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(Marketwatch)   In no way freaking out about its precipitous drop, the Winklevi think anyone who can't see Bitcoin at $320k lacks imagination, whatever they're smoking   ( marketwatch.com) divider line
    More: Unlikely, Money, Winklevoss twins, bitcoin disrupts gold, CEO Changpeng Zhao, better gold, crypto space, crypto billionaires, bitcoin BTCUSD  
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811 clicks; posted to Business » on 08 Feb 2018 at 9:30 AM (23 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



30 Comments     (+0 »)
 
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2018-02-08 09:10:35 AM  
So they didn't sell at $20k.

Just curiously, what happens in the case of a global war or catastrophe that shuts down the internet as we know it?  When it becomes impossible to mine any more BitCoin, or verify transactions?  How will you "spend" any of that value?
 
2018-02-08 09:45:20 AM  

BizarreMan: So they didn't sell at $20k.


they were born rich, so being moderately more rich does nothing for them.  they want to be 'hahaha look at us now, we told you we were geniuses' level rich, which apparently takes bitcoin being at $320,000
 
2018-02-08 09:54:17 AM  
We are still losing people who are "quitting to pursue a career in trading"... not as many as before, but the last one was only 2 weeks ago.

It reminds me of 1999-2001 with the startup insanity. And, frankly, the startup insanity that's still going on. Oh, well. The world still needs ditch diggers.
 
2018-02-08 09:57:48 AM  
Bitcoin worth more than a share of Berkshire Hathaway? [wankingmotion.gif]
 
2018-02-08 09:59:44 AM  
They are touting the long term outlook for crypto. And sure, yeah, it solves some payment problems, the tech will be widely adopted.

But it won't be bitcoin, which doesn't scale at all. And it will be neither a currency nor an investment, the successful ones will be a payment method, much like VISA or Western Union but with some nice tech features.

The Winklvii seem to think what they own is blockchain technology. What they actually own is an entry on a blockchain ledger.
 
2018-02-08 10:03:18 AM  
It just depends on how hard the folks behind Tether run their printing presses:

https://qz.com/1196866/bitcoin-prices​-​could-be-40-lower-because-tether-propp​ed-it-up/
 
2018-02-08 10:09:18 AM  
You're right subby, I AM all out of bath salts! What decade is it?
 
2018-02-08 10:10:35 AM  
$320,000 seems an oddly specific number.  why not 300k or 350k?

must get their holding to some specific number like $1T or something
 
2018-02-08 10:14:14 AM  
To be fair, you'd need quite a bit of "imagination" to see Bitcoin at $320k, which would require lots of strong "imagination enhancers" (drugs), enough that you'd see more than just $320k Bitcoin.
 
2018-02-08 10:15:43 AM  

Dead for Tax Reasons: $320,000 seems an oddly specific number.  why not 300k or 350k?

must get their holding to some specific number like $1T or something


They claim to own 120,000 bitcoins, that would put them at $38 billion.
 
2018-02-08 10:24:13 AM  

Tr0mBoNe: We are still losing people who are "quitting to pursue a career in trading"... not as many as before, but the last one was only 2 weeks ago.

It reminds me of 1999-2001 with the startup insanity. And, frankly, the startup insanity that's still going on. Oh, well. The world still needs ditch diggers.


Bitcoin investors remind me of real estate investors back in '05. A few people get stinking rich and get out before the bubble pops, everybody else gets stuck with worthless property.
 
2018-02-08 10:25:46 AM  

Pats_Cloth_Coat: They are touting the long term outlook for crypto. And sure, yeah, it solves some payment problems, the tech will be widely adopted.

But it won't be bitcoin, which doesn't scale at all. And it will be neither a currency nor an investment, the successful ones will be a payment method, much like VISA or Western Union but with some nice tech features.

The Winklvii seem to think what they own is blockchain technology. What they actually own is an entry on a blockchain ledger.


I'll go with this. You're not getting on Bitcoin (well some people might), but the people who can monetize the underlying technology will be the ones who get rich.

Similar to how gold miners didn't get rich, but the people who sold them shovels.... hoo boy did they make out like bandits.
 
2018-02-08 10:26:10 AM  

xalres: Tr0mBoNe: We are still losing people who are "quitting to pursue a career in trading"... not as many as before, but the last one was only 2 weeks ago.

It reminds me of 1999-2001 with the startup insanity. And, frankly, the startup insanity that's still going on. Oh, well. The world still needs ditch diggers.

Bitcoin investors remind me of real estate investors back in '05. A few people get stinking rich and get out before the bubble pops, everybody else gets stuck with worthless property.


At least they own the property. Bitcoin "investors" will be left with literally nothing.
 
2018-02-08 10:30:17 AM  

Gubbo: Pats_Cloth_Coat: They are touting the long term outlook for crypto. And sure, yeah, it solves some payment problems, the tech will be widely adopted.

But it won't be bitcoin, which doesn't scale at all. And it will be neither a currency nor an investment, the successful ones will be a payment method, much like VISA or Western Union but with some nice tech features.

The Winklvii seem to think what they own is blockchain technology. What they actually own is an entry on a blockchain ledger.

I'll go with this. You're not getting on Bitcoin (well some people might), but the people who can monetize the underlying technology will be the ones who get rich.

Similar to how gold miners didn't get rich, but the people who sold them shovels.... hoo boy did they make out like bandits.


The Winklevi also selling shovels. They started a bitcoin exchange after the first one they invested in was shutdown because the founder was laundering money.
 
2018-02-08 10:33:04 AM  

max_pooper: Gubbo: Pats_Cloth_Coat: They are touting the long term outlook for crypto. And sure, yeah, it solves some payment problems, the tech will be widely adopted.

But it won't be bitcoin, which doesn't scale at all. And it will be neither a currency nor an investment, the successful ones will be a payment method, much like VISA or Western Union but with some nice tech features.

The Winklvii seem to think what they own is blockchain technology. What they actually own is an entry on a blockchain ledger.

I'll go with this. You're not getting on Bitcoin (well some people might), but the people who can monetize the underlying technology will be the ones who get rich.

Similar to how gold miners didn't get rich, but the people who sold them shovels.... hoo boy did they make out like bandits.

The Winklevi also selling shovels. They started a bitcoin exchange after the first one they invested in was shutdown because the founder was laundering money.


Yeah but I bet they're dumb enough believe strongly enough to keep the profits from it in Bitcoin.
 
2018-02-08 10:35:19 AM  
Given that apparently anyone can make new cryptos, doesn't it all boil down to adoption rates among the public?

If everyone is transacting in KardashianKoin, won't all the rest of them be rendered valueless? I mean I keep trying to buy gas with my HotWingBuxx, but it's not going great.
 
2018-02-08 10:36:32 AM  
I owned 1 whole bitcoin.  Bought it at around $600.  Spent all but .12 of it when it was at around $18k.  It was totally worth the speculation.
 
2018-02-08 10:51:47 AM  
Say goodbye to your pathetic fiat currency.  Bitcoin Holofoil Limited Edition is numbered to 500, each coin is autographed by Satoshi himself.  And if you're not a high enough roller to experience Bitcoin Holofoil, don't worry, Bitcoin Chrome and Bitcoin Ultimate Team have you covered.

We'll be debuting half-a-dozen officially licensed Bitcoin products sometime in the next couple of months, so get ready, Bitcoin fans!  The future is here!
 
2018-02-08 11:55:09 AM  
Sell? To whom? Oh, I see,...a sucker. Wait, the exchange charges how much to convert to US dollars that can actually be spent on real things?
Ah. So, I'm the sucker.
 
2018-02-08 12:03:00 PM  

max_pooper: xalres: Tr0mBoNe: We are still losing people who are "quitting to pursue a career in trading"... not as many as before, but the last one was only 2 weeks ago.

It reminds me of 1999-2001 with the startup insanity. And, frankly, the startup insanity that's still going on. Oh, well. The world still needs ditch diggers.

Bitcoin investors remind me of real estate investors back in '05. A few people get stinking rich and get out before the bubble pops, everybody else gets stuck with worthless property.

At least they own the property. Bitcoin "investors" will be left with literally nothing.


Hey that's not fair. They'll end up with long strings of text on a hard drive and a shiatload of overworked video cards.
 
2018-02-08 12:30:43 PM  
Anybody paying attention to the DJIA today?
 
2018-02-08 12:36:33 PM  

H31N0US: Anybody paying attention to the DJIA today?


It's currently down over 2%.
 
2018-02-08 12:37:08 PM  

H31N0US: Anybody paying attention to the DJIA today?


Trying not to.
 
2018-02-08 12:42:19 PM  

AstroJesus: Sell? To whom? Oh, I see,...a sucker. Wait, the exchange charges how much to convert to US dollars that can actually be spent on real things?
Ah. So, I'm the sucker.


It costs 0.25% to sell on the Winkle Twin's exchange (Gemini). So if you sell $1000 in bitcoins you would receive $997.50 in your bank account.
 
2018-02-08 12:45:43 PM  

H31N0US: Anybody paying attention to the DJIA today?


I am, apparently being told they're making a big mistake makes them double down on it. haha
 
2018-02-08 01:36:39 PM  

max_pooper: H31N0US: Anybody paying attention to the DJIA today?

It's currently down over 2%.


That's not nearly enough.  I've got money ready to invest.  Must be patient.
 
2018-02-08 02:22:17 PM  

xalres: Tr0mBoNe: We are still losing people who are "quitting to pursue a career in trading"... not as many as before, but the last one was only 2 weeks ago.

It reminds me of 1999-2001 with the startup insanity. And, frankly, the startup insanity that's still going on. Oh, well. The world still needs ditch diggers.

Bitcoin investors remind me of real estate investors back in '05. A few people get stinking rich and get out before the bubble pops, everybody else gets stuck with worthless property.


Actually, one has to consider the possibility that they are more like pyramid scheme investors in the early 90's.  "Aren't you in, why aren't you in...?"  I think that there's more than 5,000 different coins out there now, and more arrive every week.  Everyone's looking to tell someone else about the great new coin...
 
2018-02-08 02:29:08 PM  

H31N0US: Anybody paying attention to the DJIA today?


4th fall in 5 days.  I'm waiting for the Trump tweets, which will be glorious. Somehow this will be someone else's fault.  Also, when Mnuchin says "I believe in a strong dollar" that's the time to sell.  I'm buying yen, selling greenback. (tbf, who would buy USD with Trump in charge)

"I was told that the invisible hand of the free market would give me a hand job, not fist me!"
 
2018-02-08 03:26:00 PM  

hammettman: (tbf, who would buy USD with Trump in charge)


You are thinking wrong about it. When Trump is in charge - nobody is in charge. And as long as nobody is in charge - America is doing great. I'm a great believer in entrepreneurship of Americans, as long as nobody is messing with them.

If you remember, last crush have happened not because there was nobody in control, but because Cheney was too much in control. :)

Therefore the future of US economics is bright and it's time to HODL!!
 
2018-02-08 03:28:35 PM  
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