Quantum Computer vs Bitcoin?

[PRTI]

Bitcoin,let's say we pay a Quantum Computer from D-Wave $15,000,000, now there are 5,162,688 bitcoins remaining according to google,google says one bitcoin costs $576.89,if the Quantum Computer was able to mine them in a quick amount of time,we would make 2,980,523,036.16

 

What are your thoughts ?

[Pcinacan]

1 minute ago, keNNySOC said:

Bitcoin,let's say we pay a Quantum Computer from D-Wave $15,000,000, now there are 5,162,688 bitcoins remaining according to google,google says one bitcoin costs $576.89,if the Quantum Computer was able to mine them in a quick amount of time,we would make 2,980,523,036.16

 

What are your thoughts ?

well you got to make your money back somehow 

[PRTI]

Just now, Pcinacan said:

well you got to make your money back somehow 

Yea,but you have to have $15,000,000 in the first place  

[Pcinacan]

Just now, keNNySOC said:

Yea,but you have to have $15,000,000 in the first place  

its an investment ok 

[FurdTurgeson]

Just now, keNNySOC said:

Yea,but you have to have $15,000,000 in the first place  

Donald Trump could buy a Dwave and mine it all /shrug 

[cortexcortex]

1 minute ago, keNNySOC said:

Yea,but you have to have $15,000,000 in the first place  

Would it actually work ?

[PRTI]

Just now, Pcinacan said:

its an investment ok 

Its a freaking great investment,you get almost $3bil from $15mil  

 

Just now, WSADKeysGaming said:

Donald Trump could buy a Dwave and mine it all /shrug 

Yea....

[PRTI]

Just now, cortexcortex said:

Would it actually work ?

Yes,Quantum Computers would mine all the bitcoins in a REALLY fast time compared to something like a Super Computer,but you have to have $15 mil in the first place  

[Pcinacan]

2 minutes ago, WSADKeysGaming said:

Donald Trump could buy a Dwave and mine it all /shrug 

I see him doing that too

[cortexcortex]

1 minute ago, keNNySOC said:

Yes,Quantum Computers would mine all the bitcoins in a REALLY fast time compared to something like a Super Computer,but you have to have $15 mil in the first place  

Yeah, and you gotta program it to mine them. I am interested in this one, lmao. The thing is that 15 mil is a lot, but if you have sure profit then.. why not

[ARikozuM]

Wouldn't they have thought of something to stop that from occurring? It looks too easy for them to say "no" if they catch on to you reaching the bitcoins too quickly.

[PRTI]

Just now, cortexcortex said:

Yeah, and you gotta program it to mine them. I am interested in this one, lmao. The thing is that 15 mil is a lot, but if you have sure profit then.. why not

I mean $15 mil to $3 bil

[Pcinacan]

Just now, cortexcortex said:

Yeah, and you gotta program it to mine them. I am interested in this one, lmao. The thing is that 15 mil is a lot, but if you have sure profit then.. why not

*goes to bank* so i need 15m real quick.

[PRTI]

Just now, ARikozuM said:

Wouldn't they have thought of something to stop that from occurring? It looks too easy for them to say "no" if they catch on to you reaching the bitcoins too quickly.

Depends, the quantum computer would mine them so fast, maybe they have some protection against that or something, seems way to easy

 

From $15 mil you get $3 bil

[ARikozuM]

If it were my company I would say "No, bitcoins should go to the masses that could use the money versus the douche that took 12 mortgages and bankrupted his unborn children for a quick buck."

[cortexcortex]

1 minute ago, keNNySOC said:

Depends, the quantum computer would mine them so fast, maybe they have some protection against that or something, seems way to easy

 

From $15 mil you get $3 bil

Nah, there is no "They" on bitcoin as far as I know. I'm not sure it'd work. If it works though, why hasn't anyone else with the money buy a quantum computer and do this?

[PRTI]

Just now, ARikozuM said:

If it were my company I would say "No, bitcoins should go to the masses that could use the money versus the douche that took 12 mortgages and bankrupted his unborn children for a quick buck."

Yeah,seems so unfair

[PRTI]

Just now, cortexcortex said:

Nah, there is no "They" on bitcoin as far as I know. I'm not sure it'd work. If it works though, why hasn't anyone else with the money buy a quantum computer and do this?

Maybe no body though of it? Maybe D-Wave does not want to sell there Quantum Computers?

 

Idk,but it seems like a great investment

[ARikozuM]

Just now, keNNySOC said:

Yeah,seems so unfair

Also, aren't the prices for bitcoins falling due to the seeds (or whatever they're called) being mined faster than before?

[PRTI]

Just now, ARikozuM said:

Also, aren't the prices for bitcoins falling due to the seeds (or whatever they're called) being mined faster than before?

Yeah,in 2014 the price of bitcoins was the highest i think...

[stconquest]

Sorry, the part where quantum computing could mine Bitcoin is theoretical still.  You need a functioning quantum computer that accepts instructions, and can perform without errors.

 

I don't think they exist yet.

[AshleyAshes]

1) There are VERY serious concerns amongst many in the field over the D-Wave hardware even truly being quantum computers or gaining any significant advantages over a traditional binary computer except in an extremely narrow set of benchmarks.

 

2) Assuming you were using a viable quantum computer, every 2016 blocks that are calculated, the computational difficulty increases, so the difficulty would ramp up exponentially as you slam the blockchain.  However it is possible that the difficulty system could be 'broken' in the face of overwhelming computational power, where even the difficulty increases are no match for the computational power put at it.

 

3) Your blocks would still need to be confirmed by other machines in the bitcoin network, 'Proof Of Work' and all that, it's likely that the rest of the bitcoin network would present a massive bottleneck.

 

4) Even if you pulled it off, you aren't a bajillinare. You will have a LOT bitcoins, about 25% of the total number if bitcoins, and that's not even accounting for the bitcoins that have been 'lost' by peaking losing their wallets and such, where the coins exist but are inaccessible to all of humanity from now on.  But this doesn't mean you have MONEY.  If you cashed out large sums if bitcoins you would actually crash the market.  Currencies are not truly 'converted' they purchased and traded and exchanged.  If you put that many bitcoins up for sale, you nose dive the price.  Imagine if you had a million dollar house and you decided to sell it and cash out, cool.  But imagine if you owned a quarter of the houses in town and put them all up for sale a the same time.  You have a LOT more houses for sale than purchasers, and the value of your houses nose dives.  Simple supply and demand equation.

[rm -rf]

21 minutes ago, keNNySOC said:

Yeah,seems so unfair

Why do you think it seems unfair?

[PRTI]

1 minute ago, rm -rf said:

Why do you think it seems unfair?

Because its life

[rm -rf]

Just now, keNNySOC said:

Because its life

I don't see how it would be unfair to do this.

You'd be bringing much more computational power to the system, and would help.