Is Quantum Computing News Utilized to Manipulate Markets and Crash BTC

[exstasie]

These examples could illustrate what market manipulation looks like in real world application.

Bitcoin's price could still be above $10,000 if it wasn't for an organized and coordinated attempt to manipulate its price and devalue it. In the future, we could see bitcoin's price decline everytime the news says something about quantum computers. Not due to an actual danger to crypto's security but rather as it suits the political agenda in place.

Technical analysts would usually say, "that crash was coming anyway" and "the bad news was just a catalyst." The existing bear market condition (strong supply, weak demand) was the true underlying factor driving the decline. Another way of looking at this: if markets crash on bad news, it's confirmation you are in a bear market.

In other words, would-be sellers were looking for any reason to sell. It didn't have to be a story about quantum computers that did it; it could simply have been price falling below key stop loss levels. Once the selloff was triggered, a typical price feedback loop developed: lower prices squeezed holders into cutting losses, which begot lower prices. Rinse/repeat.

This is also why bad news can never keep a lid on strong bull markets. Any losses are quickly regained because investors are too bullish to care. If this "quantum supremacy" news came out in fall 2017, the market wouldn't have given a shit.

[Cnut237]

No, I don't think this drop had anything to do with any news. The same as today's rises (26th Oct) don't have any deep underlying reason. What happened was that prices were holding in quite a narrow range, and had held there for a while. A breakout either way was due, and it turned out there was more downwards pressure than upwards, so prices fell through the support level and dropped until they hit a new lower support. We then had a bit of holding around that point, followed by a sharp recovery back up to the previous support line. Or thereabouts. Not exact, but close enough. There doesn't have to be a news-trigger to cause abrupt price changes. They just happen, it's a volatile market as we all know, and it is highly speculative. Small initial movements often get wildly overblown through FOMO or panic-selling. In this instance, nothing of concern has happened. I wouldn't be worried or overjoyed at the moment.

[Febo]

Is Quantum Computing News Utilized to Manipulate Markets and Crash BTC

Whales uses any possible FUD possible. Not just about quantum computes but just anything. Government bans, hacks, energy consumption, forks, competitive coins.  That is how they make their profit. That is their job.

[Hydrogen]

Is Bitcoin still an easy to manipulate these days after the many years of exposure to market realities, FUDS, hypes, severe criticisms and the likes?

Technical analysts would usually say, "that crash was coming anyway" and "the bad news was just a catalyst." The existing bear market condition (strong supply, weak demand) was the true underlying factor driving the decline. Another way of looking at this: if markets crash on bad news, it's confirmation you are in a bear market.

In other words, would-be sellers were looking for any reason to sell. It didn't have to be a story about quantum computers that did it; it could simply have been price falling below key stop loss levels. Once the selloff was triggered, a typical price feedback loop developed: lower prices squeezed holders into cutting losses, which begot lower prices. Rinse/repeat.

This is also why bad news can never keep a lid on strong bull markets. Any losses are quickly regained because investors are too bullish to care. If this "quantum supremacy" news came out in fall 2017, the market wouldn't have given a shit.

In today's world, its probably common for traders, banks and elites to have relationships with media. I think it was CNBC's Mad Money host Jim Cramer who admitted he worked in conjunction with journalists to trade profitably. Cramer would buy stocks. Then he would have his journalist contacts publish positive content on the stock he purchased, which would drive the price of his holdings upwards to a sell position. That's the basic format for insider trading determining the degree to which markets are manipulated in this day and age. This precedent goes back literally decades, which means by this point its likely been greatly expanded upon.

News stories are by far the largest influence on market and stock prices. If anyone recalls all of the stock prices that increased dramatically after releasing news of them announcing dubious blockchain or cryptocurrency proposals.

This is one reason why AI trading is likely to never amount to anything. Developers of AI trading software could trade using their product. Instead they choose to sell it to the public, which greatly reduces the effectiveness of trading software on the basis of greater market saturation. While AI software can analyze market mechanics within a technical analysis paradigm, they can't necessarily predict future news stories which constitute the most significant variable influencing market valuation. This negative trend has a tendency to make AI trading bots ineffective.

[hugeblack]

In today's world, its probably common for traders, banks and elites to have relationships with media

What is the impact of these people on the market? The effect is required to have little experience in the technical aspects of cryptocurrencies.
If you are a true investor, it is stupid not to learn the basics of mining or to hire an expert.
Even if we assume that they have influence, will all of them believe the news? I do not think so.

The market trend can be manipulated if what happened to the news is true. For example, if someone on television predicted that the price would fall, his words would not affect the decline but would increase the amount of collapse if it happened.

[darkangel11]

People will cling to any sign to explain why something unexplainable is happening. You can say that it's because of quantum computing or that it's because of Libra hearings just like you can say that the move upwards is due to Chinese president talking about Blockchain or the short squeeze. In reality you're unable to determine the real deal because it's not one thing that influences the move but many different ones. It's usually a mix of many things.

[rdluffy]

I don't think people would sell BTC just to hear some news about quantum computing
It makes no sense, it's like: OMG quantum computing are here, and in a few minutes they will crack the BTC...

No, I think every fall of BTC people have to find some guilty news to spread, just this

[The Sceptical Chymist]

Is Bitcoin still an easy to manipulate these days after the many years of exposure to market realities, FUDS, hypes, severe criticisms and the likes? And if this can be true, then I have to assess my involvement with this market...

Yeah, I think it can be manipulated fairly easily with rumors and the like--but that's no reason to think of getting out IMO.  Even stocks with huge market caps can be thrown around, up or down, with news stories that might not be true.  Look what happens when rumors of a takeover make the rounds.  A company's stock price can go flying.

I don't know jack shit about quantum computing, but it sounds scary (lol).  I'll take the word of members here that it doesn't pose a threat to bitcoin, and if it does I'm just waiting for bitcoin wallets to start getting mysteriously hacked--even though that would render bitcoin worthless in the process, I'm sure that would be the first thing someone would do.

I did notice the correlation at the time between the news story and the sudden drop, but that doesn't mean there's causation.  Could be, though.  As I said, it was a big scary news story that could have scared the pants off some bitcoin whales, but who knows.  And yes, these types of stories could be planted just for the purpose of driving down the price of bitcoin.  I don't know who has that agenda but I'm sure someone does--someone powerful with access to the media.  /tinfoil hat.

[electronicash]

google tends to do these type of news that affects BTC like in 2018 where they ban crypto ads followed by facebook. the two i guess seem to partner-up and although the quantum computer break through isn't actually a break thru, the media seem to have scared that it could decrypt it all in seconds. the dips however helped us to at least also grab some coins, you can thank google too for doing all these for us.

[Brunus]

This rumor about Quantum Computing for the moment is just a fantasy of Google programmers.
Of course, they are working on it, they have created interesting models, but no possible application is expected for at least a few decades.

[huige007]

People will cling to any sign to explain why something unexplainable is happening. You can say that it's because of quantum computing or that it's because of Libra hearings just like you can say that the move upwards is due to Chinese president talking about Blockchain or the short squeeze. In reality you're unable to determine the real deal because it's not one thing that influences the move but many different ones. It's usually a mix of many things.

But the factors that are discussed do impact bitcoin and digital market. Like the actions taken by China and what happened to Libra and the role of quantum computing. Number of supporters, volume of a coin, its development technology, governmental games and new technologies, all affect crypto currencies in a good or bad way. Majority still has to learn a lot as it is a new concept totally.

[el kaka22]

Quantum computing COULD change everything we know about bitcoin mining but the reality is that it is brand new and it is not something quite common just yet, it has been tested, from what we read the tests were successful but at the same time how long until people really can mine bitcoins with a quantum computer?

I feel like there is still a lot of time for that so having a price change just because of that would be irrelevant. Like why would you be scared of something that is not happening right now? Maybe a panic would happen after people start to mine with quantum computers but until then there is no point of being scared of it. Of course, media doesn't care about that and might have spread some FUD but that is not my problem, if people were smart enough they would have seen the reality of the situation.

[exstasie]

Technical analysts would usually say, "that crash was coming anyway" and "the bad news was just a catalyst." The existing bear market condition (strong supply, weak demand) was the true underlying factor driving the decline. Another way of looking at this: if markets crash on bad news, it's confirmation you are in a bear market.

In other words, would-be sellers were looking for any reason to sell. It didn't have to be a story about quantum computers that did it; it could simply have been price falling below key stop loss levels. Once the selloff was triggered, a typical price feedback loop developed: lower prices squeezed holders into cutting losses, which begot lower prices. Rinse/repeat.

This is also why bad news can never keep a lid on strong bull markets. Any losses are quickly regained because investors are too bullish to care. If this "quantum supremacy" news came out in fall 2017, the market wouldn't have given a shit.

In today's world, its probably common for traders, banks and elites to have relationships with media. I think it was CNBC's Mad Money host Jim Cramer who admitted he worked in conjunction with journalists to trade profitably. Cramer would buy stocks. Then he would have his journalist contacts publish positive content on the stock he purchased, which would drive the price of his holdings upwards to a sell position. That's the basic format for insider trading determining the degree to which markets are manipulated in this day and age. This precedent goes back literally decades, which means by this point its likely been greatly expanded upon.

News stories are by far the largest influence on market and stock prices. If anyone recalls all of the stock prices that increased dramatically after releasing news of them announcing dubious blockchain or cryptocurrency proposals.

News can certainly affect prices. I'm not arguing that point. I'm sure there are entities in the Bitcoin markets who are positioned to profit from certain news catalysts.

My point is that news doesn't dictate the prevailing market trend. It can only mitigate or exacerbate the existing trend. Price stayed on the floor for a month after the crash in September which is indicative of bear market conditions. Sellers were in total control of the market. That wasn't the result of a news story. It was the result of overabundance of supply on the market.

In other words, I think the crash would have happened with or without bad news. FUD may have helped trigger the crash faster or sooner, but that's about it.

[hello_good_sir]

Their "Quantum Supremacy" isn't that much of big news, they were able to complete some equations a lot faster, but there have been comments that other manufacturers are able to manipulate their machine and only make it 5-10x slower than this "quantum computer".

I doubt anyone would have made market purchases or sales due to the quantum news, most people that are in crypto-currencies understand that there is going to be no chance it comes out in the next years and is able to make a big enough impact, where it'll be able to mine and effectively break bitcoin's private keys.

[huu78]

Price manipulation surely exists and is done by the traders who have a big money class. They can play the price and drop the price at any time and we just follow it.
But every good news is definitely bitcoin price always rises because that is where the future will more adopt the blockchain and the bank will follow suit.
As in China, they want the government to use or adopt a blockchain system. But out of there many also will defect disagreeing and will drop the price of Bitcoin in the future. In crypto, all can happen well.

[STT]

This bit of news is only the very first result from the cutting edge, as I understand it Quantum computing isnt easily mass production ready so its not especially a threat.   Even if they did have alot of power in a unit ready they would direct it to the most applicable tasks and the highest cost computing is surely in national defence budgets not trying to destroy private commerce even crypto.

[chaoscoinz]

News stories were published about google achieving quantum supremacy on september 20th, 2019:  

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

Shortly after, bitcoin crashed from above $10,000 down to $8,000'ish.



On october 22nd and 23rd, the original story from september 20th was republished by many media sources:

https://www.npr.org/2019/10/23/772710977/google-claims-to-achieve-quantum-supremacy-ibm-pushes-back
https://www.sciencedaily.com/releases/2019/10/191023133358.htm
https://www.rt.com/usa/471636-google-quantum-supremacy-claim/
https://gizmodo.com/google-confirms-achieving-quantum-supremacy-1839288099

Bitcoin crashed from above $8,000 down below $7,500.



There is always much being said about market manipulation. These examples could illustrate what market manipulation looks like in real world application.

Bitcoin's price could still be above $10,000 if it wasn't for an organized and coordinated attempt to manipulate its price and devalue it. In the future, we could see bitcoin's price decline everytime the news says something about quantum computers. Not due to an actual danger to crypto's security but rather as it suits the political agenda in place.

It would parallel the last 2+ years where media sources and banks have conspired to crash bitcoin's price by re-publishing unverified claims about tether being market manipulation designed to artificially prop up the price of bitcoin.

I doubt it, I think people have watched way too many science fiction films to think the current quantum computers will do significant damage to anything yet. I still think they are trying to work out the kinks. The quantum computer runs differently and needs to be kept frozen to get the Q-bits to assume superposition. We've come pretty far but until they can become an actual  commercialized success, I wouldn't worry about it for now. I think the only commercial product in quantum computing that is available is from D-Wave.

Check it out for yourself
https://www.dwavesys.com/

[Suslived]

I don't see how the current state of quantum computing could be a threat to crypto. Even Vitalik Buterin the creator of Ethereum publicly announced how he believes that Google's quantum computers are quite useless right now. Besides, when the time comes that it could ever pose a threat, a better type of crypto will already have emerged and will be harder to crack.

Way I see it, the only use of quantum computers right now is to generate hype and manipulate markets.

[Hydrogen]

There is one key thing I think some of you are missing. It goes like this.

Imagine you held $150 million in bitcoin. There's a news story published about google achieving quantum supremacy. You know that this is BS that shouldn't directly affect crypto. Even though this is true, the most likely scenario is you could dump part of your BTC holdings to be on the safe side. Markets and investments have notorious reputations for irrational and unexpected behavior, not unlike natural disasters. People don't expect logical behavior from them and always try to be the first to sell, rather than the last.

Market trends have a tendency to be defined by worst case scenarios, rather than best case scenarios.

This holds true not only for stock markets, FOREX and traditional investments. But for emerging crypto and digital currencies as well.