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Could Google Be About To Break Bitcoin?

Google sent shockwaves around the internet last month when it was claimed the search giant had built a quantum computer able to solve formerly impossible mathematical calculations–with some fearing bitcoin could be at risk.

Details of Google’s so-called “quantum supremacy,” meaning it can solve calculations impossible with traditional computers, were posted to a Nasa website before being deleted, it was claimed by the Financial Times, a business newspaper.

Google’s quantum supremacy could mean it is able to perform in 200 seconds what would take a powerful computer 10,000 years and potentially mean bitcoin, and the encryption that underpins it, could be broken.

Bitcoin, cryptography, and encryption rely on complex mathematical problems and the fundamentals provide the basis of the internet and digital communication trust.

Today In: Money

A powerful enough computer, similar to Google’s quantum computer, could solve these classical equations quickly enough to crack not only bitcoin but also the encryption that the internet is built on.

An explosion in bitcoin investors and the bitcoin price over recent years have made many worried that their newfound crypto-based wealth could be under threat from these powerful quantum computers.

However, steps can be taken to prevent the likes of Google or any other quantum computer breaking into bitcoin and digital communication.

“Cryptocurrencies can be updated with quantum resistant tech,” said Charles Hayter, chief executive of bitcoin and cryptocurrency data website, CryptoCompare. “This is just a continuation of the age old arms race between crackers and enciphers.”

It would appear Google is still some way away from building a quantum computer that could be a threat to bitcoin or other encryption.

“Google’s supercomputer currently has 53 qubits,” said Dragos Ilie, a quantum computing and encryption researcher at Imperial College London.

Qubits, or quantum bits, are the basic unit of quantum information which use the properties of a quantum system, such as the polarization of a photon or the spin of an electron, where as traditional computers store and process data as a series of ‘1’s and ‘0’s.

“In order to have any effect on bitcoin or most or most other financial systems it would take at least about 1500 qubits and the system must allow for the entanglement of all of them,” Ilie said.

Google may not even be as far along as thought, with subsequent reports suggesting the original post was removed from Nasa’s website because it had not been confirmed.

Meanwhile, scaling quantum computers is “a huge challenge,” according to Ilie.

“As you add more qubits the system becomes more and more unstable … [though] researchers can try different approaches for solving these issues so maybe there are ways to mitigate these problems but right now we are quite far from breaking bitcoin.”

In short, “don’t dump your bitcoins yet,” Ilie added.

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com. Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Source: Could Google Be About To Break Bitcoin?

Everyone should see it! Click here! http://youtube.com+watch=@3162039724/… Best cryptocurrency exchanger: https://700.by/101 Best cryptocurrency trading platform: https://700.by/102 The crypto community is reacting to a new report claiming Google has achieved a massive breakthrough in quantum computing. According to the Financial Times, a leaked document written by Google’s researchers says the company has achieved “quantum supremacy.”
In other words, Google has created a quantum computer that can perform a calculation that no other computer on earth has the power to process.“A paper by Google’s researchers seen by the FT, that was briefly posted earlier this week on a NASA website before being removed, claimed that their processor was able to perform a calculation in three minutes and 20 seconds that would take today’s most advanced classical computer, known as Summit, approximately 10,000 years.”
Quantum computers use the properties of atoms and molecules to create systems that can simultaneously explore multiple possible solutions to a problem. Many experts believe quantum tech could be used to crack the modern methods of cryptography that keep the internet secure. The threat to the world of cryptography is real enough that the National Security Agency (NSA) is now working to create new techniques that are resistant to quantum computing. News of Google’s apparent breakthrough made it to the front page of the cryptocurrency subreddit, where crypto proponents pondered the potential impact the advancement could have on blockchain technology.
The question is if and when quantum computing can crack the long strings of letters and numbers known as private keys, which Bitcoin users need to access their funds. So far, Google’s researchers say their quantum computer can “only perform a single, highly technical calculation,” indicating it will still take years until the technology can solve real-world problems.
But according to the document cited by the Financial Times, Google expects the tech to evolve at twice the speed of traditional computer processors. Steve Brierley, an adviser on quantum technologies to the UK government, says Google has taken a major leap forward.“It’s a significant milestone, and the first time that somebody has shown that quantum computers could outperform classical computers at all. It’s an amazing achievement.”So far, Google itself has refused to comment. #quantum #cryptocalculator #bitcoinblockexplorer #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange Will Google’s ‘Quantum Supremacy’ Achievement Break Bitcoin: https://www.youtube.com/watch?v=haRLj…

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How Telegram Using Mining Autobot On Mobile Phones

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There is now a plethora of Telegram bots out there that label themselves as bitcoin miners, Ethereum miners or just generic ‘Crypto’ miners. Scratch the surface and you’ll soon discover that the vast majority are just scams.

You could pour hours into these little bots gradually building up Satoshi’s, gems etc but then comes the glorious day of withdrawing your “earnings” and you are told you don’t have enough points or keys to withdraw the minimum amount. Let me save you hours more time by saying its virtually impossible to acquire these keys/points and you may as well delete the channel.
Here is a list of a few of these scam bots:

Myself and a group of others are constantly testing these bots to the point of withdraw and they all end up the same! “You do not have enough points to withdraw minimum amount”.  The list I give is small but there are probably hundreds of others out there or in the pipelines to be released soon.

Here is the program charactersitics..If you willing to install it , dont forget that it only works in telegram app…

Telegram Auto Mining Robot: fully automatic mining bot.
The simplest way to mine BTC.
Auto Mining Robot Free plan Earning Rate:
฿0.00000040/min
฿0.000576/day

Please /upgrade if you want increase mining speed!

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Viral App FaceApp Now Owns Access To More Than 150 Million People’s Faces And Names

Everyone’s seen them: friends posting pictures of themselves now, and years in the future.

Viral app FaceApp has been giving people the power to change their facial expressions, looks, and now age for several years. But at the same time, people have been giving FaceApp the power to use their pictures — and names — for any purpose it wishes, for as long as it desires.

And we thought we learned a lesson from Cambridge Analytica.

More than 100,000 million people have downloaded the app from Google Play. And FaceApp is now the top-ranked app on the iOS App Store in 121 countries, according to App Annie.

While according to FaceApp’s terms of service people still own their own “user content” (read: face), the company owns a never-ending and irrevocable royalty-free license to do anything they want with it … in front of whoever they wish:

You grant FaceApp a perpetual, irrevocable, nonexclusive, royalty-free, worldwide, fully-paid, transferable sub-licensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, publicly perform and display your User Content and any name, username or likeness provided in connection with your User Content in all media formats and channels now known or later developed, without compensation to you. When you post or otherwise share User Content on or through our Services, you understand that your User Content and any associated information (such as your [username], location or profile photo) will be visible to the public.

FaceApp terms of use

That may not be dangerous and your likeness may stay on Amazon servers in America, as Forbes has determined, but they still own a license to do whatever they want with it. That doesn’t mean the app’s Russian parent company, Wireless Labs, will offer your face to the FSB, but it does have consequences, as PhoneArena’s Peter Kostadinov says:

You might end up on a billboard somewhere in Moscow, but your face will most likely end up training some AI facial-recognition algorithm.

Peter Kostadinov 

Whether that matters to you or not is your decision.

But what we have learned in the past few years about viral Facebook apps is that the data they collect is not always used for the purposes that we might assume. And, that the data collected is not always stored securely, safely, privately.

Once something is uploaded to the cloud, you’ve lost control whether or not you’ve given away legal license to your content. That’s one reason why privacy-sensitive Apple is doing most of its AI work on-device.

And it’s a good reason to be wary when any app wants access and a license to your digital content and/or identity.

As former Rackspace manager Rob La Gesse mentioned today:

To make FaceApp actually work, you have to give it permissions to access your photos – ALL of them. But it also gains access to Siri and Search …. Oh, and it has access to refreshing in the background – so even when you are not using it, it is using you.

Rob La Gesse

The app doesn’t have to be doing anything nefarious today to make you cautious about giving it that much access to your most personal computing device.

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.

I forecast and analyze trends affecting the mobile ecosystem. I’ve been a journalist, analyst, and corporate executive, and have chronicled the rise of the mobile econom

Source: Viral App FaceApp Now Owns Access To More Than 150 Million People’s Faces And Names

Local Bitcoins Removes Cash-for-Crypto Trading Option

Helsinki-based peer-to-peer exchange LocalBitcoins has reportedly removed the option allowing users to buy or sell cryptocurrencies in person for cash.

In a Reddit post Sunday, a LocalBitcoins user pointed out the option was no longer available on the platform, though commenters some suggested the restriction might be limited to the U.S..

The removal of the option – which basically acts as a matchmaker for users to make trades in person – effectively bars LocalBitcoin users from selling and buying bitcoin for cash. LocalBitcoins has also cancelled pending fiat trades, other comments suggest.

The platform has not yet made an official announcement about the change on its blog or Twitter.

In response to the move, LocalEthereum announced has temporarily removed the trading fee on cash-in-person exchanges – effective June 1 to July 1.

LocalBitcoins’ move comes after the company announced in February that it would comply with the European Union’s (EU) new anti-money laundering directive.

Several other P2P cryptocurrency trading platforms still offer an in-person cash option.

Handing over dollars image via Shutterstock

Source: Pivot – Blockchain Community

ICO-Funded Decentralized Crypto Exchange Caught Plagiarizing Whitepaper

Some on Bitcointalk have concluded that decentralized crypto exchange Localcoin is a scam because they’ve conclusively found that their whitepaper was plagiarized. This hasn’t stopped projects in the past. In a post last month, user ICOEthics raised the alarm and published his findings.

EVERYONE POINTS THE FINGER AT EACH OTHER

A Localcoin representative responded that the company had outsourced their whitepaper. The intent was to explain the derivation of the plagiarism, but it opened a new can of worms. The contractor says that the original whitepaper materials were furnished to them by Localcoin – meaning that Localcoin did the plagiarism.

In a follow-up post, the Localcoin representative posted screenshots of his latest conversation with the apparent author of the whitepaper.

An allegation emerges that Localcoin owes some marketers around $15-17,000.

CCN attempted to contact the apparent whitepaper author, Dexter, but while he read our request for comment, he chose not to respond.

Localcoin's apparent whitepaper author didn't feel like commenting.

Localcoin’s apparent whitepaper author didn’t feel like commenting. Source: Telegram

The questions raised throughout the thread go much deeper than simple plagiarism though. We have to wonder why this project is worth anything if the majority of it is outsourced. Localcoin is an apparent fork of Bitshares and a reboot of a previous attempt at Localcoin.

We’re going to leave out judgement on who was plagiarizing who, or what the real story is here. We reach the same conclusion as one poster on the topic:

“So, we do point the finger to the plagiarized whitepaper owners. We opened this thread so you can discuss and provide evidence to your public and investors and try to convince them that it is not “your fault” and you are “not responsible” for that plagiarized whitepaper. If you wrote or someone else wrote the whitepaper for you, in the end, your company/project is the only one responsible for everything.”

REAL DECENTRALIZED EXCHANGES ARE NEEDED MORE THAN EVER

What’s really at issue with the Localcoin fiasco is the desperate need for reliable decentralized exchanges, and the fact that it is apparently not going to be one. There is some speculation, based on the following screen capture, that the entire project may actually be just one guy.

It's possible that the project is just one person who outsourced everything.

Is Localcoin really operated by just one guy, Fluke Hawkins, who outsourced everything? Source: Bitcointalk

The Binance hack demonstrates more than ever that decentralized exchanges are a necessary evolution, even if some very smart people feel that it won’t be enough. Decentralized exchanges at least take the stupid out of it. For hacks of similar size to happen, numerous participants will have to be doing it wrong.

But decentralized exchanges will need to be easy. They will need to be secure at the user level, and operated on secure devices.

The Localcoin solution might almost be there. It offers much more than just trading. Here’s what the application looks like:

The ambitious project could have changed the way people trade. If only it could be trusted.

The ambitious project could have changed the way people trade. If only it could be trusted. Source: Localcoin App

YOU COULD HAVE BEEN A LEGEND, BUT YOU BECAME A FAILURE

Unfortunately, as you can see, the order books are largely empty. Interest in the project has declined and increasingly, chatter around it falls strictly into two categories: discussion about the nature of the promoters, and the promoters themselves.

The Localcoin token plays some kind of role in token launches on the Localcoin platform.

A bad seed doesn’t grow good fruit. If you can’t trust that the code, the ideas expressed in the whitepaper, and so on, are original, is there anything about the project you can trust?

The timing couldn’t be worse for an upstart decentralized exchange. The industry desperately wants a serious competitor to the centralized monsters.

Source: ICO-Funded Decentralized Crypto Exchange Caught Plagiarizing Whitepaper

Stellar XLM/USD Above $0.1130: Latest Updates Regarding XRP’s Competitor

The 8th largest cryptocoin by market capitalization [current – $2.1 bln] is one of the only in the green as today’s market performance with 3.65% in the green leading the BTC market by 4.00%.

The aforementioned value movement marks out a monthly [30 days of trading] gain of 36.144 percent with the positive April crypto trending tending to go higher. Breaking above the monthly declining trend-line opened gates for further increase at least for the days ahead.

Source: Stellar XLM/USD Above $0.1130: Latest Updates Regarding XRP’s Competitor

Overstock to Retain Retail Arm, Support Blockchain and Crypto Ventures

The CEO of retail giant Overstock.com, Patrick Byrne, noted the potential profitability of the firm’s retail arm in its Q4 2018 earnings conference call on March 18. Byrne’s statements indicate that Overstock may not be divesting from its retail wing as soon as was previously indicated. Last year, Byrne reportedly told The Wall Street Journal that Overstock would sell off its retail wing sometime in early 2019. During the section of the conference call devoted to retail, Byrne said that “this is going to be a year of explosive growth,” and that the retail wing would “spit out cash…..

Source: Overstock to Retain Retail Arm, Support Blockchain and Crypto Ventures

Enjin Coin Price Gains Another 20% as Bullish Momentum Returns

Due to all of the rather uneasy cryptocurrency market momentum in place right now, it remains to be seen how things will unfold over the next few hours and days. While there is some excitement in certain markets, the top currencies are rather disappointing right now. The Enjin Coin price, which recently saw a major value surge, is still going strong as of right now. Enjin Coin Price Resumes its Uptrend.No one will be too surprised to note some altcoins succeed in noting strong gains whereas the majority of the top coins are struggling. While projects such as Enjin Coinwould certainly benefit from bullish Bitcoin price momentum, it seems they can effectively move on their own as well. That is part of what cryptocurrency so interesting right now, as one never knows where the next batch of profits might come from……

Source: Enjin Coin Price Gains Another 20% as Bullish Momentum Returns

Komodo to Soon Release Atomic Swap-Enabled Trading App, CTO Reveals

Cryptocurrency exchanges have been under fire so far this year, as hackers have kept on targeting them and other events hurt the confidence users have in certain platforms. Atomic swap technology is set to revolutionize the way we trade cryptocurrencies and more. As CryptoGlobe covered, a Chainalysis report has found that 60% of cryptocurrency exchange hacks were the work of two major players, dubbed “Alpha” and “Beta.” Alpha was described as a “giant, tightly controlled organization partly driven by non-monetary goals” that appeared eager to “create havoc as to maximize profits.”

Source: Komodo to Soon Release Atomic Swap-Enabled Trading App, CTO Reveals

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