Does anyone actually know how a quantum computer works?

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Every video / article / talk I hear about quantum computing goes something like this:

1. Regular computers use binary bits, 1 and 0.
2. A quantum computer uses qubits, or in basic terms each bit contains more than 2 states (3? 1, 0, and both?)
3. Some hand-wavy explanation about quantum mechanics and quantum states.
4. Therefore, quantum computers can do things way faster!

Now, this is where I get annoyed. Wait, what? Nowhere does anyone actually explain an algorithm, or a processor design, or logical formula that shows how this does anything.

I semi-believe that no one actually knows how a quantum computer works, or better yet how it's supposed to work. Can someone prove me wrong and hopefully enlighten me?

A little background on myself - I know how regular computation works. I know how integrated circuits work, how AND OR XOR NAND etc gates work, how a 32 bit instruction translates to op-code and registers, etc. I would tend to think a real explanation has to talk about the bit sequence of a quantum computer instruction, how its parsed, and how the next state is created.

Maybe Katie Drummond to the rescue?? Thanks for any help...