Convergex group suggesting diversification into Bitcoin

[lebing]

The "Chief Market Strategist" at Convergex, Nick Colas has now recommended Bitcoin twice on Bloomberg.
http://www.bloomberg.com/video/bitcoin-is-gold-for-nerds-convergex-s-colas-says-zumT6iCSQBuJJPB3Nhonrw.html

I decided to look up who Convergex is and it seems:

"Formed in 2006, the firm is headquartered in New York with nearly 600 employees"

I don't see any info on financials, but simple calculations tell me that if he is pushing this to their clients... this is a bigger deal than the Hedge Fund Max is touting.
http://www.convergex.com/about-us/our-customers

[NamelessOne]

His interviews have been great so far. He knows what bitcoin is all about. I particularly enjoy it when he politely corrects the falsehoods and silliness that the hosts or other people being interviewed.

[b!z]

His interviews have been great so far. He knows what bitcoin is all about. I particularly enjoy it when he politely corrects the falsehoods and silliness that the hosts or other people being interviewed.

One smart person in thousands of uninformed news reporters

[NamelessOne]

Yep, hopefully with time and education more like him will emerge.

[b!z]

Yep, hopefully with time and education more like him will emerge.

They write things that "interest" people, it doesn't matter how educated they are.

[lebing]

Just want to reiterate the point of my post - its clear this guy is well spoken & understands bitcoin, but thats not the point. The point is he is the guy speaking into the ears of the decision makers of a large financial services company on wall street. This is enormously bullish.

[NamelessOne]

Yep, hopefully with time and education more like him will emerge.

They write things that "interest" people, it doesn't matter how educated they are.

There will be others educated in exactly what bitcoin is who will speak like him in the future. If bitcoin continues to have success even with a huge correction it is inevitable.

[kjj]

He ran into trouble with the bitcoin limit question.  Someone needs to give him the primer on how the limit really works.

Just in case he googles himself and finds this page, I'll give the very short version:  The limit is enforced by everyone.  Coins are created by the mining process, and any attempt to create coins beyond the limits accepted by the network will be rejected as invalid.

[NamelessOne]

He ran into trouble with the bitcoin limit question.  Someone needs to give him the primer on how the limit really works.

Just in case he googles himself and finds this page, I'll give the very short version:  The limit is enforced by everyone.  Coins are created by the mining process, and any attempt to create coins beyond the limits accepted by the network will be rejected as invalid.

Yes I did note that. That guy was essentially asking 'who prevents 25 million bitcoins or 100?'. The guy wanted to know what kept the cap on the coins. That was the biggest error I thought.

[Rygon]

He ran into trouble with the bitcoin limit question.  Someone needs to give him the primer on how the limit really works.

Just in case he googles himself and finds this page, I'll give the very short version:  The limit is enforced by everyone.  Coins are created by the mining process, and any attempt to create coins beyond the limits accepted by the network will be rejected as invalid.

+1 The slightly longer answer is that everyone agrees that the miners are allowed to generate coins at a certain rate. If a miner decides to make them at a different rate, they are free to do so, but it effectively creates a new network, "Bobcoins." Everyone else still on the Bitcoin network will reject transactions with Bobcoins, and they will never have any value.

[Rygon]

He ran into trouble with the bitcoin limit question.  Someone needs to give him the primer on how the limit really works.

Just in case he googles himself and finds this page, I'll give the very short version:  The limit is enforced by everyone.  Coins are created by the mining process, and any attempt to create coins beyond the limits accepted by the network will be rejected as invalid.

Yes I did note that. That guy was essentially asking 'who prevents 25 million bitcoins or 100?'. The guy wanted to know what kept the cap on the coins. That was the biggest error I thought.

Agree, he should have just said that the network maintains a database that tracks each coin from it's creation from miners to the address that it currently resides. I think most laypeople understand the concept of a database.

[kjj]

Other than the limit question, it was a very good interview.  He speaks well, and has a decent grasp of how it works.