Bitcoin price crash: Crypto plunges by 9% as billions wiped off market
1–10 of 14 posts
Re: Bitcoin price crash: Crypto plunges by 9% as billions wiped off market
#2The seeming culprit is the Federal Reserve planning to raise interest rates. However, I wonder - could a cause of this be quantum computing breakthroughs? I read today that an Australian research team was able to achieve 99% accuracy in quantum calculations: https://scitechdaily.com/major-breakthrough-as-quantum-compu.... Please correct me if I'm wrong, but my understanding is that quantum computers would totally break Bitcoin as it is based on the SHA-256 algorithm.
Re: Bitcoin price crash: Crypto plunges by 9% as billions wiped off market
#3The seeming culprit is the Federal Reserve planning to raise interest rates. However, I wonder - could a cause of this be quantum computing breakthroughs? I read today that an Australian research team was able to achieve 99% accuracy in quantum calculations: https://scitechdaily.com/major-breakthrough-as-quantum-compu... . Please correct me if I'm wrong, but my understanding is that quantum computers would totally br…
When they will be able to do it in practice, the protocol will change to use a quantum resistant hashing algorithm.
Re: Bitcoin price crash: Crypto plunges by 9% as billions wiped off market
#49 percent? Doesn't sound like "crash".
Re: Bitcoin price crash: Crypto plunges by 9% as billions wiped off market
#5The seeming culprit is the Federal Reserve planning to raise interest rates. However, I wonder - could a cause of this be quantum computing breakthroughs? I read today that an Australian research team was able to achieve 99% accuracy in quantum calculations: https://scitechdaily.com/major-breakthrough-as-quantum-compu... . Please correct me if I'm wrong, but my understanding is that quantum computers would totally br…
Why would SHA-256 be vulnerable to quantum computing? Grover's algorithm only gives a square-root speedup for reversing hash functions, and that's in the best-case scenario where there are no engineering issues (e.g. the need for error correction) which could create polynomial overhead. That still leaves you with 128 bits of security.
Quantum computing could certainly break elliptic curve cryptography, but my understanding is that this only becomes an issue if you publish your public keys (e.g. if you use your key to digitally sign a message) instead of just publishing their hash, which is not standard practice in Bitcoin (for exactly this reason).
Re: Bitcoin price crash: Crypto plunges by 9% as billions wiped off market
#69 percent? Doesn't sound like "crash".
I agree. Crash in crypto starts at 80%. This is just fluctuation.
Re: Bitcoin price crash: Crypto plunges by 9% as billions wiped off market
#7The seeming culprit is the Federal Reserve planning to raise interest rates. However, I wonder - could a cause of this be quantum computing breakthroughs? I read today that an Australian research team was able to achieve 99% accuracy in quantum calculations: https://scitechdaily.com/major-breakthrough-as-quantum-compu... . Please correct me if I'm wrong, but my understanding is that quantum computers would totally br…
Swedish reiterated call for EU ban on PoW, Russian drafted ban on all crypto, interest rate rises give investors less risky long term treasury options, influence of tech sell off.
Re: Bitcoin price crash: Crypto plunges by 9% as billions wiped off market
#8Re: Bitcoin price crash: Crypto plunges by 9% as billions wiped off market
#9The seeming culprit is the Federal Reserve planning to raise interest rates. However, I wonder - could a cause of this be quantum computing breakthroughs? I read today that an Australian research team was able to achieve 99% accuracy in quantum calculations: https://scitechdaily.com/major-breakthrough-as-quantum-compu... . Please correct me if I'm wrong, but my understanding is that quantum computers would totally br…
Why would SHA-256 be vulnerable to quantum computing? Grover's algorithm only gives a square-root speedup for reversing hash functions, and that's in the best-case scenario where there are no engineering issues (e.g. the need for error correction) which could create polynomial overhead. That still leaves you with 128 bits of security. Quantum computing could certainly break elliptic curve cryptography, but my underst…
When you sign something with your private key you expose your public key. This means 1) if you receive money to an address and move that money elsewhere, subsequent money sent to that address is going to an address whose public key is public; and 2) if you publish a transaction to the blockchain someone else can see it before it commits and get your public key and attempt to race you to having a transaction including in a block.
Re: Bitcoin price crash: Crypto plunges by 9% as billions wiped off market
#10And nothing of value was lost