Bitcoin Forum

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.

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 ;)

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.

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

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.

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
 

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?

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.

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.

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.


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

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

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

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.

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!!!

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

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.

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.

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.

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.

why?!!

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.

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

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

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.

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?:D

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.

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

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

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.

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.

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.

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.

That's interesting do you have both sign an agreement and made it notarized, you have a big chance to claim your prize as bitcoin has a good it behind it to keep it secured, because millions of people are relying on it, I'm also surprise that your it friend do not believe in bitcoin since this is the new technology

I think the way you think good .. bitcoin prices will continue to increase rapidly,
due to several factors

1. not everyone knows bitcoin yet
2. bitcoin small amount
3. everyone starts buying bitcoin
     and others

some of the above factors are things that push the bitcoin price higher

Bitcoin being hacked cannot really happen because of its security. Wallets can be hacked but the whole system cannot be hacked. And their belief that it would crash is simply impossible, blockchain is not a single server.

Is this a joke?, well if this is real or not, one thing is for sure, bitcoin developers are continuously strengthening the bitcoin system. 2019 is near though but still i believe that there are no "secure" system. Bitcoin is hack-able for sure but i am not certain how it will happen, and another thing. I do not believe on what you say that most people you know that are in IT field is not interested in bitcoin is somehow unbelievable. The technology of Blockchain is awesome and i thought they should learn and use it for a better efficiency on their system.

Wow, that is money for jam my friend. Bitcoin has not been hacked since it was created in 2009. So you have a track record of 8 years to back your bet. There are also a steady increase in the price in the long-term, so that counts in your favour too. We know the code is solid, but you have to define what Bitcoin he/she is referring too. < Bitcoin Cash / Bitcoin Gold / Original Bitcoin >

The developers on the other forks are clueless, so I would rather go with the people behind the original Bitcoin. < Core Defs > 

I know a few people in IT and that was my experience too. They aren't very interested in bitcoin. Especially not in investing in it. Some never looked into bitcoin. Some still think it is a ponzi scheme or another scam. Others say that it can't be used for services without converting to euros or dollars first so it won't get anywhere. I gave up trying to talk to some of them about it.

Congratulations for your bet, I'm sure you're the winner. Because bitcoin has tried thousands of times to break into but no one can. And that's the specialty of bitcoin.

right, I agree with you, mostly in business circles

as well as my place, in my country, most of those involved in bitcoin, essentially businessmen or office workers who know about the internet and the stock market.
I think bitcoin will survive and become more popular.

My IT Professor/ a security Professor introduced me to bitcoin. There are lots of IT people are just focusing on their job, they must also be updated on new technologies like blockchain, this is unbelievable, like really. Blockchain is just an awesome way of recording data, and bitcoin's process of transaction is also awesome that it could be used in different systems.

Common people have a realty hard time grasping bitcoin decentralized nature, they think that bitcoin has to be something like paypal, just another form of payment and they do not realize that bitcoin is its own currency with its own set of features that cannot be replicated by traditional currencies, this is why I think we have not seen major adoption yet.

My buddy just came back from a conference in Hong Kong. Go there with your bch valuation and it will fall on deaf ears. A lot of big players are stacking up bch at these prices. Just saying don’t get caught off gaurd when bch blows up, that is all.

On topic, your buddy knows that MT Gox and bitfinex were not bitcoin hacks, correct? As long is hacked is defined as cannot counterfeit or brute force a priv key with a known public address, you’ll be good.

But realistically, If I hacked bitcoin I’m certain that I’d tell absolutely nobody.

Doesn't matter. Bitcoin will always have a market, even if every major country prohibit it. That's why there is a dark market for everything.

For someone who works in the it sector you'd think he'd have done some better research about bitcoin.

I think you are going to win this bet, the positive movement is keep on happening to bitcoin, so there is only a small chance where bitcoin will be crashed and bitcoin got a pretty solid security, it wont be that easy to hacked bitcoin, I believe in  two years bitcoin will still on the top and the popularity will be very high, and bitcoin is more popular in entrepreneurs because they saw it as an opportunity to earn profit

It depends on the individual, there are IT professionals that are always updating their resumes and getting new and valuable skills but there are some that do not do that and keep doing the same thing for a long time, then when they are fired and need to get a new job most of the time are surprised by the fact that their skills are completely outdated and that they need to learn new skills again.

There is only one year and a few months left until 2019, and i am pretty sure that there is not going to be any crash or hack into the security of bitcoin or the way that it works, it is fully protected and everybody has their own security to prevent hacking or cracking on their wallets.
there are small chances for it to happen, maybe your friend is angry because he could not buy bitcoins at a cheaper rate.. poor of him. good luck for this bet mate.

What is "crash" for you? Correction of the price happens sometimes, would you consider is as crash? $50000 is quite a lot but I can understand you. If I were you, I would do the same. I believe Bitcoin will be worth a few times more in 2019. A lot of countries my introduce Blockchain technology by that time. Maybe certain country will adapt Bitcoin as a currency?

I do not know why I find the story difficult/hard to believe. Anyway, bitcoin crashing or being targetes for hacking are possibilities but I believe Bitcoin will survive if any of them happens.

For your bet, I think you stand a chance of winning.

The only way I could see an scenario like that happen is if quantum computer were in fact decades more advanced than we thought and they used those to destroy bitcoin, but if the data we have is correct it is going to take a lot of time before quantum computers become faster than regular computers and by that time we will have time to protect bitcoin against them.

Bitcoin can't hack.
To hack SHA-256 is impossible.
If this happen with SHA-256 - many service, bank, etc will be hacked too:)