Topic: Is Quantum Computing News Utilized to Manipulate Markets and Crash BTC (Read 383 times)

There is one key thing I think some of you are missing. It goes like this.

Imagine you held $150 million in bitcoin. There's a news story published about google achieving quantum supremacy. You know that this is BS that shouldn't directly affect crypto. Even though this is true, the most likely scenario is you could dump part of your BTC holdings to be on the safe side. Markets and investments have notorious reputations for irrational and unexpected behavior, not unlike natural disasters. People don't expect logical behavior from them and always try to be the first to sell, rather than the last.

Market trends have a tendency to be defined by worst case scenarios, rather than best case scenarios.

This holds true not only for stock markets, FOREX and traditional investments. But for emerging crypto and digital currencies as well.

I don't see how the current state of quantum computing could be a threat to crypto. Even Vitalik Buterin the creator of Ethereum publicly announced how he believes that Google's quantum computers are quite useless right now. Besides, when the time comes that it could ever pose a threat, a better type of crypto will already have emerged and will be harder to crack.

Way I see it, the only use of quantum computers right now is to generate hype and manipulate markets.

I doubt it, I think people have watched way too many science fiction films to think the current quantum computers will do significant damage to anything yet. I still think they are trying to work out the kinks. The quantum computer runs differently and needs to be kept frozen to get the Q-bits to assume superposition. We've come pretty far but until they can become an actual  commercialized success, I wouldn't worry about it for now. I think the only commercial product in quantum computing that is available is from D-Wave.

Check it out for yourself
https://www.dwavesys.com/

This bit of news is only the very first result from the cutting edge, as I understand it Quantum computing isnt easily mass production ready so its not especially a threat.   Even if they did have alot of power in a unit ready they would direct it to the most applicable tasks and the highest cost computing is surely in national defence budgets not trying to destroy private commerce even crypto.

Price manipulation surely exists and is done by the traders who have a big money class. They can play the price and drop the price at any time and we just follow it.
But every good news is definitely bitcoin price always rises because that is where the future will more adopt the blockchain and the bank will follow suit.
As in China, they want the government to use or adopt a blockchain system. But out of there many also will defect disagreeing and will drop the price of Bitcoin in the future. In crypto, all can happen well.

Their "Quantum Supremacy" isn't that much of big news, they were able to complete some equations a lot faster, but there have been comments that other manufacturers are able to manipulate their machine and only make it 5-10x slower than this "quantum computer".

I doubt anyone would have made market purchases or sales due to the quantum news, most people that are in crypto-currencies understand that there is going to be no chance it comes out in the next years and is able to make a big enough impact, where it'll be able to mine and effectively break bitcoin's private keys.

News can certainly affect prices. I'm not arguing that point. I'm sure there are entities in the Bitcoin markets who are positioned to profit from certain news catalysts.

My point is that news doesn't dictate the prevailing market trend. It can only mitigate or exacerbate the existing trend. Price stayed on the floor for a month after the crash in September which is indicative of bear market conditions. Sellers were in total control of the market. That wasn't the result of a news story. It was the result of overabundance of supply on the market.

In other words, I think the crash would have happened with or without bad news. FUD may have helped trigger the crash faster or sooner, but that's about it.

Quantum computing COULD change everything we know about bitcoin mining but the reality is that it is brand new and it is not something quite common just yet, it has been tested, from what we read the tests were successful but at the same time how long until people really can mine bitcoins with a quantum computer?

I feel like there is still a lot of time for that so having a price change just because of that would be irrelevant. Like why would you be scared of something that is not happening right now? Maybe a panic would happen after people start to mine with quantum computers but until then there is no point of being scared of it. Of course, media doesn't care about that and might have spread some FUD but that is not my problem, if people were smart enough they would have seen the reality of the situation.

But the factors that are discussed do impact bitcoin and digital market. Like the actions taken by China and what happened to Libra and the role of quantum computing. Number of supporters, volume of a coin, its development technology, governmental games and new technologies, all affect crypto currencies in a good or bad way. Majority still has to learn a lot as it is a new concept totally.

This rumor about Quantum Computing for the moment is just a fantasy of Google programmers.
Of course, they are working on it, they have created interesting models, but no possible application is expected for at least a few decades.

google tends to do these type of news that affects BTC like in 2018 where they ban crypto ads followed by facebook. the two i guess seem to partner-up and although the quantum computer break through isn't actually a break thru, the media seem to have scared that it could decrypt it all in seconds. the dips however helped us to at least also grab some coins, you can thank google too for doing all these for us.

Yeah, I think it can be manipulated fairly easily with rumors and the like--but that's no reason to think of getting out IMO.  Even stocks with huge market caps can be thrown around, up or down, with news stories that might not be true.  Look what happens when rumors of a takeover make the rounds.  A company's stock price can go flying.

I don't know jack shit about quantum computing, but it sounds scary (lol).  I'll take the word of members here that it doesn't pose a threat to bitcoin, and if it does I'm just waiting for bitcoin wallets to start getting mysteriously hacked--even though that would render bitcoin worthless in the process, I'm sure that would be the first thing someone would do.

I did notice the correlation at the time between the news story and the sudden drop, but that doesn't mean there's causation.  Could be, though.  As I said, it was a big scary news story that could have scared the pants off some bitcoin whales, but who knows.  And yes, these types of stories could be planted just for the purpose of driving down the price of bitcoin.  I don't know who has that agenda but I'm sure someone does--someone powerful with access to the media.  /tinfoil hat.

I don't think people would sell BTC just to hear some news about quantum computing
It makes no sense, it's like: OMG quantum computing are here, and in a few minutes they will crack the BTC...

No, I think every fall of BTC people have to find some guilty news to spread, just this

People will cling to any sign to explain why something unexplainable is happening. You can say that it's because of quantum computing or that it's because of Libra hearings just like you can say that the move upwards is due to Chinese president talking about Blockchain or the short squeeze. In reality you're unable to determine the real deal because it's not one thing that influences the move but many different ones. It's usually a mix of many things.

What is the impact of these people on the market? The effect is required to have little experience in the technical aspects of cryptocurrencies.
If you are a true investor, it is stupid not to learn the basics of mining or to hire an expert.
Even if we assume that they have influence, will all of them believe the news? I do not think so.

The market trend can be manipulated if what happened to the news is true. For example, if someone on television predicted that the price would fall, his words would not affect the decline but would increase the amount of collapse if it happened.

In today's world, its probably common for traders, banks and elites to have relationships with media. I think it was CNBC's Mad Money host Jim Cramer who admitted he worked in conjunction with journalists to trade profitably. Cramer would buy stocks. Then he would have his journalist contacts publish positive content on the stock he purchased, which would drive the price of his holdings upwards to a sell position. That's the basic format for insider trading determining the degree to which markets are manipulated in this day and age. This precedent goes back literally decades, which means by this point its likely been greatly expanded upon.

News stories are by far the largest influence on market and stock prices. If anyone recalls all of the stock prices that increased dramatically after releasing news of them announcing dubious blockchain or cryptocurrency proposals.

This is one reason why AI trading is likely to never amount to anything. Developers of AI trading software could trade using their product. Instead they choose to sell it to the public, which greatly reduces the effectiveness of trading software on the basis of greater market saturation. While AI software can analyze market mechanics within a technical analysis paradigm, they can't necessarily predict future news stories which constitute the most significant variable influencing market valuation. This negative trend has a tendency to make AI trading bots ineffective.

Whales uses any possible FUD possible. Not just about quantum computes but just anything. Government bans, hacks, energy consumption, forks, competitive coins.  That is how they make their profit. That is their job.

No, I don't think this drop had anything to do with any news. The same as today's rises (26th Oct) don't have any deep underlying reason. What happened was that prices were holding in quite a narrow range, and had held there for a while. A breakout either way was due, and it turned out there was more downwards pressure than upwards, so prices fell through the support level and dropped until they hit a new lower support. We then had a bit of holding around that point, followed by a sharp recovery back up to the previous support line. Or thereabouts. Not exact, but close enough. There doesn't have to be a news-trigger to cause abrupt price changes. They just happen, it's a volatile market as we all know, and it is highly speculative. Small initial movements often get wildly overblown through FOMO or panic-selling. In this instance, nothing of concern has happened. I wouldn't be worried or overjoyed at the moment.

Technical analysts would usually say, "that crash was coming anyway" and "the bad news was just a catalyst." The existing bear market condition (strong supply, weak demand) was the true underlying factor driving the decline. Another way of looking at this: if markets crash on bad news, it's confirmation you are in a bear market.

In other words, would-be sellers were looking for any reason to sell. It didn't have to be a story about quantum computers that did it; it could simply have been price falling below key stop loss levels. Once the selloff was triggered, a typical price feedback loop developed: lower prices squeezed holders into cutting losses, which begot lower prices. Rinse/repeat.

This is also why bad news can never keep a lid on strong bull markets. Any losses are quickly regained because investors are too bullish to care. If this "quantum supremacy" news came out in fall 2017, the market wouldn't have given a shit.

There are many media outlets republishing old news for a long time and it is nothing new, the recent quantum computing new is just basic test results that they achieved with random inputs and if we read the published article about the quantum development we will understand that it is just basic and there is a lot of to achieve in order to say they attained quantum supremacy.

When we take a look at the reason why the market went down the future market might be the reason for these massive volatility.

Maybe some persons thought bitcoin was going to see $1,500 because of the quantum computer FUD, and they quickly sold off and by the time they woke up, bitcoin has reached $9,600. Humans will never learn that this market is runned by rumour to buy cheap. I am sorry for the people that sold off cheap.

 I think it is just a coincidence just like the raise of Bitcoin when China announces about adopting and being the leader of blockchain technology.  I agree that the Bitcoin market is heavily manipulated but that quantum computer stuff crashing bitcoin is just an exaggerated imagination.


this is just a theory and not yet to realize soon. So by then Bitcoin had already upgraded to a qc resistant blockchain.

basically, one can cause something to happen, but through the fact that we are directly relating the quantum computing news to the reason why bitcoin market price declines seems inappropriate. The reason is because, not all traders do believe that quantum computing can decrypt the security of crypto. In addition, when quantum computer computers, algorithm from normal desktop or pc that we have will be the same processing to happen using quantum computer.

see resources here: https://www.technologyreview.com/s/613596/how-a-quantum-computer-could-break-2048-bit-rsa-encryption-in-8-hours/

I think it is more likely Miner Capitulation myself. Sorry to say.

Folks have been mining (IMHO) 65% Bitmain S9 units of many flavors, which are approximately, again, IMHO above 65% of all such sha-256 POW miner units mining.

Same with scrypt-pow and Bitmain L3+ IMHO, if not a bigger percentage, though in fairness a lot of those machines are dumping off.

In other words, IMHO, this month is when folk finally toss up their hands and pull the plug on these units at least. End of the month, data hall bills have to be paid,

cashing out at a loss...the usual.

Again, this month the rubber hits the road, hopefully, fewer folk will be selling BTC/Crypto to keep the miners going and hopefully HODL their BTC/Crypto.

Chump or Champ, time will tell I guess.

But that is my current view of less what the OP thinks on Quantum Computing news and manipulation of the market...it is more..fingernails on window sills for miners

hanging on...and finally having to shut off the above ASIC's. The circle of ASIC greed don't ya know.

Anyway, what, I think.

Brad

you have a point here! if someone is already talking with technical stuffs and other high falutin words, people got scared and panic!
we should be more objective on these things and learn what is the real score.
we can do this by doing our own investigations on how they can actually impact crypto system and other related stuffs.
we should not rely on media as most of them are just opinion and have no strong basis...

There's not single assurance that the news about Google already achieving Quantum Supremacy drove and manipulated markets, there's no way to know or trace the real reason that have caused it. It could be caused by how the people are doing inside the space, but I don't think that freshly reported news already had that effect in the market for the markets movement has been moving unpredictably just before this news.

The claim of quantum supremacy is just not true, they are able to compute certain things but that cannot be called supremacy and if the price drop is related to those news then the price would have gone to zero rather than hovering around $7k, it will take decades to have something of that sort level of supremacy and there is nothing to worry at this time.

Bitcoin is very fluid and easy to manipulate. Regardless of the increasing level of adoption, there is still this background fear by bitcoinners, a very significant number of them still believe that Bitcoin will soon 'burst' but for the meantime, they are just playing the game. If one thing, this quantum computing development should be done in much way to promote Bitcoin.

Yeah, I think it is.  Even tho bitcoin's market cap is in the hundreds of billions now, the number of individuals and/or institutions who own it has still got to be fairly small, so it wouldn't take many of them selling all at once based on some news to make the price drop $1000 or even lower.

I did read the story about google and quantum supremacy, and I'm really not qualified to evaluate it on a technical level.  I do know that bitcoin hasn't been compromised yet, and it probably won't ever be.  So I have a hard time believing that this is why bitcoin dropped so much recently. 

There have been a few things going on simultaneously, like Bakkt and Libra's struggles with regulators and all of those things combined could have contributed to what we're seeing in the market right now.

This stupid quantum story even not actually real but its already affected price so much

Okay, last time I read about avocado, stock to flow, and now quantum computer news. I don't think these factors significantly determined the price movements.

I think we are closer to the flying car or hovercar era than the quantum computer era. In other words, I'm skeptical about quantum computers "progress" stated in those posts.

It could be a possibility, however we can't tell whose agenda is it. We don't really know what's in store to these institutions and what they're planning to crash the bitcoin price. However, ehat we could do is to educate people here in the forum and other holders that we shouldn't really be afraid of this "quantum supremacy" as they say. There are some videos online dedicated to explaining if quantum computers could really break encryption, and the answer is no. We need to encourage them not to get driven by these news. Or maybe it's a cooperation of a whale and media site to dip the price? No one knows.

Possibly so, but we can't really know and there's really no way to determine if it really has affected the market so much that BTC actually crashed. I kind of want to refuse to believe that the BTC market could still be manipulated by news and such since BTC has come through many news that are much more negative about it compared to quantum computing of google. Besides, don't they see that the threat of quantum supremacy to bitcoin is still far off in the future? It's not like the crypto community is in stagnant progress. It's progressing each and every day and well, we should know that it would try to prevent quantum supremacy from reigning over it and destroying everything it has been up to now right?

In terms of Bitcoin's ability and quantum computing, developers will adapt more about technology to control the people who don't about these things in the market. It is focused about the beginners who are not yet knowledgeable in trading.

There is no way to verify it. We can only connect the dots, but it's possible that those connections never exist at all.

Just because Y happened after X, does not mean X cause Y to happen.

Well, I feel sorry for people who are easily bothered by news. People need to eliminate this distractions to enable them focus more on doing the "right thing". I am not saying that reading news is bad, but when it becomes a problem in your life, you'll have to avoid it. Avoid those media that constantly "threaten"  you with scary stuff. Or those that make predictions that hardly come to pass. Such news prevents people from thinking rationally.

Just bear in mind that investing what you can't afford to lose is not advisable. Have other sources of income. Learn to stay safe in this community and you will be fine.

Don't allow fear rule your life.

When you take the complexity of Bitcoin's algorithm and also the complexity of Quantum computing, it just makes sense that speculators will use more complex technologies to confuse uninformed people to manipulate the markets.

I have seen very deep discussions on this topic and I think many of the things that was discussed about this are a bit too complex for the average newbie trader that are not interested in things like that.

So they know what Bitcoin is and they know a little bit about Quantum computing and when these people distribute FUD about it, they simply accept it as facts and they panic. 

Is Bitcoin still an easy to manipulate these days after the many years of exposure to market realities, FUDS, hypes, severe criticisms and the likes? And if this can be true, then I have to assess my involvement with this market...as I am made to assume that we are already resilient can can't easily be mislead anytime and by anyone trying to manipulate the balance of the market forces.

Personally, I don't believe that news on quantum computing has been that major factor why demand for Bitcoin suddenly crashed. This story and that of Libra have already been factored to the $8000 level. There must be other reasons why just experienced a "crash" hours ago. Days from now, I am sure those reasons will start to emerge from the underground belly of cryptocurrency.

News stories were published about google achieving quantum supremacy on september 20th, 2019:  

https://fortune.com/2019/09/20/google-claims-quantum-supremacy/

Shortly after, bitcoin crashed from above $10,000 down to $8,000'ish.



On october 22nd and 23rd, the original story from september 20th was republished by many media sources:

https://www.npr.org/2019/10/23/772710977/google-claims-to-achieve-quantum-supremacy-ibm-pushes-back
https://www.sciencedaily.com/releases/2019/10/191023133358.htm
https://www.rt.com/usa/471636-google-quantum-supremacy-claim/
https://gizmodo.com/google-confirms-achieving-quantum-supremacy-1839288099

Bitcoin crashed from above $8,000 down below $7,500.



There is always much being said about market manipulation. These examples could illustrate what market manipulation looks like in real world application.

Bitcoin's price could still be above $10,000 if it wasn't for an organized and coordinated attempt to manipulate its price and devalue it. In the future, we could see bitcoin's price decline everytime the news says something about quantum computers. Not due to an actual danger to crypto's security but rather as it suits the political agenda in place.

It would parallel the last 2+ years where media sources and banks have conspired to crash bitcoin's price by re-publishing unverified claims about tether being market manipulation designed to artificially prop up the price of bitcoin.