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Re:Testing a New Class of Speedy Computer by MichaelApproved on Friday March 22, 2013 @12:46AM (#5421422)
How does something like this affect bitcoin?

Putting the cost of the machine aside, would a computer like this be able to mine coins at high speeds using relatively little electricity. Seems like it could crush the market with inflation.

Re:Testing a New Class of Speedy Computer by Jach on Friday March 22, 2013 @01:40AM (#5421550)
It's an interesting technical question: analogous to the quantum fourier transform, is there an algorithm only quantum machines can run that computes sha-256 hashes faster? I don't have the answer. (I know sha-256 is O(N) normally.)

As for bitcoin, though, I don't think there's too much to worry about. If a quantum algorithm grants a complexity speed up (or some sort of deal-breaking cryptographic weakness is discovered in sha-256 for that matter), I imagine the network could agree to update to a new protocol using a different hash, if that was the proper solution. If a quantum computer just gave integer-factor speedups such as ASICs are currently doing to GPUs and FPGAs, then I suspect by the time a quantum computer is made that can efficiently mine bitcoins, enough can be made at once that, just as we're seeing with ASICs, quite a lot of miners will grab them (avoiding a 51% issue) and the difficulty will simply rise.

Edit: https://bitcointalk.org/index.php?topic=78693.0 tells me http://en.wikipedia.org/wiki/Grover%27s_algorithm would work, making the algorithm O(sqrt(N)) and effectively making the problem of finding a sha-256 hash into finding a sha-128 hash.

Re:Testing a New Class of Speedy Computer by Ygg2 on Friday March 22, 2013 @05:45AM (#5422046)
I don't think it will work like that. As I repeated ad nauseam above, this is an adiabatic quantum computer, not gate quantum computer. Here is a quote:

    > Computers using D-Wave's devices will always 
    > differ from gate-based quantum computers in one key way:
    > D-Wave's devices do not lead to universal computers that
    > can be programmed with any algorithm, as an ordinary computer can. 
    > Instead, says D-Wave's Colin Williams, their chips focus 
    > on solving a particular class of optimisation problems. 
    > "That's such an important class that commercially it is
    > a much better strategy than trying to make a universal machine."
Perhaps the problem of bitcoins can be reduced to hill/valley optimization, but I don't think that's how bitcoin works.