will quantum computers crash the crypto market?

[AlphaBoy]

Quantum computers are basically computers that use quantum bits, which can represent both 1 and 0, unlike the traditional computers we have today.

Even though these computers are still in testing, they exist and might be publicly available in four years.

These computers can easily dominate any mining pool as they are much stronger and can solve the mathematical equations used in mining operations significantly faster than any normal computer.

-So what is the real danger here?
The real danger isn't in Bitcoin or any coin that has a limit; the real danger lies in crypto coins that have no limit, such as Ethereum. Once these computers become available, it will be extremely expensive, but still, billionaires and large exchange platforms like Binance can afford them, and they will dominate the entire market. By mining, burning, and selling, they will manipulate prices in any way they want, and no one can stop them—not even the whales who own thousands of these coins.

Not to mention that these computers will render the rest of the mining equipment obsolete, even in Bitcoin.

How much of a danger will this be? And how long do you think it will take for them to implement these computers in mining operations?
Do you think it won't be wise to invest in any coin with unlimited supply when these computers become available?

[FatFork]

The real danger isn't in Bitcoin or any coin that has a limit; the real danger lies in crypto coins that have no limit, such as Ethereum.
<cut>

There is no mining involved in the Ethereum network anymore. Maybe you haven't heard, but Ethereum transitioned from Proof of Work (PoW) to Proof of Stake (PoS) in September 2022.

[jvanname]

This is your daily reminder that maybe you should chill out and refrain from commenting on quantum computation and to a lesser extent AI until you are aware of reversible computation. The quantum computation and AI craze happening while everyone is completely silent about reversible computation is quite disconcerting. Reversible computation is the future of computation especially regarding algorithms like backtracking and brute force searching.

Regards,

-Joseph Van Name Ph.D.

[AlphaBoy]

The real danger isn't in Bitcoin or any coin that has a limit; the real danger lies in crypto coins that have no limit, such as Ethereum.
<cut>

There is no mining involved in the Ethereum network anymore. Maybe you haven't heard, but Ethereum transitioned from Proof of Work (PoW) to Proof of Stake (PoS) in September 2022.

I don't mine at all, maybe then meme coins and shit coins will be controlled then?

[jvanname]

Quantum computers will probably not be very good at farming Bitcoin (Grover's algorithm gives too small of a speedup). But reversible computers will be better. But people here are so obsessed with refusing to educate themselves about reversible computation that they are completely oblivious to the potential of reversible computation.

Regards,

-Joseph Van Name Ph.D.

[anarkiboy]

It's not about mining or fixed amount of coins that can be mined.

Quantum computers can (potentially) break underlying cryptography so badly that they can reveal private key of any Bitcoin address just from the public address.
Due to this someday there will need to be a major hard-fork to combat it, ideally before quantum computers mature enough to handle such tasks.

The good thing about Monero is that no one knows your address (unless you publish it) and amount, so quantum computer would need to generate all possible addresses AND sync all of them starting from block #1
because you can't just lookup the amount and address on blockchain like in Bitcoin.

This task even for quantum computers is impossible because the biggest bottleneck is the memory speed and not computing speed.
Even if you calculated theoretical numbers that are physically out of the reach for silicon, it would take too long to sync all the addresses.

Monero developers are actively testing quantum-resistant algorithms to make Monero more secure, hopefully to be deployed in time.

This is interesting (two years old video):
Adam Corbo, a Physicist and Quantum Computing enthusiast on Monero Post-Quantum – #Monerotopia22

[AlphaBoy]

It's not about mining or fixed amount of coins that can be mined.

Quantum computers can (potentially) break underlying cryptography so badly that they can reveal private key of any Bitcoin address just from the public address.
Due to this someday there will need to be a major hard-fork to combat it, ideally before quantum computers mature enough to handle such tasks.

The good thing about Monero is that no one knows your address (unless you publish it) and amount, so quantum computer would need to generate all possible addresses AND sync all of them starting from block #1
because you can't just lookup the amount and address on blockchain like in Bitcoin.

This task even for quantum computers is impossible because the biggest bottleneck is the memory speed and not computing speed.
Even if you calculated theoretical numbers that are physically out of the reach for silicon, it would take too long to sync all the addresses.

Monero developers are actively testing quantum-resistant algorithms to make Monero more secure, hopefully to be deployed in time.

This is interesting (two years old video):
Adam Corbo, a Physicist and Quantum Computing enthusiast on Monero Post-Quantum – #Monerotopia22

If that is true and really possible, and if quantum computers will be publicly available in the next decade, then the crypto market will be destroyed. If Bitcoin, the second most secure currency, isn't secured anymore, then it will likely lose half of its value in the first year of the existence of those computers, and it will be the 90s and 2000s once again. Imagine someone developing an organized phishing program on these computers to steal Bitcoins.

If I remember correctly, in the 90s, there was a virus developed by a Filipino in some poor area of the country. The man was able to steal personal information via that virus and sell it. It's scary to think that happened in a poor country at a time when only the richest 10% could afford such a device. It will happen once these computers become public, and it will be a disaster unless someone creates a new improved concept of blockchain.

[anarkiboy]

If that is true and really possible, and if quantum computers will be publicly available in the next decade, then the crypto market will be destroyed. If Bitcoin, the second most secure currency, isn't secured anymore, then it will likely lose half of its value in the first year of the existence of those computers, and it will be the 90s and 2000s once again. Imagine someone developing an organized phishing program on these computers to steal Bitcoins.

If I remember correctly, in the 90s, there was a virus developed by a Filipino in some poor area of the country. The man was able to steal personal information via that virus and sell it. It's scary to think that happened in a poor country at a time when only the richest 10% could afford such a device. It will happen once these computers become public, and it will be a disaster unless someone creates a new improved concept of blockchain.

Reminder that not only Bitcoin will be affected but everything that runs on cryptography including VISA/Mastercard, your FIAT bank security etc.

Quantum secure algorithms are already here:


But they are not battle tested (real attack) and cryptographers base on simulations which as we know don't act 100% like the real thing and quantum computing is on a whole another level...
I doubt this quantum resistant/post quantum cryptography are really secure and this experimental cryptography may have hidden bugs exploitable by regular computing.

[BitcoinBarrel]

There is no proof that quantum computers exist outside of science fiction. One value cannot represent two values at once. It is a law of nature.

[jvanname]

There is no proof that quantum computers exist outside of science fiction. One value cannot represent two values at once. It is a law of nature.

What about the pure state 0.8 |0>+0.6 |1>? That pure state represents both |0> and |1> at the same time.

Or what about the mixed state
[[1/3 1/4],
[1/4 2/3]]?

Regards,

-Joseph Van Name Ph.D.

[MeGold666]

There is no proof that quantum computers exist outside of science fiction. One value cannot represent two values at once. It is a law of nature.

It's called quantum superposition and it's possible because that's how nature works.
When measured, the qubit collapses to one of the two definite values (0 or 1), but during computation, it can represent and process both.
Something like that, It's not my field.

You should get out of your cave more often, world is an amazing place with many new discoveries.
People can now fly, imagine that...

[jvanname]

There is no proof that quantum computers exist outside of science fiction. One value cannot represent two values at once. It is a law of nature.

It's called quantum superposition and it's possible because that's how nature works.
When measured, the qubit collapses to one of the two definite values (0 or 1), but during computation, it can represent and process both.
Something like that, It's not my field.

You should get out of your cave more often, world is an amazing place with many new discoveries.
People can now fly, imagine that...

Universities are too busy promoting violence that they are not delivering much of an education to people. And the result of this debacle is that people cannot understand concepts such as probability, and they sure as Hell cannot understand the mathematics behind quantum superposition, entanglement, and why trace 1 positive semidefinite complex matrices are needed to describe mixed quantum states.

Regards,

-Joseph Van Name Ph.D.