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

engineering said:
It's interesting to note that you have not pointed out a single factual inaccuracy, but instead have resorted to ad-hominems.

As neat as Bitcoin may be, I think it's doomed to be the Netscape Navigator of the crypto world.
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Sigh, dude, your arguments are childish and superficial, you are not educated on the subject matter

Did you read the article? It was 3-minute read and was written by a Bitcoin OG in 2014 and still relevant today against critics trying to pigeon-hole Bitcoin as only a medium of exchange

Let me be clear, I am not trying to convince you of Bitcoin. To be perfectly honest, I am very happy knowing that there are many of you "skeptics" that are never going to invest in Bitcoin and cryptos

Your nick, engineering, I find offensive. Three of the biggest Bitcoin proponents that I respect have an Engineering mindset and have invested substantial amount of money into Bitcoin, Lyn Alden, Greg Foss and Michael Saylor

Saylor alone has invested over $500M of his own money into bitcoins not counting the billions that MSTR has invested

If you believe in your technical assessment of Bitcoin is worthless, then please, put substantial amount of your money to shorting CME btc futures or other means to short bitcoin

If you are already, short then simply confirm it so that we know that you have skin in the game
 
Overnight said:
Huh? Bitcoin by design is deflationary? Deflationary to what? Itself? The thing is compared to the USD, which in inflationary. DaFuq you on about. @johnarb Help!
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Yes. Deflationary to itself. There are a fixed number of possible bitcoins, but every year crypto keys will be lost and some fraction goes out of circulation. There is a counteracting force while new keys are discovered, but in the long term Bitcoin has to go deflationary.

It's the basic design of the system.

Imagine if you printed a new currency and the destroyed the plates and found a way to guarantee mathematically that no more would ever be created. Over time money will be lost. Between increasing GDP and decreasing money supply, deflation is a given.
 
engineering said:
There is a counteracting force while new keys are discovered, but in the long term Bitcoin has to go deflationary.

It's the basic design of the system.
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This is wrong, where did you get the info that this is how new bitcoins are created? It is not about "discovering" new keys, for Christ's sake

Bitcoin is inflationary, roughly 900 bitcoins per day or 6.25 bitcoins per 10 minutes or as each block is generated, completely based on luck against the current difficulty
 
johnarb said:
This is wrong, where did you get the info that this is how new bitcoins are created? It is not about "discovering" new keys, for Christ's sake

Bitcoin is inflationary, roughly 900 bitcoins per day or 6.25 bitcoins per 10 minutes or as each block is generated, completely based on luck against the current difficulty
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Call it "mining" if that makes you feel hip.
The fact is that every year it will require more and more effort to but fewer and fewer bitcoins in circulation.
The whole time people will be losing their keys, just like they do with any other key.
 
engineering said:
Call it "mining" if that makes you feel hip.
The fact is that every year it will require more and more effort to but fewer and fewer bitcoins in circulation.
The whole time people will be losing their keys, just like they do with any other key.
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It's not about discovering new keys. No keys are discovered during mining

Show me on the code where you got the discovering new keys from

https://github.com/bitcoin/bitcoin
 
johnarb said:
Your nick, engineering, I find offensive.
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You're offended. So what?
Get over yourself. We're just having a lively discussion.

As for getting short, read "The Big Short".
Bury figured out not just that a crash was going to happen but also when. It was absolutely brilliant, but he still almost lost because they rigged the game against him.
 
johnarb said:
It's not about discovering new keys. No keys are discovered during mining

Show me on the code where you got the discovering new keys from

https://github.com/bitcoin/bitcoin
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Call it unhashed plaintext corresponding to a known hash result if you want to get really persnickety.

The end result is that more and more "proof of work" results in less an less Bitcoin over time.

It's one of the more interesting features of Bitcoin.
 
engineering said:
You're offended. So what?
Get over yourself. We're just having a lively discussion.

As for getting short, read "The Big Short".
Bury figured out not just that a crash was going to happen but also when. It was absolutely brilliant, but he still almost lost because they rigged the game against him.
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You're posting false technical information and I'm calling you out. Repeat after me, keys are not discovered to create bitcoins

That's your way of saying you do not have the courage to put your money betting against Bitcoin

I have most of my family's net worth invested in Bitcoins and crypto assets

Bitcoin is less likely to go to $0 than the whole real estate value of Manhattan New York going to $0

A nuclearr dirty bomb in downtown New York and let's see how much value gets destroyed

Bitcoin is decentralized, even if the US bans bitcoins and cryptos,the value will not go to $0

Try to travel outside of the US and you'll understand more
 
engineering said:
Call it unhashed plaintext corresponding to a known hash result if you want to get really persnickety.
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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
 
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