Topic: Bitcoin's latest decline was triggered by quantum computing headlines (Read 315 times)

Not in and of itself.  I think this by itself would register a small blip on the radar and not what we are seeing currently.  I believe the biggest culprit may be inflation, which is being driven from all directions of events.

This could be one of the reasons technically but the market structure collapse is the main reason why the bitcoin price has tanked like this. Quantum Computing hasn't been making headlines like the collapse of the Luna fiasco, and the rise in interest rate, global inflation and traditional finance price correlation.
I don't know how powerful is Quantum computers and how fast they could break bitcoin hashing functions but I also think developers aren't sleeping as well, they would also be carrying out some series of tests to validate the bulletproof of this hashing cryptography with bitcoin security.

Some of what you said is true, but I no longer see the problem of Bitcoin dropping because of covid-19 because I think it's been resolved and has been handled very well in the last two years. So the decline in Bitcoin that we are seeing at the moment is due to inflation and war that can affect the global economy and because it makes investors prefer to put their assets into currencies that they think can be very safe.

maybe this is included in one of the reasons that do have something to do with the decline in bitcoin.

But I myself see that the biggest impact on bitcoin's current decline is from the impact of the deteriorating world economy. the impact of the pandemic that swept across the country. because even in my country the result of the covid-19 pandemic. more than 24 million workers in my country are affected. because the factories were closed. and if you look more broadly, it is the result of inflation which has an impact on all sectors of the economy. made worse by wars and other epidemics that emerged.
In fact, we can see a global economic recession that seems to be in sight.

I myself don't know what it is
Quantum computers, so that it became the one that caused bitcoin to collapse was very dragging and became a threat but in fact not only on the crypto market, the stock index market in all countries is experiencing significant inflation and I myself am not sure this is due to the release of a Quantum Computer that may offer that has a very high speed than ordinary computers

Well I guess that the NASDAQ and most "growth" stocks are also under threat of quantum computing? Because it has been week of loses all over all the indexes out there.

Nah, the explanation is much simpler, the FED and many other central banks have raised rates to contain inflation and they are likely to do it again strongly in the near future.

I will now ask a question, please do not be offended, I am in a good way and with good intentions
Can you tell me what quantum computing is? Let me not waste your time and readers, but very simply explain why these two events cannot have a reasoned and logical connection! And so, very briefly the difference between ordinary calculations and quantum ones.
Now in the world there are essentially 3 main types of computing systems:
- analog (discard, not suitable),
- digital, these are our computers, cryptography in the field of blockchain and the like
- and of course these very quantum ones!
I won’t talk about analog ones - if you are interested, you can find a lot of information yourself.
But what is the difference between digital and quantum. In digital "computer" is a kind of processor that can execute a set of instructions and manipulate memory cells. Modern computers do this very quickly, even at home. And there are even supercomputers with wild petaflops performance! BUT. Even in multi-core systems, the calculations in each core go sequentially, and to calculate, for example, a new function value, they have to go through the entire cycle of the algorithm that describes how to count again.
But quantum computing is different. There lies a completely different physical principle of calculations, I would say - there is a completely different arithmetic. I recommend reading specialized articles, it's really interesting, but it takes a long time and it's not immediately clear So, what is the advantage of quantum computing. For what I will write further - now quantologists would kick me with their feet for such an explanation, but it is the simplest and at the same time not entirely accurate, but it explains the essence well
So, the key advantage is that in a very short period of time, such a system immediately gives out ALL ANSWER OPTIONS. You will say - well, that's it, the cryptography is hacked, they will easily find all the necessary keys, and everyone will be stolen ... It seems that everything converges, it seems like a nightmare ... But no
The first reason is the amount of computation, limited by the number of qubits. And if it is easy to make a million-core ordinary computer, then a 512-qubit computer is still impossible to implement. You will laugh, but the first quantum computer was created in 1981 (1 qubit, if I'm not mistaken), and today, the largest ... as much as 66 qubits! (Zuchongzhi). And yes - it calculates specific tasks in minutes, while an ordinary supercomputer takes decades. But these are specialized calculations, but what about ordinary ones? But here everything is difficult. Very difficult ! By the way, I also recommend reading specialized articles about quantum algorithms - I promise a boiling brain
 Well, now the easiest part. Suppose that the owners of a 66 qubit superprocessor have written an algorithm for calculating private bitcoin keys. And received in a couple of weeks... or months.. or... (it doesn't matter, believe me), ALL PRIVATE KEYS! What do they have to do next?
0. Take the first private key. Use it to calculate the wallet address (X).
1. Send a request to the bitcoin network, show me the balance for the wallet address calculated in step 0
2. Get an answer.
3. If the amount is greater than 0, then send a request to the bitcoin network: from wallet X (with a private key) to address Y.
4. Repeat it all .... And here we turn to the theory of Bitcoin: Bitcoin private key (in WIF format): it is 51 base58 characters, starts with "5". Those. essentially 50 characters of 10 numbers and 28 characters. Or a little easier - in HEX format it will be 64 characters from the range [0-9A-F], and this is 16 characters. And now let's find out how many iterations there will be? And the options will be... 2^256 or 115,792,089,237,316,195,423,570,985,008,687,907,853,269,984,665,640,564,039,457,584,007,913,129,639,936
This is how many times it will be necessary to repeat the algorithm, but already on real digital technology, in order to steal bitcoins...
I will not even ask - what kind of storage system is needed to store so many keys.
In a word - everyone can sleep peacefully, bitcoins are still under reliable protection!

I am not saying ongoing bear market wasn't because of that news, it could be because of that, however I know plenty of people who sold not because of that at all, and didn't even know this happened. There could be a bit of correlation but would be naive to think that just because there was headlines about one thing, it must be 100% because of that. Between whales selling, and people panicking and many other things, I am guessing that there were at least a dozen reasons for it to go down, and this could be one of them.

Of course, this doesn't suddenly remove quantum out of the pool of reasons neither, but to say that it started because of this would be a bit too much emphasis on quantum computing along with the post consequences of pandemic which is hyper inflation.

The quantum computing issue had been in Bitcoin for a long time.  I don't think that this quantum computing issue has something to do with the current BTC price decline.  The market had been in a Bear trend so price crashes are imminent. If ever there is something that greatly affects the nosedive of Bitcoin price, I think it would be the Terra and Celcius issue.

The quantum computing threat to Bitcoin articles had been published probably much earlier than 2017[1]. And it was occasionally brought up every time they wanted to question the security of Bitcoin or if there are some improvements or development on that technology and wanted to FUD Bitcoin in terms of security aspect.  But every time, the claim was always been refuted because the Bitcoin layers of security are too complex for the current quantum technology to decipher.

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[1] Quantum Computers Pose Imminent Threat to Bitcoin Security  date published November 8, 2017

Many articles said quantum computing might find someone seeds with a high end computing powers to perform brute force. But honestly it's not since it's very secure and you need to have so many numbers to combine BIP39 words to get a specific wallet that you want to stole. Even your quantum computers alive for 24/7 to brute force someone wallet, I doubt you can find it after 100 years. Not to mention, humans (we) mostly didn't living for so long. In the end, it's almost impossible for quantum computing to hack/ find vulnerability of Bitcoin.

That's the advantage you have about knowledge of Quantum computer programs that we don't really understand. Moreover, I am of course still very minimal about it. So you can correlate it with the current price drop.

Moreover, on the other hand, it is mostly related to US inflation data which reached 8.6% above market expectations of only 8.3%. Excessive inflation clearly brought the US economic slowdown, so that it entered into the so-called recession. We have seen 2 quarters of economic growth in the US minus back to back. Our local stocks also fell because of the impact felt by the US, this seems to be a domino effect for other countries as well.

Sorry but the dates don't match, Bitcoin touched 40k on the 5th of May, but was already down to 24 on the 8th, before the mentioned article, for the June event, the crash started only slowly on the 12th.
For the first date, we have the terra fiasco which started on the 7th, for the second we have the Celsius and the market crash, both times far better than some random news about an inexistent computer.

Short story, nobody cares about a quantum computer.
The average Joe doesn't have a clue how bitcoin works, some don't know what a private key is and you expect them to panic because of an article that states we only have 0.01% of the computer needed to crack Bitcoin?

To be honest, the Quantum Computers and their Hype was over years before, people already though about it, tried to sought it out and also placed their bets on bitcoins and other cryptocurrencies, currently what we are seeing is just an extension of that and it does not need to be an influence on the whole system for sure. Advancements in computing technology does not mean that it would be beneficial or detrimental since one might come up with a solution to integrate the Quantum Computers with Mining and viola! It would get much easier with the passing time, also right now Feds, covid, investment rates , new things like the monkey pox etc might be all a contributing factor.

Interesting article on quantum computers, but why is this so negative for crypto currencies? I always thought that advancements in the computer technology would boost cryptos because it makes the difficult computations more quickly and will require less energy, which should reduce gas fees long term. Having more advanced computers that use quantum computing is just a matter of time. To me the whole big drop of more than 25% in less than 2 weeks seems insane. Sure there are some negative news out there, but we were at 60k USD last year. And with the big swings we are seeing daily I wonder who are all the people selling now? It can't be just some ordinary investors who read the news about quantum computing and decided to sell. For every seller there is also a buyer who gets his hands on very cheap bitcoins right now.

Lol! I don't think that crypto investors are so immature that the market will crash on the news of a quantum computer that has capacity of few qbits. It can't be! This is not the first time quantum computer made headlines in various crypto magazines.

We are currently going through a crypto winter cycle similar to what we have seen back in 2017 - 18 immediately after the ATH. It may go down further. But once the downtrend is over, the next ATH will be probably not less than 100k.

It is not a saying invented by the WB, but is associated with one of the members of the Rothschild family from the 19th century. This is not something that every person cannot conclude if they thinks a little better, but the problem is in the application of this tactic. While the average person has a hard time living from paycheck to paycheck, the rich who have billions to invest in in the long run always profit - so they are even richer after each new crisis.

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I don't think people are as surprised as they are disappointed because ATH wasn't at least $100k, which was an exit point for many, and now they will have to wait at least another 2-3 years. At least they can sleep better if they realize that the quantum computers will not be able to steal their Bitcoins for at least some time.

This seems like a coincidence to me. The current price crash is caused by the extreme pessimism on the crypto markets combined with the crypto bears being greedy and wanting to sell at 30K and buy the dip at 20K. The crypto bears are exploiting the fears to the maximum.
There's "blood on the streets" right now, which is the right time to buy, according to Warren Buffet(if I remember his saying correctly).
The crypto winter was pretty much expected and still many people got surprised, when another price drop happened.
Quantum computers will become a "threat" for Bitcoin after 10 years maybe, but the blockchain will adapt and evolve in this time frame.

I think it has nothing to do with each other, because since the existence of Bitcoin people have been arguing that quantum computers are a threat to Bitcoin, but it is also known that the development of such computers will take decades and that those that exist today are not strong enough to be a threat to Bitcoin.

The average investor doesn't even understand what Bitcoin is, let alone link it to some quantum computer news.

Here is an old thread I made detailing how quantum computing headlines caused bitcoin to crash on september 20th 2019 and october 22nd 2019.

https://bitcointalksearch.org/topic/m.52859241

There were also cases of it in 2020.

I think the correlation between quantum computer news and declines in BTC value will become an accepted industry standard eventually.

As trends go, this is one I have tracked for many years. Which apparently people have not noticed.

So it took one month for the people realize and panic?

Investors know that quantum computing is expensive and if they start using it crack this or that, there may start much bigger problems than Bitcoin.
I don't think that investors would get panicked by quantum computer advancements yet. Not yet.
Also investors know to read the panicking news with quite a pinch of salt.

We're in the part of the 4-years cycle usually called crypto winter.
While I hoped it won't go as low (as percentage) as before, Bitcoin seems to insist that history can be repeating. Over and over again. And since we're "on thin ice", whenever NASDAQ is falling, Bitcoin price is falling too, not recovering (yet).

All in all there's crypto winter, there's uncertainty on financial (and stock) markets, there's the gloom of a nearing financial crisis and imho all of these matter more than the news about quantum computing.