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This is the choppy grind up. Nothing to see here.
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#4; The potential market cap is $2.1 TRILLION dollars. That's 1,000*21,000,000. Good luck buying all of that. I have doubts even Bill Gates could afford it all. And that'd put the US even further into serious debt if they bought them all.
mathemagically sound reasoning prevails |
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I know for a fact, no matter how high the exchange rate goes I will always keep some. There isn't any point whatsoever in selling all.
Even if your goal is to get loads of fiat, there just comes a point when you have so much that it becomes pointless to even bother selling any more.
Say you start with 10BTC, Every time the price doubles you sell 10% of your BTC stash.
BTC Stash Price BTC Sold $ stash
10.000000 $1000.00 1.000000 $1000.00
9.000000 $2000.00 0.900000 $2800.00
8.100000 $4000.00 0.810000 $6040.00
7.290000 $8000.00 0.729000 $11872.00
6.561000 $16000.00 0.656100 $22369.60
5.904900 $32000.00 0.590490 $41265.28
5.314410 $64000.00 0.531441 $75277.50
4.782969 $128000.00 0.478297 $136499.51
4.304672 $256000.00 0.430467 $246699.11
3.874205 $512000.00 0.387420 $445058.40
3.486784 $1024000.00 0.348678 $802105.13
3.138106 $2048000.00 0.313811 $1444789.23
2.824295 $4096000.00 0.282430 $2601620.61
2.541866 $8192000.00 0.254187 $4683917.09
2.287679 $16384000.00 0.228768 $8432050.77
2.058911 $32768000.00 0.205891 $15178691.39
1.853020 $65536000.00 0.185302 $27322644.50
1.667718 $131072000.00 0.166772 $49181760.09
I'm not saying BTC will be worth over $100m a coin, I'm saying if someone tries to buy it all, then it pushes up the price. Any sane person when seeing the price rise so far should take profits. Sure you could cash totally at any time, but why would you? at $1m a coin you already have $800k in the bank. You can cash out the rest to get $3m to $4m but going from $800k to $4m is hardly life changing, and in doing so you expose yourself to the risk of being totally short BTC. Instead wait for a few more doubles, you got your 4m in the bank and you still have $10-$20m in BTC. All of these figures are total pie in the sky, but that is what a market buyout would be facing. Pie.
I can't be the only one that thinks like this, ergo, nobody can corner the market because they will run out of money, because the asking price will go too high. Greed makes you sell, but fear (of missing out) is stronger and will make you hold something.
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Not yet  |
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He wants people to transact. So why the hell is he holding bit coin as an investment? LOL
He isn't. He's using it for his business to transact bitcoins to emerging markets. Was pretty lol that he didn't understand the inflationary/deflationary question and answered as if the guy was asking about volatility. He's a VC he's buying it so he can sell it for a profit in the future. He didn't buy it to shop on new egg. Totally contradictory to tell other people to spend their bit coins when you plan to hoard them yourself he;s bought it to arbitrage. a few q's back. its a pretty good strategy - ask risto! |
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q: "will LTC grow faster"
a: "herp (we just answered that)"
edit:
anecdote about history of finance:
first we traded shells
shiny rocks
gold
promises of gold
promises
btc
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q: "where do you see BTC in next 10 years"
a: "will be prevalent in far fewer years than 10. well known throughout world. big op for lesser developed companies. its snowballing right now. its not going away. adoption is increasing. 10 years it will be such you might not even know you are using it but you will be"
anecdote: "his great aunt who is 90 yo asked him about it, which made him realise it was real"
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q: "will prevalence of cellphones in emerging markets, and increase in micro transactions cause a problem in terms of network speed, can you bring BTC to 'sms' style transactions"
a: "yes there are companies will not name competitor. names glyph as an option. names other company as 37coins"
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q: "will the block chain ever get too big"
a: "doesn't think so. its all just computer stuff. entrepreneurs solve these kinds of problems all the time, and are doing so"
a: "its just data. compression helps. its all opportunities for companies"
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more Qs from floor...
weird question that didn't make a great deal of sense about bitcoin representing assets. vague answer saying yes they could
Q: about hoarding
A: its probably not a great idea all the time because it goes up and down.
A: general market rule is 80% hold 20% trade. feel btc is true to this. everyone should just use bitcoin and it will become a thing.
A: probably weighted towards holders whilst people wait for ecosystem to develop. we're gonna take that development forward.
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Q (paraphrased): "how are you going to go about doing what you plan to do"
A: "setting up exchanges. business model is arbitrage."
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such Q: "Will dogecoin also playa part in your crypto strategy"
many A: "doesn't really think that alts are serious yet. bitcoin has to succeed first for anything else to ride on the coat tails"
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Q from livestream: "How much is sale of BTC from US govt a factor in its future regulatory outcome"
A: "positive. if they wanted to get rid of btc they would have buried these coins. They are counting it as an asset. Its a true vote of confidence from the govt. Still great uses for dollar, but there are also now great uses for bitcoin. Increases tax base. Leads other goats to follow"
Follow on Q: "Govt doeastn auction confiscated cocaine. So auction legitimises it"
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Q: "How do you feel about chargebacks / consumer protection"
A: "Suggests consumer protection currently worse because of chargebacks. BTC is liberating the consumer. There are lots of companies (crowdcurity mentioned twice) working on consumer protection. Lots of room for startups in this area. Looking for applicants. Atlas Card pushed again"
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Q: "How do you feel about transaction fees"
A: "Great because they are so much lower. This transaction went with zero fees! (his words!)"
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Draper: "Anecdote about 2 iranians, who built business in Iran but left during a revolution, had to start over. Bitcoin allows people like that to avoid repercussions of revolutions. BTC is safer than fiat."
Draper Jr: "Instability of bitcoin is US centric view. Stability is relative. In other countries it could be considered more stable than local currency"
Easy solution. Keep some money in USD in US bank account Have you tried getting a US bank account? I have I'm not a US citizen I'm in UK, they won't touch me. I hardly think they are going to welcome iranians with open arms. |
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Q: "Have you used BTC personally"
A: "Yes via bitcoin ATM I bought the 'old money' with it. Promotion of Snap Card / Atlas Card"
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Q: "Are you looking for more BTC"
A: "Probably not at this time, they have enough for this use, but aren't ruling it out"
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