China is able to do 50%+1% attack. It means, China dominating the crypto's. Or?

[ifinta]

I criticize Bitcoin since 2011...
I "predicted" our situation today, I think. ((I explained, what is wrong in the system, and I told, what will be done in the future - today...))
Google has quantum supremacy.
It isn't enough to crack the encription of bitcoin network, but maybe enough to mine Bitcoin with more power as other technologies before...
Will google publish a such technology? Or google will get the dominance from china over the Bitcoin Network?
What are you thinking?

- "best effort" = "power" => The network should be redesign too.

Sorry but your posts are really hard to understand and don't appear to be complete ideas in any case. Can anyone rephrase this stuff so it's easier to read?

Critical question:
Do you want a central authority? If so no-one will be interested because getting rid of central authority is the best thing BitCoin ever did.

I think current Bitcoin-System will have a central authority - it's needed only some time... See my post:

I think, it is a must, that the miners personally identified. Think an history of bitcoin - and a possible future:

• firstly CPU mining. (technology A - public)
• then GPU mining. (technology B - public (fortunately) but technology A not an opponent)
• ... some other public technology, pools, merged mining, and so on...
• in future: technology X coming - (not published - owned by some (or one) persons/firms/...) AND (technology A and technology B and other public technologies aren't an opponent) - the controll of members of Bitcoin forum over bitcoin (and our "money") loosed!

...

I will that the Bitcoin (or Greencoin) - community do not lose later the control.
Please, see my first post too... I change it continuously.
This posts are a kind of 'Brainstorming', it is not about a real or implemented money. But it will be later implemented, I hope.

Thanks for criticism, and questions.

Maybe it is possible to use this technology to mine Bitcoin ASAP. For google only - i.e. Or?

FYI

https://www.sciencenews.org/article/google-quantum-computer-supremacy-claim

[NathanJB]

Quantum supremacy is but words for now. And although it is a possibility that is coming nearer in reality, there is nothing to be afraid of. This is only a big deal for FUD spreader and their victims. Quantum technology in computers is not monopolized by Google. The geniuses in the crypto world has already anticipated it long before it will even hit the market. In fact, steps have been done both in planning and in actual development that will somehow address this Quantum hype and FUD.

[hello_good_sir]

Their quantum supremacy is simply just words... No company has yet been able to make a computer that's able to break huge amounts of encryption via brute force.

The supercomputer Google released is something that is probably 100 times faster then our fastest PC's, but it's nothing insanely fast, and they wouldn't be showing it off if it was.

Don't worry, we won't see anything happen in the next 10 years or so, your talking about technology that literally won't be invented until decades in the future.

[blckhawk]

Quantum computing is still far from development and even if it did become successful, I don't think cryptography would be its first use cases. There are a lot more than crypto, such as simulations for various use cases like space exploration. And even when it got to touch cryptography, I think they would focus first on strengthening current methodologies in data security over the network, and not on just mining bitcoin which they deem to be nothing but speculative shady asset controlled by no one.

[hatshepsut93]

Google has quantum supremacy.
It isn't enough to crack the encription of bitcoin network, but maybe enough to mine Bitcoin with more power as other technologies before...

Google achieved quantum supremacy in an artificial problem tailored specially for quantum computers, and that's it. They don't have quantum supremacy in any sort of practical applications, and they are light years away from it. People who have understanding of crypto just yawned at it, because at this moment it doesn't change anything. Google isn't going to release a quantum miner anytime soon.

/thread

[Wexnident]

Pretty far. Besides, I would seriously doubt google would use it in crypto instead of qol changes first. They would, in my opinion, prioritize possible improvements in their systems and the like, and that would take quite a bit of time since they are pretty huge. Only then would they concentrate on using quantum supremacy towards other things. Plus, it is still very far. It may be able to crack crypted texts, but it still is far in the future. Plus, the current system is about the quantity of miners and that is why China is currently dominating over it, since they have the quality and quantity to dominate the scene. And if they ever see improvements in quality of others, a simple case of paying money for it should be able to resolve it. If google ever releases quantum tech that could help crypto, China would be one of its buyers.

[ifinta]

Quantum supremacy is but words for now. And although it is a possibility that is coming nearer in reality, there is nothing to be afraid of. This is only a big deal for FUD spreader and their victims. Quantum technology in computers is not monopolized by Google. The geniuses in the crypto world has already anticipated it long before it will even hit the market. In fact, steps have been done both in planning and in actual development that will somehow address this Quantum hype and FUD.

You don't understand me. Maybe you not read everything in the first post.
I think, google can change the software in this new kind of computer - and mine a little on the Bitcoin Network, to show, what a kind of efficiency this new computer has.
Maybe with some similar computer can google (alone or with partners) decrease the mining power of China below 50% ... And then... As I wrote:

...

• firstly CPU mining. (technology A - public)
• then GPU mining. (technology B - public (fortunately) but technology A not an opponent)
• ... some other public technology, pools, merged mining, and so on...
• in future: technology X coming - (not published - owned by some (or one) persons/firms/...) AND (technology A and technology B and other public technologies aren't an opponent) - the controll of members of Bitcoin forum over bitcoin (and our "money") loosed!

...

[ifinta]

...
China would be one of its buyers.

Sure (( and maybe China has some clones already )). It means money against this hot 'No' Quantum Computer... And business is business. Maybe IBM joins also. Or some firms in EU, in England, ...
It means money (a lot) as it supported the development of GPU's, then AISC's - through us. KncMiner was first on the ASIC Market with a brand new technology!
I bought one piece of they masterwork.

[tsaroz]

...
China would be one of its buyers.

Sure (( and maybe China has some clones already )). It means money against this hot 'No' Quantum Computer... And business is business. Maybe IBM joins also. Or some firms in EU, in England, ...
It means money (a lot) as it supported the development of GPU's, then AISC's - through us. KncMiner was first on the ASIC Market with a brand new technology!
I bought one piece of they masterwork.

China has been building it's own quantum computers independently (maybe they get some from their spies). And we still don't know how effective are quantum computers in mining. They might not be as efficient miners as ASIC miners as their manufacturing and operational cost would be huge.
Bitcoin network is safe for at least the next decade.

[BChydro]

I think, google can change the software in this new kind of computer - and mine a little on the Bitcoin Network, to show, what a kind of efficiency this new computer has.
Maybe with some similar computer can google (alone or with partners) decrease the mining power of China below 50%

There is a battle going on with some of the major technology companies to crack the quantum computing and google is just one of the many companies that are trying to achieve it and the expense is really high and there are no plans by any of these companies to have a detour on their program and focus on something else, if a chip manufacturing company focus on these then we can have a speculation to debate.

[Pearls Before Swine]

The supercomputer Google released is something that is probably 100 times faster then our fastest PC's, but it's nothing insanely fast, and they wouldn't be showing it off if it was.

Right, that's fast as hell but still not fast enough to crack bitcoin.  But all concerns about crypto aside, I do hope quantum computing will be put to good use in science and that it won't be used as some sort of weapon against people as gov't always seem to do when new tech is developed.

The mining aspect of this is interesting and isn't something I thought of initially when I heard about it.  Could it really be used to mine bitcoin more efficiently?  I don't really understand quantum computing but I haven't heard anything about that on the forum, just claims that it can't be used to hack bitcoin wallets.

I'm not sure what China has to do with all of this, but I don't think anyone is going to be doing a 51% attack any time soon.  It is in no one's best interest to do that.

[ifinta]

...
I'm not sure what China has to do with all of this, but I don't think anyone is going to be doing a 51% attack any time soon.  It is in no one's best interest to do that.

If China is ready with his official coin or token or ... (a new economy model for China's World...) then I know somebody to have the possibility and interest to do it.
Maybe google can rescue before the Bitcoin Network - with this new kind of computer. Maybe.

[Kyraishi]

Quantum supremacy is but words for now. And although it is a possibility that is coming nearer in reality, there is nothing to be afraid of. This is only a big deal for FUD spreader and their victims. Quantum technology in computers is not monopolized by Google. The geniuses in the crypto world has already anticipated it long before it will even hit the market. In fact, steps have been done both in planning and in actual development that will somehow address this Quantum hype and FUD.

You don't understand me. Maybe you not read everything in the first post.
I think, google can change the software in this new kind of computer - and mine a little on the Bitcoin Network, to show, what a kind of efficiency this new computer has.
Maybe with some similar computer can google (alone or with partners) decrease the mining power of China below 50% ... And then... As I wrote:

...

• firstly CPU mining. (technology A - public)
• then GPU mining. (technology B - public (fortunately) but technology A not an opponent)
• ... some other public technology, pools, merged mining, and so on...
• in future: technology X coming - (not published - owned by some (or one) persons/firms/...) AND (technology A and technology B and other public technologies aren't an opponent) - the controll of members of Bitcoin forum over bitcoin (and our "money") loosed!

...

No, this is incorrect. They are able to solve a program fairly fast, but this is a singular algorithm, and there have been cases of over computers being modified to try and beat the record, and it only took them 10x the amount of time... So much for a super-computer.

If Google does ever showcase itself brute-casing something like a private key, or even using their GPU/CPU to mine bitcoin or other currencies, and it's a drastic improvement (we'd need to be talking about 1000x the efficiency of computers nowadays for it to be a threat), then we can panic.

[Bellarg]

China can do it only in theory. This power is going from different companies and this is really hard to unite them all

[mu_enrico]

Having more than 50% of the hash rate is like being the strongest man alive. It doesn't mean that he will punch you in the face just because he can.

The incentive may help encourage nodes to stay honest. If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth.

Source: https://bitcoin.org/bitcoin.pdf

As for Quantum thing, it's still nowhere near ready for mentioned purposes.

Don't worry too much

[Suslived]

What part of your post shows evidence of China being able to do a 51% attack, on bitcoin nonetheless? Quantum computers do not exist in this day and age and even Google's claim to have one has been proven to be lacking and not really useful.

Besides, China is different from Chinese miners (who are not necessarily unified as a single team), any news saying China can do 51% is FUD.

[ifinta]

What part of your post shows evidence of China being able to do a 51% attack, on bitcoin nonetheless? Quantum computers do not exist in this day and age and even Google's claim to have one has been proven to be lacking and not really useful.

Besides, China is different from Chinese miners (who are not necessarily unified as a single team), any news saying China can do 51% is FUD.

The biggest farms are in China. They had already more as 50% many years before... I think, this portion is more at this time.
China isn't a democracy - it is simple - if the state wanted to get some firms under the control of China army - to get they.
But China want to tax bitcoin mining at this time.
The Market was happy.
Then we heard, China want to create a coin for China (to support Chinese interest around our World...). We told - ahhhhh it is only an Altcoin. Not more.
But we know, how difficult to act against a such economy.
China said later - the future is for the crypto-technologies...
The Market was very happy. (+40% in some hours...)

But, if the Chinese coin ready to start, China will be able through (the well detected <= because the tax) miners to act agains Bitcoin Network, and able to support his "Altcoin" in the whole World.
An attack a such Network at this time not a difficult act - it is nearly impossible.

Yes, I know - it is only my opinion at this time (not any article about it at Cointelegraph i.e.) - but for me seems this "simple" steps as a risk already.

Having more than 50% of the hash rate is like being the strongest man alive. It doesn't mean that he will punch you in the face just because he can.

The incentive may help encourage nodes to stay honest. If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth.

Source: https://bitcoin.org/bitcoin.pdf

As for Quantum thing, it's still nowhere near ready for mentioned purposes.

Don't worry too much

I should say - I use only my brain - and I have more worry against the change in the climate of our world. Please see the threads in the OP
Maybe a change in the art of mining a good thing then.

[mu_enrico]

I should say - I use only my brain - and I have more worry against the change in the climate of our world. Please see the threads in the OP
Maybe a change in the art of mining a good thing then.

I immediately regret my decision to post on this thread. Since you only use your brain, you don't need discussion.
Mining is working perfectly, as intended. "If you don't believe it or...."

Also, don't worry about climate change

[ioanbtc]

I agree that most miners are from China and this because there are the miners created and also price of electricity, but i think they will never do a 50+1% attack because will only cause panic and will only make price go low and will affect them on long time.

[dothebeats]

One country might be able to get all the hashing power but that doesn't necessarily equate to them being one collective entity. Most Chinese businessmen would still think of profits over any other things any day, though some of them might even submit to the orders of the higher echelons but for the most part, the former becomes true. Sure, they have the most hashing power, but still the tech is way too crude to perform harsh attacks that could disintegrate bitcoin at its core.