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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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2 hours ago, dentolas said:

@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

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

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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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When they get to make a complete computer, it performs all tasks equal to the PCs. We can enjoy it, but it's not perfect.
The GPUs and ASICs are the best hardware we have available, except the Super-computers, but who has one at home.

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1 hour ago, Bnance10 said:

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

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

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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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Just now, Bnance10 said:

I think we are worried too much!

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.

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15 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??

There is no need to be worried about this situation because there is one that we need to understand that technology is always changing and new advanced tools are always coming

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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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2 minutes ago, Bnance10 said:

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...

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

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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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24 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.

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

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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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4 minutes ago, dentolas said:

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

 

Obviously we know who is reading and who is not. Last month, Google claimed breakthrough in quantum computing

''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?'' 

Really? I don't know and thanks for the information but it left me wondering why big corporations are busy investing in quantum computing when in actual sense, it isn't better to what we currently have. 

This guy is talking about private keys as regards quantum computing when in the actual sense the reversibility characteristics of quantum computers will render cryptography obsolete by going back in time to edit and even delete time stamped docs. 

@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

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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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Very interesting topic to discuss..I have some curiousity about how it works. Quantum.computers are incredibly powerful and if they are used as a mining device to mine crypto, it would have been great. May be it will be a revolution in crypto industry. 

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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 will love to see a super computer or quantum computer is used for mining.

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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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