Quantum Threat

IBM has just come out with the world's very first commercially available quantum computer known as the Q System One

For those of you who aren't familiar, quantum computers think a bit differently than the PCs and smartphones we have now and are much better at solving complex mathematical problems.

The release of this new computer instantly piqued the interest of some members in crypto who asked: "does this new quantum computer threaten bitcoin?"

The answer as usual, can be found in the video archives of the great Andreas Antonopoulos who said explains...

The threat of quantum computing is only real if it's available to one actor and not to others. Even still, if a person did manage to develop their own supercomputer, bitcoin would probably be too small a target to waste it on. 

Meaning, if quantum computers are readily available to everyone, then the entire bitcoin network will upgrade together and there is no threat.

When I tweeted this answer out yesterday, I was delighted to receive further clarification from legendary cypherpunk and cryptographer Adam Back, who I had the pleasure of meeting at a bitcoin birthday party last week.

In these three tweets, Adam explains that the Q System One is "super weak" even compared to a 1972-era computer. Furthermore, there are quantum resistance solutions currently in bitcoin's development roadmap, although we may be decades away from it even being relevant. 

Traditional Markets

Jerome Powell, the Chairman of the US Federal Reserve Bank, answered questions at an event yesterday and clarified the Fed's position on monetary policy, just as the markets were hoping.

The Fed is currently the biggest player in the market, so this is a pretty big deal. Jay, as his family calls him, stressed caution and patience above all when dealing with interest rate hikes. The markets were previously expecting two or three hikes this year and it seems like Jay is trying to bring them down to one or less.

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Please note: All data, figures & graphs are valid as of January 11th. All trading carries risk. Only risk capital you can afford to lose.

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