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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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proudhon
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November 22, 2013, 04:12:23 PM |
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Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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hilariousandco
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Join the world-leading crypto sportsbook NOW!
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November 22, 2013, 04:15:54 PM |
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You want to take his advice as gospel? Why not invest in both Bitcoin and/or some of the other competing cryptos?
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BittBurger
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November 22, 2013, 04:18:03 PM |
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Guys,
Read what he's actually saying.
He saying you never buy the first version of anything because it's full of bugs.
He's making no comment about Bitcoin itself. He's make a generalized statement about waiting until the second model of a brand-new car before you buy it. He's basically just conveying good common sense.
The flaw in his logic is the Bitcoin has new versions within itself…
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indianplayers
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November 22, 2013, 04:18:14 PM |
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I don't like it, but he has a point.
Take a look at Vonage for example. They fought phone companies to victory for voip, but paid millions in court costs etc. Now cheaper competition is eating them alive.
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MicroGuy
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Twitter @realmicroguy
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November 22, 2013, 04:21:05 PM |
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Bitcoin has competitors and they're listed here: http://coinmarketcap.com/. I wonder which one Mark is looking at?  |
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kireinaha
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November 22, 2013, 04:48:58 PM |
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Bitcoin has no chargeback functionality and a lot of hype but not a whole lot of substance. Looking at the paperwork here, I can see bitcoin has a marketcap of $5 billion but little in the way of infrastructure to support that valuation. ... and for that reason, I`m out.  Anybody watch Sharktank? Cuban is a pretty smart guy, if he thinks bitcoin will fail, he`s probably right. |
Night gathers, and now my bitcoinwisdom watch begins.
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proudhon
Legendary
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November 22, 2013, 05:29:45 PM |
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Guys,
Read what he's actually saying.
He saying you never buy the first version of anything because it's full of bugs.
He's making no comment about Bitcoin itself. He's make a generalized statement about waiting until the second model of a brand-new car before you buy it. He's basically just conveying good common sense.
The flaw in his logic is the Bitcoin has new versions within itself…
Thank you. That's a good analysis. |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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n8rwJeTt8TrrLKPa55eU
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November 22, 2013, 05:43:41 PM |
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Anybody watch Sharktank? Cuban is a pretty smart guy, if he thinks bitcoin will fail, he`s probably right.
He is obviously a smart guy, you don't get $6 million and then $6 billion on two different occasions being lucky. But he is dead wrong on bitcoins sadly. I would love to explain why to him. I'll give him credit for building and selling his first company at a decent price. But the event that "made" him, that $6B buyout, was an immensely lucky gift from incompetent idiots at Yahoo who couldn't spot a bubble if it punched them in the face. Way more lucky than smart. If he's such a genius forecaster, he would've bought BTC early on like the Winklevii did. Those two, unlike Cuban, actually can be categorized as people with a great predictive record, having correctly spotted the two most massive tech trends of the past decade at a very early stage. Not that I mind his stance. We need stupid people to stay skeptical about Bitcoin, so that they will be there to buy down the road, when the price is much higher. |
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kireinaha
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November 22, 2013, 05:50:41 PM |
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Guys,
Read what he's actually saying.
He saying you never buy the first version of anything because it's full of bugs.
He's making no comment about Bitcoin itself. He's make a generalized statement about waiting until the second model of a brand-new car before you buy it. He's basically just conveying good common sense.
The flaw in his logic is the Bitcoin has new versions within itself…
I agree with your assessment there, Bitt, but he failed to extrapolate on what it is about bitcoin that he feels is lacking and will cause it to be surpassed by a competing coin. In all likelihood, he hasn`t done any extensive research on bitcoin yet, and is probably just addressing questions about investing in it (surely people must be asking him about this frequently in recent months). There are some fundamentals about bitcoin, such as the lack of consumer protections, which is a cornerstone of my belief that it will fail to catch on mainstream. Such protections, such as chargebacks in the case of consumer/merchant disputes, cannot be added to the protocol as far as I know. Ultimately it will come down to whether consumers value anonymity and low transaction fees more than protections and oversight. Personally, I very much predict the latter. |
Night gathers, and now my bitcoinwisdom watch begins.
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superduh
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November 22, 2013, 05:51:56 PM |
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i have watched shark tank and i have followed mark a bit. he's NOT dumb. he says many things that do make sense (common sense and business sense) hence i'm not going to jump to the conclusion that he's being stupid. i assume he probably hasn't gotten to the point where it makes sense for him. smart guy, bad decision. it happens
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superduh
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November 22, 2013, 05:54:00 PM |
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Bitcoin has no chargeback functionality and a lot of hype but not a whole lot of substance. Looking at the paperwork here, I can see bitcoin has a marketcap of $5 billion but little in the way of infrastructure to support that valuation. ... and for that reason, I`m out. Anybody watch Sharktank? Cuban is a pretty smart guy, if he thinks bitcoin will fail, he`s probably right. that's quite a jump in your faith on cuban. maybe you should see if anything he's invested in has failed before making such godly claims |
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kireinaha
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November 22, 2013, 05:55:49 PM |
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Bitcoin has no chargeback functionality and a lot of hype but not a whole lot of substance. Looking at the paperwork here, I can see bitcoin has a marketcap of $5 billion but little in the way of infrastructure to support that valuation. ... and for that reason, I`m out. Anybody watch Sharktank? Cuban is a pretty smart guy, if he thinks bitcoin will fail, he`s probably right. that's quite a jump in your faith on cuban. maybe you should see if anything he's invested in has failed before making such godly claims I was just trying to envision what he would say if the Winklevoss twins or someone came into the Sharktank and asked him for an investment. I have no idea what he would really say.  Call it intelligence or luck, he`s done something right for sure. |
Night gathers, and now my bitcoinwisdom watch begins.
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franky1
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Merit: 4447
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November 22, 2013, 06:12:45 PM
Last edit: November 22, 2013, 06:25:09 PM by franky1 |
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well atleast he is seeing the benefits of crypto VS:
metals
Fiat
commodities
so he is one step closer to seeing the future, once he realises and does more research..... well, id say he will bite into bitcoin. most of the other protocols are the same, the main differences are the businesses and services that are built ontop of it. EG until there are litecoin versions of bitpay and other 'shopping cart' facilities for businesses to utilise without much effort. then bitcoin will remain the main coin. so far the other coins are months/years away from being what bitcoin is today so he is just wasting time waiting out for something better. he might aswell jump onboard the bitcoin train, and later if something better arrives, he can always swap.
much like gold collectors now moving into platinum.
much like dollar rich convert wealth into euro in swiss accounts
much like farmers converting their land assets into real estate.
all that is required is for the main dev team to not change the main protocol to make it harder for people to transact. EG luke Jr implementing block entry limits on the mining protocol of bitcoin purely for the selfish gain of miners.
bitcoin needs to remain out of the realm of law, politics or personal wealth, to not be controlled by any government to keep peoples individual freedoms alive. but ofcourse the businesses that lay ontop of bitcoin that are registered in different countries, allow them to adhere to their countries rule.
thats why i worry more about protocol changes, but not so much about business advisors with database services to blacklist businesses. because business advisors are not the core of bitcoin. they are entities that can be ignored.
this is why sometimes sticking with the original core concept is better then waiting for future releases, take windows for instance. everyone loved windows 98, but since the more 'glamorous' re-inventions have come about, more and more people are going back to basics. such as android, linux, etc.
so lets hope the bitcoin dev team stick mainly with bug fixes and efficiency. and not 'features'.
'features' such as consumer protection should be done by businesses layed ontp of bitcoin, and not part of the protocol. this allows individuals the freedoms to transact how they like or voluntarily use services for protection.
EG
risk the volitility of the price of 10 minutes when accepting bitcoin direct before swapping for fiat, whilst the customer plays around with their computer/phones trying to send payment. or utilise a service like bitpay which protects businesses/consumers 'valuation' for that period.
but never have a protocol change that magically increases the number of bitcoins to compensate any losses due to delay.
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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dominicwin
Member
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November 22, 2013, 06:32:56 PM |
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Honestly he's probably afraid to since he just got the SEC off his back. That's my opinion. I'd like to hear the other sharks opinions before making a decision |
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superduh
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November 22, 2013, 06:35:40 PM |
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Honestly he's probably afraid to since he just got the SEC off his back. That's my opinion. I'd like to hear the other sharks opinions before making a decision kevin already said he's in |
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dominicwin
Member
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November 22, 2013, 06:47:24 PM |
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Honestly he's probably afraid to since he just got the SEC off his back. That's my opinion. I'd like to hear the other sharks opinions before making a decision kevin already said he's in Really? As a Canadian I should know this. |
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superduh
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November 22, 2013, 06:52:23 PM |
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Honestly he's probably afraid to since he just got the SEC off his back. That's my opinion. I'd like to hear the other sharks opinions before making a decision kevin already said he's in Really? As a Canadian I should know this. he understands it, he really does! good for him. he's smart too |
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dominicwin
Member
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November 22, 2013, 06:57:53 PM |
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Honestly he's probably afraid to since he just got the SEC off his back. That's my opinion. I'd like to hear the other sharks opinions before making a decision kevin already said he's in Really? As a Canadian I should know this. he understands it, he really does! good for him. he's smart too Great video. I hope he really did put a couple percent at that time! He'd already multiply his investment quite a bit. |
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