General Discussion
In reply to the discussion: So, is twitter gonna turn into a clustermusk? [View all]Celerity
(54,450 posts)the Twitter network (it would be found quickly) as it would quickly degrade performance and he would be ruined (and in a lot of legal trouble as well) once it was discovered he was doing it. The 1000's of network engineers and network admins at Twitter could never engage in such a mass conspiracy, many would quickly whistleblow.
Also do the maths.
There are only around 1.97 million (out of the total 21 million ever possible (at current rates the last bitcoin will be mined in 2140, so 118 years from now, so unless I live to be 144 years of age, I am not going to see that, lol), with 5 to 7 million of the 21m lost forever due non availability for a multiplicity of reasons, ie death, lost passwords, destroyed hard drives, etc etc) left to be mined
As the supply of unmined BTC goes down, the harder it gets to mine (the system adjusts the complexity of the computations (called proof of work ie PoW) needed to mine a new block to keep new block creation in a balanced state).
The difficulty level for mining in March 2022 was 27.55 trillion. That is, the chances of a computer producing a hash below the target is 1 in 27.55 trillion. To put that in perspective, you are about 91,655 times more likely to win the Powerball jackpot with a single lottery ticket than you are to pick the correct hash on a single try.
There are also millions of other people trying to mine.
At current valuation, even IF Musk was able to mine half of all remaining BTC (basically impossible and would take YEARS, but I will use that figure for my example), the value of that 1 million BTC is LESS (around 40 billion USD) than what he is paying for Twitter itself.
Even if BTC increases by 250%, and hits 100K usd per BTC, you are talking 100 billion usd total value, or only around 29% of what Musk was worth at peak a while back, on November 4, 2021 (340 billion usd, which made him the richest person ever in modern times, passing John D. Rockefeller's inflation adjusted peak net worth)
