One of the things that’s been bugging me about blockchain technology is another technology that is on the rise just as fast and could possibly make it irrelevant.
Quantum computing is currently under development by some of the biggest tech players in the world. IBM, the NSA, and Google are all working hard to make everything that we know about computers irrelevant within the next decade.
The idea is quite simple, in the world of quantum physics anything is possible. For example, throwing a basketball through a brick wall is not a very probable thing to occur but the odds of it happening are greater than zero.
In computers, it means rather than making one calculation at a time in a sequential order, a quantum computer could theoretically just calculate all the possibilities at once.
So things like passwords or private keys, for example, could theoretically be reproduced in a matter of moments. This of course, threatens not just Bitcoin but all digital payments, online banking, and virtually all areas of encryption and cyber-security.
Now, we’re still several years away from this becoming a real concern. So now is the right time to start building the infrastructure to protect ourselves against it.
A company called Droplex, who’s pre-ICO is just entering its final hour aims to build a bullet proof blockchain that will be impervious to future Q-hackers. Now, I haven’t personally looked too deep at this project as of yet but I am extremely comforted by the fact that somebody is building a fix for this already.
Perhaps in 5 years or so we can have another debate about the best way to upgrade Bitcoin for Q-safety.
eToro, Senior Market Analyst
Stocks are down
Bezos Briefly Best
August 1st BTC Deadline
Please note: All data, figures & graphs are valid as of July 28th. All trading carries risk. Only risk capital you can afford to lose.
Problems pursue in Washington for the precarious President.
The newly appointed communications director Anthony Scaramucci is now taking swipes at the chief of staff and Trump himself has been lashing out at his own attorney general Jeff Sessions.
Some speculate that Trump is getting ready to fire Sessions in order to get the special prosecutor Robert Muller off his back.
Meanwhile, the bill to repeal Obamacare was just shot down in the Senate as the notable Republican and previous presidential candidate (2008) John Mccain voted no.
Stock markets have not been performing well so far in Asia and the European markets just opened with a notable gap down.
At least the USD seems to be getting some support.
This chart showing USDollar support was posted by @4exPirate Dawid Kowalski in Poland who is arguably one of the most consistent traders on the eToro network.
Congratulations to Jeff Bezos
…for briefly becoming the world’s richest person. Jeff managed to snag the top spot off Bill and kept it for almost 3.5 hours.
Most of Bezos’ fortune is in Amazon shares, so when the market opened with a significant gap up his net worth reached $90 Billion. However, a sour earnings report from Amazon sent the stock back down.
Turbulence in Crypto
If he times it right, Bezos may just be able to buy all of the cryptocurrencies currently in circulation, which is now holding steady at about $90 Billion.
Or not, the sale of 17% of all AMZN shares along with word that the founder is selling would probably push the price significantly down before he could offload most of them. Of course, that much buying pressure would also move the cryptos up.
In any case, if anybody were considering to buy that many digital assets they might want to wait until next week. Given that August 1st is coming up this Tuesday and still nobody really knows what’s about to happen to Bitcoin.
For those of you looking to trade this event, make sure to get your orders in as early as possible as there may be some downtime on BTC depending on the way it plays out.
Wishing you and yours a very pleasant weekend.
This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.
The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.
Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.
Featured image from Shutterstock.