> Modern homomorphic encryption schemes only have a ~100x performance hit.

Really?! Now I'm curious. If I have a simple program for an 8-bit CPU @ 1 MHz, when can I run this program on a virtual machine using homomorphic encryption, under a reasonable runtime? Is it possible yet? If the performance hit is only 100x, the runtime should not be much longer than the actual chip. But the last time I checked, the hypothetical runtime seems to be still impractical.