Former Bitcoin lead dev predicts demise of BTC network … with a major silver lining

A former lead developer for the Bitcoin network has postulated a possible future for the world’s most popular cryptocurrency which includes an epic price prediction.

Software developer Gavin Andresen published a recent blog post called “A Possible BTC Future” in which he predicts the demise of the Bitcoin network.

Before BTC meets its end, it will reach a price of $6 million per coin in 2061, Andresen predicts. Before you get too excited, he added that $1 million dollars today will be worth $6 million in the next forty years, due to massive inflation.

The former Bitcoin client programmer admitted that his predictions were a “little piece of science fiction,” but that the scenario was entirely possible. Transaction fees would cost around $7,500 but most transactions will not occur on the network itself, he added.

Instead they’d be on a mirrored chain using wrapped tokens to save on fees and improve speeds. The whales, which would control the entire thing, would continue to transact on the main chain. By 2100, these whales would recognize that the mining fee had dropped to near zero and so few transactions are occurring so they will shut it down, Andresen predicted.

“Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

The silver lining is that there will still be 20 million or so BTC moving around on other blockchains which would retain their value through scarcity, he added. Mathematically, the last Bitcoin is due to be mined in 2140. Currently, just 2.17 million, or 10.5%, remain to be mined.

Related: 5 Surprising Facts From Gavin Andresen’s Sworn Deposition

Andresen, who also founded the Bitcoin Foundation, stepped down from his lead role in 2014 and has receded from the spotlight in recent years. In 2016, he was ostracized from the Bitcoin community for supporting Craig Wright’s claims to be BTC creator Satoshi Nakamoto.

He later admitted that this was a mistake and testified that he had been “bamboozled” by Wright’s claims in June 2020.

Source

Tagged : / / / / / /

@ekryptopia The store of value is that there is some value that the current owner is saving to be utilized in the future, either by himself, or by a different owner he sells to. I can eat grain today, or store it to eat in the future, or sell to someone else who will have the same choice.

@ekryptopia The store of value is that there is some value that the current owner is saving to be utilized in the future, either by himself, or by a different owner he sells to. I can eat grain today, or store it to eat in the future, or sell to someone else who will have the same choice.

Source

Tagged : / / / / / /

Gold is a store of value as people buying gold now will be able to sell it in the future to buyers who actually need to use gold as a metal. Bitcoin’s value comes from the belief that it can be resold at a higher price in the future to speculators willing to make the same bet.

Gold is a store of value as people buying #gold now will be able to sell it in the future to buyers who actually need to use gold as a metal. #Bitcoin’s value comes from the belief that it can be resold at a higher price in the future to speculators willing to make the same bet.

Source

Tagged : / / / / / / / / / /

OKEx officially released the second platform token OKT today. The initial 10 million tokens will be all given to OKB holders, and the tokens will be mainly used for OK public chain in the future. This shows that OKEx has joined the public chain competition after binance/huobi.

OKEx officially released the second platform token OKT today. The initial 10 million tokens will be all given to OKB holders, and the tokens will be mainly used for OK public chain in the future. This shows that OKEx has joined the public chain competition after binance/huobi.

Source

Tagged : / / / / / /

@100millionSat Where do you get $12T? Reduction of counterparty risk is a key need. Lowing costs and democratising access is another. Via Investopedia, financial services is approx 25% of world GDP. I do not think the future will be bricks and mortars, software will continue to eat the world.

@100millionSat Where do you get $12T?

Reduction of counterparty risk is a key need. Lowing costs and democratising access is another.

Via Investopedia, financial services is approx 25% of world GDP. I do not think the future will be bricks and mortars, software will continue to eat the world. https://t.co/CbxwNjpAVY

Source

Tagged : / / / / / / / / / /
Bitcoin (BTC) $ 27,253.30 1.67%
Ethereum (ETH) $ 1,875.24 1.40%
Litecoin (LTC) $ 90.65 1.81%
Bitcoin Cash (BCH) $ 113.30 0.70%