The Quantum FUD of BITCOIN is now written on the wall - While IOTA sits pretty with no concerns at allsteemCreated with Sketch.

in cryptocurrency •  2 years ago  (edited)

Serious Quantum Computers will be here in a matter of months, NOT YEARS  - 

Crypto-currency and the N.S.A are not ready  - IOTA is -
Time to pull the socks up Without QRL we will all be going to hell : )

          

It seems that the previous prediction of, 5 years for significant world changing quantum computers to become a reality, has been seriously underestimated. It turns out the speed of advancement has been much much quicker and we are now looking at a only matter of months. (How often do we here this when dealing with technology?)

Apparently this news has the N.S.A somewhat concerned for they are not yet prepared.
And neither is Bitcoin.
     

In a recent statement by IBM’s quantum computing department, Jerry Chow said:
"at 50  qubits, universal quantum computing would reach that inflection point and be able to solve problems existing computers can’t handle. This type of computing power would render the cryptography underlying bitcoin’s protocol vulnerable.”

He also told that IBM was planning to have a complete functional 50-qubit computer in the next few years.

Just to clarify the significance of this for beginners:

The current thinking is that a 50 qubit quantum computer would be the most powerful computer in existence (by far) and as such it is theorised that such a computer could break encryption codes easily  - such as those used by Banks, Governments, Security Agencies and of course Bitcoin and other Crytpo-Currencies.

At the moment, as far as we know, there are a number of quantum computers around the world that have a 5 qubit capacity. However, no one really knows just how far each country has come. I suppose China nor Russia will only tell what it wants us to know. Forget the Nuclear race, the race for qubit power is on.
   

NOW WAIT UNTIL YOU HERE THIS:

Although IBM says it is a few years away, Google, on the other hand,  claims it is merely months away from building a 49 qubit quantum computer.  
If this is true, then that changes everything. Needless to say if the NSA are concerned them perhaps so should we be.
In a recent interview an NSA representative said:  
“There is growing research in the area of quantum computing, and enough progress is being made that NSA must act now,”

Scientists at Google, including Pedram Roushan, as well as Charles Neil from the University of California, decided to try a new approach to gaining more qubit power. They used qubit conductors made from metal loops that could be cooled to extremely low temperatures. What they discovered was that "errors" could not scale rapidly with those type of chips. This seems to be a significant break through and could dramatically increase the advancement of quantum computer science.
  

No one really knows what a 49 qubit quantum computer will be capable of, but considering it is only one qubit less that the golden 50 qubit barrier, one can at least assume that it will be significantly more powerful than any computer on the planet.
NOTE: (What concerns me about this - if Google have gone out and told how close they are to such a computer, then how close is China or Russia?)

So far, ONLY IOTA is quantum resistant - (meaning it could withstand against any "possible" hacker attack from Google´s very near future quantum computer (And ones we do not know of) 

What Does this mean the end for BITCOIN and other CryptoCurrencies?

 

If Bitcoin and Alt coins can not find a way to upgrade to quantum resistant cryptography then basically it is game over.
I mean, can you imagine the temptation for someone if they had a master key to open every Bank vault, every secret Government file and every Bitcoin wallet?
I am not making any assumptions or judgments here, but, I just wonder how someone like Trump would react if he was told they had such a key.

However - There is hope on the horizon for Bitcoin and Alt coins.
It is called QRL  (Quantum Resistant Ledger)

A QRL is "Post-quantum-cryptography"
This could be a way to upgrade ALL crypto-currencies to become quantum resistant. 

QRL technology is said to become available by this coming Christmas 2017.  
In the mean time, the first Initial Coin Offering (ICO) that will be based on QRL- named ERC-20 or QRL, was released in May of this year (2017) - 52 million were put on sale.

What happened at this sale ?

Apparently one of the core developers was not happy about certain things and quit his job.  
This led to a fall in price of the ICO.
However, the founder of QRL has since told that they have now expanded the core team and are in further developments.
Due to its low price the QRL token remains outside of the top 100 on coinmarketcap.com and is not yet featured on any Trading platform.

It is difficult to predict how it will perform, however, after studying the technology I personally I think it looks very promising  and once the crypto-currency world wakes up to the reality of the quantum computer threat, then I believe QRL will suddenly appear on our radar screens as well as on  CryptoCurrency  Trading platforms such as Poloniex, Bitfinex etc.
  

CONCLUSIONS 

Considering the pace of quantum computing is quickening, and the slow pace on which it takes for Bitcoin miners, as well as developers, to come to consensus agreements, there is no denying that this does place serious concerns on Bitcoin and Alt coins future.
Government and Bank threats against Bitcoin may be taken with a pinch of salt, but quantum computers are probably the first real threat Bitcoin has ever really had. 

IOTA:
 

(IOTA illustration (above) created by Arthur Adamson-  (just because I like making artwork about IOTA)

Those who know me, know that I am a big believer in IOTA.  I am not silent about it.

The team at IOTA are of the highest caliber (of which I plan to do a post of in the near future).
IOTA was put under serious testing before it was released and it stood up magnificently.
Also don't forget that IOTA is STILL the only token that has NO transactions fees.
If one wanted to send $1 Million dollars in IOTA it would not cost a cent.

Yet in saying that,  it is important to me that Bitcoin does NOT fail.

I had the same gut feeling and love for Bitcoin, as I do now for IOTA, when I first read about it back in 2012.
Bitcoin is the glue that holds the whole crypto world together.  If Bitcoin falls the whole house could come crashing down too. Dont forget there is an entire ecosystem built around Bitcoin.

IOTA will find its own place in the world because the Internet of Things itself (IoT) is not going away.
Machines are coming, and IOTA will be the link between man and machine.

On the day before the Bitcoin Gold hard fork I invested a further $1000 dollars in IOTA.
Like all the alts during this "forking" period, IOTA fell massively to $0.38 cents. I saw this as a good buying opportinity. In the face of fear, my faith stood strong, in the face of uncertainty, I affirmed my faith by investing once again. I have no doubt that IOTA is here today and NOT gone tomorrow.

Just as a final ending to this blog, here is a this little clip, (from an episode of the modern version of Sherlock Holmes)
that I think it captures the why we should take dawn of quantum computing very very seriously.
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 What I write is merely my own thoughts from my own life experience.  
If you like what I post you are very welcome to follow my blog.
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A warm welcome back in advance

 

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Thanks dear friend @arthuradamson for updates and informations in your this valuable article, your topic told the whole story,

"The Quantum FUD of BITCOIN is now written on the wall - While IOTA sits pretty with no concerns at all."

Any how once again I appreciate you for writing such a great lines, keep it up my best wishes always for you.,.
Have a slight look on my latest article for some feedback ,,. Thanks.,,/

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I try to keep people up to date with what is going on in the crypto space. I read a lot and do much research because I love crypto currency.
Thank you @rabeel ; )

Very positive and well in time blog by the one and only Mr @arthuradamson. Everyone is in trouble and confused that either we should invest or not...?
But your words gave me an energy boost. I have a big fan of IOTA since you introduced. In my office everyone is now willing to invest in IOTA.
quantum computing System would be revolution in the world of cryptocurrency. Thanks a lot dear friend for sharing always great stuff. Keep sharing and caring. Stay Blessed!

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Wow so good to hear that your work colleagues like IOTA. They can not go wrong investing in that. I am glad I can help keep up the positive energy flow.
As usual "stay blessed" back to you my good friend

Some very good points made. Although quantum computers will yield immense processing power, due to the nature of programming such a beast, It is still difficult for one to replicate the processes of what a modern pc can do easily. There will hopefully be some warning before before all our cryptography is rendered worthless and thankfully the companies working on such technology, ie Google, are also working on Quantum resistant encryption. Interesting times ahead.

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It always seems to me that every time we are told that a technology is such and such a time ahead in the future, then suddenly we are told it is just around the corner.
My biggest fear is for some sociopathic type person getting their hands on such technology- The question really is who will get it first - China?

When there is money under threat then people usually get their finger out and get things sorted out.
You know, when scientists, including Oppenhiemer, were going to test the first atomic bomb out in the desert, he was asked "What do you think will happen?"
His reply was; "Well we have come up with several outcomes on paper, but in reality we have no idea. We just have to wait and see"

I have a feeling quantum computing is a bit like that. We really dont know what will happened once we reach 50 or even a 100qubit computer.
Whatever the case. I think we are heading for dramatic times ahead.

Indeed, very interesting times to be living in @raptordashzero -
Thanx : )

Ethereum is potentially quantum-resistant, as is any Turing-Complete cryptocurrency platform/network/whatever-you-call-it. Since you can implement your own cryptography, you can use use quantum-resistant ones.

It would still be a crypto-world catastrophe if modern non-quantum resistant crypto was broken. Essentially, everyone would have to deliberately move their coins in one fashion or another from a vulnerable address/account to a safe one--and can you imagine trying to herd that many cats?

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I agree.
I dont think we need to be too concern, bit when the NSA say they are concerned then I sit up and take note.
However, I do think the crypto-world will have to go though a period of upgrading to that of quantum resistant cryptography.
Actually a thought just occurred to me : I can see crytpocurrencies using this in the near future as a way of drawing attention to their token, eg CRYPTO NEWS FLASH: "DASH IS NOW QUANTUN RESISTANT"
Thanx for the input @smithgift

Great article, as always :) Vitalik Buterin mentions in his interview how he plans to solve this for Ethereum. There are cryptographic tools available such as the one-time Lamport signatures that are quantum-proof and he plans integrate them into Ethereum. If you are interested you can watch it here. Do note that it was recorded in 2014.

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Hi Nik,
yeah I knew about this with Ethereum, I perhaps should have mentioned that in the article.
I think things look good for Ethereum in the long term actually.
My main intention was to bring attention to the QRL (Quantum Resistant Leger) as well as to push IOTA a little lol - cant blame me for that - IOTA is the new love of my life at the moment.

I got some good info recently from a guy I know who is shit hit trader, he reckons the crypto market cap is going to double over the next few month into the new year and then it will bomb out for a while. I take this seriously as he has never been wrong.
He reckons Bitcoin will not go higher than $10,000 because at that price it will cause an automatic sell reaction. I agree.
He then reckons it will rise to $40,000 over the next 3 years,

All this attention on Bitcoin is going to drive alts while Bitcoin rises.
Exciting times man, time to buy after the segwit2x fiasco

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I would agree, we have seen an explosion of new comers this year investing fresh money as mainstream media brings bitcoin to people who have never heard of it. When people see the price jump this year they want to get in on the action. I am sure that we will see a price increase just because of the wave of users incoming. However the real exponential increase will happen when Wall Street comes and starts investing too, as they have a disproportionately larger amount of available money at their disposal as the regular crypto newbie. That sounds like a solid estimate, I would even argue we will see the $40.000 sooner. Let's see!

PS: I did exceptionally well trading the Bitcoin Gold fork, that was some epic stuff :D

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Quantum Resistance talk starts 43min.

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Thanks Nik, I missed this reply from you - I thiink it was because of all the bugs in Steemit we had a few days back . just seen it now - cheers!
Weir how Vetalik sounds like a robot lol

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Agree! He is not from this planet!