Billionaire David Rubenstein on Why He Changed His Mind About Crypto Says ‘I Was Skeptical in the Beginning’ Featured Bitcoin News – Bitcoin News

David Rubenstein, the founder of Carlyle Group, one of the largest investment firms managing over $300 billion, says he was skeptical of crypto but now believes that the genie is out of the bottle and the crypto industry is not going to go away anytime soon.

David Rubenstein, co-founder of Carlyle Group, one of the largest private equity firms in the world, has shared why he changed his mind about crypto in a recent interview by Colossus.

Rubenstein co-founded the Carlyle Group in 1987. Since then, the company has grown into a firm managing $301 billion from 26 offices around the world. Among many credentials, Rubenstein is chairman of the Council on Foreign Relations, a trustee of the Brookings Institution and the World Economic Forum; and a recipient of the Carnegie Medal of Philanthropy.

I was skeptical of crypto in the beginning because I figured theres nothing underlying this, he began, elaborating:

But its clear to me now that many younger people dont think that theres much underlying the dollar or the euro or other currencies.

They think, I really cant get gold for my dollar anymore,' he added.

So maybe the governments promise to make it valuable isnt there when you have so much money youre borrowing and youre inflating your way out of the value of the currency, he continued.

Rubenstein added: So I think many people like the fact that its private. You cant really know how much somebody owns. They like to be able to transfer [it] around the world.

Furthermore, Carlyle Group co-founder mentioned the Russia-Ukraine war. He pointed out the benefits of having crypto If youre in Ukraine or youre in Russia and you want to have some assets and your country has got lots of challenges. In such circumstances, he opined:

Having some cryptocurrency probably enables you to feel better that you can have something thats outside of the governments control and its not dependent on the bank opening up its doors to you.

Rubenstein further noted that another factor drawing people to crypto is investors seeing other people making money in the sector. He said, they tend to go where people have made money.

As for his own investments, he admitted: I have not bought cryptocurrencies, but I have bought companies that service the industry because I think the genie is out of the bottle. Rubenstein concluded:

I dont think the industrys going to go away anytime soon.

What do you think about David Rubensteins comments? Let us know in the comments section below.

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Billionaire David Rubenstein on Why He Changed His Mind About Crypto Says 'I Was Skeptical in the Beginning' Featured Bitcoin News - Bitcoin News

Tesla, Block and Blockstream team up to mine bitcoin off solar power in Texas – CNBC

MIAMI Blockstream and Jack Dorsey's Block, formerly Square, are breaking ground on a solar- and battery-powered bitcoin mine in Texas that uses solar and storage technology from Tesla.

Tesla's 3.8 megawatt solar PV array and 12 megawatt-hour Megapack will power the facility.

Blockstream co-founder and CEO Adam Back, a Britishcryptographeranda member of the "cypherpunk" crew, told CNBC on the sidelines of the Bitcoin 2022 conference in Miami that the mining facility is designed to be a proof of concept for 100% renewable energy bitcoin mining at scale.

"People like to debate about the different factors to do with bitcoin mining. We figured, let's just prove it. Have an open dashboard so people can play along, maybe it can inform other players to participate," Back said.

The dashboard will be publicly accessible and show real-time metrics of the project's performance, including power output and total bitcoin mined. The company said a later version of the dashboard will also include solar and storage performance data points.

"This is a step to proving our thesis that bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future," Back said.

West Texas is a mecca of renewable energy in the United States.

"You get this perfect overlap with both sun quality and wind speed in West Texas," said Shaun Connell, executive vice president of power at Houston-based tech company Lancium.

But a lot of that wind and solar power is concentrated in remote parts of the state. With no financial incentive, there's little reason to build out renewable infrastructure to harness this energy.

Enter bitcoin miners. When these energy buyers co-locate with renewables, it creates a financial incentive for buildout and improves the core economics of renewable power production, which has been fraught with volatility.

Miners provide demand to these semi-stranded assets and make renewables in Texas economically viable, according to Castle Island Venture's Nic Carter.

The constraint is that West Texas has roughly 34 gigawatts of power, five gigawatts of demand, and only 12 gigawatts of transmission. You can think of bitcoin miners as temporary buyers who keep the energy assets operational until the grid is able to fully absorb them.

Back said the off-grid mine, expected to be completed later this year, highlights another key tenet of the bitcoin network: Miners are location agnostic and can "do it from anywhere without local infrastructure."

Should the project prove profitable in its pilot stage, Back said, the companies would add wind power to the mix and scale the entire project.

"You're making a sort of calculation of the optimal economic mix between solar and battery," Back said. "There's 3.8 megawatts of solar and one megawatt of mining, so you can see you have to overprovision, because the peak solar input varies during the day and, of course, it's not there at night."

Adding wind to the mix, however, would reduce overall costs and help to balance out the downtime with solar.

Ultimately, Blockstream said, a key goal is to strengthen the bitcoin network by diversifying the cryptocurrency's energy sources.

"By collaborating on this full-stack, 100% solar-powered bitcoin mining project with Blockstream, using solar and storage technology from Tesla, we aim to further accelerate bitcoin's synergy with renewables," said Neil Jorgensen, global ESG lead at Block and project lead for Block's Bitcoin Clean Energy Initiative.

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Tesla, Block and Blockstream team up to mine bitcoin off solar power in Texas - CNBC

This week in Oakland: Black music fest at the Continental, Alena Museum, more – The Oaklandside

Its Easter weekend, and weve included one event in our roundup for those looking to celebrate the holiday with small children. Were also highlighting two opportunities to check out and support the work of local Black artists (musical and visual), an exciting live talk at Mills featuring a big-name guest, and a workshop where aspiring podcasters can learn from one of Oaklands favorite local radio talents.

As always, keep a mask handy (some places require them, others dont) and continue carrying hand sanitizer. Also remember to bring a paper or digital copy of your vaccination card, as the city of Oakland is still requiring proof of vaccination for many indoor establishments.

Know of an event that should be featured? Email me at: azucena@oaklandside.org

Educator, author, and Emmy Award-winning filmmaker Susan Stryker will be in conversation with activist and whistleblower Chelsea Manning as part of the Trans Studies Speaker Series at Mills College. During the in-person event (which will also be streamed), the two will discuss topics ranging from national security and surveillance to artificial intelligence, trans rights, critiques of the carceral complex, and prison abolitionism.

Wednesday, April 13, 7 p.m., register to attend in person or obtain the link to stream, Mills College at the Marilyn McArthur Holland Theater, Lisser Hall, 5000 MacArthur Blvd.

Comedian Donald Lacy, founder of the Love Life Foundation, an Oakland nonprofit that partners with agencies supporting at-risk youth, is hosting a free event this weekend at the Continental Club in West Oakland to celebrate local Black artists and their contributions to music. The evening will include performances by jazz, R&B, blues, and hip-hop artists including The Dynamic Miss Faye Carol, Jesse Mr. Soul James & The Dynamic 4, Chester Thompson, Derick Hughes, Martin Luther, Kev Choice, Valerie Troutt, Luqman Frank, and B. DeVeaux.

Saturday, April 16, 5 p.m. to 9 p.m., free to attend, register online, The Continental Club, 1658 12th St.

In the several years since Alena Museum was displaced from its West Oakland space on Magnolia Street, the cultural nonprofitits mission is to provide safe spaces for people from the African diasporahas sprawled out into East Oakland and continued its work of fomenting art and activism in the Town. This weekend, community members will have an opportunity to check out the organizations new creative studio and idea incubator in North Oakland. Come find out what the group is planning for Juneteenth and the rest of this year, learn about job opportunities at the organization, and connect with other members of the community.

Saturday, April 16, 3 p.m to 7 p.m., free to attend, register online, Alena Museum, 935 61st Street, Suite #1

Hella Artsy, a community-based and Black-owned collective is hosting an Easter egg hunt this weekend. The event is sponsored by Lotus Bloom family resource centers and the nonprofit Youth Uprising. If you have little ones and are still looking for a place to take them to see the Easter bunny, this is the place to be. The event is happening at Youth Uprisings headquarters next to Castlemont High School. The organizers ask that each kid comes with their own basket or bag to collect their eggs. The hunt will start at 12:30 p.m.

Saturday, April 16, 12 p.m. to 3 p.m., Youth Uprising, 8711 MacArthur Blvd.

The team behind the podcasts Charmanes World and Surviving Adulthood are hosting this event for current and aspiring podcasters to mingle and network. Their aim is to build up a robust community of local podcasters here in the Bay Area by creating a space where local audio creators can connect and share their stories, resources, and tips. Participants will learn all about what it takes to be successful in the podcasting world, what equipment is necessary to get going, and more. One of the guest speakers is none other than Emmy winner, Oakland local, and host of KQEDs Rightnowish, Pendarvis Harshaw. Dont miss your chance to hear directly from Pen about his work and how he made it into the media industry.

Saturday, April 16, 1 p.m. to 5 p.m., $20-$30, Oakstop, 1714 Telegraph Ave. Studio 17

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This week in Oakland: Black music fest at the Continental, Alena Museum, more - The Oaklandside

The U.S. and Sweden Agree to Cooperate on Quantum Technology – Quantum Computing Report

The U.S. and Sweden Agree to Cooperate on Quantum Technology

The U.S. and Sweden has also signed a signed a Joint Statement on Cooperation in Quantum Information Science and Technology (QIST). Just a few days earlier, the U.S. had signed a similar agreement with Finland. The Joint Statement advances the shared agendas of both countries to engage in good-faith cooperation in QIST for building a global market and supply chain, and to create respectful and inclusive scientific research communities. In 2018, Sweden established the Wallenberg Centre for Quantum Technology with several universities and industrial partners and is investing 1 billion Swedish Krona ($105M USD) to support advanced research in quantum computing, simulation, communication, and sensing. A news release announcing this signing can be accessed on the U.S. governments Quantum.gov website here.

April 12, 2022

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Quantum Summer School Is Just Around the Corner – Campus Technology

C-Level View | Feature

A Q&A with Dr. David Stewart

As higher education embraces quantum computing, quantum information science, and all things quantum, numerous programs, courses, and events exist to connect the leading researchers, industry innovators, students in an emerging workforce, national labs and government funding organizations, and interdisciplinary faculty who form the core of the quantum movement. Here, Campus Technology asks the managing director of Purdue University's Quantum Science and Engineering Institute about efforts in quantum education, especially this year's Quantum Summer School, an initiative of the Quantum Science Center hosted at Purdue May 8-12, 2022.

"We are in the nascent stages of this second quantum revolution, and the technologies that will revolutionize the field are still being realized. We need academic researchers willing to push boundaries in order to make innovative breakthroughs." David Stewart

Mary Grush: Where are we with quantum computing today? Are we in a new quantum computing revolution? What kind of timeline might we see for the growth of widely available quantum computing resources?

David Stewart: Quantum computing is advancing rapidly. For example, the number of qubits, which are quantum analogs to classical bits, in quantum machines has increased by more than an order of magnitude in the past decade. Additionally, several organizations have shown "quantum supremacy" where they have solved problems that would overwhelm a classical computer.

We are certainly in a quantum computing revolution. Quantum computing resources are actually already widely available as access is provided by a number of companies. However, due to size of the machines and operating conditions such as extreme low temperatures, we are still many years from quantum computers coming to our homes.

Grush: How important is it for academic institutions to establish some kind of quantum computing footprint?

Stewart: It is vital for two main reasons. First, the quantum workforce is extremely shorthanded. Academic institutions are essential to grow this workforce to ensure we have the manpower to advance the field. And second, we are in the nascent stages of this second quantum revolution, and the technologies that will revolutionize the field are still being realized. We need academic researchers willing to push boundaries in order to make innovative breakthroughs.

Grush: What is the second annual Quantum Summer School and can you tell us about some of its goals, content, and speakers?

Stewart: The Quantum Summer School is a part of the workforce development efforts of the Quantum Science Center (QSC). Purdue University leads these efforts under the direction of Professor Alexandra Boltasseva. The goal is to provide students and postdoctoral researchers a unique, world-class educational experience in our mission to grow the quantum workforce. This exciting event will feature lectures from world-leading experts from industry, academia, and national labs, interactive panel discussions, hands-on training sessions from QSC-affiliated companies, student poster sessions, and communication and presentation training. It will also provide networking opportunities for students and postdoctoral researchers.

Grush: Is quantum computing maturing as an academic discipline? Is it primarily in physics and computer engineering now? Could we soon see quantum computing as an essential part of the computer science curriculum?

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Quantum computing and the bigger picture – ComputerWeekly.com

Every few years IBM brings out a new addition to its Z series mainframe family. From the information accompanying the release of the new enterprise system, IBM appears to be touting the new z16 machines ability to handle real time fraud detection for instant payments across the financial sector. It also offers an AI (artificial intelligence) accelerator, using IBMs Telum chip. This will certainly be good news for many financial institutes. For instance, speaking at a recent IBM-hosted roundtable, Steve Suarez, global head of innovation, finance & risk at HSBC, described how the bank was drowning in data. Suarez sees a need to have technology that can help the bank provide insights that actually benefit people.

What is interesting from the virtual z16 briefing Computer Weekly attended is IBMs focus on the new machines ability to protect against hackers using quantum computing to break the strong encryption that underpins financial transactions.

IBM distinguished engineer, Anne Dames said: Good technology can be used to do bad things. In other words, a quantum computer could be used to break the cryptographic keys that are used to encrypt data.

We are entering a new cryptographic era, she warns, adding that the IT industry needs to act now before there is an effective quantum computing based attack.

The worst case scenario IBM paints is where a successful hacking attack gains access to a large quantity of encrypted data. Since this data is encrypted, it is near impossible to decipher it in a realistic timescale. The US National Institute of Standards and Technology warns that if large-scale quantum computers are ever built, they will be able to break many of the public-key cryptosystems currently in use. This would seriously compromise the confidentiality and integrity of digital communications on the Internet and elsewhere. Nist is encouraging the IT sector to develop post-quantum cryptography and IBMs z16 is one of the first systems to claim it is quantum safe.

While this is clearly an important development and IBMs efforts should be applauded, one cant help worrying that IBM, Nist and the IT sector at large, are somehow missing the bigger picture. Breaking cryptography is one thing, but quantum computers have the potential to revolutionise drug development and the ability to create new chemical processes such as to reduce carbon emissions. The flip side is that these techniques may also be used to develop devastatingly effective, targeted chemical and biological weapons. As such, policy makers need to wake up to the risk, and track quantum computing in the same way that atomic, biological and chemical weapon materials are monitored.

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Quantum computing and the bigger picture - ComputerWeekly.com

QpiAI and QuantrolOx Sign a MoU to Jointly Develop India’s First 25-Qubit Quantum Computing Testbed and Offerings for the European and Indian Markets…

Having Quantum technology development in India will create next generation high-technology jobs in cutting edge research and technology development. This also builds ecosystem for leading inter-disciplinary R&D. I am very glad to see QpiAI forge partnership with QuantrolOx and lay the foundation for India-Finland partnership in the area of Quantum technology. We are glad that we will be working with Dr Andrew and Vishal to make Quantum computing commercially available across India, Europe and southeast Asia for industrial sectors," Dr Atre suggested."When we were first discussing Quantum hardware in India in 2020, that was before pandemic, Dr Nagendra was suggesting 20 qubit setup by 2024 in Bangalore. Now with this partnership it looks like we will be having multiple 25 Qubit testbeds right here in Bangalore by the end of 2022. This should enable a thriving Quantum ecosystem.Currently 25 qubits is based on superconductors and eventually 2048 qubits based on CMOS spin qubits will be very exciting. 2048 logical qubits can enable a lot of commercial applications. We would like to use all our expertise in CMOS fabrication to make this technology breakthrough happen. That would be a major technology breakthrough from India. We would like to see Dr Nagendra and team achieve the same as soon as possible with a lot of collaborationwith Quantum ecosystems including QuantrolOx, Oxford and the IISc community. QpiAI has an excellent team and building commercial grade Quantum computers right here in Bangalore is very exciting. It is great to see collaboration between India and Finland to form this thriving Quantum ecosystem. The association of QpiAIwith Dr Andrew and Vishal is a major step forwardin achievingthis goal," added Dr Navakant.This partnership will create revenue generation opportunities for both the companies, QpiAI has QpiAISense hardware platform for controlling qubits ready to be shipped, on which QuantrolOx will develop control software for both superconducting and semiconductor-based spin qubits.QpiAI is building its own quantum computing lab to house cryogenic electronics and is in process to acquire land for Indias first private quantum computing lab facility. The QpiAI quantum lab will be part of bigger Qpi Technology Quantum Park, which houses the labs and manufacturing facility for its subsidiaries like super conductor based single photon detector, single photon source, HTS tapes and HTS cables for SuperQ, solid state battery prototyping facility for Qpivolta using Quantum and AI technologies and labs for Qpivolta-ET for Energy transition experiments using material discovery and carbon capture, Silicon photonics testing lab for Qpisemi for its AI20P AI processors and lab scale model Quantum data center designed by Qpicloud. Currently Qpicloud which is incubated in DSCI (Data security Council of India) NCoE (National Center of Excellence) for cybersecurity, is also working on Quantum security for data centers and cloud computing, whose lab will be enabled in Qpi Technology Quantum ParkQpiAI is expanding in Finland to enable partnership with European quantum ecosystems. QpiAI already has a subsidiary in the US QpiAI Inc. QpiAI also intends to open an office in Japan for customer support and after sales support for Japanese customers.With partnerships and global presence, QpiAI which is a revenue generating and profitable Quantum compute and AI company, which is vertically integrating AI and Quantum compute and has customers across the world, is scaling its business to next level to become major global player in AI and Quantum compute.

About QpiAIQpiAI (https://www.qpiai.tech) is World leader in AI and Quantum computing. QpiAI is integrating Quantum computing and AI vertically to offer solutions to areas like manufacturing, industrial, transportation, finance, pharma and materials. It has various software platforms and products including QpiAI-pro, QpiAI-explorer, QpiAI-logistics, QpiAIopt, QpiAIsim, QpiAIML. It is building complete hardware stack based on 3 chip solutions of Trion (universal optimizer Chip), Bumblebee (scalable cryogenic control chip) and scalable spin-qubit based QPU (Quantum processing unit) , which can be scalable to 2048 logical qubits. QpiAI is currently ready with room temperature control electronics based on its hardware platform QpiAIsense. QpiAI is subsidiary of Qpi Technology (https://www.qpitech.holdings ).About QuantrolOx

QuantrolOx (https://quantrolox.com/ ), an Anglo-Finnish spinout from University of Oxford, is building automated machine learning based control software for quantum technologies to tune, stabilise, and optimise qubits. QuantrolOxs software is technology agnostic and applicable to all types of quantum technologies. Initially the company is targeting solid-state qubits where the team has already demonstrated substantial practical benefits.

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Quantum Week at Yale geared toward novices and experts alike – Yale News

Yales hub for quantum research will soon entangle the campus in the best possible sense in a full week of mind-bending science, artistry, and discussion devoted to the wonders of quantum research.

Quantum Week at Yale, organized by the Yale Quantum Institute (YQI), will feature a hackathon, a lab tour, a movie screening, a record launch party, hands-on computer programming, a superconductive jewelry display, and an assortment of quantum-related library and museum exhibits.

The activities begin April 8 and run through April 14. A full list of events is available here.

Yales quantum scientists are at the very top of this field, said Florian Carle, YQI manager and coordinator for the event. We want to take some of the excitement we see in the labs and at YQI and share it with the rest of the campus.

Quantum science delves into the physical properties that explain the behavior of subatomic particles, atoms, and molecules. Over the past century, quantum research has transformed disciplines as diverse as physics, engineering, mathematics, chemistry, computer science, and materials science.

Over the past 20 years, Yale researchers have propelled quantum research, particularly in quantum information science and quantum computing, with a series of groundbreaking discoveries including the first demonstration of two-qubit algorithms with a superconducting quantum processor.

Yales research has led to unprecedented control over individual quantum objects, whether those objects are naturally occurring microscopic systems such as atoms, or macroscopic, human-made systems with engineered properties. Researchers say these advances may soon enable them to perform otherwise intractable computations, ensure privacy in communications, better understand and design novel states of matter, and develop new types of sensors and measurement devices.

This is the time when computer scientists, mathematicians, physicists, and engineers are all coming together, said Yongshan Ding, assistant professor of computer science, who will lead a programming workshop on April 14 that shows visitors including those without any experience with quantum computing how to play with quantum interference patterns.

People can just code away, Ding said. My vision is that by exposing people to these activities, we can build a quantum-native programming language. This is a new paradigm of computation, so were going to need new ways to program for it.

YQI has partnered with 18 Yale departments and centers to create 23 events for Quantum Week at Yale. One of the challenges in organizing the week, Carle explained, was developing an engaging mix of activities suited for both experienced researchers and quantum science novices.

To that end, the week is organized around four components: Understanding Quantum, Art & Quantum, Career and Entrepreneurship, and For Researchers.

The hands-on programming event, for example, comes under the Understanding Quantum banner. Other include an April 9-10 Quantum Coalition Hack, hosted by the Yale Undergraduate Quantum Computer Club; an April 11 tour of superconducting qubit laboratories; and a quantum-related exhibit of rare books at the Beinecke Rare Book and Manuscript Library on April 11.

Were always looking for ways that our libraries can engage with the academic work going on at Yale, said Andrew Shimp, who consulted on Quantum Week events at Yale libraries. Shimp is Yales librarian for engineering, applied science, chemistry, and mathematics. One of the unique things a Yale library can offer is the chance to view rare collections that arent necessarily digitized yet.

The quantum exhibit at the Beinecke Library, for example, includes materials from quantum science pioneers such as Albert Einstein, Werner Heisenberg, and Max Planck. There is also an astronomy textbook, published in 1511, that includes the word quantum in its title. The title is Textus de Sphera Johannis de Sacrobosco: cum additione (quantum necessarium est) adiecta / Nouo commentario nuper edito ad vtilitate[m] studentiu[m] philosophice Parisien[em]. A brief English translation would be Sphere of Sacrobosco.

Under the Art & Quantum heading, there will be an April 8 screening of the 2013 indie thriller Coherence; a visual arts competition called Visualize Science hosted by Wright Lab on April 13; a launch party for Quantum Sound (a record project begun at YQI in 2018) on April 13; a display of Superconductive Jewelry throughout the week at YQI; a Quantum and the Arts exhibit all week at the Arts Library; an April 13 event hosted by the Yale Schwarzman Center devoted to historical preservation of technology ephemera, called Dumpster Diving: Historical Memory and Quantum Physics at Yale; and a new exhibit at the New Haven Museum, The Quantum Revolution, that opens April 13 and features drawings by former YQI artist in residence Martha Willette Lewis.

Carle is curator for the New Haven Museum exhibit. We wanted to show the evolution of quantum science at Yale, he said. It will take people from some of the first qubits in 1998 to Badger, the dilution refrigerator that ran the first two-qubit algorithms with a superconducting quantum processor in 2009.

Quantum computers require extremely cold temperatures near absolute zero in order to reduce operational errors.

The weeks Career and Entrepreneurship component will include a discussion of quantum startups hosted by The Tsai Center for Innovative Thinking at Yale (Tsai CITY) on April 12; a conversation with IBMs Mark Ritter on the global implications of quantum research, hosted by the Jackson Institute for Global Affairs on April 12; a session on how to access market research for major industry analysts, hosted by the Yale University Library, on April 12; and a series of panel discussions on how to join the quantum workforce.

Finally, the For Researchers component of Quantum Week at Yale will feature a quantum sensing workshop at Wright Lab on April 8; and an April 14 lecture by quantum researcher Nathan Wiebe of the University of Washington.

The final day for Quantum Week at Yale, April 14, also happens to be World Quantum Day, Carle said. Our hope is that by then, students all over campus will be aware of quantum work being done here and want to explore it themselves in some way.

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Quantum Week at Yale geared toward novices and experts alike - Yale News

Pentagon’s outgoing data boss warns of quantum cyber threats – Stars and Stripes

The Pentagon in Arlington, Va., as seen on Sept. 17, 2021. (Stefani Reynolds/Bloomberg)

The U.S. Department of Defense's outgoing chief data officer called for the Pentagon to make urgent investments to defend against potential espionage from quantum computers -- nascent technology that could one day break the encryption that protects American secrets.

In his first interview since leaving his post last month, David Spirk, who spent two years in his role, told Bloomberg News that the Pentagon needs to speed up efforts to counter adversaries who are developing military tools supported by advanced technologies such as artificial intelligence, machine learning and eventually quantum science.

Quantum computing may prove far more able than existing technology to solve mathematical problems at exponentially faster speeds. That could enable operators to unscramble the algorithms that underpin encryption protocols, unlocking an array of sensitive data.

"I don't think that there's enough senior leaders getting their heads around the implications of quantum," Spirk said. "Like AI, I think that's a new wave of compute that when it arrives is going to be a pretty shocking moment to industry and government alike."

"We have to pick up pace because we have competitors who are also attempting to accelerate," he added.

Spirk's comments come amid warnings that U.S. adversaries, particularly China, are aggressively pursuing advanced technologies that could radically accelerate the pace of modern warfare. China is investing in AI and quantum sciences as part of its plan to become an innovation superpower, according to the Pentagon's latest annual report to Congress on China's military power. China is "at or near the lead on numerous science fields," including AI and quantum, it said.

The National Security Agency, meanwhile, said last year that the adversarial use of a quantum computer "could be devastating" to the U.S. and its national security systems. The NSA said it could take 20 years or more to roll out new post-quantum cryptography that would resist such code-cracking.

Tim Gorman, a spokesperson at the Pentagon, said the Department of Defense was taking post-quantum cryptography seriously and coordinating with Congress and across government agencies. He added there was "a significant effort" underway.

A January presidential memo further charged agencies with establishing a timeline for transitioning to quantum resistant cryptography.

Among the efforts underway to bolster defenses against quantum-based attacks, the National Institute of Standards and Technology, known as NIST, is seeking to select new quantum-proof encryption algorithms from seven finalists shortly as part of a global competition.

Jonathan Katz, computer science professor at the University of Maryland who submitted a "post-quantum algorithm" to the NIST competition, said the stakes in the NIST competition were high: an algorithm that later proved vulnerable would be "a disaster." Once a choice is made, the U.S. Department of Defense faces a huge task in upgrading all its software and hardware that features algorithms, he said, adding that included not only servers and laptops but also parts of submarines, tanks, helicopters and weapons systems.

Experts generally assess large-scale quantum computing may be 15 to 20 years away if it is ever even developed, but the Pentagon's Defense Advanced Research Agency, or DARPA, launched a project this February to explore the possibility that a breakthrough could be developed "much sooner."

Joe Altepeter, who manages DARPA's new quantum project, told Bloomberg there was a lot of "hype" over industry claims about the arrival of quantum computing, with several "hardware miracles" still standing in the way. Some of the smartest physicists he knew were divided over whether useful quantum computing would ever exist, Altepeter said, adding that the risk was such that it was important to develop resilient systems.

Spirk said the Pentagon needs to start preparing "now," arguing military applications for quantum computing could be only five to 10 years away. The Pentagon needed to work at the same speed as commercial vendors that are already exploring ways to use quantum-resistant cryptography to safeguard financial and health-care sectors, he said.

If the U.S. doesn't make the right investments in defensive quantum today, "then our concepts around encryption, data security and cybersecurity will be obsolete because the computers will break our cryptography," Spirk said. He added that all the encrypted data that adversaries have already gathered would also risk exposure.

Spirk, a former U.S. Marine, became the first chief data officer at Special Operations Command before he joined the Pentagon. He said he left the chief data officer post after a two-year commitment to rejoin his family in Florida. The departure follows last year's resignation of the U.S. Air Force's first chief software officer, Nicolas Chaillan, who previously told the Financial Times that the U.S. was losing the AI race to China.

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Pentagon's outgoing data boss warns of quantum cyber threats - Stars and Stripes

Spring break goers on Miami Beach say the ‘mystery’ of cryptocurrency is the ‘future of the financial system’ – Yahoo Finance

Spring break goers on Miami Beach gave Fox News their definitions of cryptocurrency, saying its "the future of the financial system."

"Cryptocurrency is like a digital universal currency thats used online," a Canadian resident visiting Miami told Fox News. "Its kind of like stocks. It can go up or down. They fluctuate with the market, I guess, depending on the current trend."

Cryptocurrency, otherwise known as "crypto," is any form of currency that only exists digitally where transactions are secured through cryptography.

Fox News Digital asked young men and women on spring break to explain crypto for those who dont understand how it works.

A student from Kent State University told Fox News Digital crypto is "not real money" and that it is "confusing to a lot of people."

"You can't just go to the store," and spend ten Shiba Inu, he added.

BARSTOOL'S DAVE PORTNOY: BITCOIN, CRYPTO TOO BIG TO FAIL NOW

Theres a difference between "what the mass media wants you to go for and what actual crypto is," a University of Delaware student said. "Its kind of like the difference between the S&P 500 and buying a regular stock in the stock market."

Cryptocurrency is "reverse inflation," another student from the University of Delaware said, adding that it is "taking out the banks," and giving "more money for the people."

A Canadian resident visiting Miami said he thinks its "OK to have a lot of mystery around" crypto."

I understand the bitcoin and stuff like that, but when you get into the NFTs and all that area I dont really understand that.

"I dont see how a picture of a monkey can sell for half a million dollars," he added.

PETER THIEL: CRYPTO WILL NEVER BE' CONTROLLED BY GOVERNMENT, UNLIKE WOKE COMPANIES'

The students expressed their opinions on the specific currencies offered under crypto.

Story continues

A Kent State University student told Fox News he invested in Shiba Inu and has "probably gained about a grand from it."

"I started about a year ago. It fluctuates a lot," he said. "Im not really invested in bitcoin. I dont have that much money, so I invest in the really cheap stuff."

"I think that Dogecoin represents the power of the people taking the power from the people that are abusing it," a University of Delaware student told Fox News. "Dogecoin started as a joke, and now it has real financial value based on its demands."

However, another University of Delaware student said he "doesnt really trust things like Doge coin" because its "made up."

"Just this morning I actually made $150 dollars on crypto," he added. "Ethereum is going to the moon right now."

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A Kent State University student said he really likes crypto because it "has a lot of unknowns," which he lives for. "I have about $400 dollars invested into it, but I have over a million shares of it. So if I lose $400 dollars, I lose $400 dollars. Im in college [so] Im really not too worried about it."

A Wisconsin resident visiting Miami told Fox News, "its going to take a long time for [crypto] to become normal, and once it does, everyones going to be using it."

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Spring break goers on Miami Beach say the 'mystery' of cryptocurrency is the 'future of the financial system' - Yahoo Finance