Operation Dicksave

You are probably as concerned as I am about John McAfee's junk. Mr. McAfee, once a respected businessman in my beloved Silicon Valley, saw his $100 million fortune dwindle to a tiny fraction of that following the financial crisis. Since then, he seems to have staked the rebuilding of his fortune on the soaring value of cryptocurrencies.

Famously, he has pledged to - - and I am not making this up - - eat his own dick if $BTC isn't at least a million dollars per coin by the end of 2020. Not just eat it privately, like most of us would, but on "national television" (whatever THAT means). The end of 2020 seems like a million years from now (particularly if you're waiting for the next Presidential election), but it's only about a thousand days away.

I thought I'd actually calculate what bitcoin would need to do in order for John McAfee's wanger to be saved (which I'm sure is large and lovely, even for a 72 year old man). Well, I've got the value for you: about half a percent a day, every day, without fail, for the next 1000 days.

That may seem a modest goal. After all, this is Bitcoin we're talking about here. But keep in mind this is based on gains every single day, without interruption. And, if recent history is any guide, it isn't exactly blazing its way to dick glory lately (I've put an arrow at the point where McAfee made his pledge; not surprisingly, it seemed unstoppable at the time).

bitcoin

The "half per cent a day every day" chart looks markedly different:

smooth

Also in the news lately is the fact that the cost of mining a bitcoin is about $8000 which, surprise surprise, is almost exactly its current value. So it would seem that market forces, God bless 'em, having found an equilibrium, and I don't think the world would be compelled to push $BTC up to a million dollars just because of ol' John's johnson. Indeed, I suspect the image on "national television" at the end of 2020 would probably resemble something closer to this:

Oh, and speaking of dicks and cryptocurrency, congrats to Mr. Altucher for landing his latest girlfriend. Well done, sir!

lobe

I mean, I assume it's because of his success with cryptos. Maybe I'm wrong.

james

Comments

Honest Sam Sun, 03/18/2018 - 08:42 Permalink

He has always been given to hyperbole, gross exaggeration, and foul, crude language.

I never actually believed he would do it. And neither did he. Nor should you have because....

...there is this:  He told the world something that even the most dense first year biology student was taught:  A man can not bend over far enough, like a dog can, to even lick it, let alone eat it, so the joke is on those who swallow, so to speak, the impossible

Skateboarder Perimetr Sun, 03/18/2018 - 17:08 Permalink

It never was there! As a contrarian of bit-bux, I always talked shit. Then December 2017 happened, and FOMO got the best of me during the bubble deflation. WHAT IF... it's really going to explode after whatever correction? Well, it did expode - the frickin graphs look like a volcano. 6500 in to the system, less than 2000 remaining.

Shoulda bought 400 oz of silver... I would still have it in my hands.

Fvck you digibux! NEVER AGAIN!

In reply to by Perimetr

King of Ruperts Land Skateboarder Sun, 03/18/2018 - 22:02 Permalink

The author of this story is a clueless dick. Try drawing both charts with a log scale. The mining cost always is about equal the price and has been even when bitcoin was $1.00. Also the amount of bitcoin created is fixed and unrelated to mining effort. It is unlike gold or copper or oil.

The fact is that if you fit a straight line to your first chart, then it hits a million July 2019. I wouldn't risk my dick on it, but its not out of the question.

In reply to by Skateboarder

any_mouse Justin Case Mon, 03/19/2018 - 13:59 Permalink

As it gets more expensive to mine and eventually 21,000,000 coins have been miined, who is going to want to run mining equipment just to process transactions.

Then the widely distributed processing will consolidate into a few hands who seek to gain the most profit from transaction processing.

Profit seeking is the goal, less about providing a beneficial service to mankind.

In reply to by Justin Case

snblitz any_mouse Mon, 03/19/2018 - 15:09 Permalink

I  mined my first bitcoin myself.

Who is going to "mine" (create new blocks) when there is no block "reward".

The block reward goes down by half every 4 years and ends when all 21 million bitcoins are mined.

If miners expect US$100,000 for mining a block (12.5 bitcoin reward times current value in US dollars) what happens when they have to rely solely on transaction fees?

$100,000 / 4500 transactions per block equals $21 per transaction.

(assuming average transaction size of 224 characters)

What happened to low transaction fees?

 

In reply to by any_mouse

armageddon addahere NoDebt Mon, 03/19/2018 - 13:49 Permalink

As a Canadian, you can keep them.

We are still waiting for the influx of refugees who said they would move north if Obama won, if Bush won, etc all the way back to Reagan.

Last big immigrant group from the US was the draft dodgers during the Vietnam War period.

At that time 20,000 young Americans took ROTC to mean Run Off To Canada, while 22,000  Canadians volunteered for the US military. I leave it to you who got the best of that trade.

In reply to by NoDebt

TRM Honest Sam Sun, 03/18/2018 - 13:21 Permalink

Maybe he has a pet chicken named Richard?

Just saying that is how I would do it. Think of it. Mr McAfee with a cleaver in one hand and holding a chicken by the neck with the other. Repeatedly striking the cleaver into the chopping block.

Then he asks everyone to vote to see if the chicken "gets it" or not. 

In reply to by Honest Sam