The Latest Crypto Price Dip Is Fueled By Fake News Relating to Quantum Computers

[Hydrogen]

Google Claims ‘Quantum Supremacy,’ Marking a Major Milestone in Computing

In what may be a huge milestone in computing, Google says it has achieved "quantum supremacy," an experimental demonstration of the superiority of a quantum computer over a traditional one.

The claim, made in a new scientific paper, is the most serious indication yet that the promise of quantum computers—an emerging but unproven type of machine—is becoming reality, including their potential to solve formerly ungraspable mathematical problems.

Essentially, Google purports to have pulled off a stunt on a quantum computer that no classical machine—not even the world's most powerful supercomputer—can replicate.

Fortune obtained a copy of Google's paper, which was posted to NASA.gov earlier this week before being taken down. The Financial Times first reported the news.

A Google spokesperson declined to confirm the authenticity of the paper and its results. NASA did not respond immediately to a request for comment.

A source at Google familiar with the situation suggested, however, that NASA accidentally published the paper early, before its team's claims could be thoroughly vetted through scientific peer review, a process that could take anywhere from weeks to months.

If the paper holds up under the scrutiny of the scientific community, it will herald a watershed moment in quantum science. Its central claim counters doubt that some unforeseen law of nature may prevent quantum computers from operating as hoped.

"Quantum speedup is achievable in a real-world system and is not precluded by any hidden physical laws," the Google researchers write.

Further, they predict that quantum computing power will "grow at a double exponential rate," besting even the exponential rate that defined Moore's Law, a trend that observed traditional computing power to double roughly every two years.

The experiment

The experiment described in the paper sampled randomly generated numbers produced through a specialized scenario involving quantum phenomena. The researchers said they determined that their quantum computer beat regular computers at the task, which involved calculating the output of certain specialized circuits.

"While our processor takes about 200 seconds to sample one instance of the quantum circuit 1 million times, a state-of-the-art supercomputer would require approximately 10,000 years to perform the equivalent task," the researchers said.

Google's quantum computer, dubbed "Sycamore," contained 53-qubits, or "quantum bits," a measure of the machine's potential power. The team scaled back from a 72-qubit device, dubbed "Bristlecone," it had previously designed.

The researchers estimate that performing the same experiment on a Google Cloud server would take 50 trillion hours—too long to be feasible. On the quantum processor, it took only 30 seconds, they said.

"Quantum processors based on superconducting qubits can now perform computations...beyond the reach of the fastest classical supercomputers available today," the researchers write. "To our knowledge, this experiment marks the first computation that can only be performed on a quantum processor."

Outlook

Businesses are hoping the advancement of quantum computers—by tech giants such as Google, IBM, and Intel, as well as startups such as Rigetti Computing—will lead to unprecedented scientific and technical breakthroughs in the coming years. They're eyeing applications from new chemical reactions for the development of drugs, fertilizers, and batteries, to the improvement of optimization algorithms and mathematical modeling.

As exciting as Google's result is, other researchers caution against overhyping it, fearing that inflated expectations of imminent advances will lead to a popped bubble.

Dario Gil, head of IBM Research, advises against using quantum supremacy as a metric with which to measure progress in the field. "The experiment and the 'supremacy' term will be misunderstood by nearly all," he told Fortune.

Gil described the experiment as a highly special case "laboratory experiment" that has "no practical applications." He added, "Quantum computers will never reign 'supreme' over classical computers, but will rather work in concert with them, since each have their unique strengths."

Jim Clarke, Intel Labs' director of quantum hardware, called Google's update "a notable mile marker." He said that "a commercially viable quantum computer will require" many R&D advancements before becoming a reality.

"While development is still at mile one of this marathon, we strongly believe in the potential of this technology," Clarke added.

The Google team, which first wrote about their goal in a Nature article two years ago, appears to be more hopeful about the short-term prospects of its findings. "As a result of these developments, quantum computing is transitioning from a research topic to a technology that unlocks new computational capabilities," the researchers write.

"We are only one creative algorithm away from valuable near-term applications."

https://fortune.com/2019/09/20/google-claims-quantum-supremacy/

....


Google claims they achieved "landmark success" with quantum computers which could break the encryption protecting crypto currencies like bitcoin within the near future. Not only are these claims dubious and ambiguous in nature. They are also unverified and not yet subject to peer review. The claims are also likely to be very misleading as mentioned by Dario Gil in the last bolded quotation in the article.

I don't know how long it will take for the general public to catch on to this news story being a likely fabrication and embellishment. Previous news stories about the price of bitcoin being "artificially manipulated" by tether were by all indications smear pieces published to satisfy political agendas in undermining the public's trust in crypto. As were many other hit pieces published by the media which has typically revealed an unfair bias and prejudice against bitcoin and crypto in general.

FT.com the website on which this news story was 1st published also has a terrible reputation imo in terms of them being one of the worst media outlets for reporting on finance.

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[malevolent]

The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.

[Theb]

The price dip we have experienced today is more related to the 40% drop in hash rate we have in Bitcoin mining and even that is a questionable even on why it had dropped that big too fast. Aside from the date on where the news is posted and when the price dropped happened I doubt that the news about quantum computers didn't even reached to the headlines in the crypto industry, even if there are news about it there wasn't a lot of noise for it to begin with.

[hatshepsut93]

The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.

It's all like you say, but that wouldn't make an interesting article for an average crypto investor, people want to get one big single reason why Bitcoin dropped, and it must be something that sounds really scary. Crypto is full of retail investors without any experience in trading before they picked cryptocurrency, which is why these news sites are of so poor quality - they don't have to produce any high quality analysis and overview, a simple clickbait would do much better for them.

[BitHodler]

The price dip we have experienced today is more related to the 40% drop in hash rate we have in Bitcoin mining and even that is a questionable even on why it had dropped that big too fast.

It is not. I checked various sites where hashrate is calculated using more refined metrics, and they indicate a minor fluctuation that isn't even 1/10th of the 40% drop you are referring to.

This price drop is purely related to a negative break of a bearish triangle that we have been in for quite a long period of time. I expect the price to further decline and there is nothing other than that to 'blame' it for.

Similarly, the increase we experienced back in April this year was the result of a positive break of a bullish triangle. There was nothing to point at for the price to go up other than the improved technicals.

[Decksperiment]

Nothing comes new with crypto market's highly volatile nature, in which a little bit of fomo and fud are all but regular occurrences. This is part of a speculative environment that some people correlating it with the news about quantum computers to spread misinformation seems naive that they often react even to a minor fluctuation of crypto price. So I guess we must be accustomed to it.

[Hydrogen]

The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.

This excerpt from the article gives the false impression quantum computers will soon break the encryption, technologies like bitcoin are built upon.

"While our (quantum) processor takes about 200 seconds to sample one instance of the quantum circuit 1 million times, a state-of-the-art supercomputer would require approximately 10,000 years to perform the equivalent task," the researchers said.

Google's quantum computer, dubbed "Sycamore," contained 53-qubits, or "quantum bits," a measure of the machine's potential power. The team scaled back from a 72-qubit device, dubbed "Bristlecone," it had previously designed.

The researchers estimate that performing the same experiment on a Google Cloud server would take 50 trillion hours—too long to be feasible. On the quantum processor, it took only 30 seconds, they said.

Keep in mind many large investors and holders of bitcoin lack technical backgrounds. They don't know this is fake news.

From an investment perspective, many will read the article and immediately dump crypto believing its security is in jeopardy.

News doesn't travel nor disseminate instantaneously. It can take days for the effects of news stories like this one to manifest. Crypto was not explicitly nor directly mentioned in the article and many could read it without making a connection for how it could potentially affect bitcoin markets.

Significant dips in bitcoin's price have always been correlated with fake news releases. Most notable was fake news about tether being "market manipulation". They investigated tether for more than a year and never found any evidence suggesting market manipulation was occurring.

It is very common for spikes in bitcoin's value to be followed by some form of news story designed to keep its price contained.

[seoincorporation]

Hello Hydrogen, i don't think google's quantum computer is behind this price drop. I know it looks like a panic move but if quantum computer break bitcoin we can recover it with an update and a hardfork.

Not only google us behind Quantum computer, they are the ones with the most powerful quantum computer but IBM has a nice toy too. A couple of weeks ago i read some news about the new quantum computer from IBM, you can see more info here: https://www.ibm.com/quantum-computing/

And about quantum computer breaking bitcoin, we have a thread with a nice explanation about how will be hard to see that happening... https://bitcointalk.org/index.php?topic=5157696.0

[prix]

Google claims they achieved "landmark success" with quantum computers which could break the encryption protecting crypto currencies like bitcoin within the near future.

Google did not say anything like that in the second part of your phrase. All the news that I saw correctly indicated that they were solving only a task divorced from practice.
Even in the quote that you bring everything correctly.
No fake news and speculation. And nowhere in the crypto-forums this news was presented so much, but to those singles asked about effect on crypto, they clearly explained that this was not connected with crypto. At least not in the coming years. I did not see any significant interest in this news. Talked a bit and forgot.

And this has nothing to do with the fall.

[Hydrogen]

Hello Hydrogen, i don't think google's quantum computer is behind this price drop. I know it looks like a panic move but if quantum computer break bitcoin we can recover it with an update and a hardfork.

If bitcoin's encryption is broken, it could take years before its fixed. If it is ever fixed. Encryption being broken in crypto currencies is a doomsday scenario. The only true fix to true quantum computers could be quantum level miners utilizing quantum level encryption.

I agree with notions that quantum computers will never become a reality. There is only so much functionality that can be built into silicon or chips made with other materials. Whether limited by voltage, clock frequency or data density. I think there are hard physical and theoretical limits which could prevent quantum computers from reaching the standards their marketing brochures claim are possible.

#1 Google did not say anything like that in the second part of your phrase.

#2 No fake news and speculation. And nowhere in the crypto-forums this news was presented so much, but to those singles asked about effect on crypto, they clearly explained that this was not connected with crypto. At least not in the coming years. I did not see any significant interest in this news. Talked a bit and forgot.

#3 And this has nothing to do with the fall.

#1  Encryption functions on the basis it would take too long to brute force. Google's claim they can solve problems in "200 seconds" that would normally take "10,000 years" directly implies they are poised to break the encryption standards that technologies like bitcoin are built upon.

#2  Where was it "explained" that this news is "not connected" with crypto?

#3  "This has nothing to do with the fall." Based on what? I have seen nothing credible to suggest otherwise.

[Fundamentals Of]

Discussions on this recent price dip of the majority of cryptocurrencies are found all over the forum, in Bitcoin discussion, in altcoin discussion, in locals, in economics, and most probably in other sections as well. What I find amusing are the different explanations and ideas popping out from everywhere.

This is quite unique though in that this is the only thread where I read about the Quantum Computers having to do with the price dip. And while I highly doubt an existing rumor could possibly affect the prices all of a sudden and so quick, I am already in a state of confusion as to what truly is the reason behind. Everything seems muddled already.

[jseverson]

If bitcoin's encryption is broken, it could take years before its fixed. If it is ever fixed. Encryption being broken in crypto currencies is a doomsday scenario. The only true fix to true quantum computers could be quantum level miners utilizing quantum level encryption.

Not really. A new public key algorithm could be introduced with a simple soft fork, and current ASICs are faster than projected quantum computer clock speeds. The problem is that old and some lost coins can't be protected, since they can't be moved to post-fork addresses.

I agree with notions that quantum computers will never become a reality. There is only so much functionality that can be built into silicon or chips made with other materials. Whether limited by voltage, clock frequency or data density. I think there are hard physical and theoretical limits which could prevent quantum computers from reaching the standards their marketing brochures claim are possible.

I believe they're inevitable, but I don't think they'll be available for commercial use anytime soon. Entities who would have access to ones strong enough to threaten Bitcoin probably won't be interested in it in the first place.

As for the actual topic, I also believe the price movement had something to do with the brief hashrate crash. I'm not sure mainstream readers would actually know that there could be a connection between quantum computers and Bitcoin unless it's explicitly mentioned in the article (and articles I've seen don't).

[casperBGD]

The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.

i agree, it is a matter of technical, there was a sideways trading last days, margin were low, and stop loss triggering enforced decrease, since there was a tone of them within low margin from last week stable price, and that was the main reason for the dip to go this down, we will see how this is going to play further

here is a link to support this opinion
https://www.coindesk.com/bitcoins-price-slides-1000-in-30-minutes-after-margin-calls-at-bitmex

[ajaymukund]

The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.

In fact, the sharks had anticipated this. If you notice, the seller will see signals that there are transactions with more than 1000 bitcoins or more than 2000 bitcoins going on continuously.
and until Bakkt was ineffective, it was a time when sharks rushed to sell bitcoin and flood the market.
I thought it would be difficult to return to the 10k level because I suddenly realized there were two more 2000 bitcoin transactions transferred to the Bitmax exchange. The bear market has arrived and we should be careful.

[Hydrogen]

#1 Not really. A new public key algorithm could be introduced with a simple soft fork

#2 current ASICs are faster (https://www.theregister.co.uk/2017/11/09/quantum_computers_could_crack_bitcoin/) than projected quantum computer clock speeds.

#1 A new public key wouldn't defend against quantum brute forcing.

#2 Quantum computers attempt to achieve higher performance through increasing the data density of bits. Rather than exclusively utilizing binary digits with 0's and 1's as today's supercomputers do, quantum computers expand the number of base values utilized in the computational aspect of things. That's where their theoretical performance boost comes from.

A normal supercomputer could be characterized as a person who only has 2 fingers (bits) to count on. While a quantum supercomputer could theoretically have hundreds, thousands or more fingers (bits) which gives them a larger computational density.

I think quantum computers are equivalent to someone attempting to build a moped engine that can produce 200,000 horsepower while consuming the same amount of gasoline as a normal motor. They're supposed to be powered by breakthroughs in quantum physics which will likely never manifest.

I'm not sure mainstream readers would actually know that there could be a connection between quantum computers and Bitcoin unless it's explicitly mentioned in the article (and articles I've seen don't).

The entire premise of encryption is not that its unbreakable. But rather that it would take *too long* to break encryption for it to be feasible.

When tech corps like google release fake news claiming their "quantum computer" can solve problems in "200 seconds" that would take a normal supercomputer "10,000" years to solve.

That is a direct reference to existing encryption standards. That is a definite connection imo.

i agree, it is a matter of technical, there was a sideways trading last days, margin were low, and stop loss triggering enforced decrease, since there was a tone of them within low margin from last week stable price, and that was the main reason for the dip to go this down, we will see how this is going to play further

here is a link to support this opinion
https://www.coindesk.com/bitcoins-price-slides-1000-in-30-minutes-after-margin-calls-at-bitmex

The quoted source says:

A trader, who wished to remain anonymous, said the price drop may have been exacerbated by margin calls and contract liquidations on Bitmex

Usually when this type of topic arises, people point out how single exchanges like bitmex do not represent a substantially significant trading volume. Not enough collective volume to significantly affect the value of bitcoin. There's a corresponding tendency towards arbitrage trading when the value of one commodity is significantly lower on one exchange than it is on another, which also helps to naturally prevents that occurrence via normal market mechanics.

Exchanges affecting price and volume are more typically associated with exchanges that historically carried no commissions on trades. That made it more feasible for market and price manipulation to be effective.

It makes plenty of sense for leveraged short calls on bitmex to concide with fake news that is likely to negatively affect bitcoin's price within the normalized vein of insider trading we've long witnessed in crypto trading. I think that is the most likely conclusion, and the one that will be adopted as more information becomes available.

Although there would seem to be a lot of coordinated market manipulation involved which traders might recognize. In terms of short selling and fear associated with most not being aware of the cause behind the price reduction.

[davis196]

The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.

I agree with that.By the way,I am constantly seeing this "Google's major quantum computing breakthrough" everywhere in my newsfeed.Every rumor about the big G is always exaggerated.I don't think that the vast majority of the crypto users and traders are so naive to believe such news.The reason behind this BTC price drop is somewhere else.

[1Referee]

This is quite unique though in that this is the only thread where I read about the Quantum Computers having to do with the price dip. And while I highly doubt an existing rumor could possibly affect the prices all of a sudden and so quick, I am already in a state of confusion as to what truly is the reason behind. Everything seems muddled already.

People have always tried to link news articles or other events to price drops/increases. It's something people will continue to do because they have no clue about how the charts have turned bearish af in the last couple of weeks with every touch that confirmed the bearish triangular formation. Statistically, the probability of them breaking out to the downside is 75ish%.

If you also look at the extremely low volumes, which is another solid indicator that a huge move is near, mainly because of how the range has been tightening (tigher range = less volatility = less volume), the market was due for a big move. Unfortunately for people, it went down instead of up, but it shouldn't have come as a surprise. Lower levels are due. DCA the market down is the way to go if you want to grow your stack.

[prix]

#1  Encryption functions on the basis it would take too long to brute force. Google's claim they can solve problems in "200 seconds" that would normally take "10,000 years" directly implies they are poised to break the encryption standards that technologies like bitcoin are built upon.

#2  Where was it "explained" that this news is "not connected" with crypto?

#3  "This has nothing to do with the fall." Based on what? I have seen nothing credible to suggest otherwise.

1. Google:

that certain computational tasks might be executed exponentially faster on a quantum processor than on a classical processor
...
takes about 200 seconds to sample one instance of the quantum circuit 1 million times
...
The benchmark task we demonstrate has an immediate application in generating certi able random numbers[9]; other initial uses for this new computational capability may include optimization optimization [10{12], machine learning[13{ 15], materials science and chemistry [16{18]. However, realizing the full promise of quantum computing (e.g. Shor’s algorithm for factoring) still requires technical leaps to engineer fault-tolerant logical qubits[19{23]
...
To demonstrate quantum supremacy, we compare our quantum processor against state-of-the-art classical com- puters in the task of sampling the output of a pseudo- random quantum circuit

Google claims that they can execute "certain task" faster. Everything else is speculation.

2. From reddit:

Google and NASA have reached quantum supremacy in a year collaboration. What does it mean for future blockchain security?
Google’s Quantum 'Breakthrough' Won't Destroy Bitcoin. Not Yet
Quantum supremacy and the case for quantum security today in blockchain.
Google reportedly attains 'quantum supremacy'

No panic, no fud, calm discussion.

Here on the forum I saw only a couple of posts on this topic and one explanation. No panic too.

3. Based on the fact that there is no panic, that the news is old (4 days) and did not arouse much interest. The Bakkt, for example, create much more movement.

[jseverson]

#1 A new public key wouldn't defend against quantum brute forcing.

I was referring to quantum proof public keys, which are already ready today but have a few issues:

Public-key crypto that is secure against QC does exist, however. Currently, Bitcoin experts tend to favor a cryptosystem based on Lamport signatures.

#2 Quantum computers attempt to achieve higher performance through increasing the data density of bits. Rather than exclusively utilizing binary digits with 0's and 1's as today's supercomputers do, quantum computers expand the number of base values utilized in the computational aspect of things. That's where their theoretical performance boost comes from.

A normal supercomputer could be characterized as a person who only has 2 fingers (bits) to count on. While a quantum supercomputer could theoretically have hundreds, thousands or more fingers (bits) which gives them a larger computational density.

I think quantum computers are equivalent to someone attempting to build a moped engine that can produce 200,000 horsepower while consuming the same amount of gasoline as a normal motor. They're supposed to be powered by breakthroughs in quantum physics which will likely never manifest.

Again, there's a study saying that current ASICs are faster than theoretical quantum computers when it comes to mining because they're specialized:

We find that the proof-of-work used by Bitcoin is relatively resistant to substantial speedup by quantum computers in the next 10 years, mainly because specialized ASIC miners are extremely fast compared to the estimated clock speed of near-term quantum computers

So if this is accurate, Bitcoin doesn't really have to worry too much about getting 51%'d by quantum computers, or at least  not in the near future.

The entire premise of encryption is not that its unbreakable. But rather that it would take *too long* to break encryption for it to be feasible.

When tech corps like google release fake news claiming their "quantum computer" can solve problems in "200 seconds" that would take a normal supercomputer "10,000" years to solve.

That is a direct reference to existing encryption standards. That is a definite connection imo.

Yeah, all I was saying is that I don't think a lot mainstream readers would be able to draw that connection, which is why I believe that it's unlikely for the price slide to be attributable to the news piece.

[negancoin]

There is no real fundamental reasons to why cryptocurrency prices are crashing, However there are two events that seem like are related in some way to this drop which are the launch of bakkt that was disappointment for many people as they were hoping that bakkt will push the price up upside and second one is hashrate which is still mysterious. For google's quantum computer, I don't think is behind this drop.

[joniboini]

However there are two events that seem like are related in some way to this drop which are the launch of bakkt that was disappointment for many people as they were hoping that bakkt will push the price up upside and second one is hashrate which is still mysterious.

People are just connecting the dots, but what happened could only be answered by the one who dumped their Bitcoin.

No need to find what is the cause of this because that's technically not possible. You can debate it all day, but it won't give you valuable insights except for mere speculations.

#1 A new public key wouldn't defend against quantum brute forcing.

Then don't reuse your address. Other than that, move on to signature like Lamport signature.

Seriously, if SHA got broken then I guess banks or any mainstream public services that depend on encryption would take a bigger blow compared to Bitcoin.

[stompix]

The price dip we have experienced today is more related to the 40% drop in hash rate we have in Bitcoin mining and even that is a questionable even on why it had dropped that big too fast.

We don't know if it actually was a drop in hashrate power.
All those graphs are calculating the hash rate based on estimations between the difficulty of the first retarget and the time between blocks, so it's not really accurate at all. A chain of bad luck at finding blocks might show itself on the graph as a sudden drop but the hasing power is still there.

Overall, we had no drop, we're actually at this point more than 100 blocks ahead of time, and we might experience a difficulty increase of 6%. https://diff.cryptothis.com/
In indeed this no event was the trigger for a 10-20% drop in all cryptos, then the market is acting pretty stupid.


As for the google quantum hype, not only it was well before the dip but I doubt it would have impacted more than 0.1%. But again, it might be that the market is simply acting stupid...as always! 

[Hydrogen]

People have always tried to link news articles or other events to price drops/increases. It's something people will continue to do because they have no clue about how the charts have turned bearish af in the last couple of weeks with every touch that confirmed the bearish triangular formation. Statistically, the probability of them breaking out to the downside is 75ish%.

If you also look at the extremely low volumes, which is another solid indicator that a huge move is near, mainly because of how the range has been tightening (tigher range = less volatility = less volume), the market was due for a big move. Unfortunately for people, it went down instead of up, but it shouldn't have come as a surprise. Lower levels are due. DCA the market down is the way to go if you want to grow your stack.

Nearly every big bitcoin price move in history was fueled by a news story.

The same way many US tech corporations increased their stock price by more than 20% simply by announcing vague plans to pursue a project related to blockchains.

News events like SEC rulings on winklevoss ETF applications have always wielded by far the largest influence on BTC price movements.

Essentially you're investing and trading a commodity known as crypto currencies which rely heavily on encryption standards. You're claiming a news story about encryption standards being potentially broken via quantum computing has zero effect on the commodity you're trading.

#1 I was referring to quantum proof public keys, which are already ready today but have a few issues:

Public-key crypto that is secure against QC does exist, however. Currently, Bitcoin experts tend to favor a cryptosystem based on Lamport signatures.

#2 Again, there's a study saying that current ASICs are faster than theoretical quantum computers when it comes to mining because they're specialized:

We find that the proof-of-work used by Bitcoin is relatively resistant to substantial speedup by quantum computers in the next 10 years, mainly because specialized ASIC miners are extremely fast compared to the estimated clock speed of near-term quantum computers

So if this is accurate, Bitcoin doesn't really have to worry too much about getting 51%'d by quantum computers, or at least  not in the near future.

#3 Yeah, all I was saying is that I don't think a lot mainstream readers would be able to draw that connection, which is why I believe that it's unlikely for the price slide to be attributable to the news piece.

#1  Quantum keys merely increase the bitsize. It means you upgrade from SHA256 to SHA512 or a larger bitwise number. There's no guarantee that this would be effective against a true quantum computer, if one is ever created.

#2  Clock speed, optimization and a smaller silicon lithographic etching process in nanometers could be cited to claim protection against quantum brute forcing. But would any of those marketing claims withstand the reality of it? Its not something anyone is making an effort to place a guarantee on.

#3  There have been many many BTC price movements traders couldn't explain that were easily explainable by stories published in the news at the time.

I'll give you one example:

https://bitcointalk.org/index.php?topic=5142884.msg51040602#msg51040602

That news story could explain the recent spike in BTC price which traders also could not explain @ the time.

[Kakmakr]

Nah, I doubt if the drop in the hashing power and the drop in the price has anything to do with the fake news that are being spread about Quantum computing. People do not even know how Bitcoin works, so why would they know how quantum computing could affect Bitcoin. 

I think the real problem behind this is purely based on market manipulation and the speculative traders that are hyped over Bakkt. Time will tell if I am wrong and if there are something else, but I think the disappointment over the poor trading volumes on Bakkt is a huge contributor to this. 

[South Park]

The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.

It's all like you say, but that wouldn't make an interesting article for an average crypto investor, people want to get one big single reason why Bitcoin dropped, and it must be something that sounds really scary. Crypto is full of retail investors without any experience in trading before they picked cryptocurrency, which is why these news sites are of so poor quality - they don't have to produce any high quality analysis and overview, a simple clickbait would do much better for them.

While the news is interesting and it could become a problem for bitcoin sooner than expected if it is true I do not believe either that the sudden crash that we saw had any relationship with it, investors have been saying that the price was bound to an even bigger correction, so it is likely that a whale or group of whales were satisfied with their profits and decided to cash out, this created panic and everyone began to sell causing the price to crash even further.

[avikz]

Lol!! Without going to the controversy whether Google has achieved quantum process of 53 Qubit power or not, I think there is no correlation at all! Quantum computer will have much larger scope for mankind, why would it be used to break the encryption of bitcoin only?? That's dumb thinking!

I would rather think, Google will use its quantum computer very cautiously without hurting anyone or anything, even after having the capability of doing so! I am sure bitcoin users have at least that much gray matter in their brain!

[kryptqnick]

The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.

I also thought about Bakkt when I saw that the price dropped. Some people also assume that it's for technical reasons, that it was going in that direction. As an article on Cointelegraph mentions, another hypothesis is that it's because of Trump impeachment stuff related to Ukraine. Another assumption I saw was about some mining farm quitting the business (but it's clear now that it's not the case), and it's the first time I see the version about quantum computers. Even if it's not the reason for the current price, it's useful to know that some information of doubtful character about quantum computers and cryptos is going on the net. It can have an impact later.

[Hydrogen]

Lol!! Without going to the controversy whether Google has achieved quantum process of 53 Qubit power or not, I think there is no correlation at all! Quantum computer will have much larger scope for mankind, why would it be used to break the encryption of bitcoin only?? That's dumb thinking!

#1  Imagine that there is something known as a crypto currency.
#2  The term crypto is derived from the encryption technology upon which it is built on.
#3  A news story suggests quantum computer breakthroughs may soon be able to break this encryption.
#4  There is a massive 20% decline in the value of crypto currencies mere days after this news story is published.

Conclusion  People say quantum computer news relating to encryption standards potentially being vulnerable are 100% unrelated to the massive 20% price drop. Essentially you're saying that you think the encryption standards upon which bitcoin are built being potentially vulnerable would have zero effect on it?

You say quantum computers have a "larger scope for mankind" than breaking encryption. That's hilarious. What "larger scope" is that? I do not think you have an answer.

Writers of articles on blockchain and crypto websites said nothing about this quantum computer news.

Its not due to the news having zero effect on btc price. They simply didn't know about it.

[el kaka22]

I am not entirely sure about the subject in hand and I have absolutely no proof that it is not like that but I can't stop but feel that there has been literally a cry for $7.8k gap to be closed for MONTHS now and it eventually reached there so I feel like maybe there is a connection with the fake news but maybe it is just the thing we have been waiting for months to happen?

Not saying that is the reason and not saying the topic is wrong, it could be literally anything, like a huge whale maybe sold his coins, who knows but I mean we all have been expecting this for months now and suddenly we are there and we are looking for other reasons. Maybe it is because we have called for $7.8k for months and that just happened without any other drama or fake news involved?

[mazdafunsun]

I am still not sure that stable quantum computing can exist in near future.
These news did not have anything to do with bitcoin drop, the big move was predicted by simple Technical analysis.
If the news had impact worldwide and if it was true, the appropriate stocks would go down extremely fast.

[ene1980]

The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.

This can be related and not any news about quantum computers as i still consider it as a dream to achieve those levels to have a real attack on anything.
The price was not going either way and it was stuck for one price for a long time and now we are seeing a correction and it is time for everyone to invest those who were planning to invest when there is a correction and wait for some time, we will see a rally in the next one year and these dips are common in this market  .

[royalfestus]

I dont know why the dump is attached to so much tales. The dump was predicted just that we dont always want to accept it. google, Bakkt or no bakkt the dump was expected, we are only disappointed in the influence of the bakkt launch to the price. Sadly we could see it deeper towards 6-7k in coming weeks before see any pump. As if we are not at used to it, there have been worse news than the google hack and the rest when it want to rise. When bull is pulling the price no news can stop it

[audaciousbeing]

When I read the headline of Google claiming to have gotten hold of Quantum computing, even without reading the content of the news, my mind went straight to crypto as we have read in several articles that the undoing of crypto would be the advent of quantum computers which is what is now upon us. Although, I would not wish away the fear because it has been reported that quantum computing is not even upon us in the near future and now google laying claim to it now should cause panic.

For me, this just further show the huge volatility that the market is facing because it does not even react to factual news but also fake news, it goes on to react to tweets by individuals, comments by figures among ridiculous thing any ideal market should react to and such reactions are always fatal. The market will recover, the question is when?

[Oilacris]

Lol!! Without going to the controversy whether Google has achieved quantum process of 53 Qubit power or not, I think there is no correlation at all! Quantum computer will have much larger scope for mankind, why would it be used to break the encryption of bitcoin only?? That's dumb thinking!

I would rather think, Google will use its quantum computer very cautiously without hurting anyone or anything, even after having the capability of doing so! I am sure bitcoin users have at least that much gray matter in their brain!

Its total BS to think of that this news correlates with the sudden price dip but we cant blame people not to tagged up these kind of news since they
do know the possibilities and capabilities of these quantum tech towards crypto that's why they are saying or trying to connect these scenarios.

People are way gone too far on presuming things even it do looks total non-sense to consider about.

[Duzter]

Now there needs a reason for the price drop. This has been connected to different issues, one being the Bakkt, another is the Bitmex, now it is the news about Quantum computers. Something about Quantum computers was there in the news, and by this time if the price hasn't fallen now the same should have got attributed to the news which is true. This happens until the growth gets initiated for the next level of bullish move.

[Baofeng]

The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.

I agree, this news has been going around for days and I doubt that this is the source of all this sudden dip of the price. It is attributed to some miners suddenly pulling the plug on their mining hardware. But it really doesn't make sense, could probably some black out on some miners regions, but for sure they will be back mining again when the electricity stabilised. Those whale who sold on Bitmex just reacted on the market, and dump huge amount. We don't know if this is deliberate to cause the market to panic or just simply wanted to liquidate his/her assets.

[jseverson]

#1  Quantum keys merely increase the bitsize. It means you upgrade from SHA256 to SHA512 or a larger bitwise number. There's no guarantee that this would be effective against a true quantum computer, if one is ever created.

#2  Clock speed, optimization and a smaller silicon lithographic etching process in nanometers could be cited to claim protection against quantum brute forcing. But would any of those marketing claims withstand the reality of it? Its not something anyone is making an effort to place a guarantee on.

Our disagreement only really hinges on the fact that you believe that we have no idea what quantum computers can do because they don't exist (or practical ones at least) yet, whereas I believe that current projections of their capabilities would be close to what they can actually do. If we have to insist on guarantees against something that doesn't exist yet (and thus couldn't be tested), then there's literally nothing we can do to prepare at the moment. If that's your line of thinking, then I suppose your belief on its effect on prices is justified.

#3  There have been many many BTC price movements traders couldn't explain that were easily explainable by stories published in the news at the time.

I'll give you one example:

https://bitcointalk.org/index.php?topic=5142884.msg51040602#msg51040602

That news story could explain the recent spike in BTC price which traders also could not explain @ the time.

True, but it could also be explained by Bakkt being announced one day prior to that post.

The current drop also coincided with Bakkt starting slow, so I believe it's more likely that traders are more interested in watching Bakkt than Google's paper. I could be wrong, of course. Pointing to what caused price movements is difficult even in hindsight, but I think it's reasonable at this point to assume that the hype (and that hype being shot down) behind Bakkt can move the market.

[xvids]

The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.

It's all like you say, but that wouldn't make an interesting article for an average crypto investor, people want to get one big single reason why Bitcoin dropped, and it must be something that sounds really scary. Crypto is full of retail investors without any experience in trading before they picked cryptocurrency, which is why these news sites are of so poor quality - they don't have to produce any high quality analysis and overview, a simple clickbait would do much better for them.

Yes a simple clickbait and fake news could affect the market since like you've said most of the new ones in cryptodoesn't have some trading back ground,
And easily get nervous on a fake news without even trying to search if the news are true or not.
This is the perfect example of buy the rumors and sell fact

[Freddy11]

This is where we have to try and keep our self updated with what’s happening in the market. A lot of problem for us is that we are not aware of what’s happening and because of that we make wrong decisions and often get fooled. So if we can cut that right and move ourself into right direction with staying upto date with all Crypto News, it will for sure be helping us get the kind of rewards we want to gain.

[davinchi]

I am not sure that this is the case that we should link it with, it could just be some coincidence. I have read in other post where people also attributed the $175b that the government of United state printed of recent also to the reason why we crashed in price, which majority of them might really not be truth. This is a market that is full of uncertainties, and many people are just looking for different answer to things that never existed.

This is not the first time that bitcoin will be having such a huge dump in value and before we know it, we will see another balance in the value again. This coin is too volatile, and I think we should always expect nothing of such from it at any time in a market where people are mainly using the coins as asset purpose and not for digital payment as it is supposed to be, so all these surprises are what we will continue to see.

[Febo]

The Latest Crypto Price Dip Is Fueled By Fake News Relating to Quantum Computers

It is actualy because there was to much hype. Possibly around BAKKT. Borrom happened at end of last year at $3000. Then in March price slowly started growing. It is all fine with thta. But price was increasing for full 5 months. What is one of records in Bitcoins 10 years history. And even after that price went mainly sideways and not realy corected. Now corection is due. But that dont mean much. We are not taht high anymore.

[shoreno]

I am not sure that this is the case that we should link it with, it could just be some coincidence.

you maybe right with that   .  i also think that its only a co incident and not because of the news about quantum computing . if we will only track bitcoin we can see that its value did already fall or always have been falling with or without news ,  and even if there are certain good news that are being reported , bitcoins value seem to have resistant and will still follow its own path than following those news   . also , the recent rumors was about bakkt and though i see some posts about this quantum computer thing  .

[adamlillian]

To destroy Bitcoin's algorithm, it will take a lot of time to do this and it seems impossible. But this is also not FUD news to make Bitcoin's price go down like the past 2 days.
The value of bitcoin is being manipulated daily and no news can influence the plans of manipulating institutions.

[styca]

I think there are a few possible triggers for the drop. Bakkt is probably the most likely. I do think though that it was just a trigger. The market had been trending sideways for quite a while, and a break one way or the other was always likely. Now that we've had a significant drop, what happens next becomes very important. If we can quickly regain the prices from a week ago, then that becomes a solid support line and sets us up for a renewed bull. If that doesn't happen, then the work to establish a new lower support line begins again.

[yoseph]

I dont know why the dump is attached to so much tales. The dump was predicted just that we dont always want to accept it. google, Bakkt or no bakkt the dump was expected, we are only disappointed in the influence of the bakkt launch to the price. Sadly we could see it deeper towards 6-7k in coming weeks before see any pump. As if we are not at used to it, there have been worse news than the google hack and the rest when it want to rise. When bull is pulling the price no news can stop it

Most of the time when a dip happens after a long period of the price rising steadily, people become shell shocked and try to find any way that they can explain it whereas there isn't really any explanation at all. Crypto prices rises and dips, it's been happening for a long time. There is no conspiracy involved.

[1Referee]

If we can quickly regain the prices from a week ago, then that becomes a solid support line and sets us up for a renewed bull. If that doesn't happen, then the work to establish a new lower support line begins again.

It's getting harder and harder with how we have yet again had another bearish daily close. If that wasn't enough, we didn't just have another bearish daily close, but we closed even below the 200MA. Currently we have the 200SMA left to form some degree of support, but if you look back historically, once we dip below the 200ME/EMA/SMA, we're going to be bouncing up and down below and between them.

Don't take my word for it, just pull out the daily chart and add these moving averages, you'll see how much of a vital role they play when it comes to longer term price development.

[Pab]

I don"t think so
It is rather last very strong correct before next bull run
Mostly price of bitcoin was moving supported by Bakkt hype and alts money
Bakkt was just a mirage bitcoin dominance was rejected at 72%
There was also several bearish factors on bitcoin TA
Not first not last dump.There is pump after dump so no to much worry

[ShooterXD]

Its all just another week to bitcoin.

Many things happened this last days, and many of them can push the price down. Maybe 2 or 3 things maked the price drop.
Lets wait a few days to see what will happen.

[rdbase]

When I first heard about this then we can also assume it will cause chaos in the banking and financial system they are currently running as well.
Since quantum computing will be able to solve any algorithm and question you put them to the test in solving. Including brute force password solving for said accounts and someones security questions put on their accounts.
So even if they are stating it will solve bitcoins algorithm it can be said for anything security based too.

[EdenHazard]

I dont know why the dump is attached to so much tales. The dump was predicted just that we dont always want to accept it. google, Bakkt or no bakkt the dump was expected, we are only disappointed in the influence of the bakkt launch to the price. Sadly we could see it deeper towards 6-7k in coming weeks before see any pump. As if we are not at used to it, there have been worse news than the google hack and the rest when it want to rise. When bull is pulling the price no news can stop it

Most of the time when a dip happens after a long period of the price rising steadily, people become shell shocked and try to find any way that they can explain it whereas there isn't really any explanation at all. Crypto prices rises and dips, it's been happening for a long time. There is no conspiracy involved.

Someone never said a truer word , everyone would looking for reasons... how this could happened , what causing it etc the cryptocurrency free market is inevitable to get crashed or skyrocketed within few days even hours , if you can't take benefit of it then you might on the other side of streets in other words you are in big trouble.

But yeah still we can't deny the fact that fundamentals such as a huge news involved bitcoin project / cryptocurrency project expected to have significant impact which these days people relying on bakkt future trading but in the end things went against them.

Now here we are confused even doing a panic selling over and over again every day I guess

This is just normal ... people forgot to anticipate this coming .

[Hydrogen]

So even if they are stating it will solve bitcoins algorithm it can be said for anything security based too.

"If they can crack bitcoin encryption, they can also crack bank or credit card encryption."

This is not 100% true.   

Bitcoin funds are stored via the public key, which is used as an address. The critical private key can mathematically be obtained from knowing the public key, IF you can break the encryption.

This means that every bitcoin address would be vulnerable to brute forcing if quantum computers progressed to a point where they could break the encryption. Cold storage, cold wallets, everything could be hacked simply by knowing the public address the btc was stored in.

Banks, credit cards and other conventional financial institutions are less vulnerable to brute forcing attacks. Encryption schemes used by banks like SSL and https would become vulnerable. But that in itself wouldn't provide all of the information necessary for theft the way that it would with bitcoin.

[pugman]

Whenever I hear people say Quantum Technology, it is more often used because they don't know what a certain technology is, and what its actual compatibility is and which field of usage is it to essentially used in.  In this case, it is basically Google trying to monopolize the "Quantum Computers" market by stepping into the market scene and rushing out on things by giving out some rough statistics which may or may not even be accurate, and other companies will also best make sure that Google doesn't end up getting an overall market lead in this as well.

But regardless of the above, all in all, I am pretty sure this had nothing to do with the price dip, mainly cause there is no connection between the events.

[Hydrogen]

But regardless of the above, all in all, I am pretty sure this had nothing to do with the price dip, mainly cause there is no connection between the events.

I would be curious to know why you say there is no connection.

No bitcoin analysts or purported experts covered this. None of them had heard about this, until after I posted it.

It makes sense for this news to be published initially without whales or big HODLers noticing as it wasn't covered by crypto news websites or crypto internet personalities. A day or two after publication, a whale read the story, realized the implications and dumped a massive portion of their holdings, sending the price plummeting. They probably shared it with their whale friends and coordinated big insider leveraged short positions before dumping as well to profit from the decline.

That's the most likely scenario from where I stand. Please share how you think circumstances played out & why this "doesn't" tie in to it.   

I agree small casual traders wouldn't have cared or noticed the significance of this. Small casual traders don't hold enough bitcoins to crash the price 20% either. They wouldn't factor into this at all. Its confusing as to why people discuss them as if they're the pivotal btc sellers who triggered the crash.

[senne]

The dip has no relation with this news. This news came way too before the dip. The main reason for the dip was the underwhelming response from BAKKT. People were expecting institutional money inflow to crypto through BAKKT. But with 15 BTC daily volume all the hype and expectation which were building since 2018 start got shattered and this caused the dip.

But the thing here to note is that after rallying till $13k, BTC corrected only till $7700 which is a good signal in itself. $8k is behaving as a strong support which shows there is enough volume in the market and BTC is going strong. This correction was much needed.

[ene1980]

So even if they are stating it will solve bitcoins algorithm it can be said for anything security based too.

"If they can crack bitcoin encryption, they can also crack bank or credit card encryption."

That is the logical sense, if anyone can break these encryption then nothing is secure, still not convinced that the correction is because of these fake news, the market was not having any direction for a long time and it is time we see a correction but it wiped away multi billions and it is possible that the price might go below $7000.

[Hydrogen]

That is the logical sense, if anyone can break these encryption then nothing is secure

Let's say a bank gives its end users 5 login attempts before it locks the account.

You run a quantum brute forcer to try to brute force a password. You get 5 attempts then the account locks.

With those types of standard security practices in place, is a quantum computer likely to affect the security of banks and other financial institutions which rely far less on encryption technology than bitcoin?

Crypto currencies would be vulnerable to quantum brute forcing due to it being built upon trustless systems that verify mainly through cryptographic routines.

Other forms of banking and finance rely less heavily upon encryption and would be less affected.

[MetalGear]

Google Claims ‘Quantum Supremacy,’ Marking a Major Milestone in Computing

In what may be a huge milestone in computing, Google says it has achieved "quantum supremacy," an experimental demonstration of the superiority of a quantum computer over a traditional one.

The claim, made in a new scientific paper, is the most serious indication yet that the promise of quantum computers—an emerging but unproven type of machine—is becoming reality, including their potential to solve formerly ungraspable mathematical problems.

Essentially, Google purports to have pulled off a stunt on a quantum computer that no classical machine—not even the world's most powerful supercomputer—can replicate.

Fortune obtained a copy of Google's paper, which was posted to NASA.gov earlier this week before being taken down. The Financial Times first reported the news.

A Google spokesperson declined to confirm the authenticity of the paper and its results. NASA did not respond immediately to a request for comment.

A source at Google familiar with the situation suggested, however, that NASA accidentally published the paper early, before its team's claims could be thoroughly vetted through scientific peer review, a process that could take anywhere from weeks to months.

If the paper holds up under the scrutiny of the scientific community, it will herald a watershed moment in quantum science. Its central claim counters doubt that some unforeseen law of nature may prevent quantum computers from operating as hoped.

"Quantum speedup is achievable in a real-world system and is not precluded by any hidden physical laws," the Google researchers write.

Further, they predict that quantum computing power will "grow at a double exponential rate," besting even the exponential rate that defined Moore's Law, a trend that observed traditional computing power to double roughly every two years.

The experiment

The experiment described in the paper sampled randomly generated numbers produced through a specialized scenario involving quantum phenomena. The researchers said they determined that their quantum computer beat regular computers at the task, which involved calculating the output of certain specialized circuits.

"While our processor takes about 200 seconds to sample one instance of the quantum circuit 1 million times, a state-of-the-art supercomputer would require approximately 10,000 years to perform the equivalent task," the researchers said.

Google's quantum computer, dubbed "Sycamore," contained 53-qubits, or "quantum bits," a measure of the machine's potential power. The team scaled back from a 72-qubit device, dubbed "Bristlecone," it had previously designed.

The researchers estimate that performing the same experiment on a Google Cloud server would take 50 trillion hours—too long to be feasible. On the quantum processor, it took only 30 seconds, they said.

"Quantum processors based on superconducting qubits can now perform computations...beyond the reach of the fastest classical supercomputers available today," the researchers write. "To our knowledge, this experiment marks the first computation that can only be performed on a quantum processor."

Outlook

Businesses are hoping the advancement of quantum computers—by tech giants such as Google, IBM, and Intel, as well as startups such as Rigetti Computing—will lead to unprecedented scientific and technical breakthroughs in the coming years. They're eyeing applications from new chemical reactions for the development of drugs, fertilizers, and batteries, to the improvement of optimization algorithms and mathematical modeling.

As exciting as Google's result is, other researchers caution against overhyping it, fearing that inflated expectations of imminent advances will lead to a popped bubble.

Dario Gil, head of IBM Research, advises against using quantum supremacy as a metric with which to measure progress in the field. "The experiment and the 'supremacy' term will be misunderstood by nearly all," he told Fortune.

Gil described the experiment as a highly special case "laboratory experiment" that has "no practical applications." He added, "Quantum computers will never reign 'supreme' over classical computers, but will rather work in concert with them, since each have their unique strengths."

Jim Clarke, Intel Labs' director of quantum hardware, called Google's update "a notable mile marker." He said that "a commercially viable quantum computer will require" many R&D advancements before becoming a reality.

"While development is still at mile one of this marathon, we strongly believe in the potential of this technology," Clarke added.

The Google team, which first wrote about their goal in a Nature article two years ago, appears to be more hopeful about the short-term prospects of its findings. "As a result of these developments, quantum computing is transitioning from a research topic to a technology that unlocks new computational capabilities," the researchers write.

"We are only one creative algorithm away from valuable near-term applications."

https://fortune.com/2019/09/20/google-claims-quantum-supremacy/

....


Google claims they achieved "landmark success" with quantum computers which could break the encryption protecting crypto currencies like bitcoin within the near future. Not only are these claims dubious and ambiguous in nature. They are also unverified and not yet subject to peer review. The claims are also likely to be very misleading as mentioned by Dario Gil in the last bolded quotation in the article.

I don't know how long it will take for the general public to catch on to this news story being a likely fabrication and embellishment. Previous news stories about the price of bitcoin being "artificially manipulated" by tether were by all indications smear pieces published to satisfy political agendas in undermining the public's trust in crypto. As were many other hit pieces published by the media which has typically revealed an unfair bias and prejudice against bitcoin and crypto in general.

FT.com the website on which this news story was 1st published also has a terrible reputation imo in terms of them being one of the worst media outlets for reporting on finance.

Right, quantum computing is very threatening in a way, especially when you're gonna let yourself be swayed with this news and don't have that much faith with  blockchain and the whole crypto space. But if people will dig dipper and will do a fact check, this news is very misleading and would seem to intentionally give a scare to those who uses cryptocurrency.
             But I couldn't agree that this news fueled the latest crypto price dip because it was posted few days ago, the dip was due to the BAKKT hype and the altcoins but completely doesn't have anything to do with this news.

[Mumbeeptind1963]

Maybe that is only a speculation, but we all know that bitcoin has a great security that's why many people unto it. It can affect the price of it, we all know that little fud can make the market dip, but we need to know that market now is unstable, anytime bitcoin or other alts will go bear market again like what it has been on 2018. People are easily to be scared that's why they will tend to panic selling their bitcoin and it can cause bitcoin to go dip again.

[magneto]

Google claims they achieved "landmark success" with quantum computers which could break the encryption protecting crypto currencies like bitcoin within the near future. Not only are these claims dubious and ambiguous in nature. They are also unverified and not yet subject to peer review. The claims are also likely to be very misleading as mentioned by Dario Gil in the last bolded quotation in the article.

I don't know how long it will take for the general public to catch on to this news story being a likely fabrication and embellishment. Previous news stories about the price of bitcoin being "artificially manipulated" by tether were by all indications smear pieces published to satisfy political agendas in undermining the public's trust in crypto. As were many other hit pieces published by the media which has typically revealed an unfair bias and prejudice against bitcoin and crypto in general.

FT.com the website on which this news story was 1st published also has a terrible reputation imo in terms of them being one of the worst media outlets for reporting on finance.

There has been multiple for-profit ledgers that are created that are touted as quantum resistant (such as IOTA and QRL, among others). So BTC can definitely switch to a quantum-proof algorithm if need be.

People need to realise that quantum computing right now is still at its infancy, and once it does reach a level of maturity, it wouldn't just be bitcoin's algorithm that would be affected, it would be probably the majority of the world's infrustructure, even centralised bank databases that uses some sort of traditional non-quantum proof encryption.

Yet, people seem to focus on BTC only for some reason and spread this FUD.

While I don't think that this is necessarily the reason for the price dip, given that the relevance of the news is simply not that high at all and that these random corrections are just a normal part of the market cycles, I do think that the irrational fear of quantum computing is real.

[Hydrogen]

Bumping this.

Could be relevent to the latest fake news market manipulation pushing btc down.

Note the date of the 1st post in this thread, (september 24th, 2019) which also accompanied that last dip down below $8,000.

 

[nasipadang]

The role of the media is now more to worsen the conditions, they just need an audience and profit. Even though there is no connection between quantum computers and the decline in bitcoin. That's why the media often use click bait for each of their titles, just for the attraction and center of attention for their media.

[Hydrogen]

there is no connection between quantum computers and the decline in bitcoin.

The latest drop in BTC below $7,500 coincides with media sources re-publishing this old story about google "achieving" quantum supremacy from september 20th 2019. The drop in BTC to $8,000 in september coincides with the original publishing of the story.

You can say its all coincidence. But I think we could see future drops in BTC price when "further developments" on quantum computers are published. When the price of bitcoin spikes, they publish fake news about tether being a conspiracy to keep bitcoin's price contained. They've done this for the past 2-3 years.

Bitcoin price movements aren't motivated by natural market mechanics as much as political agendas.

[fiulpro]

I don't think it has anything to do with quantum computers since even if there is a thing that could actually hack into everything there will still be legal issues , do you see hackers running around free ? no ! The government sentence them according to their cyber crime , that's why they teach you ethical hacking !
We should understand that it was possible since time immemorial to hack into our accounts and all therefore now everyone will purchase the computers and Target you !
It cannot be that people are this stupid to sell off just because of this.

[Hydrogen]

It cannot be that people are this stupid to sell off just because of this.

Market analysis is determined by the least common denominator. Traders don't base future market projections on what they expect the most intelligent and most knowledgeable trader will do. Its always the opposite of that. Market reactions are always based on worst case scenarios to protect investments and mitigate risk.

When whales look at markets whether its bitcoin, equities, futures, penny stocks or whatever. They always ask: "how will the least intelligent, educated and knowledgeable trader react to this". And that is typically the basis they use for determining what the proper market reaction should be.

Feel free to disagree, I 100% don't mind. But please remember events which do not directly affects markets or stocks like the 9/11 World Trade Center bombings crashed the US stock market to an extreme degree. Its not necessarily the direct impact that matters but rather the psychology and worst case scenario.

[Wysi]

I don't think it has anything to do with quantum computers since even if there is a thing that could actually hack into everything there will still be legal issues , do you see hackers running around free ? no ! The government sentence them according to their cyber crime , that's why they teach you ethical hacking !
We should understand that it was possible since time immemorial to hack into our accounts and all therefore now everyone will purchase the computers and Target you !
It cannot be that people are this stupid to sell off just because of this.

I agree with you as it's the stupidity to blame any third part for the dip in the value of bitcoin and rather it's a blunder from users if they sell off bitcoin due to these FUD and I would say we need to cash out only if it's some sort of emergency and we all are aware bitcoin will not die but value will fluctuate and we need to learn the lesson as I have learned it hard way by selling it off around $5k then in couple of month it bounced back to $13k.

[EdenHazard]

Feel free to disagree, I 100% don't mind. But please remember events which do not directly affects markets or stocks like the 9/11 World Trade Center bombings crashed the US stock market to an extreme degree. Its not necessarily the direct impact that matters but rather the psychology and worst case scenario.

I see what you mean .. there's no such thing as coincidence , everything that happens is the result of something else movement. We just need to collect the data as much as possible ( in this case .. analyzing what's going on with bitcoin market getting drop ) a sudden fall right after Google claims major breakthrough in quantum computing... is so relatable in fact that the quantum computer pretty clear threatening cryptography system which is cryptocurrency and bitcoin itself is in it, a serious security breach awaits... that's the concern isn't it?

Nobody can judge that it's not the 'quantum computer' factor ... causing the market fall or just the reverse.

[kapalmabur]

I don't think it has anything to do with quantum computers since even if there is a thing that could actually hack into everything there will still be legal issues , do you see hackers running around free ? no ! The government sentence them according to their cyber crime , that's why they teach you ethical hacking !
We should understand that it was possible since time immemorial to hack into our accounts and all therefore now everyone will purchase the computers and Target you !
It cannot be that people are this stupid to sell off just because of this.

maybe they are panicking, or this is a whale game !, you know that Bitcoin is now very popular and many want to drop it,
especially from the government does not support 100% for Bitcoin, I have read an article that quantum computers will affect Bitcoin,
one of which is death Bitcoin, but I just don't believe it

[tbterryboy]

Nah man, Quantum Computing is no longer a theoretical subject, there are a few companies that are working with Quantum computers right now and these includes IBM, Google, D-wave, IonQ, and Rigetti. Google have achieved that for sure and I think they were the first to achieve because I remember a tweet that they were testing out the Quantum computer with NASA and it was called the 'D-wave 2', D-wave the Quantum computing company was also part of the test program.

So this is no joke, it's real! Quantum computing has been achieved. For now , I think it's only companies that have been getting their hands on it, maybe by next two years individuals will be able to access it.

[kotik085]

Do not forget that a quantum computer will come and can harm bitcoins and cryptocurrencies. We must take steps today to ensure security. I think that the scientists who created the crypto will gather.