Topic: The Latest Crypto Price Dip Is Fueled By Fake News Relating to Quantum Computers - page 3. (Read 646 times)

I am not entirely sure about the subject in hand and I have absolutely no proof that it is not like that but I can't stop but feel that there has been literally a cry for $7.8k gap to be closed for MONTHS now and it eventually reached there so I feel like maybe there is a connection with the fake news but maybe it is just the thing we have been waiting for months to happen?

Not saying that is the reason and not saying the topic is wrong, it could be literally anything, like a huge whale maybe sold his coins, who knows but I mean we all have been expecting this for months now and suddenly we are there and we are looking for other reasons. Maybe it is because we have called for $7.8k for months and that just happened without any other drama or fake news involved?

#1  Imagine that there is something known as a crypto currency.
#2  The term crypto is derived from the encryption technology upon which it is built on.
#3  A news story suggests quantum computer breakthroughs may soon be able to break this encryption.
#4  There is a massive 20% decline in the value of crypto currencies mere days after this news story is published.

Conclusion  People say quantum computer news relating to encryption standards potentially being vulnerable are 100% unrelated to the massive 20% price drop. Essentially you're saying that you think the encryption standards upon which bitcoin are built being potentially vulnerable would have zero effect on it?

You say quantum computers have a "larger scope for mankind" than breaking encryption. That's hilarious. What "larger scope" is that? I do not think you have an answer.

Writers of articles on blockchain and crypto websites said nothing about this quantum computer news.

Its not due to the news having zero effect on btc price. They simply didn't know about it.

I also thought about Bakkt when I saw that the price dropped. Some people also assume that it's for technical reasons, that it was going in that direction. As an article on Cointelegraph mentions, another hypothesis is that it's because of Trump impeachment stuff related to Ukraine. Another assumption I saw was about some mining farm quitting the business (but it's clear now that it's not the case), and it's the first time I see the version about quantum computers. Even if it's not the reason for the current price, it's useful to know that some information of doubtful character about quantum computers and cryptos is going on the net. It can have an impact later.

Lol!! Without going to the controversy whether Google has achieved quantum process of 53 Qubit power or not, I think there is no correlation at all! Quantum computer will have much larger scope for mankind, why would it be used to break the encryption of bitcoin only?? That's dumb thinking!

I would rather think, Google will use its quantum computer very cautiously without hurting anyone or anything, even after having the capability of doing so! I am sure bitcoin users have at least that much gray matter in their brain!

While the news is interesting and it could become a problem for bitcoin sooner than expected if it is true I do not believe either that the sudden crash that we saw had any relationship with it, investors have been saying that the price was bound to an even bigger correction, so it is likely that a whale or group of whales were satisfied with their profits and decided to cash out, this created panic and everyone began to sell causing the price to crash even further.

Nah, I doubt if the drop in the hashing power and the drop in the price has anything to do with the fake news that are being spread about Quantum computing. People do not even know how Bitcoin works, so why would they know how quantum computing could affect Bitcoin. 

I think the real problem behind this is purely based on market manipulation and the speculative traders that are hyped over Bakkt. Time will tell if I am wrong and if there are something else, but I think the disappointment over the poor trading volumes on Bakkt is a huge contributor to this. 

Nearly every big bitcoin price move in history was fueled by a news story.

The same way many US tech corporations increased their stock price by more than 20% simply by announcing vague plans to pursue a project related to blockchains.

News events like SEC rulings on winklevoss ETF applications have always wielded by far the largest influence on BTC price movements.

Essentially you're investing and trading a commodity known as crypto currencies which rely heavily on encryption standards. You're claiming a news story about encryption standards being potentially broken via quantum computing has zero effect on the commodity you're trading.





#1  Quantum keys merely increase the bitsize. It means you upgrade from SHA256 to SHA512 or a larger bitwise number. There's no guarantee that this would be effective against a true quantum computer, if one is ever created.

#2  Clock speed, optimization and a smaller silicon lithographic etching process in nanometers could be cited to claim protection against quantum brute forcing. But would any of those marketing claims withstand the reality of it? Its not something anyone is making an effort to place a guarantee on.

#3  There have been many many BTC price movements traders couldn't explain that were easily explainable by stories published in the news at the time.

I'll give you one example:

https://bitcointalksearch.org/topic/m.51040602

That news story could explain the recent spike in BTC price which traders also could not explain @ the time.

We don't know if it actually was a drop in hashrate power.
All those graphs are calculating the hash rate based on estimations between the difficulty of the first retarget and the time between blocks, so it's not really accurate at all. A chain of bad luck at finding blocks might show itself on the graph as a sudden drop but the hasing power is still there.

Overall, we had no drop, we're actually at this point more than 100 blocks ahead of time, and we might experience a difficulty increase of 6%. https://diff.cryptothis.com/
In indeed this no event was the trigger for a 10-20% drop in all cryptos, then the market is acting pretty stupid.


As for the google quantum hype, not only it was well before the dip but I doubt it would have impacted more than 0.1%. But again, it might be that the market is simply acting stupid...as always! 

People are just connecting the dots, but what happened could only be answered by the one who dumped their Bitcoin.

No need to find what is the cause of this because that's technically not possible. You can debate it all day, but it won't give you valuable insights except for mere speculations.


Then don't reuse your address. Other than that, move on to signature like Lamport signature.

Seriously, if SHA got broken then I guess banks or any mainstream public services that depend on encryption would take a bigger blow compared to Bitcoin.

There is no real fundamental reasons to why cryptocurrency prices are crashing, However there are two events that seem like are related in some way to this drop which are the launch of bakkt that was disappointment for many people as they were hoping that bakkt will push the price up upside and second one is hashrate which is still mysterious. For google's quantum computer, I don't think is behind this drop.

I was referring to quantum proof public keys, which are already ready today but have a few issues:


Again, there's a study saying that current ASICs are faster than theoretical quantum computers when it comes to mining because they're specialized:


Yeah, all I was saying is that I don't think a lot mainstream readers would be able to draw that connection, which is why I believe that it's unlikely for the price slide to be attributable to the news piece.

1. Google:


Google claims that they can execute "certain task" faster. Everything else is speculation.

2. From reddit:

Google and NASA have reached quantum supremacy in a year collaboration. What does it mean for future blockchain security?
Google’s Quantum 'Breakthrough' Won't Destroy Bitcoin. Not Yet
Quantum supremacy and the case for quantum security today in blockchain.
Google reportedly attains 'quantum supremacy'

No panic, no fud, calm discussion.

Here on the forum I saw only a couple of posts on this topic and one explanation. No panic too.

3. Based on the fact that there is no panic, that the news is old (4 days) and did not arouse much interest. The Bakkt, for example, create much more movement.

People have always tried to link news articles or other events to price drops/increases. It's something people will continue to do because they have no clue about how the charts have turned bearish af in the last couple of weeks with every touch that confirmed the bearish triangular formation. Statistically, the probability of them breaking out to the downside is 75ish%.

If you also look at the extremely low volumes, which is another solid indicator that a huge move is near, mainly because of how the range has been tightening (tigher range = less volatility = less volume), the market was due for a big move. Unfortunately for people, it went down instead of up, but it shouldn't have come as a surprise. Lower levels are due. DCA the market down is the way to go if you want to grow your stack.

I agree with that.By the way,I am constantly seeing this "Google's major quantum computing breakthrough" everywhere in my newsfeed.Every rumor about the big G is always exaggerated.I don't think that the vast majority of the crypto users and traders are so naive to believe such news.The reason behind this BTC price drop is somewhere else.

#1 A new public key wouldn't defend against quantum brute forcing.

#2 Quantum computers attempt to achieve higher performance through increasing the data density of bits. Rather than exclusively utilizing binary digits with 0's and 1's as today's supercomputers do, quantum computers expand the number of base values utilized in the computational aspect of things. That's where their theoretical performance boost comes from.

A normal supercomputer could be characterized as a person who only has 2 fingers (bits) to count on. While a quantum supercomputer could theoretically have hundreds, thousands or more fingers (bits) which gives them a larger computational density.

I think quantum computers are equivalent to someone attempting to build a moped engine that can produce 200,000 horsepower while consuming the same amount of gasoline as a normal motor. They're supposed to be powered by breakthroughs in quantum physics which will likely never manifest.


The entire premise of encryption is not that its unbreakable. But rather that it would take *too long* to break encryption for it to be feasible.

When tech corps like google release fake news claiming their "quantum computer" can solve problems in "200 seconds" that would take a normal supercomputer "10,000" years to solve.

That is a direct reference to existing encryption standards. That is a definite connection imo.



The quoted source says:


Usually when this type of topic arises, people point out how single exchanges like bitmex do not represent a substantially significant trading volume. Not enough collective volume to significantly affect the value of bitcoin. There's a corresponding tendency towards arbitrage trading when the value of one commodity is significantly lower on one exchange than it is on another, which also helps to naturally prevents that occurrence via normal market mechanics.

Exchanges affecting price and volume are more typically associated with exchanges that historically carried no commissions on trades. That made it more feasible for market and price manipulation to be effective.

It makes plenty of sense for leveraged short calls on bitmex to concide with fake news that is likely to negatively affect bitcoin's price within the normalized vein of insider trading we've long witnessed in crypto trading. I think that is the most likely conclusion, and the one that will be adopted as more information becomes available.

Although there would seem to be a lot of coordinated market manipulation involved which traders might recognize. In terms of short selling and fear associated with most not being aware of the cause behind the price reduction.

In fact, the sharks had anticipated this. If you notice, the seller will see signals that there are transactions with more than 1000 bitcoins or more than 2000 bitcoins going on continuously.
and until Bakkt was ineffective, it was a time when sharks rushed to sell bitcoin and flood the market.
I thought it would be difficult to return to the 10k level because I suddenly realized there were two more 2000 bitcoin transactions transferred to the Bitmax exchange. The bear market has arrived and we should be careful.

i agree, it is a matter of technical, there was a sideways trading last days, margin were low, and stop loss triggering enforced decrease, since there was a tone of them within low margin from last week stable price, and that was the main reason for the dip to go this down, we will see how this is going to play further

here is a link to support this opinion
https://www.coindesk.com/bitcoins-price-slides-1000-in-30-minutes-after-margin-calls-at-bitmex

Not really. A new public key algorithm could be introduced with a simple soft fork, and current ASICs are faster than projected quantum computer clock speeds. The problem is that old and some lost coins can't be protected, since they can't be moved to post-fork addresses.


I believe they're inevitable, but I don't think they'll be available for commercial use anytime soon. Entities who would have access to ones strong enough to threaten Bitcoin probably won't be interested in it in the first place.

As for the actual topic, I also believe the price movement had something to do with the brief hashrate crash. I'm not sure mainstream readers would actually know that there could be a connection between quantum computers and Bitcoin unless it's explicitly mentioned in the article (and articles I've seen don't).

Discussions on this recent price dip of the majority of cryptocurrencies are found all over the forum, in Bitcoin discussion, in altcoin discussion, in locals, in economics, and most probably in other sections as well. What I find amusing are the different explanations and ideas popping out from everywhere.

This is quite unique though in that this is the only thread where I read about the Quantum Computers having to do with the price dip. And while I highly doubt an existing rumor could possibly affect the prices all of a sudden and so quick, I am already in a state of confusion as to what truly is the reason behind. Everything seems muddled already.

If bitcoin's encryption is broken, it could take years before its fixed. If it is ever fixed. Encryption being broken in crypto currencies is a doomsday scenario. The only true fix to true quantum computers could be quantum level miners utilizing quantum level encryption.

I agree with notions that quantum computers will never become a reality. There is only so much functionality that can be built into silicon or chips made with other materials. Whether limited by voltage, clock frequency or data density. I think there are hard physical and theoretical limits which could prevent quantum computers from reaching the standards their marketing brochures claim are possible.



#1  Encryption functions on the basis it would take too long to brute force. Google's claim they can solve problems in "200 seconds" that would normally take "10,000 years" directly implies they are poised to break the encryption standards that technologies like bitcoin are built upon.

#2  Where was it "explained" that this news is "not connected" with crypto?

#3  "This has nothing to do with the fall." Based on what? I have seen nothing credible to suggest otherwise.