Could Bitcoin’s Price Reach $1,000,000? (ARK Invest)

johnarb said:
Dafuq are you talking about, dude. Known hash result??? You just pull this out of nowhere

No, the hash solution is based on meeting the current difficulty, how many leading 0's on the hash

It's a brute force, like winning the lottery, except billions of times more difficult
More...

Do you even know what a cryptographic hash function is?

It's simply a math problem that is easy to solved forwards and hard to solve backwards.
In the case of Bitcoin, your starting with an expected result from the hash function, and you're trying to find the corresponding data to generate that result. The data being what I referred to as a key. In response to which you seem shocked and appalled that someone could mean anything other than a key to a Bitcoin wallet when they use the word key. You'd hate to hear what I started a car with earlier.

You're focusing on the wrong things with Bitcoin. In your mind no one can ever take your coins away therefore they will have value forever.

There are multiple problems with this.
1 https://xkcd.com/538/
2 the supply of alternatives is unlimited
3 more generally https://www.schneier.com/blog/archives/2019/02/blockchain_and_.html
Or as I would put it, the feature set sucks.
4 If they ever get quantum computing working at scale, Bitcoin is OBE.

You seem way too heavily invested in Bitcoin. To the point where you're becoming emotional when someone questions the value of it.

It if put a trade idea up on this forum, I want people to try and rip it apart.
 
deaddog said:
OBE ???
More...
Overcome by events.

The big deal with quantum computing, is that you can solve mathematical problems using a superposition of states, not just a definitive 1 or 0 state. For problems within the size of the computer, that means that you can try setting all bits except one to superposition of states and test whether that bit should be a 1 or 0 then move on to the next bit.

Problems that before might have required on average 2^31 tries to solve might instead be solved in 32 tries.

Personally, I think they will discover a theory similar to the uncertainty principle that limits the ability to build a real world quantum computer to solve problems of arbitrary difficulty.

But if you take the worst case scenario, picture quantum computing at scale as the box from the movie Sneakers. Bitcoin would become worthless overnight.

 
Last edited:
engineering said:
Do you even know what a cryptographic hash function is?

It's simply a math problem that is easy to solved forwards and hard to solve backwards.
In the case of Bitcoin, your starting with an expected result from the hash function, and you're trying to find the corresponding data to generate that result. The data being what I referred to as a key. In response to which you seem shocked and appalled that someone could mean anything other than a key to a Bitcoin wallet when they use the word key. You'd hate to hear what I started a car with earlier.

You're focusing on the wrong things with Bitcoin. In your mind no one can ever take your coins away therefore they will have value forever.

There are multiple problems with this.
1 https://xkcd.com/538/
2 the supply of alternatives is unlimited
3 more generally https://www.schneier.com/blog/archives/2019/02/blockchain_and_.html
Or as I would put it, the feature set sucks.
4 If they ever get quantum computing working at scale, Bitcoin is OBE.

You seem way too heavily invested in Bitcoin. To the point where you're becoming emotional when someone questions the value of it.

It if put a trade idea up on this forum, I want people to try and rip it apart.
More...

You're clearly trying to obfuscate the discussion, a reminder to everyone, we were talking about Bitcoin mining

You're conflating Bitcoin private key-public key with the process of generating new bitcoins through the process of mining which does not involve keys

I don't know how many times I have to repeat this to you

Bitcoins are represented as ledger entries on the public ledger, aka blockchain. Google UTXO's

There are no bitcoins on the local wallet. A local wallet is a storage of private keys

Anyway, the information is out there, continue on your education

As far as the thread topic, we now know you are too scared to put any money to short Bitcoins in any way but you want to fud it because for reasons we will never know
 
johnarb said:
As far as the thread topic, we now know you are too scared to put any money to short Bitcoins in any way but you want to fud it because for reasons we will never know
More...

Oh no someone on the internet called me scared!
But if we put aside your emotional projection for a moment....

Having a futures contract and getting paid on the contract are two different things.

https://www.scmp.com/business/commo...ckel-trading-after-prices-surge-more-110-cent

Going short is a really tough call when, you can't count on contracts being faithfully executed and banks being solvent. Keep in mind the best you can do by going short is 2x your money and your potential downside is unlimited.

And that's assuming I could predict WHEN Bitcoin will crash, which I can't. I believe it will go to zero, but I don't know what event will cause public loss of confidence, and it would not surprise me if it took decades to crash the last 10%. The are a lot of true believers out there.
 
engineering said:
Oh no someone on the internet called me scared!
But if we put aside your emotional projection for a moment....

Having a futures contract and getting paid on the contract and two different things.

https://www.scmp.com/business/commo...ckel-trading-after-prices-surge-more-110-cent

Going short is a really tough call when, you can't count on contracts being faithfully executed and banks being solvent. Keep in mind the best you can do by going short is 2x your money and your potential downside is unlimited.

And that's assuming I could predict WHEN Bitcoin will crash, which I can't. I believe it will go to zero, but I don't know what event will cause public loss of confidence, and it would not surprise me if it took decades to crash the last 10%. The are a lot of true believers out there.
More...

All I hear are excuses. There are many ways to short bitcoin, you can do it through reverse ETF's a favorite
of KCalhourn, that way, you do not have unlimited losses, BITI

I've been in Bitcoin and cryptos since 2013, started with $7k, and I quit my job 2 years ago as a result of cashing out some profits

I've seen bitcoin go from $100 to $1,200 crash back to $150, go up to $20,000, crash back to $3,200, go up to $69,000, and crash back to $15,500

If you think I'm worried of bitcoin going to $0, nah, it just means I will go back to work. I left on good terms with my previous employer

There are many people like you, talk shit about Bitcoin and cryptos, but have no skin in the game.

I wonder what goes through your minds on why you keep talking negatively about an investment you have nothing to gain or lose?

You think you're doing others a favor?

I do know this, your posts have others like you, are a type of negative energy that discourages others who are considering putting some money to invest in the space... and that is sad

Bitcoin and crypto assets have the been the greatest opportunity for life changing wealth. Asymmetric risk reward

1 bitcoin is currently $30k, even if you buy 1/3 for $10k and it goes to $1M, that's $300k or when bitcoin goes to $10M each that's $3M

10 years and 20 years What's the probability? You think it's 0%?

This forum has been around for a long time, even when a bitcoin was worth less than $5 and all the negative posters like you have come and gone. Some are still here but do not frequent this forum anymore. Maybe they are still waiting for Bitcoin to go to $0 so they can post again and say "I TOLD YOU SO"
 
engineering said:
It if put a trade idea up on this forum, I want people to try and rip it apart.
More...
Out of curiosity, do you think you are smarter than so many people already in this space? Its been 13 years, and so far, there has been no successful attack on Bitcoin. Furthermore, how much money is being spent on mining? Do you not that there are incredible minds at work in those companies?

I can't begin to defend bitcoin as well as the guys at the top that have studied it, but I can see that if so much brain power is going into this, this must really mean something. Its even a global thing. The main hardware wallet companies are dispersed all over the world. If they didn't see value in bitcoin, would they be going to all this trouble to produce hardware wallets and continue to innovate? There is an entirely new class of chip developed for the computations. The entire energy space is being retransformed to work with bitcoin.

Can you really say that you are smarter than all of these people put together?

Its kind of like trading honestly. You might be as bearish or as bullish as you want to be, but the entire market doesn't give a shit about your opinion, so your trade better match the sentiment. How you can hang onto the idea that bitcoin is worthless when so much of the world is moving ahead at lighting speed is beyond me. Even governments are clearly scared of how transformative it will be. Why else would they be trying everything they can to stop people from jumping off the fiat ship?
 
NoahA said:
Out of curiosity, do you think you are smarter than so many people already in this space? Its been 13 years, and so far, there has been no successful attack on Bitcoin. Furthermore, how much money is being spent on mining? Do you not that there are incredible minds at work in those companies?

I can't begin to defend bitcoin as well as the guys at the top that have studied it, but I can see that if so much brain power is going into this, this must really mean something. Its even a global thing. The main hardware wallet companies are dispersed all over the world. If they didn't see value in bitcoin, would they be going to all this trouble to produce hardware wallets and continue to innovate? There is an entirely new class of chip developed for the computations. The entire energy space is being retransformed to work with bitcoin.

Can you really say that you are smarter than all of these people put together?

Its kind of like trading honestly. You might be as bearish or as bullish as you want to be, but the entire market doesn't give a shit about your opinion, so your trade better match the sentiment. How you can hang onto the idea that bitcoin is worthless when so much of the world is moving ahead at lighting speed is beyond me. Even governments are clearly scared of how transformative it will be. Why else would they be trying everything they can to stop people from jumping off the fiat ship?
More...

Next you're going to ask if I think I'm smarter than Issac Newton...

https://royalsocietypublishing.org/doi/10.1098/rsnr.2018.0018
 
engineering said:
Next you're going to ask if I think I'm smarter than Issac Newton...

https://royalsocietypublishing.org/doi/10.1098/rsnr.2018.0018
More...

In 13 more years do you think people will still just do the extremely lazy south sea bubble, newton, tulip thing??

guys this has been around, and recovered from multiple -80% drawdowns, many times. No other “bubble” has done this. I’m sure this time is the real bubble tho right? Try harder
 
You must log in or register to reply here.
Back
Top