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Bitcoin => Bitcoin Discussion => Topic started by: AGD on September 07, 2017, 04:36:56 PM



Title: Adi Schamir (the 'S' in RSA) predicts Bitcoin's death in 2040
Post by: AGD on September 07, 2017, 04:36:56 PM
Article is in German: http://www.businessinsider.de/bitcoin-experte-krypto-waehrungen-werden-aussterben-2017-9
He talks about Bitcoin beeing a ponzi (only the founders are becoming rich) and in the future governments will fight Bitcoin and this will lead to a big dump and the death of Bitcoin by 2040.
Adi Shamir is one of the inventors of RSA. Shouldn't he know better?


Title: Re: Adi Schamir (the 'S' in RSA) predicts Bitcoin's death in 2040
Post by: franky1 on September 07, 2017, 04:53:58 PM
by getting rid of utility (via high onchain fee's which cause using bitcoin to purchase daily products/services hard/impossible) means that all that is left is a reserve currency which ends up being holding and only selling for profit. basically buying at X to sell to someone else for X+Y to recoup losses.. in short peter paying to pay paul..

bitcoin really needs to remember its a currency and not a reserve. otherwise it will end up in trouble.

as for anyone that tries to naively say LN solves that.. those naive people need to really spend a few hours away from reddit and actually spend time understanding LN and realise LN becomes a 'managed' service.. and understand its not as unlimited/trustless/open/free as reddit promotes


Title: Re: Adi Schamir (the 'S' in RSA) predicts Bitcoin's death in 2040
Post by: Dude.Lebowski on September 07, 2017, 04:57:35 PM
Article is in German: http://www.businessinsider.de/bitcoin-experte-krypto-waehrungen-werden-aussterben-2017-9
He talks about Bitcoin beeing a ponzi (only the founders are becoming rich) and in the future governments will fight Bitcoin and this will lead to a big dump and the death of Bitcoin by 2040.
Adi Shamir is one of the inventors of RSA. Shouldn't he know better?

He knows his math like no one else. But I would say he is not an expert in predicting the future any more than anyone else.


Title: Re: Adi Schamir (the 'S' in RSA) predicts Bitcoin's death in 2040
Post by: hatshepsut93 on September 07, 2017, 05:06:23 PM
Adi Shamir is one of the inventors of RSA. Shouldn't he know better?

Bitcoin is built on cryptography and economics, and Adi Shamir is an expert only in one of those fields. If he criticized the underlying cryptography of Bitcoin (which is not RSA by the way), that might have been a bit worrisome, but since he talks about economics, his prediction is as good as of any other random mathematician. All this negativity towards Bitcoin comes from people who don't realize the value of decentralized digital money, and sadly it makes them think that Bitcoin is a bubble.


Title: Re: Adi Schamir (the 'S' in RSA) predicts Bitcoin's death in 2040
Post by: joseafonso123az on September 07, 2017, 05:14:41 PM
This is like another prediction made, we can never know what will happen to bitcoin in the future. He has said some things that could become true, as the government intervening if bitcoin is used for wrong purposes, and that could indeed give bitcoin a breakdown. Until then, and until the last bitcoin is mined, let's enjoy bitcoin, and use them for good purposes.


Title: Re: Adi Schamir (the 'S' in RSA) predicts Bitcoin's death in 2040
Post by: aplistir on September 07, 2017, 05:21:41 PM
Funny how being successful in one field strangely makes someone an expert in another field too  ;D

This happens in so many places. Eg. Doctors are suddenly experts in everything etc.


Title: Re: Adi Schamir (the 'S' in RSA) predicts Bitcoin's death in 2040
Post by: unusualfacts30 on September 07, 2017, 05:28:03 PM
Article not found. I agree that there will be some government intervention but death of bitcoin? that's too much prediction. Unless he can travel through time there is no way for him to know that but given that he is already 65 years old, we won't have a way to get to him if he is wrong. nice prediction.


Title: Re: Adi Schamir (the 'S' in RSA) predicts Bitcoin's death in 2040
Post by: HeRetiK on September 07, 2017, 05:49:27 PM
Article is in German: http://www.businessinsider.de/bitcoin-experte-krypto-waehrungen-werden-aussterben-2017-9
He talks about Bitcoin beeing a ponzi (only the founders are becoming rich) and in the future governments will fight Bitcoin and this will lead to a big dump and the death of Bitcoin by 2040.
Adi Shamir is one of the inventors of RSA. Shouldn't he know better?

The final paragraph of the article regarding the end of Bitcoin by 2040 is a bit weird:

Quote
Der Experte nennt ein Datum für das Ende der Bitcoin: Da derzeit etwa 16 Millionen Bitcoin im Umlauf sind, die Obergrenze jedoch auf 21 Millionen festgelegt ist, wird das Ende der Bitcoin-Schöpfung seinen Berechnungen zufolge etwa 2040 erreicht sein.

"The expert calls a date for the end of Bitcoin: Since there are currently 16 million bitcoin in circulation with the maximum supply being 21 million, the end of bitcoin-mining will, according to his calculations, be reached by 2040."

I wonder if the conclusion that the end of block rewards automatically means the end of Bitcoin came from Schamir or from Businessinsider. Either way yet another prime example of a fundamental misunderstanding of how Bitcoin works.