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Elton23

Mining with Quantum Computers

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This subject is of great interest to me.

I wonder what will happen to the likes of BTC, ETH, DASH, LTC etc when quantum computers become available on the open market.

Mining with such computers will undoubtedly make the process easy, which would result in fast big returns.

However, the problem would be, that because it would be easier and faster, then more of these coins would be available on the open market.

I fear this would result in the value of these coins reducing dramatically due to supply.

What are your views on this subject??

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@Elton23 interesting subject

I think we need to put thing in a time prespective... crypto is evolving and quantum computers to... if and when these computers come available on the open market, crypto will also have evolved and can adapt... for example, there are ASIC resistant algos, so there could be quantum resistant algos...

anyway, nothing tells us that the quantum computers will be able to mine coins faster than ASICs or even GPUs... have you wondered why a GPU is better for mining than a CPU? it is the type of calculation that is needed that is better suited for a GPU chip

if quantum computers are good to mine, the first ones to get them working in full could mine a huge quantity of coins and control certain markets but only on coins that are yet to be mined... so much BTC has been already been mined that it wouldn't make a difference

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13 hours ago, Elton23 said:

This subject is of great interest to me.

I wonder what will happen to the likes of BTC, ETH, DASH, LTC etc when quantum computers become available on the open market.

Mining with such computers will undoubtedly make the process easy, which would result in fast big returns.

However, the problem would be, that because it would be easier and faster, then more of these coins would be available on the open market.

I fear this would result in the value of these coins reducing dramatically due to supply.

What are your views on this subject??

I have never even seen a supercomputer.  Have you? 🙂

Edited by Bnance10
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27 minutes ago, Awaremooner said:

The fact you haven't seen it doesn't mean others have not and its ability for high speed computing. Even though quantum computers will not be made for personal computing and commercialized, people that have access to this computers can easily cheat and game the system. It is not everyone that have seen the GPU most miners use for now

I think we are worried too much!

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Quantum computer would affect total blockchain space and every other computer technology, in that way Bitcoin would have to be forked for this to work, but that all looks like Sci-fi  fantasy now.

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7 minutes ago, Awaremooner said:

Maybe Yes but is the worry not justifiable? With hostilities crypto is facing with Government all over, the worry is not out of place. Most Government are threatened with the emergence of cryptocurrency you know.

For the sake of argument, let’s say the experiment worked. It’d still take years before quantum computers powerful enough to break the bitcoin blockchain are available.  And bitcoin can fork to deal with it then too.

And the reason I said we Crypto enthusiasts are worried too much is because if the bad guy who has a master key to the world’s riches, would he be waste it on bitcoin or $100 billion of central bank cash?? 

We should let the banks worry about it...

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rather than mining using Quantum, it's better to use a large server. but the cost of building a server is not small. you have to take into account first. I would rather use a VPS that support mining. you can rent at various VPS providers online.

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5 minutes ago, zuarzalfa said:

rather than mining using Quantum, it's better to use a large server. but the cost of building a server is not small. you have to take into account first. I would rather use a VPS that support mining. you can rent at various VPS providers online.

WHAT?  But I’m gonna give you a like anyway if I still have any.. since someone gotta give you his first positive reaction 🙂

Just now, Awaremooner said:

https://en.m.wikipedia.org/wiki/Quantum_computing

https://cointelegraph.com/news/quantum-computing-vs-blockchain-impact-on-cryptography

Wonder why you cannot get your password once lost on the blockchain? Because it is not enabled to do reverse calculus.

As for banks, do banks keep virtual currency? So you see, bank can worry less about it compare to crypto market worries

Okay. 

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27 minutes ago, Bnance10 said:

WHAT?  But I’m gonna give you a like anyway if I still have any.. since someone gotta give you his first positive reaction 🙂

Okay. 

thank you, maybe you misinterpreted my words, I just gave input. we share knowledge and experience what we know or we have ever done. not only he said.

thank you dude 🙂 

10 minutes ago, Awaremooner said:

loool. I understand why @Bnance10 said he will give you a like anyway. We are talking about a computer that poses threat to present day computational capabilities and you are talking about servers and VPS. I don't have any like left, I would have freely given you one too like my boss @Bnance10

I understand what you mean, this is a bit far from the conversation, but I give advice on the best mining method compared to Quantum Computers. This is still related where I give the best advice. I know you want to start mining but there is still fear of loss. I am an active miner since 2014.

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I finally got your point.  You were too clever in your comment for us to get you at first!  I thought someone was using Google Translate again! Haha

Enjoyed it.

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9 hours ago, Awaremooner said:

Do you know the computing capability of quantum computers? With quantum computing, blockchain will be reduced to shit and Government can successfully fight the crypto industries then. No algorithm can stop a quantum computers. Try read up on quantum computing please. I have said it many times in this forum that what are the measures crypto guys are putting in place to mitigate the effect of quantum computing on blockchain and cryptocurrency

you should be the one doing the reading. Do you know what cryptography is? how it works?

And how about the types of quantum computers? do you even know that the type that would be able to decifer some of the existing cryptography is so far fetched that cientists don't even have an idea on how to produce it...

Do you know that the first type of quantum computer that it will be possible to produce won't be stronger than existing super computers?

do you even know what a quantum computer does in regards to blockchain? it won't be "blockchain will be reduced to shit and Government can successfully fight the crypto industries"

If by any chance tomorrow someone comes up with a quantum computer that could decifer current private keys, there are many ways to tackle it... for example doubling the characters of the private keys... and quantum computers belong to the future... do you know how crypto will evolve until then?

crypto already exists and is developing and quantum computers that are vastly superior are just a myth ... so crypto will be light years away when they get here 😁

so learn before spreading FUD

 

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41 minutes ago, Awaremooner said:

@dentolasdentolas there is a whole lot out there you can read to broaden your horizons and be better informed instead of showing how ignorant you are in a public forum of subject being discussed. Thank you

Do you know what cryptography is? how it works? This your question really crack me up this morning. Thanks for asking

no need to keep discussing further, I see you are one of those guys with all the answers

I'm also not going to work for you in showing you some links where you could actually get some tech info on the quantum computers...

google said...we believe

google said... crypto is doomed

better sell your BTC... hurry

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Quantum computers are not yet ready for mass production. There have been some demonstrations. We still have time to adapt blockchain technology to defeat them.

 

And I cannot see the first super expensive quantum computers being used to mine cryptocurrency. They will have more important tasks in the beginning, giving us even more time to develop blockchain resistance.


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I'm convinced that quantum computers will help to speed up processing some datasets, and performing some calculations, but I'd definitely like to see an implementation made to solve the sha256 algorithm in a ridiculously fast way.

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1 hour ago, starwalkerz said:

I'm convinced that quantum computers will help to speed up processing some datasets, and performing some calculations, but I'd definitely like to see an implementation made to solve the sha256 algorithm in a ridiculously fast way.

This will be a great improvement on the mining space and it'll in turn help to mitigate The cost of maintaining the rigs. 


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Thanks for your interest my friend.
In my view, the quantum computer is a danger to the world of encryption to a large extent, its imaginary speed can be used by hackers to identify all the codes of encryption accounts.
At the mining level, it is less risky because cryptocurrencies will control mining blocks, and mining does not occur before the time specified by the cryptocurrency administration.

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I think you are right and there will be an effect on price. when quantum computer will be available to all then people can easy do mining without any complexity and the supply will be increased very soon.

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I got a little familiar with this topic, such computers are very expensive and consume a lot of electricity, they are very specific to software, so I think that this is impossible in the near future, but attempts will be made in the future.

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On 10/19/2019 at 8:54 AM, Elton23 said:

This subject is of great interest to me.

I wonder what will happen to the likes of BTC, ETH, DASH, LTC etc when quantum computers become available on the open market.

Mining with such computers will undoubtedly make the process easy, which would result in fast big returns.

However, the problem would be, that because it would be easier and faster, then more of these coins would be available on the open market.

I fear this would result in the value of these coins reducing dramatically due to supply.

What are your views on this subject??

For starters, quantum computers will never become available on open markets. They'll become easier to produce and less exclusive to the large companies that own them, but the special conditions needed for one to work make it unfeasible for consumer usage,

 

With that out of the way though, I think there is some valid concern that specially-built quantum computers could potentially mine bitcoin at millions of times the speed of a normal mining rig, and whoever gets to that technology first will likely become very rich.

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Yes, indeed, this will happen if quantum computers are used. These currencies will be mined very quickly, and this will lead to large volumes being put on the market. This naturally causes a decrease in the price. It is a good idea that these computers are not affordable for everyone.

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quantum computer  QC  can do a large number of calculations in parallel worlds
In the case of bitcoin, if someone has quantum computing capability before others, they might be able to start moving some large bitcoin balances before the network is upgraded
 

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Thank goodness that quantum computers are still far from being effective for mining and far far from being available to anyone

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I see that in the future, complexity will increase to the point that quantum instruments come to the rescue - and this is normal, I think. evolution of prey.

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