The firm’s senior financial strategist is concerned the advancements in the field of quantum computing will break Bitcoin.
LOL. LMAO even. I emember telling my falling-for-it-again friends back 2 years ago that quantum would make their crypto get rekt.
Crypto seems like alot lower on the list of problems that will happen if encryption no longer works
It’s not even close lol why the panic. Did wall street read one of those clickbaity quantum computing research breakthroughs
It’s also possible for bitcoin to switch algorithms so it would presumably switch to something quantum resistant.
There are already chat clients that have switched to these types of algorithms, Signal and Apple messages being the most popular ones.
Guessing how close or far we are from any given computing breakthrough is bound to be wrong.
I wouldn’t be shocked if some governments were pouring money into this in secret.
In trading, gotta react early to stuff everyone else will react to later
I won’t though, I’ll just keep my Bitcoin until it’s worthless lol
💎
Do you want to be the one holding the bag in 20 years?
“The” advancements?
Like how it’s still experiencing too many errors to correct for and be useful for much of anything? Those advancements?
Let’s take our money out of BTC and invest it in fusion power plants and jetpacks and hover boards instead.
There is already far more being spent on fusion research. It’s way more valuable than even a million dollar bitcoin valuation.
Jetpacks are a dead end. Automated Passanger drones make more sense at the moment, just need to work out the battery weight ratio. Automation so we don’t all need a pilot license to operate them.
Hoverboards are antigravity sci-fi. I don’t think anyone is seriously research anything there.
So… did they find anything where our current quantum computing is actually faster? Last time I read about this, it boiled down to: If you spend as much time on optimizing the regular calculation, then that is as fast/faster. So no actual, fundamental, benefit to our current state of quantum computing.
Prime factorization is one. Another is an asymptotically faster Fourier transform.
There are several tricks in signal processing that have faster analogs in a quantum implementation. Those cool tricks are the foundation of much more complicated transformations and algorithms.
There is an entire complexity class you can read up in: Bounded Quantum Polynomial Time (BQP).
In theory, quantum computing should be faster once hardware that’s faster is available, and only if the problem you’re trying to solve is in BQP, which isn’t that much of what computers are used for. Progress has been slow, but continuous, so the gap between simulating a quantum computer and actually using one has been shrinking. In October last year, Google’s Willow chip was verified to have achieved quantum advantage, i.e. done something that could be checked externally faster than a classical computer could have. It was only 13,000x faster, and in one specific task, which isn’t really enough to change the world, but ten or twenty years ago it was still thought to be fairly plausible that the physics might not be right and even if the practical problems were solved, they still wouldn’t work.
Even if quantum computers get ludicrously fast, they’re still not going to be especially common, and they’ll be a piece of specialised equipment, more like an electron microscope than a home PC. Most people just don’t need to do any stuff that’s in BQP, so don’t care if they can do it faster. If you’re a company, university or government body that needs to do one of the very specific things that will be faster, though, they’ll be indispensable.
Edit: Of particular relevance to the article, at the moment, SHA256, the hashing algorithm underpinning Bitcoin, is considered to be quantum-resistant. Someone might discover some new maths that means a quantum computer can break it faster than a classical computer, but at the moment, even though people have looked into it, there’s no indication that it’s possible, so it should never become easier to break Bitcoin etc. with a quantum computer than a classical one.
