Matt Carallo, a Bitcoin developer, claims that the recent drop in Bitcoin is not due to fears about quantum computing.
“I strongly disagree with the characterization that Bitcoin’s current price is materially, because of some kind of quantum risk,” Carallo told Laura Shin, journalist on Unchained Podcast on Thursday.
“If that were true, then Ethereum would be up substantially on Bitcoin,” He added. EtherETH() has fallen 58% in value since the major crash of early October. It was trading at $1.957 as at publication.
Carallo made his comments after several Bitcoiners argued that Bitcoin was partly due to fears about quantum computing.BTCNow trading at $66,162, a 46% drop from the October high of $126.100. according CoinMarketCap is a great place to start.
Ethereum’s quantum-ready zone
Ethereum has announced that it will be ready.
The Ethereum Foundation announced its long-term plan for post-quantum technology in its Wednesday protocol update. broader security initiative.
Carallo stated that while quantum computing is a long-term risk to Bitcoin, the market does not see it as an immediate threat. He argued that Bitcoin’s community was just searching for someone to blame.
“There are a lot of Bitcoiners who want to blame something, blame someone for lackluster performance.”
Carallo stated that the price of Bitcoin is likely to be down because it has become more popular. “competing for capital” In a manner it has never done before, against other technologies like artificial intelligence.
“AI is super capital-intensive,” He added that this is an a “massive new investment class that is substantially competing for capital.”
“There’s a lot of interest in value accrual that will happen because of AI in traditional equities,” Carallo said.
The Bitcoiners’ view is the contrary
Carallo’s not a consensus among Bitcoiners. Charles Edwards of Capriole Investments stated that Cointelegraph’s LONGITUDE event The risk of Bitcoin becoming quantum-resistant should be priced at the beginning of February, 2012.
“Today, you kind of have to start to discount the value of Bitcoin based on that risk until it’s solved,” Edwards stated.
Related: Bitcoin bottom signal that preceded 1,900% rally flashes again
In December, Kevin O’Leary of Magazine told Magazine that quantum computing could be used to crack Bitcoin may not be the most efficient use The technology can be used for medical research, which has a greater upside.
BlackRock updated the registration for the iShares ETF Bitcoin (IBIT) in May to caution investors. of the potential risks Quantum computing is a serious threat to Bitcoin’s integrity.
Magazine: Bitcoin may take 7 years to upgrade to post-quantum: BIP-360 co-author
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Source: cointelegraph.com
