IBM has just come out with the worlds very first commercially available quantum computer known as the Q System One.
For those of you who arent familiar, quantum computers think a bit differently than the PCs and smartphones we have now and are much better at solving complex mathematical problems.
The release of this new computer instantly piqued the interest of some members in crypto who asked: does this new quantum computer threaten bitcoin?
The answer as usual, can be found in the video archives of the great Andreas Antonopoulos who said explains…
The threat of quantum computing is only real if its available to one actor and not to others. Even still, if a person did manage to develop their own supercomputer, bitcoin would probably be too small a target to waste it on.
Meaning, if quantum computers are readily available to everyone, then the entire bitcoin network will upgrade together and there is no threat.
When I tweeted this answer out yesterday, I was delighted to receive further clarification from legendary cypherpunk and cryptographer Adam Back, who I had the pleasure of meeting at a bitcoin birthday party last week.
In these three tweets, Adam explains that the Q System One is super weak even compared to a 1972-era computer. Furthermore, there are quantum resistance solutions currently in bitcoins development roadmap, although we may be decades away from it even being relevant.
#bitcoin can calmly & slowly watch QC…
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Jerome Powell, the Chairman of the US Federal Reserve Bank, answered questions at an event yesterday and clarified the Feds position on monetary policy, just as the markets were hoping.
The Fed is currently the biggest player in the market, so this is a pretty big deal. Jay, as his family calls him, stressed caution and patience above all when dealing with interest rate hikes. The markets were previously expecting two or three hikes this year and it seems like Jay is trying to bring them down to one or less.
There was, however, a noticeable drop down in the Dow Jones when they discussed the Feds balance sheet. Not that anything critical was really discussed but it seems to have become a trigger word for the markets.
The truth is that according to the explanations given last night, it doesnt seem like they have any plans at the moment and rather will act according to the situation when the time comes. Its a bit disappointing on one hand because forward guidance was a theme stressed by Powells predecessors, Bernanke and Yellen. On the other hand, perhaps now we can quite Fed watching and let the markets be a bit more independent.
By tomorrow, this will have been the longest government shutdown in US history.
Jay Powell also gave a rare com ...Read full story on Bitcoinist.com