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Topic: The Latest Crypto Price Dip Is Fueled By Fake News Relating to Quantum Computers - page 4. (Read 672 times)

hero member
Activity: 750
Merit: 511
Google claims they achieved "landmark success" with quantum computers which could break the encryption protecting crypto currencies like bitcoin within the near future.

Google did not say anything like that in the second part of your phrase. All the news that I saw correctly indicated that they were solving only a task divorced from practice.
Even in the quote that you bring everything correctly.
No fake news and speculation. And nowhere in the crypto-forums this news was presented so much, but to those singles asked about effect on crypto, they clearly explained that this was not connected with crypto. At least not in the coming years. I did not see any significant interest in this news. Talked a bit and forgot.

And this has nothing to do with the fall.
legendary
Activity: 3346
Merit: 3125
Hello Hydrogen, i don't think google's quantum computer is behind this price drop. I know it looks like a panic move but if quantum computer break bitcoin we can recover it with an update and a hardfork.

Not only google us behind Quantum computer, they are the ones with the most powerful quantum computer but IBM has a nice toy too. A couple of weeks ago i read some news about the new quantum computer from IBM, you can see more info here: https://www.ibm.com/quantum-computing/

And about quantum computer breaking bitcoin, we have a thread with a nice explanation about how will be hard to see that happening... https://bitcointalksearch.org/topic/i-dont-believe-quantum-computing-will-ever-threaten-bitcoin-5157696
legendary
Activity: 2562
Merit: 1441
The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.



This excerpt from the article gives the false impression quantum computers will soon break the encryption, technologies like bitcoin are built upon.

Quote
"While our (quantum) processor takes about 200 seconds to sample one instance of the quantum circuit 1 million times, a state-of-the-art supercomputer would require approximately 10,000 years to perform the equivalent task," the researchers said.

Google's quantum computer, dubbed "Sycamore," contained 53-qubits, or "quantum bits," a measure of the machine's potential power. The team scaled back from a 72-qubit device, dubbed "Bristlecone," it had previously designed.

The researchers estimate that performing the same experiment on a Google Cloud server would take 50 trillion hours—too long to be feasible. On the quantum processor, it took only 30 seconds, they said.

Keep in mind many large investors and holders of bitcoin lack technical backgrounds. They don't know this is fake news.

From an investment perspective, many will read the article and immediately dump crypto believing its security is in jeopardy.

News doesn't travel nor disseminate instantaneously. It can take days for the effects of news stories like this one to manifest. Crypto was not explicitly nor directly mentioned in the article and many could read it without making a connection for how it could potentially affect bitcoin markets.

Significant dips in bitcoin's price have always been correlated with fake news releases. Most notable was fake news about tether being "market manipulation". They investigated tether for more than a year and never found any evidence suggesting market manipulation was occurring.

It is very common for spikes in bitcoin's value to be followed by some form of news story designed to keep its price contained.
sr. member
Activity: 630
Merit: 250
Nothing comes new with crypto market's highly volatile nature, in which a little bit of fomo and fud are all but regular occurrences. This is part of a speculative environment that some people correlating it with the news about quantum computers to spread misinformation seems naive that they often react even to a minor fluctuation of crypto price. So I guess we must be accustomed to it.
legendary
Activity: 1526
Merit: 1179
The price dip we have experienced today is more related to the 40% drop in hash rate we have in Bitcoin mining and even that is a questionable even on why it had dropped that big too fast.
It is not. I checked various sites where hashrate is calculated using more refined metrics, and they indicate a minor fluctuation that isn't even 1/10th of the 40% drop you are referring to.

This price drop is purely related to a negative break of a bearish triangle that we have been in for quite a long period of time. I expect the price to further decline and there is nothing other than that to 'blame' it for.

Similarly, the increase we experienced back in April this year was the result of a positive break of a bullish triangle. There was nothing to point at for the price to go up other than the improved technicals.
legendary
Activity: 3024
Merit: 2148
The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.

It's all like you say, but that wouldn't make an interesting article for an average crypto investor, people want to get one big single reason why Bitcoin dropped, and it must be something that sounds really scary. Crypto is full of retail investors without any experience in trading before they picked cryptocurrency, which is why these news sites are of so poor quality - they don't have to produce any high quality analysis and overview, a simple clickbait would do much better for them.
hero member
Activity: 1680
Merit: 655
The price dip we have experienced today is more related to the 40% drop in hash rate we have in Bitcoin mining and even that is a questionable even on why it had dropped that big too fast. Aside from the date on where the news is posted and when the price dropped happened I doubt that the news about quantum computers didn't even reached to the headlines in the crypto industry, even if there are news about it there wasn't a lot of noise for it to begin with.
legendary
Activity: 3472
Merit: 1724
The piece of news from google was a couple days ago, there's no connection between that and todays 'dip'. The price was going sideways for too long, expectations for Bakkt were too high, and we're seeing a large decrease in price following weeks of stability. We might go back to ~$10k but it may 'dip' again.
legendary
Activity: 2562
Merit: 1441
Quote
Google Claims ‘Quantum Supremacy,’ Marking a Major Milestone in Computing

In what may be a huge milestone in computing, Google says it has achieved "quantum supremacy," an experimental demonstration of the superiority of a quantum computer over a traditional one.

The claim, made in a new scientific paper, is the most serious indication yet that the promise of quantum computers—an emerging but unproven type of machine—is becoming reality, including their potential to solve formerly ungraspable mathematical problems.

Essentially, Google purports to have pulled off a stunt on a quantum computer that no classical machine—not even the world's most powerful supercomputer—can replicate.

Fortune obtained a copy of Google's paper, which was posted to NASA.gov earlier this week before being taken down. The Financial Times first reported the news.

A Google spokesperson declined to confirm the authenticity of the paper and its results. NASA did not respond immediately to a request for comment.

A source at Google familiar with the situation suggested, however, that NASA accidentally published the paper early, before its team's claims could be thoroughly vetted through scientific peer review, a process that could take anywhere from weeks to months.

If the paper holds up under the scrutiny of the scientific community, it will herald a watershed moment in quantum science. Its central claim counters doubt that some unforeseen law of nature may prevent quantum computers from operating as hoped.

"Quantum speedup is achievable in a real-world system and is not precluded by any hidden physical laws," the Google researchers write.

Further, they predict that quantum computing power will "grow at a double exponential rate," besting even the exponential rate that defined Moore's Law, a trend that observed traditional computing power to double roughly every two years.

The experiment

The experiment described in the paper sampled randomly generated numbers produced through a specialized scenario involving quantum phenomena. The researchers said they determined that their quantum computer beat regular computers at the task, which involved calculating the output of certain specialized circuits.

"While our processor takes about 200 seconds to sample one instance of the quantum circuit 1 million times, a state-of-the-art supercomputer would require approximately 10,000 years to perform the equivalent task," the researchers said.

Google's quantum computer, dubbed "Sycamore," contained 53-qubits, or "quantum bits," a measure of the machine's potential power. The team scaled back from a 72-qubit device, dubbed "Bristlecone," it had previously designed.

The researchers estimate that performing the same experiment on a Google Cloud server would take 50 trillion hours—too long to be feasible. On the quantum processor, it took only 30 seconds, they said.

"Quantum processors based on superconducting qubits can now perform computations...beyond the reach of the fastest classical supercomputers available today," the researchers write. "To our knowledge, this experiment marks the first computation that can only be performed on a quantum processor."


Outlook

Businesses are hoping the advancement of quantum computers—by tech giants such as Google, IBM, and Intel, as well as startups such as Rigetti Computing—will lead to unprecedented scientific and technical breakthroughs in the coming years. They're eyeing applications from new chemical reactions for the development of drugs, fertilizers, and batteries, to the improvement of optimization algorithms and mathematical modeling.

As exciting as Google's result is, other researchers caution against overhyping it, fearing that inflated expectations of imminent advances will lead to a popped bubble.

Dario Gil, head of IBM Research, advises against using quantum supremacy as a metric with which to measure progress in the field. "The experiment and the 'supremacy' term will be misunderstood by nearly all," he told Fortune.

Gil described the experiment as a highly special case "laboratory experiment" that has "no practical applications." He added, "Quantum computers will never reign 'supreme' over classical computers, but will rather work in concert with them, since each have their unique strengths."


Jim Clarke, Intel Labs' director of quantum hardware, called Google's update "a notable mile marker." He said that "a commercially viable quantum computer will require" many R&D advancements before becoming a reality.

"While development is still at mile one of this marathon, we strongly believe in the potential of this technology," Clarke added.

The Google team, which first wrote about their goal in a Nature article two years ago, appears to be more hopeful about the short-term prospects of its findings. "As a result of these developments, quantum computing is transitioning from a research topic to a technology that unlocks new computational capabilities," the researchers write.

"We are only one creative algorithm away from valuable near-term applications."

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

....


Google claims they achieved "landmark success" with quantum computers which could break the encryption protecting crypto currencies like bitcoin within the near future. Not only are these claims dubious and ambiguous in nature. They are also unverified and not yet subject to peer review. The claims are also likely to be very misleading as mentioned by Dario Gil in the last bolded quotation in the article.

I don't know how long it will take for the general public to catch on to this news story being a likely fabrication and embellishment. Previous news stories about the price of bitcoin being "artificially manipulated" by tether were by all indications smear pieces published to satisfy political agendas in undermining the public's trust in crypto. As were many other hit pieces published by the media which has typically revealed an unfair bias and prejudice against bitcoin and crypto in general.

FT.com the website on which this news story was 1st published also has a terrible reputation imo in terms of them being one of the worst media outlets for reporting on finance.
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