My $50 000 Bitcoin bet

[CryptosapienZA]

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.

[talkbitcoin]

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

[Palmier]

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.

[mondobitcoin]

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.

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

[Kemarit]

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.

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.

[Yutikas_11920]

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
 

[hitlab]

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?

[13abyknight]

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.

[harizen]

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.

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.

[CryptosapienZA]

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

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.

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?

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

[shirackjs]

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.

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

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

[Yuhee]

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?

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.

[spadormie]

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!!!

[CryptosapienZA]

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.

It is called a Death Spiral.
http://bitcoinandtheblockchain.blogspot.com/2017/08/chain-death-spiral-fatal-bitcoin.html

Your Friend is right,
ASIC miners will go wherever the profit is greatest , within a year or so that will be Bitcoin Cash not Bitcoin.


╥Aztek

 

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

[jtipt]

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.

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.

[DoublerHunter]

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.

[dothebeats]

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.

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.

[BitcoinHodler]

It is called a Death Spiral.
http://bitcoinandtheblockchain.blogspot.com/2017/08/chain-death-spiral-fatal-bitcoin.html

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.

Your Friend is right,
ASIC miners will go wherever the profit is greatest , within a year or so that will be Bitcoin Cash not Bitcoin.

why?!!

[ankylotic]

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.

[elite3000]

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