is a long story and an old debate, I am just using this opportunity to remind the fact that the clock is ticking and the deadline is coming. Scams are not just some 'lies' they are more complicated and have their roots in some realities.
Features like smart contract should be enriched and standardized asap and the ground should be prepared to form very large yet decentralized corporate-like entities under online democratic control of millions of people. Pooling has nothing to approach the problem. Pools are centralized by their nature, obviously.

There's no if here, you don't need to hypothesize on an outright scam full of hyperbole. But to answer the core of your question, I'm sure that if QC seemed as a possible threat to bitcoin in the future, the community would welcome a fork to make bitcoin QC resistant. The devs have already been discussing ways that this could be done. But at the very worst, that's years away from now.














 

 

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Karartma1
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May 14, 2016, 10:24:05 AM
 #6

It's yet another cloud mining ponzi scheme. If they were able to do it quantum mining why advertising it all over the internet?
They could disrupt the market, take advantages and run away. So why asking people for money?
Their biggest mining contracts are sold out. Maybe they made a lot of money.

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aliashraf
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May 14, 2016, 12:12:12 PM
 #7

CoinFac claims it can make bitcoin mining 4,000 times faster
A recently established Hong Kong company says it is going to use the next generation quantum computing technology to “bring lucrative mining back into Bitcoin industry.”
http://www.coinfox.info/news/5468-coinfac-utverzhdaet-chto-mozhet-uskorit-bitkoin-majning-v-4000-raz-2

It is REALLY a scam:
http://www.coindesk.com/palantir-quantum-bitcoin-cloud-mining/

But the question is:
How it would be handled in terms of decentralized prerequisites of Blockchain if it was not a scam?

...
... I'm sure that if QC seemed as a possible threat to bitcoin in the future, the community would welcome a fork to make bitcoin QC resistant. The devs have already been discussing ways that this could be done. ....
Huh? A believer? In what? The community? The devs? We are parts of these. We have voice and we have obligations and responsibilities.
As I have mentioned in my second post in this thread, it is not just about QC hype. It is about gaining superior advantage from large R&D investment and/or capitalization in the mining business that can lead (as any other business) to monopolization. The thing is bitcoin can't tolerate this  threat unlike other businesses. It is about the whole system's security and stability and reliability as you surely know.
I insist on my thesis presented in previous posts, there should be enough infrastructure  for capitalizing bitcoin mining in a democratic/decentralized fashion. I do not suggest alternatives like Ethereum and its Turing complete way of solving the problem of smart contracts but I think bitcoin's current support level of the concept is not enough, enhancements are needed urgently AND it should be initiated (at least) by you and me and not 'the community' or 'the devs'.  There is nobody other than you and The Chain (and probably The GOD) who can help or fix things.
 

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May 14, 2016, 12:45:42 PM
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Huh? A believer? In what? The community? The devs? We are parts of these. We have voice and we have obligations and responsibilities.
As I have mentioned in my second post in this thread, it is not just about QC hype. It is about gaining superior advantage from large R&D investment and/or capitalization in the mining business that can lead (as any other business) to monopolization. The thing is bitcoin can't tolerate this  threat unlike other businesses. It is about the whole system's security and stability and reliability as you surely know.
I insist on my thesis presented in previous posts, there should be enough infrastructure  for capitalizing bitcoin mining in a democratic/decentralized fashion. I do not suggest alternatives like Ethereum and its Turing complete way of solving the problem of smart contracts but I think bitcoin's current support level of the concept is not enough, enhancements are needed urgently AND it should be initiated (at least) by you and me and not 'the community' or 'the devs'.  There is nobody other than you and The Chain (and probably The GOD) who can help or fix things.
Yes, I have good faith in both the developers and the community. It's do both's best interest to protect bitcoin from potential threats.

Now for the rest of your post, have you heard about a tech patent called AsicBoost by any chance? Its creators claim that it's able to increase efficiency of bitcoin ASICs by around 20%, it's something that sounds good in theory but given that it's patent pending and has a potential to dominate mining, devs are looking into making it irrelevant. So yeah, it's already in the interest of developers to protect mining from such things.














 

 

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Quartx
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May 14, 2016, 12:51:39 PM
 #9

Well. At least before people make their purchase, they have both successfully made a profit as well as being scammed. Until the point where CoinFac disappears into thin air, it can be both real and a scam XD

Schrodinger Cat aside, to make this shit possible, they would have to successfully hold more than 5 qubits for extended periods of time as long as scaling the number of qubits while keeping them stable. When researchers with more funding haven even coming close to that scale, what makes you think a new company can? More so from a dubious company.

aliashraf
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May 14, 2016, 06:49:08 PM
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Yes, I have good faith in both the developers and the community. It's do both's best interest to protect bitcoin from potential threats.

Now for the rest of your post, have you heard about a tech patent called AsicBoost by any chance? Its creators claim that it's able to increase efficiency of bitcoin ASICs by around 20%, it's something that sounds good in theory but given that it's patent pending and has a potential to dominate mining, devs are looking into making it irrelevant. So yeah, it's already in the interest of developers to protect mining from such things.
Faith may lead to confusion, I have faith in you and you have faith in me and non of us do anything good and we hurt both.

AsicBoost is not a claim it is real and open to public (thanks to the dev geeks)  but it can not help as the big miners put orders with exclusive private rights on new chips, it is the way they do business.
My proposal: people should establish and control big mining firms in a revolutionary new type of investment and institution backed by the bitcoin infrastructure. Why? To protect this infrastructure from the prehistoric dinosaurs.
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