2013-03-29 Moneyness: Selling out of the Bitcoin ledger

[n8rwJeTt8TrrLKPa55eU]

Basically a rehash of "no intrinsic value" + "altchain supply" arguments.

I'm starting to sell my position in bitcoin. I'll probably keep about 10% of my overall position but the rest will be repatriated back to the conventional fiat banking system.

http://jpkoning.blogspot.fr/2013/03/selling-out-of-bitcoin-ledger.html

[Rothgar]

He's keeping 10% even if that is inconsistent with the argument. 

Love it.

[TraderTimm]

I look forward to his capitulation when the banks start levying 'fees' to help them survive, ala Cyprus.

[DublinBrian]

Koning is moving his money from a ledger that no one controls to a ledger entry that corrupt people control.

Not a very rational plan.

[wormbog]

Seriously stupid article.

Bitcoins are worthless because they're really just a spot in a ledger, redeemable for nothing.

That has been fundamental to bitcoin since day one. Why did he ever bother to acquire bitcoins in the first place? Why is he keeping 10% now?

It's like saying he realized it's impossible to win the lottery, so he's going to buy fewer tickets from now on.

[blogospheroid]

He's keeping his mind open on the possibility that he might be wrong, maintaining the 10% of the coins he has. Actions generally speak way louder than words.

[cypherdoc]

Price action is indicating he will be very wrong.

[Gabi]

Price just increased. He sold? Wrong move! Or maybe he bought 

[kjlimo]

Tough to know what people really do... unless you hire a PI, haha!