On quantum FUD for the crypto market: how weak hands have been removed from the market with the same tale for two years.

The BTC price has paused its growth, having almost absorbed all the decline since December 9. Why the pause - it has already been written in the previous post) - there are signals of a potential high on the hourly and two-hour time frames. It would be organic to see a retest of levels $99,481 and $98,433 now.

BUT this post is not about that, but about FUD. In recent days, I've had to read many times that the reason for the BTC correction is the announcement of Google's Willow quantum processor. Supposedly, the emergence of the Willow quantum computer could threaten the existence of cryptocurrency. Willow solved a problem in 5 minutes that would take the fastest supercomputer 10 septillion years (longer than the age of the Universe). They managed to reduce the error rate while increasing the number of qubits - this problem has been tackled by scientists for the past 30 years. 'The beginning of a new era of technology!', 'Breakthrough!'.

The thesis 'a quantum computer will hack bitcoin' is already a regular FUD for the market, and not of the freshest kind. It is often used 'to finish off'. When the asset is already correcting and you need to shake out even more short-term holders and 'paper hands'.

Only in 2024 has this topic been raised three times. In 2023 - no less. It seems everything is obvious. But under our posts in Binance Square, people leave this news with the comment 'soon your bitcoin will be worthless' 🤦‍♂️

This time, by the way, the topic was launched almost in parallel with another FUD - that 'Satoshi's bitcoins' are somehow not right and they can be stolen. Avalanche CEO Emin Gün Sirer proposed to freeze 1,000,000 #BTC of Satoshi Nakamoto against the risks associated with the development of quantum technologies. He stated that early Bitcoin transactions used the Pay-To-Public-Key (P2PK) format. This format directly records the public key in the UTXO, making them potentially vulnerable to quantum computers that could derive the private key. Modern wallets have switched to a more secure format, Pay-To-Public-Key-Hash (P2PKH), where a hash of the public key is used instead of the public key itself.

In short, everything is bad and the sky has fallen to the ground.

But in the end, the price drop of BTC has already been recovered in just two days. And yes, let the structure of declining highs since December 5 not be broken yet. But those who sold their BTC yesterday or the day before yesterday can already start wringing their hands.

And for 'dessert' - points with a refutation of the threat to Bitcoin from the Willow quantum processor. The voice of reason in X from user Cinemad Producer:

- Google's Willow chip has reached 105 qubits, but this is far from the level needed to break BTC encryption (13 million qubits).

- Bitcoin developers are already working to make BTC quantum-safe.

- If hackers figure out how to use quantum computing to hack BTC, then the entire traditional banking system will also come under threat.


Cryptographic developers are not standing aside from modern challenges, and the 'black swan' is not a threat that has been announced in advance. Two simple truths through which all crypto FUD should be viewed.