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Topic: I think I Found The Reason For Bitcoin's Latest Crash - page 3. (Read 692 times)

full member
Activity: 1904
Merit: 138
★Bitvest.io★ Play Plinko or Invest!
I think general uncertainty on the markets due to a certain pandemic is more likely to blame than anything quantum related.

You know what also happened during the day of the big red spike? The US closing their borders to Europe.

I am with this reason rather than this quantum thing. The pandemic is affecting the global population and almost all the businesses. Have you seen in your lifetime countries after countries closing their borders to everyone? I guess this is your first time to witness such event. So this I think is the major reason of bitcoin's latest crash.
legendary
Activity: 2562
Merit: 1441
I edited OP to better illustrate evidence for claims.

 Smiley

I wonder what sort of equipment you'd use to check there isn't a magnetic field thst wouldn't itself create aagnetic field 😲...

Good question. Maybe one of the reasons the news story hasn't been widely circulated is it will fail to hold up under scrutiny if subject to peer review. That's what I would expect although I can't claim to have the physics background to put everything into perspective the way it should.

I do think the nsa should hurry up on that front, or maybe someone like semantec and cloud flare could bother to make a partnership of a secure signature algorithm...

This is an example of why encryption algorithms developed by intelligence agencies should NEVER be utilized if security is the goal.

https://www.washingtonpost.com/graphics/2020/world/national-security/cia-crypto-encryption-machines-espionage/

I think general uncertainty on the markets due to a certain pandemic is more likely to blame than anything quantum related.

You know what also happened during the day of the big red spike? The US closing their borders to Europe.

It has been said russia and singapore are having success keeping the virus contained. Thanks to their closed border policy. If that is true, shouldn't bitcoin's price have risen after the united states closed their borders as well. As we are now seeing canada and other nations follow suit in limiting travel and closing borders.

this is the conclusion of the article:

Quote
“This landmark result will open up a treasure trove of discoveries and applications,” says Professor Morello. “The system we created has enough complexity to study how the classical world we experience every day emerges from the quantum realm. Moreover, we can use its quantum complexity to build sensors of electromagnetic fields with vastly improved sensitivity. And all this, in a simple electronic device made in silicon, controlled with small voltages applied to a metal electrode.”

what does this mean in terms of qubit processing? what real applications does this have? does this actually represent a threat to bitcoin and other encrypted protocols?

Quantum computing is no nearer to progressing from a vaporware pipe dream to reality, in my opinion. I think these news stories are simply a method of helping to conceal anti bitcoin market manipulation being orchestrated by banking cartels and their associates.

One core foundation of crypto could be the encryption standards upon which it is built. It loosely follows that developments which threaten that core foundation might have negative effects on bitcoin price. But I think everyone knows that shouldn't naturally happen to such a significant degree without a better proof of concept.

Market manipulation is my best guess. Although I can't claim to have hard evidence.
legendary
Activity: 1652
Merit: 1483
this is the conclusion of the article:

Quote
“This landmark result will open up a treasure trove of discoveries and applications,” says Professor Morello. “The system we created has enough complexity to study how the classical world we experience every day emerges from the quantum realm. Moreover, we can use its quantum complexity to build sensors of electromagnetic fields with vastly improved sensitivity. And all this, in a simple electronic device made in silicon, controlled with small voltages applied to a metal electrode.”

what does this mean in terms of qubit processing? what real applications does this have? does this actually represent a threat to bitcoin and other encrypted protocols?
legendary
Activity: 3122
Merit: 2178
Playgram - The Telegram Casino
I doubt mate! A general uncertainty within the common market usually should lead to a positive spike in crypto market. Because crypto assets are generally seen as a alternate market where people invest during the uncertain times. It is very similar to the gold market at large!

Bitcoin acting as a viable hedge in times of economic crisis is only an assumption so far. Sure, Bitcoin has a low correlation to classical markets and could behave like gold during a bear market.

But we don't know that yet because there hasn't been a recession since Bitcoin's inception.

People take higher risks in bull markets. But in times of crisis we see people fleeing from high risk assets (eg. stocks, especially small caps) to what is perceived as safe havens (eg. gold). We're about to witness whether Bitcoin falls in the first or the latter category. Whether it makes sense that closing geographical borders affect a purely digital asset is unfortunately rather irrelevant in this case, as the market is rarely rational, especially in the short term.
sr. member
Activity: 2100
Merit: 309
I think Corona virus make bitcoin and altcoin crash with lower price, I think when fist time China announce to public with this virus many investor are panic and sell bitcoin with higher amount, today we got how bitcoin dump and crash then need long time for recovering and back to higher price again.
legendary
Activity: 3080
Merit: 1500
I think general uncertainty on the markets due to a certain pandemic is more likely to blame than anything quantum related.

You know what also happened during the day of the big red spike? The US closing their borders to Europe.

I doubt mate! A general uncertainty within the common market usually should lead to a positive spike in crypto market. Because crypto assets are generally seen as a alternate market where people invest during the uncertain times. It is very similar to the gold market at large!

Also crypto should not be affected by the closing of any boarded. It's a truly global currency which defeats the geographical borders and its related restrictions. All you need is a laptop and an internet connection to get associated with crypto market from any corner of the world. You don't really require a KYC to prove your nationality to crypto market. So crypto market is usually immune to the such kind of things.

I believe, the downturn happened due to a huge sell-off worth 110 million USD from Plus Token owners. That was reported in several crypto related news websites few days ago. Seems more convincing!
newbie
Activity: 30
Merit: 0
I think that almost no one knew about this news in the day of drop. And this is still not a game changer article for so big drop
legendary
Activity: 3122
Merit: 2178
Playgram - The Telegram Casino
I think general uncertainty on the markets due to a certain pandemic is more likely to blame than anything quantum related.

You know what also happened during the day of the big red spike? The US closing their borders to Europe.
copper member
Activity: 2856
Merit: 3071
https://bit.ly/387FXHi lightning theory
I wonder what sort of equipment you'd use to check there isn't a magnetic field thst wouldn't itself create aagnetic field 😲...

Itll be interesting if the guy in the office next door accidentally disrupted their experiment by doing something with fields the just happened to oscillate in the same direction... 🤣

I do think the nsa should hurry up on that front, or maybe someone like semantec and cloud flare could bother to make a partnership of a secure signature algorithm...

At the moment, we don't really have an algorithm to become the defacto standard. I've just heard people pick favourites.
legendary
Activity: 2562
Merit: 1441
EDIT:

Recap on BTC price history.

A news story claiming quantum breakthrough was published on september 20th, 2019: https://www.ft.com/content/b9bb4e54-dbc1-11e9-8f9b-77216ebe1f17

The coinciding decline in BTC price:



A news story claiming quantum breakthrough was published on march 11th, 2020:  https://phys.org/news/2020-03-year-old-puzzle-quantum-breakthrough.html

The coinciding drop:




....


Quote
Engineers crack 58-year-old puzzle on way to quantum breakthrough



12 MAR 2020

A mishap during an experiment led UNSW quantum computing researchers to crack a mystery that had stood since 1961.

A happy accident in the laboratory has led to a breakthrough discovery that not only solved a problem that stood for more than half a century, but has major implications for the development of quantum computers and sensors.

In a study published today in Nature, a team of engineers at UNSW Sydney has done what a celebrated scientist first suggested in 1961 was possible, but has eluded everyone since: controlling the nucleus of a single atom using only electric fields.

“This discovery means that we now have a pathway to build quantum computers using single-atom spins without the need for any oscillating magnetic field for their operation,” says UNSW’s Scientia Professor of Quantum Engineering Andrea Morello. “Moreover, we can use these nuclei as exquisitely precise sensors of electric and magnetic fields, or to answer fundamental questions in quantum science.”

https://newsroom.unsw.edu.au/news/science-tech/engineers-crack-58-year-old-puzzle-way-quantum-breakthrough


....


This news story was published on march 12th 2020. (march 11th** see edit below) The day of our latest downtrend spike. The value of bitcoin declines whenever a "quantum computer breakthrough" news story is published. Anyone that cares to put this to the test can lookup the publishing date of any recent news story announcing a "breakthrough" in quantum computers. There will be a correlation with a decline in BTC price. The theory behind it being quantum computer breakthroughs carrying a potential to defeat the encryption standards technologies like bitcoin are built upon.

That said I suspect scientific claims published in this article to later be discredited and proven false in the future. A normal and typical trend for a high percentage of questionable breakthroughs published in science journals today. The results of which often cannot be reproduced.

This amounts to nothing more than market manipulation and smokescreens imo.


EDIT:  CORRECTION.

The first publishing of this story was on march 11th, 2020 here:  https://phys.org/news/2020-03-year-old-puzzle-quantum-breakthrough.html
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