🪙The Quantum Threat
Hello, Crypto Enthusiasts!
Picture this: Google’s Willow quantum computing chip, boasting a jaw-dropping 105 qubits (because who needs a regular number of qubits when you can have a prime number with a fancy name?), can solve problems in five minutes that would take classical supercomputers... wait for it... ten septillion years.
HEADLINES
Is Bitcoin in Danger? Implications of Google's Quantum Chip
Google's Willow quantum computing chip, equipped with 105 qubits, can perform computations in five minutes that would take classical supercomputers ten septillion years, raising alarms about the security of cryptocurrencies.
- Bitcoin relies on cryptographic algorithms such as SHA-256 and ECDSA, which are currently secure against classical attacks but may be vulnerable to quantum decryption, threatening the integrity of its security.
- Experts assert that Bitcoin remains secure for now, as the quantum computing power needed to crack its encryption is not yet available; estimates suggest 30 million to 300 million qubits would be necessary, while current quantum computers possess only 50-100 qubits.
- Despite Bitcoin's current safety, the rapid advancements in quantum computing could pose a real threat within the next five years, as companies like IBM and Google continue to push the boundaries of qubit technology.
HEADLINES
Tether's Regulatory Triumph: USDT Approved in Abu Dhabi
Tether's recent recognition of its USDT stablecoin as an Accepted Virtual Asset in the Abu Dhabi Global Market marks a significant regulatory achievement and reflects the growing acceptance of digital currencies in the global financial landscape. This development not only enhances Tether's position in the market but also signifies a broader shift towards integrating digital assets with traditional finance.
- The Financial Services Regulatory Authority (FSRA) approved USDT as an Accepted Virtual Asset, allowing licensed entities in the ADGM to offer services involving USDT.
- Tether reports record financial performance, with a net profit of $2.5 billion in Q3 2024. The regulatory approval is expected to enhance Tether's market share and influence in the region, boosting investor confidence and attracting institutional participation.
- Tether plans to launch a Dirham-pegged stablecoin and expand into commodities trading and crude oil transactions. These initiatives aim to diversify revenue streams and strengthen Tether's position within the UAE's financial ecosystem.
QUICK HEATS
- Ex-SoftBank rainmaker Akshay Naheta is in early talks to sell a minority stake in his stablecoin startup, Distributed Technologies Research.
- Microsoft shareholders have rejected a proposal to consider investing in bitcoin.
- Ambrus Studio has officially launched its blockchain MOBA game, E4C: Final Salvation, on the Sui blockchain.
- Ripple's RLUSD stablecoin has received final approval from the NYDFS, set to challenge USDC in the market.
- Alexis Ohanian reveals his best investment: a $10,000 pre-launch Ethereum token sale that grew to over $17 million.
- Goldman Sachs is considering entering the crypto market-making space for Bitcoin and Ethereum pending U.S. regulatory changes.
Dan Rich
Dan Rich
Dan Rich
