back to article Quantum computing startup probed in report, securities suit

Quantum computing startup IonQ is facing a securities fraud lawsuit after a barrage of accusations came to light in a blistering report from Scorpion Capital, which claims the company lied about the maturity (and even existence of) its quantum device in addition to a smattering of claimed financial fictions. The Scorpion …

  1. Paul Herber Silver badge
    Facepalm

    I designed a binary counter once, whenever I added 1 and 1 it resulted in an answer of 0. Absolutely useless!

    1. TimMaher Silver badge
      Windows

      Re: binary counter

      Many years ago, I invented WOMBATS, Write Only Memory Batch And Transaction System.

      The machines it ran on had a 1 pixel display, that was neither on nor off and a one key keyboard with no identifying symbol, because it didn’t matter if you pushed it or not.

  2. druck Silver badge

    There is going to be a lot more of this, as billions are thrown at quantum startups - quantum will never work.

    1. Yet Another Anonymous coward Silver badge

      Wow, have you told all the major universities and technology companies about your insight?

      It could save them a lot of time and money

      1. druck Silver badge

        It definitely could, because money is only being poured into this boondoggle in case the other guy gets the first - they wont.

      2. Anonymous Coward
        Anonymous Coward

        MIT has $16.8 billion in funds. Yet this company does not get its money from MIT.

        Universities already know.

        IBM, big on Quantum Computing these days, $14 billion in cash on hand, yet received IARPA funding to research quantum computers.

        Companies already know.

        Feel free to invest your own money in this startup, but not attempt to fool others into wasting theirs.

  3. Doctor Syntax Silver badge

    "the maturity (and even existence of) its quantum device,"

    They'll have to open the box to find out.

    1. Paul Herber Silver badge

      They'll need a modern version of Hughie Green to do that.

      1. Doctor Syntax Silver badge

        Shudder.

      2. DaveLS
        Headmaster

        Whether they "open the box" or "take the money", they'll need a modern version of Michael Miles to help them Take Your Pick. Hughie Green presented Double Your Money.

        1. Paul Herber Silver badge
          Pint

          Present for you ----->

      3. Lis

        @Paul Herber

        Hughie Green? Nay sir, it was Michael Miles with "Take Your Pick". Sadly, I am old enough to remember the programme.

        Cheers... Ishy

  4. HildyJ Silver badge
    Holmes

    Quantum startups

    It seems to me that IonQ, like many startups, has the ultimate goal of being purchased by a big company with yachts all around.

    Scorpion Capital's goal was to bet that their stock would tank. Unfortunately for them they got in at the wrong price or the wrong time and were caught in a short seller squeeze.

    While I don't see IonQ being successful in the near term, that doesn't mean their research is without merit.

    Besides, I hate short sellers even more than venture capitalists.

    1. eldakka Silver badge

      Re: Quantum startups

      > Besides, I hate short sellers even more than venture capitalists.

      I don't understand this hate for short sellers - naked short-selling I understand the hate as that's nothing but outright fraud - but 'normal' short-selling seems perfectly reasonable to me. All normal short-selling is doing is taking a position that a company's value is overinflated, and puts other investors on notice that some people are willing to put their money where their mouth is when making claims that a company is over-valued.

      Disclaimer: I don't play on the stock market, only ever owned shares once, worth about $500, 15 years ago.

      1. amanfromMars 1 Silver badge

        Re: Quantum startups

        I don't understand this hate for short sellers - naked short-selling I understand the hate as that's nothing but outright fraud ..... eldakka

        eldakka, howdy,

        Is naked short selling legal and tolerated/supported? Is outright fraud criminal? What is one to make of that aberration/abomination? Are the markets rigged and content to be rewarding fraudsters?

    2. ShadowSystems Silver badge

      Re: Quantum startups

      Why the bias against sellers of height deficiencies? What have Dwarves, Gnomes, Hobbits, & Leprechauns done to deserve your ire? =-)p

      *Runs away shortly before you shorten my life expectancy with more short puns*

    3. John69

      Re: Quantum startups

      Not that I like the the people who do this, if we vote for a system that allows people to make money this way can we really complain that some people chose to do so? Should we not "hate" the politicians who let them to it, or the voters who put the politicians in place? But that may get a little closer to home.

  5. Anonymous Coward
    Anonymous Coward

    Is it wrong?

    I am rooting for report to be right, not out of a sense of justice, but because scalable quantum computing will be used immediately to undermine things I like. It has had a few other niche applications that aren't evil, but do we NEED them. Sure, pump up your CFD simulations for F1 cars. Shave a couple of tenths off a lap and also destroy a generational era of privacy and security at the same time. I'd rather see them go up in flames then watch them burn the world down.

    Cutthroat? Maybe, but high stakes bring out the long knives.

    1. Pascal Monett Silver badge

      Re: Is it wrong?

      Don't panic just yet. Quantum computing isn't getting out of the lab any time soon, and we still don't know how to program the damn things yet.

  6. Anonymous Coward
    Anonymous Coward

    I see that you are interested in Quantum Computing startups ...

    ... I have here some Crypto, Tulips and Snake Oil to sell you that you may also be interested in.

    1. TimMaher Silver badge
      Paris Hilton

      Re: Crypto, Tulips and Snake Oil

      Don’t happen to have a bridge by any chance?

      Always wanted a bridge.

      1. Doctor Syntax Silver badge

        Re: Crypto, Tulips and Snake Oil

        Could be arranged. Let's see your money first. Not BitCoin - can't see that.

  7. amanfromMars 1 Silver badge

    Quantum Computer Communications are the Great Game Changer Rendering Humanity Virtual Machine Pawns

    To not have an inkling and not realise that one is already much too late and far too far behind the vanguard of developments in AI and IT which has Virtual Machinery recognised as being in Effective Overall Command and Remote Absolute Control of Quantum Communications and Computers via disruptive and destructive demonstration of the effects of its denial and existence, is something to pile onto and blame one’s lack of future necessary intelligence for, should one be in dire straits need of a straw man/scapegoat/excuse/explanation for vital virtual systems collapses and colossal viral crashes and titanic failures.

    However, up ahead and clearly some way out in front, pathfinding a safe and secure course to follow, there be A.N.Others of a much more creative and inspiring bent, so all is not entirely lost to their forces of strange darkness and spooky entanglement unless it be your wish to be left behind with your increasing struggles waging war with decisions made in the past for the exclusive perverse benefit of a certifiably crazy few.

    So there are readily available derivative options if you want to hedge and protect yourself against a crazy bet. It’s your life to choose. Choose wisely is sound counsel.

    Obviously there’s a mountain of strange and entangling stuff going on out there under the radar which only a carefully chosen few will know anything/everything about, for such is the nature of the top secret beast, but BT and Division X are apparently on the ball, and rooting and booting and routeing Advanced IntelAIgent Communications Systems for y’all, and they’ve been asked and tasked to supply the following to Great Game Changers rather than it being spirited away from them clandestinely via any number of future sensitive secret means and/or memes for delivery by foreign and/or alien opposition/competition.

    Eagle-i itself is a prime candidate for phishing and remote access trialling of incredibly sensitive and failsafe secure quantum communications improving delivery of future operations. Does Division X provide protection both for and against such activity/utility/facility? ..... https://www.globalservices.bt.com/en/aboutus/look-again

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