If you are talking about 1 BTC = $1,000,000 and the $1,000,000 you are talking about has the same purchasing power as $1,000,000 today then no. See my previous post in this very thread: We cannot/do not want to get to $1,000,000 or even $500,000 per BTC any time soon unless there is hyperinflation and the dollar were to lose most of its value. In other words the only way we are going to get to $1,000,000 or even $500,000 if for that many USD to be worth what $1,000 or $500 is worth today in terms of purchasing power. Here is the math behind it: https://bitcointalk.org/index.php?topic=694401.0If BTC were to go to $500,000 in this era it would cause a catastrophic mining bubble: $500,000 x 25 = $12,500,000 per block = $75,000,000 per hour$75 million per hour would drive the mining to attempt to use 675 GW. This is about 30% of all the power generated on the planet. So, in order to keep our power consumption under about 2% of world wide power production, we cannot/do not want the price to get to $500,000 before era 6, which is about 2033 or so. Using my previously derived formula for the power consumption: P = (6(50/2 e) + f)(x)(1 - g)/c [kW] where: x = exchange rate [USD/BTC] e = era [0..32] (we are currently in era 1) f = average fees per hour [BTC/hour] c = cost of energy [USD/kWh] g = average gross profit margin [unitless ratio] we can look at the power consumption in each era assuming a price of $500,000 per BTC. In order to make it simple I will make the following assumptions: x = $500,000 per BTC f = fees per hour will keep the coinbase above 6 BTC/hour (1 BTC/block) in all eras c = $0.10 per kWh g = 0.1 miner gross profit margin Original target Subsidy Est Fees Power % of total world
Era starting year BTC/block BTC/hour GW power production
--- --------------- ----------- ---------- ----- ----------------
0 2009 50.00000000 0.00000000 1,350 58.41%
1 2013 25.00000000 0.00000000 675 29.20%
2 2017 12.50000000 0.00000000 337 14.60%
3 2021 6.25000000 0.00000000 169 7.30%
4 2025 3.12500000 0.00000000 84 3.65%
5 2029 1.56250000 0.00000000 42 1.83%
6 2033 0.78125000 1.31250000 27 1.17%
7 2037 0.39062500 3.65625000 27 1.17%
8 2041 0.19531250 4.82812500 27 1.17%
9 2045 0.09765625 5.41406250 27 1.17%
Of course my post is from before the reward was cut in half. We are now in era 2 so you can adjust the above numbers accordingly. |
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1 Bitcoin = $1,000,000 USD
21 Million Bitcoins = $21,000,000,000,000 ($21 Trillion USD)
The value of Bitcoin is never going to be that high, I think that we have to stay realistic and not speculate about things that we know are not going to happen. I would be a great thing if the value would be that high but it is impossible to think that it will happen. It would be really something if the price would be one million Dollar but a miracle would have to happen to get the price to be that high. Do not get your hopes up for the price to be this high because the chance is small. I guess you could call hyperinflation and destruction of the value of the USD a "miracle". Not what I would call it. |
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OP - What proof do you have that you have 1000 btc? Can you also let us know what is your average price of 1000 btc?
He just recently purchased this 1,000 BTC but he and his alt JEON have been trading Bitcoins for over 14 years. So, of course, you can trust him and JEON. |
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Also, you never answered Bruno's post in your previous thread. 14 years working in Bitcoin, really? JEON (and Everan426),
What happened to you guys? I need to buy between 1,000 and 5,000 BTC every single day. It is so hard to find anyone who can do those large volumes so I was hoping to go through you guys. But, alas, you have disappeared so I will have to send my business elsewhere.
BurtW
Hey, Burt, to be on the safe side purchase a few thousand bitcoins from this guy - https://bitcointalk.org/index.php?action=profile;u=547245 - who deleted all his posts, and purchase a few thousand bitcoins from this guy - http://www.bitcointrading.com/forum/index.php?action=profile;u=4546. That way if either one of them scams you, you'll still have half your bitcoins left. http://richfund.pe/otc/ If you believe that Nick Spanos, Marshall Long and Leroy Fodor were trading bitcoins in 2009 when this forum had less than 20 users at years end (theymos joining in 2010), then you'll have no problem whatsoever believing this another piece of shit being in Bitcoin for 14 years. |
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You never answered my question in your previous thread: Everan426, I am confused. Did you join Richfund? Are you now working there? If you now work there why don't you have an email address there? Richfund is the biggest bitcoin hedge fund company in China. The CEO is well-respected among Chinese bitcoin community. They have arbitrage services with the biggest exchanges such as Bifinex, Kraken, Huobi and others. The website is richfund.pe. They are trying to expand their otc trading and has done many successful trading. They are willing to do trade over localbitcoin for their escrow service and are willing to cover the 1% localbitcoin trading fee. Their mission, to the best of my understanding, is to help other professional and large bitcoin traders profit. Of course they will make profit too but it is lower than the traders they work with (because they will pay the 1% localbitcoin fee). Ultimately, they want to set up a network of professional traders.
Hi,
I bought a lot of bitcoin back in 2013 and would like to start trading large amount. I do like to waste my time on small amount but willing to do it to build trust for a long term trading relationship. Since I have already sold a good portion of my bitcoin holding, I'm also in the market to buy bitcoin through international wire transfer. I accept all the major fiat currencies.
If you are a trader looking to scale up his trading volume, I think we can trade on regular basis.
Cheers,
Hi, I'm sorry for the late reply. Our website is www.richfund.peIf you are still interested in trading, I'm more than happy to discuss it further with you via Skype. My skype username is Kong Gao Richfund or by my email kong4726@qq.comRichfund provides three services that we believe are helping to advance bitcoin adoption: 1) market-making for exchanges to help exchanges develop and get new users, 2) automated arbitrage to help reduce price volatility for merchant adoption, and 3) OTC trading by offering competitive rate (bitfinex +/-2%) to help otc traders scale up their trading volume. You can visit our website at www.richfund.pe Whatever happened to JEON? Last post April 12, 2016, 08:40:42 AM: welcome to Richfund
Is he now your boss? If so you should ask him for an email account at the company.  |
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Highly unlikely but should that happen, expect economic chaos.
You might have that backward: If we have economic chaos (hyperinflation) then expect it to happen. |
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Hello
Sorry for thread but i have problem on my account paypal
I can't send any money to anyone , i don't know why ?
I have this message :
" Sorry, the recipient doesn’t accept payments using this payment method. Please choose another."
Help me , Thank you
This is a Bitcoin forum, not a PayPal forum. I suggest you contact PayPal customer service. Why on Earth do you think anyone here on the Bitcoin forum can help you with a PayPal issue? sorry i want try find help from anyone thank you You have a PayPal account. They have customer service. Contact PayPal customer service. Just Google "PayPal customer service" |
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Hello
Sorry for thread but i have problem on my account paypal
I can't send any money to anyone , i don't know why ?
I have this message :
" Sorry, the recipient doesn’t accept payments using this payment method. Please choose another."
Help me , Thank you
This is a Bitcoin forum, not a PayPal forum. I suggest you contact PayPal customer service. Why on Earth do you think anyone here on the Bitcoin forum can help you with a PayPal issue? |
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I agree. It is inevitable that 1 BTC will equal $1,000,000 by design of both systems - assuming both systems last that long.
The real questions are:
1) When will the cross over happen
2) How much will the 1 BTC or the $1,000,000 be able to buy at that point is time? One average house? One average automobile? A nice vacation? One bag of groceries? Or one cup of coffee.
Hi Burt, nice to see your post again. I've followed your mining power based analysis on the price cap for each halving era. Based on your model, the estimation came up by flipperfish's post: https://bitcointalk.org/index.php?topic=694401.msg9186092#msg9186092 are all based on today's dollar purchasing power right? I agree that the price estimation could be a lot more accurate on how much bread/milk we can get per coin, however, I have yet to find anyone come up with a solid formula based on this model. Yes, all my calculations in that other thread are based on a constant dollar value. |
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Even if bitcoin mining uses lot of power now and it will be using more power by 2020, it does not mean that we abandon the project. There are ways we can eliminate waste and get energy efficient systems to get this done.
Wrong. The efficiency of the mining equipment only affects the mining difficulty. It does not affect the power consumption of the Bitcoin mining network. It would be better to install solar panels and wind turbines because renewable energy is the future.  The source of the power generated has no affect on the power consumed. The amount of power consumed is only affected by the cost of the energy consumed. Bitcoin mining will always use the cheapest available energy - and that is not solar or wind. |
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this is funny and scary...but on a more nerdy note the long term average inflation rate for the dollar over the last 100 years or so has been 3.22%. So prices double roughly every 22 years. Going purely by the math, they would be a 1000x in 220 years or so...so this event should definitely happen between year 2240 - 2250  But unlike fiat currency, whose money supply is continually added, bitcoins are fixed at 21 million. Assuming bitcoins were to keep increasing in popularity and acceptance and the user trajectory keeps increasing and assuming a 5% inflation rate (i just pulled this from my hat), prices would double every 15 years, so in another 150 - 160 years we would get there or by year 2165 - 2175. I agree. It is inevitable that 1 BTC will equal $1,000,000 by design of both systems - assuming both systems last that long. The real questions are: 1) When will the cross over happen 2) How much will the 1 BTC or the $1,000,000 be able to buy at that point is time? One average house? One average automobile? A nice vacation? One bag of groceries? Or one cup of coffee. |
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i think 2020 is too far to say any thing about that. but the power of the bitcoin can be realize from today. the present condition of the bitcoins shows its position clearly.
If the bitcoin price just double from the current price, it will use similar amount of energy as now. So no worries. TRUE: If the price were to just about double about every four years then the Bitcoin Network would continue to consume about as much energy as it consumes today. But, if the price more than doubles over each era then it will consume more than it does today. 2020 is pretty far from now.
I'm sure someday the devs will come up with something to solve the potential problem.
Since power consumption is fundamental to the design of Bitcoin it would take a fundamental change (like PoS or PoS/PoW hybrid as suggested) to change this. I personally do not believe that a change this fundamental would ever be accepted by the majority of miners and nodes. We will see. |
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If it's unopened, it will have the tamper-evident sticker on the package, wouldn't it? Therefore a picture the box signs be sufficient to tell if the trezor itself has been changed.
Also, there is really no way to take it out of the box without destroying the box. |
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There is a much easier way you know, and I really can't understand why people keep using blockchain.info these days and what makes me even more mad, there are a lot of people supporting it.
Here is the difference (considering you have a safe PC)
If you install a desktop wallet like Electrum or MultibitHD, the only thing you need to safeguard very carefully is the SEED, without it no one can touch your bitcoins. While while you are on blockchain.info you rely on third party to do your transactions, EXTREMELY STUPID CHOICE if you ask me.
Anyway in the end its based on user choice, if the user is smart he moves from online wallets to desktop ones, if he is not he continue with online wallets.
You realized that the new blockchain.info wallet is also a deterministic wallet and that therefore all you need to do is keep the SEED (12 words) and this backs up everything about the wallet (including all transactions etc.) just like all other deterministic wallets like Electrum and MultibitHD, right? You also realize that the blockchain.info wallet, when used properly, is secure since no crypto functions take place at blockchain.info - all crypto functions take place you your own computer, right? |
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You can always just download the latest firmware from Trezor.
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And what happened to the mnemonic from the legacy wallet? In the new version I have not seen it.
Has it been replaced by the 12 recovery words?
Yes, the old wallet used the mnemonic for recovery, the new wallet is a deterministic wallet so all accounts, transactions, private and public keys in the entire wallet can all be recovered from just those 12 words. Be very careful with those 12 words. If they are compromised everything in the wallet is compromised. |
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I do not think the article gives us something new. Any reasonable person should be aware of the the above in the article.
I have a lot of questions about "smart contracts" which have been raised by this event: http://pastebin.com/CcGUBgDGSo the "smart contract" says that the entire contract is contained in the code and that whatever is defined/allowed by the code is what defined/allowed in the contract. Then a loophole is found in the "contract" and someone uses it to their advantage. Is executing this code, which was allowed by the smart contract code, admittedly unintentionally, then legal? Now, the ETH/DAO community is considering reversing the transaction so ... would that be legal? Wouldn't that be theft by the collective ETH/DAO community? Some messy questions to say the least. |
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ETH is still very new, and blacklisting ETH coins would do nowhere near the damage as blacklisting BTC coins would do.
I really hope they decide to make all the proposed changes in ETH. That way we can find out what happens when a coin does this without ruining BTC. My personal opinion is that if a coin were to fork for this reason, theft of coins "unexpected movement of coins using a unforeseen loophole in a contract", then all faith in the coin will be lost. Doing the fork(s) in ETH would be a great experiment. Will the value of ETH plummet even more and never recover? Will it recover after everyone forgets why it lost value in the first place? Let's find out!Full disclosure: I own BTC and I do not own any ETH/DAO therefore a failure of ETH/DAO can only affect me and my BTC indirectly. EDIT: I guess you might even be hard pressed to legally call the ETH/DAO event theft: http://pastebin.com/CcGUBgDGHowever it could be argued that any fork specifically targeting the coins moved in the event would be theft! Interesting times for all. |
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