JimboToronto
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You're never too old to think young.
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July 02, 2014, 02:17:15 PM |
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He's a VC. They hold and invest.
Exactly. He's a professional, not a trader. An investor not a speculator. A businessman not a gambler.
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empowering
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July 02, 2014, 02:18:41 PM |
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good stuff
you should make a new thread.
Thanks - good point.
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soullyG
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July 02, 2014, 02:20:12 PM |
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Russia softens stance on Bitcoin - Wall Street Journal"At this stage we need to watch how the situation develops with these kinds of currencies. These instruments should not be rejected,"
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atp1916
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July 02, 2014, 02:20:25 PM |
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I love how bitcoiners want to spend hours and hours analyzing this auction and the buyer, when there's 1000% chance that Tim Draper will do absolutely nothing but sit on these 30K coins for the next 6-12 months while he further invests to build out the third world exchange infrastructure. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) I believe this is exactly what he'll do. Why in the heck would he dump at or below market rates when he bought way above market rates? He's a VC. They hold and invest. Yes exactly. I guess everyone else that still wants to debate the stupid "dumping" scenario is just trapped in that movie Idiocracy. Yep - the dumping scenario is so stupid because it's just simply illogical and lacking of common sense wrt to the pure enthusiasm/momentum that VCs are demonstrating toward Bitcoin as a whole. Did anyone expect these VC types not to throw up a fight for these coins? Buying 30k coins below market rates and then dumping on an exchange at market rates? Really? Have people forgotten about the hundreds of millions worth of VC money that has been put toward the Bitcoin ecosystem and that only a small fraction of that is needed to secure all of these coins? FUD'rs will be FUD'rs i guess. I know i'm tooting my own horn here, I called it on the 25th: https://bitcointalk.org/index.php?topic=178336.msg7504088#msg7504088Does anyone actually think that Barry and co. are gonna let the unkowns (dumpers) walk off with these coins without a fight?
This auction will turn out to be a 30k coin pump, mark my words. I'll say this now, that the rest of the SR coins will go in like manner...above market value and won by VCs.
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600watt
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July 02, 2014, 02:21:51 PM |
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Alright, the Tim Draper/Vaurum news looks legit enough: http://www.chicagotribune.com/business/breaking/sns-rt-us-usa-bitcoin-20140701,0,4038036.storyStill, he didn't mention the price, despite informing Reuters that he won the auction. My conclusion: Either he's trying to build suspense, waiting some more before releasing the price he paid. If no such thing happens, I'll suspect that the price per coin was perhaps somewhat above market that day (~600), but below current market, and he'd rather not disclose the exact number to not cause a crash. Not necessarily bearish, btw. A ~600 floor would be pretty great long term. OTOH, if it turns out we're ~$50 above auction price right now, we might see a small-ish correction near term. i don´t really think that more than 40 wealthy entities all just made bids below market price or just slightly above it, letting a 600ish bet win every chunk. for a single bidder to win 'em all, he must have picked a higher price. if you are right than draper is one hell of a poker player. my guess is way above 700. You saw my 'EDIT', right? I consider the practical outcome of the auction better than I'd ever hoped for. That said, I'm simply playing the near term/mid term/long term price prediction game here, so I'll ask: what would you consider the most likely reasons NOT to disclose the price you paid. (in no particular order, I can come up with) 1- privacy reasons (unlikely, imo. he's an investor.) 2. competitive advantage (possible. doesn't want to give his strategy away in case of future auctions) 3. price was way above market and he doesn't want to look like he overbid (unlikely, it's not like he has shareholders to please on this decision) 4. price was around market on the 27th, which makes it somewhat below market of today. (quite likely, imo) 5. doesn't want to drive price up by announcing his above market buy price, because he's still accumulating. (also possible) I personally consider 4. and 5. to be the most likely reasons. Comments? sry, didn´t see your edit. just saw 600 and small-ish correction ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) 5. looks like a good explanation
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Richy_T
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July 02, 2014, 02:25:09 PM |
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When people start to realize how easy crazy is to buy things in locally and the internet without the need of giving credit card or bank information to anyone acceptance is going to increase. It's the next natural / logical step, credit cards are a thing of the past and obsolete.
Good point. I don't think Bitcoin has the awareness for it to make much of a difference yet but in time, every big credit card number theft story will work in Bitcoin's favor.
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maok
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July 02, 2014, 02:35:53 PM |
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When people start to realize how easy crazy is to buy things in locally and the internet without the need of giving credit card or bank information to anyone acceptance is going to increase. It's the next natural / logical step, credit cards are a thing of the past and obsolete.
Good point. I don't think Bitcoin has the awareness for it to make much of a difference yet but in time, every big credit card number theft story will work in Bitcoin's favor. I think daily there are tens of millions dollars stolen by credit card alone, those people will simply get a new card because they're ignorants and think the world revolves around banks. Well when a new financial crisis occurs they're be the first to drop dead while we'll keep on going in our little financial environment in which math controls our currency, not some crocked bankers and politicians.
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Richy_T
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July 02, 2014, 02:40:20 PM |
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I don't see any of those things happening in the US any time soon. I was in new York last year, for a couple of weeks, and now I wonder whether the doomsday prophets are perhaps posting from another planet....
But New York is where all the money goes anyway. Though you're correct in general, we've got a way to go before a real collapse and with a bit of luck, the landing won't be too hard. But it will be painful for many people and the wise are looking at ways to mitigate the impact on themselves as much as possible.
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anujjain
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July 02, 2014, 02:46:27 PM |
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When people start to realize how easy crazy is to buy things in locally and the internet without the need of giving credit card or bank information to anyone acceptance is going to increase. It's the next natural / logical step, credit cards are a thing of the past and obsolete.
Good point. I don't think Bitcoin has the awareness for it to make much of a difference yet but in time, every big credit card number theft story will work in Bitcoin's favor. Awareness alwasy take time, and it's all about money so no one believe/trust so easily with money so just give time it will change and people start believing in Bitcoins.
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Richy_T
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July 02, 2014, 02:51:03 PM |
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I think that there are a lot of fools who dream of riches but who aren't ready to do any hard work for it.
The labor theory of value has been debunked for a long time.
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dreamspark
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July 02, 2014, 02:52:10 PM |
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Seems Mike Hearn and his Lighthouse project have scooped the main chunk of anarchystars $100k bounty. http://www.reddit.com/r/Bitcoin/comments/29n8o0/100000_bounty_winner_announcement/I think this is fantastic and a much better alternative to setting up a separate foundation to do essentially what the Bitcoin Foundation does now. This will wrestle the main power that the Bitcoin Foundation has (being the one who pays the devs) from them and hopefully make them more and more obsolete as time goes on. A great example of how apolitical Bitcoin is.
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Torque
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July 02, 2014, 02:52:22 PM |
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I think that there are a lot of fools who dream of riches but who aren't ready to do any hard work for it.
You mean like everyone on this sub forum? ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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justusranvier
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July 02, 2014, 02:52:32 PM |
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I am compiling a list of resources for a person that is totally not up to date and does not get Bitcoin/Crypto currency
The person has a finance background, and a legal background- the person is not technically minded
I have list of resources , videos, text, articles and good places to get key data.
has anyone any works they suggest may be suitable for this gentleman to read ? (I get the feeling he is more of a reader than a video watcher, plus I have some good videos already- though if you have any amazing links please do share)
I am almost ready to send what I have, but just thought I would ask here if anyone has any good primers to add to my list or rather than me writing it all out again.
The gentleman is a man with very deep pockets and a group of investors, I have meetings planned with the person in question to discuss starting a Crypto/Bitcoin relegated company here in the UK -
I am looking for good text primers for a person new to crypto but that has a good finance background, not too basic, not too full on have you any suggestions that I can add to my ever growing list ? I do not want to send him everything, I am looking to cherry pick.
Already had one meeting with the chap in question, and before the next one I would like him to do some reading, so he knows more about where his money is going to be going, before the next rounds of meetings- as the guy is pretty much a crypto newbie.
Thank you in advance. http://bitcoinism.liberty.me/2014/06/20/cash-and-credit-in-a-cryptocurrency-economy-part-1/http://bitcoinism.liberty.me/2014/06/26/cash-and-credit-in-a-cryptocurrency-economy-part-2/I'd also link part 3 but it's still being written.
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herzmeister
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July 02, 2014, 02:53:28 PM |
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The labor theory of value has been debunked for a long time.
there's the labor theory of value and then there's the labor theory of value (most of the time it's just misunderstood)
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elg
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July 02, 2014, 02:54:52 PM |
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Adam, new poll pls
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adamstgBit
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July 02, 2014, 02:55:27 PM |
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much news today such stories very happening
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adamstgBit
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July 02, 2014, 02:55:38 PM |
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Adam, new poll pls
yes 1 min
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ChartBuddy
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July 02, 2014, 03:00:37 PM |
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aminorex
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Sine secretum non libertas
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July 02, 2014, 03:03:27 PM |
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I get a minimum of 2% cashback on all my purchases, some stores get 5-10% off.
Power co-opts and absolute power co-opts absolutely. You are the very embodiment of the tragedy of the commons.
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aminorex
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Sine secretum non libertas
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July 02, 2014, 03:07:12 PM |
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My opinion, bring on the negativity, is they should have donated ALL the SilkRoad coins to a fund to be spread out proportionally to pay back all the MTGOX victims.
Yes, we should reward people for making poor choices! This isn't really a moral hazard case. Society benefits from a general presumption that rule of law will hold. When someone defects, and breaks that assumption, society benefits from fixing the breakage, because it supports adherence to and confidence in the rule of law. Without rule of law, there is little reason to motivate productivity or competition, because what you make can be taken from you.
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