might have to hit 180k to overtake Putins 200 billion…
A large amount of Bitcoin already “missing” like in scenario 2 due to lost keys etc. Some believe it could be as much as 4 million coins http://fortune.com/2017/11/25/lost-bitcoins/
Although as others had said this decreased supply increases scarcity and therefore price
Paxos software engineer Jimmy Song examines the different ways in which Bitcoin is antifragile: technical, economic, and social.
I believe if there would ever be an ability to end bitcoin it would have to be by cutting the head off of the snake. Elite’s that have a large hand in social-engineering would have to collude against mining and find a way to shut it down for good. Mining is still the vital organs of cryptocurrency…well the most secure and decentralized ones imo.
This is a reponse that I posted to a thread from John, about bitcoin not being killable.
I agree you can’t destroy it, as John said, you can make it irrelevant.
I just finished Blockchain Revolution by Don Tapscott. Great book, but it was a lot consume. He outlines what he sees now as it’s big weaknesses. I will save you time, it is in Chapter 10.
One weakness is the concentration of computing power in the mining world of bitcoin. It as becomes more and more difficult mine bitcoin, farms/computing power begin to concentrate. This is resulting in super farms being built at great expense, for companies to enrich themselves, from mining and later fees.
If super elite (alone or group) buys out the biggest mining farms, they can control of over 51% over computing power. With that, they can hijack Bitcoin itself, by it’s own rules. They would be free to twist Satoshi’s code in anyway they want, or simply fly into the ground.
You can’t destroy bitcoin, but as John said, you can make it irrelevant.
Just my view. I don’t see this as likely, but it is a possibility. I am choosing to invest in bitcoin, about %12 percent of my life savings, I am committing to the cause.
I am curious to know your thoughts,. In hindsight sight, I don’t think Satoshi would have wanted super mining farms out there. In his day it was all doable on a laptop or desktop. It was meant to be done by many actors across the planet in different countries, in the interest of bitcoin.
Yep, everyone had the power to mine, generate wealth and be part of the network. I don’t think he ever foresaw that people would’ve gone overboard and create warehouses full of ASICs the size of a neighbourhood!
I tried to invite Peter and John to my post. I am still so new that I am not getting it right though.
Agreed. I think he wanted the people most invested in Bitcoin to reap the benefits of it, in the belief that they would be good actors.
The theme and question of this entire thread is about financial gods amoung men coming down from on high, with sole intention of destroying bitcoin.
Bitcoin was setup so that greed would incentivize cooperation for the greater good and wealth generation. But a weakness is that those who already have the greatest amounts of wealth before Bitcoin, may seek to keep their ranks thin and within their realm of control. Also something I don’t think Satoshi planned on, otherwise it would probably be some pointless high number like 82% rule, instead of the 51%. It would make that much harder to hijack the system, but also harder to reach consensus on needed changes to the protocol.
The article didn’t state anyone claimed those airdrops, it just lists the value of them.
They theorize that he mined most of the first 36.000 blocks and further state that 63% was never spent, which means there’s 22.680 wallets with 50BTC in each (plus the tips the article talk about).
So Satoshi (or someone) would have to hold 22.680 private keys in order to access them…
I kinda doubt anyone has them.
Kinda hard to put a backdoor in open source coding.
That “backdoor” was in the context of replying to if someone had a way to get access to the Mysterious Satoshi’s wallet and burn the coins. Because that would defeat the immutable feature of blockchain altogether. You think he’s still alive?
If someone has the 22k private keys, it’s working as intended. I’m positive there is no other backdoor.
But if someone had access I’d guess at least a few of them would have been moved in recent years. Again, it’s 22k wallets, so you don’t really know which are owned by Satoshi or not, so you wouldn’t change anything by emptying a few.
(the first block mined by someone else that I know of was block 70, so there was probably a lot of people mining in those first 36k blocks the article talk about)
edit: There is no “mysterious Satoshi’s wallet”… It’s a misunderstanding that there’s some wallet holding 1.1 million btc, supposedly belonging to Satoshi. There’s 22k wallets with 50 btc in each, that people believe was mined by Satoshi, but a bunch of them probably wasn’t.
I have no idea and I don’t think it matters. I’m positive that most of those 22k untouched wallets are lost.
Bitcoin can never be irrelevant because there will always be case studies that will lead back and reference bitcoin making the coin stronger. It is weird that some people are trying to destroy bitcoin and not cryptographic or other technology behind bitcoin. Once cryptographic is discovered and strengthened it will be hard to destroy, just like math,techniques and algorithm. They will always be reused for the good or bad.
The more I learn about Bitcoin, the more I like it. The one thing that I have noticed is that it is super difficult to control or damage from the outside.
There are downsides unfortunately. Once someone has substantail sums of it or the hashing power, then outcomes can be worrying.
Bitmain is starting to worry me, more than usual. They are basically @ 42% of the hashing power now. Their hash power will keep growing. They have not always been good actors in this space either.
Also I believe that they are planning an IPO. Which further worries me, as now more outside influences can affect a major amount of the hashing power behind bitcoin when/if Bitmain goes public.
Does any one else see a problem with this? I am not a miner, so I am not super aware of how that side of BTC works. @john had a post from april about Bitmain. I am still newish to the space, with only a few months of real world experience buying and holding. I am on book #10, in regards to educating myself about crypto in general.
China views BTC as a threat to its own currency. It bans mining in china and seizes all mining farms and performs a 51% attack on BTC.
( atm 82% or smth like that of the total hash rate comes from china )
is prob one way.