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Thread: Cryptocurrency

  1. #91
    Global Moderator Prince EWS's Avatar
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    Quote Originally Posted by Daemon View Post
    I thought they were theoretically supposed to be faster and more energy efficient which means you save on costs and time when mining.
    Yeah pretty much, but that's essentially the problem, as that'd make it more centralised in the hands of the first few people who had access to quantum computers capable of pulling that off. At the moment ASICs are still better at this, but theoretically quantum computers are much better, to the point of potentially spoiling the decentralised model a bit.
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  2. #92
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    http://www.cs.virginia.edu/~robins/T..._Computers.pdf

    This is a very good explanation of what quantum computers (theoretically) can and cannot do. Shor's algorithm can factor a semi-prime in polynomial time, and there is no known algorithm in the standard model that can do that, which is what ensures that the current cryptographic protocols work. Given a product of two primes, there is no computationally tractable way in the standard computing model to figure out which two primes were multiplied to obtain that product. This is conjectured (though not proven) to be a non-P problem, but in the quantum computing model, it can be solved in polynomial time.

    I must say that I am a computer engineer and therefore am supposed to have a deeper insight into this stuff, but all that gyaan comes mainly from Wikipedia.
    Last edited by vcs; 19-12-2017 at 09:13 AM.
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  4. #94
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    Quote Originally Posted by vcs View Post
    http://www.cs.virginia.edu/~robins/T..._Computers.pdf

    This is a very good explanation of what quantum computers (theoretically) can and cannot do. Shor's algorithm can factor a semi-prime in polynomial time, and there is no known algorithm in the standard model that can do that, which is what ensures that the current cryptographic protocols work. Given a product of two primes, there is no computationally tractable way in the standard computing model to figure out which two primes were multiplied to obtain that product. This is conjectured (though not proven) to be a non-P problem, but in the quantum computing model, it can be solved in polynomial time.

    I must say that I am a computer engineer and therefore am supposed to have a deeper insight into this stuff, but all that gyaan comes mainly from Wikipedia.
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    But yeah, quantum computers are principally very good at very specific tasks, and most of that tasks come down to variations on fast factorisation of gigantic numbers, or other brute-force problems were the stupid approach is the only feasible one. That could be very significant for certain public key cryptographic systems (for which the extreme difficulty of factorising enormous numbers is critical) but without knowing the exact maths on which cryptocurrencies are based, impossible to say if it'd help there. And even if it does, it's still fair to ask what a quantum computer could do that several thousand i9s in parallel couldn't for a lot less money.

    It should also be said that a lot of the people making outlandish predictions about the capability of quantum computers are doing so on the basis of interpretations/variations of quantum mechanics that I find extremely speculative at best.
    Last edited by Spark; 19-12-2017 at 06:32 PM.
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    No assets to back them up. No central banks to shore them up when they crash. Not investment avenue but gambling.
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  7. #97
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    Quote Originally Posted by Spark View Post
    Please tell me this is parody.
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    Yesterday I had an email telling me that if I didn't pay 350 in bitcoin to the sender by midnight tonight they would post a film of me having *** on the net and send a link to all my contacts - my request for an advance preview has been ignored and therefore I haven't been paid so, sledger and GIMH, please check your inboxes just after midnight and forward the relevant mail to me - thank you and have a good Xmas

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    Global Moderator Spark's Avatar
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    Quote Originally Posted by Dan View Post
    Please tell me this is parody.
    I don't know if this specific tweet is parody, but "fiatsplaining" and the (unsurprisingly) related "fiatcuck" are definitely not used as parody.

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    I basically hit all my stop losses while in Bali. Woke up one day and I had no more crypto. No idea whether I should just be happy with what I have and walk away.

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    Fake news is generally annoying, but when it actually affects your wallet it's infuriating. This whole rubbish from lazy reporters in the mainstream media on South Korea banning crypto exchanges has been so dire.
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  13. #103
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    Quote Originally Posted by Daemon View Post
    Fake news is generally annoying, but when it actually affects your wallet it's infuriating. This whole rubbish from lazy reporters in the mainstream media on South Korea banning crypto exchanges has been so dire.
    I mean... that doesn't speak well to the stability of the commodity/currency or whatever, does it?

  14. #104
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    The fact that it's so unstable is part of the reason why it's so attractive for trading purposes. News like that generally disrupts the cycles you see when doing TA especially when it's baseless.

    I'm not a crypto fan or believer or whatever ftr, I'm just here for the ride.
    Last edited by Daemon; 13-01-2018 at 05:18 AM.

  15. #105
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    Quote Originally Posted by Daemon View Post
    Fake news is generally annoying, but when it actually affects your wallet it's infuriating. This whole rubbish from lazy reporters in the mainstream media on South Korea banning crypto exchanges has been so dire.
    But if you know it's fake news then it's a buying opportunity. OTOH if ~every price movement is based on sentiment, then ~all cryptocurrency news is fake, so you can't complain .

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