People have always tried to link news articles or other events to price drops/increases. It's something people will continue to do because they have no clue about how the charts have turned bearish af in the last couple of weeks with every touch that confirmed the bearish triangular formation. Statistically, the probability of them breaking out to the downside is 75ish%.
If you also look at the extremely low volumes, which is another solid indicator that a huge move is near, mainly because of how the range has been tightening (tigher range = less volatility = less volume), the market was due for a big move. Unfortunately for people, it went down instead of up, but it shouldn't have come as a surprise. Lower levels are due. DCA the market down is the way to go if you want to grow your stack.
Nearly every big bitcoin price move in history was fueled by a news story.
The same way many US tech corporations increased their stock price by more than 20% simply by announcing vague plans to pursue a project related to blockchains.
News events like SEC rulings on winklevoss ETF applications have always wielded by far the largest influence on BTC price movements.
Essentially you're investing and trading a commodity known as crypto currencies which rely heavily on encryption standards. You're claiming a news story about encryption standards being potentially broken via quantum computing has zero effect on the commodity you're trading.
#1 I was referring to quantum proof public keys, which are already ready today but have a few issues:
Public-key crypto that is secure against QC does exist, however. Currently, Bitcoin experts tend to favor a cryptosystem based on Lamport signatures.
#2 Again, there's a study saying that current ASICs are faster than theoretical quantum computers when it comes to mining because they're specialized:
We find that the proof-of-work used by Bitcoin is relatively resistant to substantial speedup by quantum computers in the next 10 years, mainly because specialized ASIC miners are extremely fast compared to the estimated clock speed of near-term quantum computers
So if this is accurate, Bitcoin doesn't really have to worry too much about getting 51%'d by quantum computers, or at least not in the near future.
#3 Yeah, all I was saying is that I don't think a lot mainstream readers would be able to draw that connection, which is why I believe that it's unlikely for the price slide to be attributable to the news piece.
#1 Quantum keys merely increase the bitsize. It means you upgrade from SHA256 to SHA512 or a larger bitwise number. There's no guarantee that this would be effective against a true quantum computer, if one is ever created.
#2 Clock speed, optimization and a smaller silicon lithographic etching process in nanometers could be cited to claim protection against quantum brute forcing. But would any of those marketing claims withstand the reality of it? Its not something anyone is making an effort to place a guarantee on.
#3 There have been many many BTC price movements traders couldn't explain that were easily explainable by stories published in the news at the time.
I'll give you one example:
https://bitcointalk.org/index.php?topic=5142884.msg51040602#msg51040602That news story could explain the recent spike in BTC price which traders also could not explain @ the time.