Winklevoss Twins Revealed As Owning 1% Of All BitCoins

[hypnos2k]

Hello! My first topic. And my first question or consideration about the news: http://www.csmonitor.com/Innovation/Horizons/2013/0412/Winklevoss-twins-try-to-buy-up-bitcoin-market Winklevoss Twins Revealed As Owning 1% Of All BitCoins.

My question is: why the Winklevoss twins make a $11 million purchase of one percent of all bitcoins instead of invest less money in a good rig farm that mine bitcoin???

 

[pb321go]

With things like Bitcoin, isn't it the case that the people who set it up and the people who get in at the very beginning are able to acquire big stakes at low prices (or at no price!) and then when it all peaks, they'll cash out and make fortunes?

[percentcer]

That's true of nearly anything, as those are the ones shouldering all the risk.

[eikes]

My question is: why the Winklevoss twins make a $11 million purchase of one percent of all bitcoins instead of invest less money in a good rig farm that mine bitcoin???

Indeed, they could set up a company that builds its own ASIC miners with that kind of money...

[piepu75]

In my opinion, with enough money they can setup a very good asic miner and collect bitcoin and hold them as a long term investment.

[xandriel]

Shhhhh...you mine, they buy...win win

[basementdweller]

You need some expertise to mine bitcoin efficiently.

Plus it adds extra risk, because there's quite some uncertainty if they will be able to mine enough until their hardware is outdated.

Buying is simplest and does not need work.

Lazy twins.

[Terk]

Had they ever claimed spending $11M on BTC? I think they only said they've accumulated bitcoins worth $11M but never told what at price they bought.

[xandriel]

"$11 million purchase of one percent of all bitcoins"
"own approximately 108,000 bitcoins"

So, not 1% of ALL BTC, just 1% of all currently mined

Still at least they paid $100 average

[Terk]

It's 1% of bitcoins generated up to now, so that's more like 110,000. And $11M was USD-based worth of that stack at the time of making the press statement. FWIW they could buy them a year ago.

[xandriel]

Yeah, you are right....but I will like to think they were part responsible for the recent price hike

[ks3rv3rg]

Needed expertise or not, with that 11mil I would have hired someone to build one mega bad ass rig then hire someone to teach me to use the thing!  Someone needs to do those calculations cause with a multimillion dollar machine mining would absolutely be the best bet.  I mean god, if you mined LTC or TRC you'd be able to make crazy amounts trading them.

[hypnos2k]

Today sell-off, any idea??

[MasterPJ]

If I were looking to day trade with 6 figures in the UK - What system/trade system would you use? Looking to find a fast trusted one myself.