Collapse or storm? What to expect on cryptocurrency market?
Smart money has stopped purchasing cryptocurrencies after the news about a quantum computer creation.
A few days ago, right after Google,
a Chinese company has demonstrated its quantum computer, which shows impressive results
The invention of the quantum computer threatens the existence of all computational cryptocurrencies, BITCOIN LATCOIN and so on, all of their blocks can be computed immediately. Consequently, the entire asset of any cryptocurrency may end up in hands of a quantum computer owner, who, can then dictate one’s will to the market.
Large investors are already starting to gradually withdraw their assets from bitcoin and other
crypto currencies, billions of dollars will not go where there is even the slightest hint of the possibility of losing them, which will undoubtedly lead to a drop in prices for crypto currencies or at least a significant correction in the near future, until there will be an "antidote" to the impending quantum threat.
Only another quantum computer comparable in computing power will be able to resist the algorithms of a quantum computer, therefore, if a code of any cryptocurrency is written for computing by a quantum computer, then all the computing power available in the world today will not be able to calculate it, since modern computers will need tens of thousands of years to carry out one operation to calculate the code laid down by a quantum computer. Moreover, all miners who have
mining equipment will be left without work and will have to start selling their assets in order to avoid bankruptcies in the future. This will also affect the market.
And most importantly, if at least two companies have already announced the invention of a quantum computer, then we can assume that the best minds of other countries will announce the creation of their own super computers in the very near future. At the same time no one can guarantee that any mining company has not already gained access to the capabilities of a quantum computer. The race of super computers has begun, global changes in the cryptocurrency market await us.