A Quantum Theory of Money and Value
This is a guest post by David Orrell, a mathematician and author of books including Truth or Beauty: Science and the Quest for Order (Yale University Press). He is currently working on a book about money. "I do not understand where the backing of bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is....
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Ever since the outside world discovered the decentralized digital currency Bitcoin, the odds have been stacked against it, and the pundits, the so-called “experts,” have been digging its virtual grave. This practice has become so prevalent, and so misguided, that a site has been dedicated to the litany of Bitcoin obituaries. Starting in December 2010, the site is now up to 112 entries of digital cash death. Here, we will go over #112, provided by Newsweek, as they seek to bury Bitcoin through the highly-anticipated future of the quantum computer. This invention, in theory, will change the....
Some computer scientists say quantum computers are moving closer to reality and will cripple bitcoin’s encryption systems and doom bitcoin. Governments are investing aggressively in quantum computers, which are ultra powerful. Quantum computers, first theorized by physicist Richard Feynman in 1982, have promised a new era of computing. The theory has only recently translated into significant real-world advances, with NASA, the CIA and Google working on a quantum computer. Computer scientists now warn the machines will cripple existing encryption methods and destroy bitcoin’s technological....
Quantum computing is a form of computing based on quantum physics. Where classical computers rely on bits (zeros or ones) to make calculations, quantum computers use quantum bits (qubits) that leverage quantum mechanics to exist in a “superposition”: a combination of zero and one, with some ...
“I am all for hope and am a big believer in quantum computing as a potentially disruptive technology,” said Sankar Das Sarma but noted quantum computers are nowhere near being close to cracking cryptography. Condensed matter theory physicist and quantum information expert Sankar Das Sarma has argued in MIT Technology Review that quantum computers remain a very long way away from cracking RSA-based cryptography.RSA-Cryptography utilizes algorithms, codes and keys to securely encrypt private data without interference from third parties or malicious actors such as hackers. An example of the....
Michael Saylor tossed a compact bit of Bitcoin game theory onto X on Tuesday and it set off the predictable kind of fight: technical details colliding with ideology. “The Bitcoin Quantum Leap: Quantum computing won’t break Bitcoin—it will harden it,” Saylor wrote, adding: “The network upgrades, active coins migrate, lost coins stay frozen. Security goes […]