My $50 000 Bitcoin bet - page 3. | Bitcointalksearch.org

shirackjs

sr. member

Activity: 812

Merit: 256

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.

Good luck in your bet, I suggest you use an escrow for this bet. Grin

Well, being in IT industry doesn’t mean your friend will believe in Bitcoin, it is a matter of mindset I guess.

CryptosapienZA

full member

Activity: 378

Merit: 101

Quote from: talkbitcoin on August 18, 2017, 04:05:45 AM

there is this thing called multi signature in bitcoin which you may have heard about. use it!

just a quick explanation in case you don't know how exactly it works:
it is one of those bitcoin addresses you see starting with 3.
these need multiple signatures from keys that different parties hold. it can be m of n signatures to spend the funds.
for your purpose you contact an escrow and you 3 (you + the person you made the bet with + the escrow) each create 1 key and hold it.
the transaction needs 2 signatures out of 3.
you each deposit some funds in that address (1BTC each for example)

when the time comes you two contact each other and sort things out and make the truncation happen with your 2 keys, if you couldn't sort it out or the other party disappeared you contact the escrow and sort it out and you with escrow and your 2 keys make the transaction happen.
https://en.bitcoin.it/wiki/Multisignature

otherwise your bet means nothing Wink

Thank you very much for this. I will definately approach my friend so we can do this. To be honest I doubt she will agree, now that everything is in black and white so to speak.

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?

By crash, they meant the price will crash to nothing.. Meaning in 2 years, bitcoin will be worth nothing.

harizen

legendary

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For support ➡️ help.bc.game

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.

13abyknight

sr. member

Activity: 602

Merit: 252

Always have been urging people to read the whitepaper but nobody ever does. Being in the IT industry your friend should know that Bitcoin cannot be hacked and it has been proved by Satoshi when he first proposed Bitcoin. With that being said, the chain dying out due to the miners heading towards a more profiting end will likely be the greatest demise of Bitcoin as far as I can see. If the ASIC miners stick around and continue with BTC, there should be no problems in the longer run either.

hitlab

member

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Merit: 10

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?

Yutikas_11920

hero member

Activity: 714

Merit: 500

A nice challenge or betting that you do. I also do not have a valid proof of existence or the triumph of bitcoin, but in the future will definitely have the advantage of bitcoin is good for payment or for investment. Now that this shows that the movement is bitcoin will be higher, just wait time definitely will all be missed. And also did not cover the possibility that bitcoin will disappear or occur a problem caused all users run and save themselves. But it all depends on how things are going in the future keep striving and struggling

Kemarit

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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.

This is just a verbal agreement and I think your friends will not honor it once they see that bitcoin has gone $10000+ 2 years from now. LOL. When you say hacked do you mean that a bitcoin address can be cracked?

I used to be in IT industry as well and I have preached bitcoin to some of my colleagues who are now in the higher position but I still getting a cold shoulder from them. Actually they all laughed at me and not taking seriously. I already proven to them that it is a good investment, but they still say no. Oh well, I'm pretty sure that when they heard that bitcoin soars to $10000 they will all regret their decision.

If they don't pay you, I think at least you have proven your point among your so called "IT security" experts friends. LOL.

mondobitcoin

full member

Activity: 686

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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 think will nothing happen

Maybe its true, but why belong this years nothing happen and in 2 years something will happen?
Its interesting why the people you know in IT are not interested in bitcoin.
Maybe you can ask them, why they arent interested

Palmier

newbie

Activity: 20

Merit: 0

Your friends will be proven wrong, Bitcoin simply can not be hacked, because in case it is, the whole banking and financial system is basically fucked, so the whole world is gone. Your friend really think this ? However I doubt he will honour what he will owe you.

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

there is this thing called multi signature in bitcoin which you may have heard about. use it!

just a quick explanation in case you don't know how exactly it works:
it is one of those bitcoin addresses you see starting with 3.
these need multiple signatures from keys that different parties hold. it can be m of n signatures to spend the funds.
for your purpose you contact an escrow and you 3 (you + the person you made the bet with + the escrow) each create 1 key and hold it.
the transaction needs 2 signatures out of 3.
you each deposit some funds in that address (1BTC each for example)

when the time comes you two contact each other and sort things out and make the truncation happen with your 2 keys, if you couldn't sort it out or the other party disappeared you contact the escrow and sort it out and you with escrow and your 2 keys make the transaction happen.
https://en.bitcoin.it/wiki/Multisignature

otherwise your bet means nothing Wink

CryptosapienZA

full member

Activity: 378

Merit: 101

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.

Topic: My $50 000 Bitcoin bet - page 3. (Read 1373 times)