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The Secret Weapon That Makes Bitcoin Impervious To Super-Powerful Quantum Computers

• http://www.businessinsider.com, Dylan Love
 Venture capitalist Chris Dixon points out in a tweet that the emerging field of quantum computing might totally ruin Bitcoins, but this doesn't seem to actually be the case.

To simplify the idea dramatically, a quantum computer effortlessly outperforms a conventional computer by operating in a totally different way. Your personal computer interacts with data by representing it as "bits" – ones and zeroes. But a quantum computer deals in "qubits," which represent data as ones, zeroes, or the quantum state between the two. With the ability address more data at a time, quantum computers become tremendously powerful tools for a number of fields.

This might sound troubling to the Bitcoin world, as it's built upon cryptography to function properly. Bitcoins are generated only as computers break codes to unlock them, and the time required to break these codes is figured in to controlling inflation and stability. But it seems that if these super-powered quantum computers started crunching numbers to earn Bitcoins, they could throw the currency out of balance. Furthermore, there's the idea that they could even break Bitcoin security entirely.

1 Comments in Response to

Comment by Ed Price
Entered on:

Now don't laugh at us Bitcoin enthusiasts. Bitcoin just tanked. It dropped from a M.Gox high of around $266 earlier today, to around $150 right now with a low of $106.

From http://blockexplorer.com/txstats, a site that records Bitcoin transactions, the latest LARGE transactions are below. The first column is the date/time. The second is the amount. Notice the size of the transactions. Seems that there was a sell-off, probably done by a bunch of the original folks who got into Bitcoin. Probably done in collusion. Somebody is going on vacation/buying a few new cars with cash/buying some new houses.


04/10/2013 19:22:50    ---    21434.686
04/10/2013 19:20:16    ---    24434.69
04/10/2013 19:20:16    ---    22434.688
04/10/2013 19:20:16    ---    13043.90314046
04/10/2013 18:53:33    ---    7723.039
04/10/2013 18:53:13    ---    9000
04/10/2013 17:28:31    ---    6487.1065
04/10/2013 14:24:56    ---    15807
04/10/2013 10:20:42    ---    10995.87504322
04/10/2013 07:30:16    ---    6929.7
04/10/2013 07:30:16    ---    6060.29803103
04/10/2013 07:30:16    ---    5802.40736337
04/10/2013 01:27:12    ---    15810.45461506
04/10/2013 01:22:48    ---    15810.45461506
04/09/2013 22:25:10    ---    6043.95
04/09/2013 21:14:14    ---    12500.20840887
04/09/2013 21:03:36    ---    69471.082201
04/09/2013 16:10:17    ---    6587.107
04/09/2013 09:35:36    ---    6215.96
04/09/2013 09:06:32    ---    6418.5
 


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