My $50 000 Bitcoin bet - page 2. | Bitcointalksearch.org

Don Pedro Dinero

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Quote from: harizen on August 18, 2017, 06:16:38 AM

Quote from: CryptosapienZA on August 18, 2017, 03:12:12 AM

I have just made a $50 000 bet with one of my friends. Come 2019, i hope they will honor this bet. They think that in 2 years Bitcoin will either have crashed or will have been hacked. This person is supposed to be in the IT security industry. I find it quite interesting that most people I know in IT are not interested in bitcoin. Most people interested in bitcoin in my circles are entrepreneurs.

Is this a creative story or for real? I doubt you will bet such amount for that reason. If Im wrong here, you can show proofs here.

If ever that is real, then definitely you will win. It's hard to think that bitcoin will crash (as in zero value) in just 2 years. It's just 2 years away and for crash to happen it should be on slow phase. But like I said, it's difficulty to think of a reason for bitcoin to crash. Some are, goverments shut down bitcoin per country, no one uses bitcoin, bitcoin became illegal worldwide any many more. These kind of things have low change to happen.

Of course that is a creative story.

What I doubt is that he has 50.000$ to bet, which would mean that he has much more cash available. I wouldn't bet that amount unless I had 1.000.000$.

So, a person who has 50.000 to bet, at the same time is working here in a signature campaign for pennies. Apart from that, he doesn’t give any more explanation on how the winner is going to get the money.

It seems like that 50.000$ bet is going to be as if I bet 5$ or just a coffee with one of my friends.

The most likely scenario is that the story is made up to keep collecting pennies from the signature campaign.

BartS

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Quote from: aoluain on October 01, 2017, 03:54:19 PM

Nice bet, and it would be nice to collect too!

Im not sure bitcoin will go that high by 2019,
its quite a leap from where we are now.

Bitcoin blockchain being hacked, im not so sure
about that. I read somewhere that in order to hack
It you have to move backwards along the blockchain
while all the time it is moving in the other direction

The bet is not about bitcoin reaching 50000 dollars in two years, the bet has a size of 50000 and it is about whether bitcoin will keep existing, or it will crash and disappear or be hacked by that time, I think whoever made the bet against bitcoin is very dumb that is a bet that I will do any day of the week, if I had 50000, which I don’t since that is the pay of many years in my country.

aoluain

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Nice bet, and it would be nice to collect too!

Im not sure bitcoin will go that high by 2019,
its quite a leap from where we are now.

Bitcoin blockchain being hacked, im not so sure
about that. I read somewhere that in order to hack
It you have to move backwards along the blockchain
while all the time it is moving in the other direction

xFiber

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Quote from: Yakamoto on October 01, 2017, 03:16:41 PM

Quote from: CryptosapienZA on August 18, 2017, 03:12:12 AM

I have just made a $50 000 bet with one of my friends. Come 2019, i hope they will honor this bet. They think that in 2 years Bitcoin will either have crashed or will have been hacked. This person is supposed to be in the IT security industry. I find it quite interesting that most people I know in IT are not interested in bitcoin. Most people interested in bitcoin in my circles are entrepreneurs.

I mean that's a pretty hefty bet, the only thing that can potentially screw you over is in the event a fork goes to shit and has a ton of issues with the code or opens up security issues within the network, which is always possible but so far none of those issues have been apparent with the network and I doubt that there will be any of these issues in the future as well. But of course I cannot guarantee that, so there's a lot that can happen. I think that it would be interesting to see the results of your bet once 2019+some rolls around, though.

Yea I really do agree with you. 50 grant is quite a big number to make a bet with (unless both of you are millionaires). And just as Yakamoto said anything can happen really. Especially now, the world is changing pretty rapibly so you never know. But let's hope that won't happen.

YuginKadoya

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This should be in the gambling section if you really want to bet it all out, but surely this is also disscussing about bitcoin so I might be wrong, well that is a bad move you made with your friends regarding they surely don't have any knowledge regarding bitcoin be fair by teaching them about it, but I really think that they are not interested with it so just consider them losing in the year 2019, and by means of bitcoin crashing you can surely win because of the given year and it will just occur 2 years from now, I really think bitcoin will crash but not entirely right now or in a 2 years prior but it will be in the future well maybe when when you can not mine for it anymore, and bitcoin system can not be hack but I am guessing that your friends might not be thinking about the system but the coins itself that will be the one that's gonna be hack because of the ransomware news that poping up anyware and randomly victimising bitcoin users.

Youghoor

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Yes it is quite interesting, but nobody can predict if bitcoin is going to be hacked, most people say that we are on a bubble right now, but honestly.. people only go to where the money is, so it wont stop me from keep buying or selling in order to get profit, i am happy with my bitcoin investment, and i wont withdraw it because of that. i always try to keep some part of my bitcoins in cash, because i never trusted it all. But lets see what happens in two years, good luck with your bet

BartS

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Quote from: CryptosapienZA on August 18, 2017, 03:12:12 AM

I have just made a $50 000 bet with one of my friends. Come 2019, i hope they will honor this bet. They think that in 2 years Bitcoin will either have crashed or will have been hacked. This person is supposed to be in the IT security industry. I find it quite interesting that most people I know in IT are not interested in bitcoin. Most people interested in bitcoin in my circles are entrepreneurs.

They are not going to honor their bet, make them buy 50k worth of bitcoin and put it in escrow and you show to them that you have 50k worth in fiat as well, but I can assure you the moment you suggest them the idea to make the bet official they are going to back down, they are just talking tough, I’m sure they are not willing to fulfill that bet, so call their bluff and show that you have the means to pay the bet and they are going to show how convinced they are about their thoughts

thebanker28

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Never say never, but I think it is unlikely to blow up. I think that individual wallets and exchanges will get hacked, but the hacks will not be bitcoin based. The blockchain itself is what I assume your friend is proposing will be hacked, while it is technically not impossible it is extremely unlikely.

If there were a statistician here they could probably calculate the likelihood of it happening, but at the current computing capacity it would probably take hundreds of thousands or millions of years to do this, if you had that kind of power you might be doing uther things rather than trying to break Bitcoin - like curing cancer, solving death and asking all sorts of interesting questions.

pixie85

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Quote from: ?? on ??

Quote from: CryptosapienZA on August 18, 2017, 03:12:12 AM

I have just made a $50 000 bet with one of my friends. Come 2019, i hope they will honor this bet. They think that in 2 years Bitcoin will either have crashed or will have been hacked. This person is supposed to be in the IT security industry.

It is called a Death Spiral.
http://bitcoinandtheblockchain.blogspot.com/2017/08/chain-death-spiral-fatal-bitcoin.html

Your Friend is right,
ASIC miners will go wherever the profit is greatest , within a year or so that will be Bitcoin Cash not Bitcoin.

╥Aztek

Bitcoin cash? That shitty coin that was supposed to be better than Bitcoin but still is trading for a fraction of the real thing? Last time I checked BCC was worth even less now than it was after the launch and it's been months... Who are you trying to fool? Cheesy

Yakamoto

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Quote from: CryptosapienZA on August 18, 2017, 03:12:12 AM

I have just made a $50 000 bet with one of my friends. Come 2019, i hope they will honor this bet. They think that in 2 years Bitcoin will either have crashed or will have been hacked. This person is supposed to be in the IT security industry. I find it quite interesting that most people I know in IT are not interested in bitcoin. Most people interested in bitcoin in my circles are entrepreneurs.

I mean that's a pretty hefty bet, the only thing that can potentially screw you over is in the event a fork goes to shit and has a ton of issues with the code or opens up security issues within the network, which is always possible but so far none of those issues have been apparent with the network and I doubt that there will be any of these issues in the future as well. But of course I cannot guarantee that, so there's a lot that can happen. I think that it would be interesting to see the results of your bet once 2019+some rolls around, though.

wishingwell

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Quote from: CryptosapienZA on August 18, 2017, 03:12:12 AM

I have just made a $50 000 bet with one of my friends. Come 2019, i hope they will honor this bet. They think that in 2 years Bitcoin will either have crashed or will have been hacked. This person is supposed to be in the IT security industry. I find it quite interesting that most people I know in IT are not interested in bitcoin. Most people interested in bitcoin in my circles are entrepreneurs.

BE sure to specify which branch of Bitcoin it is you are betting on - but I think your bet is safe enough

I would take some of that action too

elite3000

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He won't pay the bet of course, unless you both are millionaires and 50k means nothing to you. With no legal agreement nothing obligates him to.

But will be fun see him being ashamed

ankylotic

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you will be proven wrong bro. it is very difficult to predict on the individual level you are just predicting it on the behalf of your experience and knowledge and we know that many countries in the world are legalizing it. as we have seen that australia have just recently legalize it. so, i don't think any country in the world should legalize it without checking its security level or its administration.

BitcoinHodler

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Quote from: ?? on ??

It is called a Death Spiral.
http://bitcoinandtheblockchain.blogspot.com/2017/08/chain-death-spiral-fatal-bitcoin.html

that article is full of flaws. and it is created to advertise bitcoin cash not have valid arguments in my opinion.
first it is calling how difficulty works a "flaw" but disregards it when it comes to bitcoin cash which is copy of bitcoin. the exact same thing is true on BCC too. if miners switch to BCC just because it was pumped and became profitable and the price falls after a pump they start losing money but now the difficulty of BCC has also went up, they switch back to bitcoin and leave BCC hanging at high difficulty and low hashrate again with long block times.

then it has a 100% irrelevant paragraph right in the middle which has nothing to do with the topic at hand!
it talks about bitcoin mempool which has nothing to do with the difficulty, mining, blocks time,... hence proving my point about it wanting to advertise BCC.
and again that issue was caused by a spam attack which is inherently available in BCC also.

Quote from: ?? on ??

Your Friend is right,
ASIC miners will go wherever the profit is greatest , within a year or so that will be Bitcoin Cash not Bitcoin.

why?!!

dothebeats

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Quote from: CryptosapienZA on August 18, 2017, 03:12:12 AM

I have just made a $50 000 bet with one of my friends. Come 2019, i hope they will honor this bet. They think that in 2 years Bitcoin will either have crashed or will have been hacked. This person is supposed to be in the IT security industry. I find it quite interesting that most people I know in IT are not interested in bitcoin. Most people interested in bitcoin in my circles are entrepreneurs.

So what's your side of the bet? Any attainable figures you have in your head? Bitcoin is climbing higher highs everyday and it seems like this thing isn't going to rest. But when the fuel runs out, expect that there will be severe blows and sellouts that might happen. Not being a pessimist but anything can happen, really.

You will win the bet, and I'd say put their money where their mouth is; place the bet in a multisig address.

DoublerHunter

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I think you will win this bet after 2 years because if they are very smart then they will realize the importance of bitcoin and also how it can change the world into a better place because after two years and if bitcoin will become well adopted then it will become a very strong and it will become one of the strongest which will push its price into the highest possibility.

jtipt

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Quote from: CryptosapienZA on August 18, 2017, 03:12:12 AM

I have just made a $50 000 bet with one of my friends. Come 2019, i hope they will honor this bet. They think that in 2 years Bitcoin will either have crashed or will have been hacked. This person is supposed to be in the IT security industry. I find it quite interesting that most people I know in IT are not interested in bitcoin. Most people interested in bitcoin in my circles are entrepreneurs.

You ask anyone here they are gonna say BTC will definitely survive till 2019, well I think same. Although, I think $50000 is alot to bet, since the amount is so large the other party might back out from it since it very likely that you will win the bet. It's best if you use a escrow.

CryptosapienZA

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Quote from: ?? on ??

Quote from: CryptosapienZA on August 18, 2017, 03:12:12 AM

I have just made a $50 000 bet with one of my friends. Come 2019, i hope they will honor this bet. They think that in 2 years Bitcoin will either have crashed or will have been hacked. This person is supposed to be in the IT security industry.

It is called a Death Spiral.
http://bitcoinandtheblockchain.blogspot.com/2017/08/chain-death-spiral-fatal-bitcoin.html

Your Friend is right,
ASIC miners will go wherever the profit is greatest , within a year or so that will be Bitcoin Cash not Bitcoin.

╥Aztek

Interesting theory, but I am afraid my friend probably doesnt know the difference. To them all cryptos are bitcoin.lol.

spadormie

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Well bitcoin could not be hack dude. Look at it, many attackers tried but did not succeed. Why? Cause bitcoin improved it security and will improve and develope more. You will just see. And I would like to say that you already won the pot. Despite your earnings in bitcoin, you will have that 50,000 us dollars for the bet. Congratulations!!!

Yuhee

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Quote from: hitlab on August 18, 2017, 06:00:25 AM

What is the definition of "crash" in your bet?

For example if bitcoin goes up to 50k then crashes down to 5k in 2019, would that count as a crash and you would lose the bet?

Well from what i see i think he meant btc as not to be recognized as a currency anymore. Well from maybe from an IT perspective, they could see ways and strategies to hack btc if they could spend many a lot time hacking it. Because for me too i think its possible but you gotta have a lot of team members to do it and it could take years. But i dont think anyone would want to destroy a multi million opportunity that banks cant touch.

Topic: My $50 000 Bitcoin bet - page 2. (Read 1373 times)