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

[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.