$10,000 Bet that Bitcoins will outperform Gold, Silver by 100X !!!

[MemoryDealers]

-------------------------------November 30th 2013 Update---------------------------------
I just posted the final conclusion including a donation of 1,000 Bitcoins worth over $1,000,000 USD at the time.
https://www.youtube.com/watch?v=orzhba2dV1A
--------------------------------------------------------------------------------------------



-------------------------------August 4th 2012 Update---------------------------------

I've posted the one year update to my $10,000 Bitcoin bet video: http://www.youtube.com/watch?v=TxC0dIBPzZg
--------------------------------------------------------------------------------------------


-------------------------------August 4th 2011 ------------------------------------------
$10,000 Bet that Bitcoins will outperform Gold, Silver by 100X over the next two years

Please spread this far and wide,   It should be good for some positive media attention.

http://www.youtube.com/watch?v=gfydIbhduu0


Roger Ver
Memorydealers KK
(A Division of MemoryDealers.com, Inc.)
8F Kudan minami green building,
3-7-7 Kudan minami, Chiyoda-ku,
Tokyo, 102-0074, Japan
roger@memorydealers.com

TEL +81-3-6280-8666
FAX +81-3-6280-8665
MOBILE: +81-80-3242-1056
AIM: rogerkver
MSN roger@memorydealers.com
Yahoo rogerkver
Twitter http://twitter.com/MemoryDealers


For all your Memory needs please visit
http://www.memorydealers.com
----------------------------------------------------------------------

----------------------August 10th 2011 Update---------------------


I’m about to place the official bet on www.longbets.com  but I would like some help tightening up my arguments as to why I think
Bitcoins will outperform Gold, Silver, the US Stock Market and the US Dollar by one hundred times over the next two years.

So far I am intending to post my argument as follows:

Bitcoins are the world's first peer to peer, distributed electronic currency.  This means that they can be sent directly from person to person over the internet,  without needing anyone's help or permission.  They are free to send, receive, or to store,  and they can be as public or anonymous as you want them to be.  

With bitcoins,  a person in California can send $20,000 USD worth of value to a person in Russia in a matter of seconds,  for FREE.  

In comparison:
Paypal would cost about $600,  and take a few seconds.
Credit card would cost about $600   and take a few days, to a week, or more.
Bank wire would cost about $40,  and take one or two days.

By all of the traditional payment methods,  any government can block your transaction for any arbitrary reason.  
Because Bitcoins are peer to peer,  no one can block your transaction for any reason, ever.
A recent example of this property of Bitcoin being put to use,  is with the online gambling industry.  
Recently the USA Federal government blocked credit card companies and banks from being allowed to process gambling related transactions.  
Since then,  numerous online gambling sites that use Bitcoins have launched.  
Because Bitcoins are sent over a distributed, peer to peer network,  governments are powerless to stop them.

With traditional government issued currencies,  politicians are always tempted to just print more whenever they have a budget short fall due to the most recent war, bailout, or “stimulus” package.
When governments do this,  all the citizen’s savings lose value in real terms.
With Bitcoins,  governments can never take the value of your money in this way.
Because the software is open source, we know that there will never ever be more than twenty one million Bitcoins. No one will be able to provide themselves with additional bitcoins by decree,  as happens so often with traditional government issued currencies.

Bitcoins are also resistant to government tracking or seizure.  With just a few steps, anyone can store their bitcoins in such a way that governments or other theives are powerless to access them without the correct password.  

Bitcoins may also make paying most taxes voluntary since governments will lose the power to track or control who sends bitcoins to whom.
The IRS, DEA, Customs and Border Patrol, and other agencies will no longer be able to seize peoples money at will.

Bitcoins may also bring an end to war.  Currently governments force all of their citizens to pay for war efforts whether they are in favor of the war or not.
Once Bitcoin use is wide spread,  the people in favor of the wars will no longer be able to force the people against the wars to pay for them.  
If suddently, the half the population who does not support the wars stop paying for them,  it will quickly become much more expensive for the suppoters of war to continue funding it.
I suspect that many people who claim to be in favor of the current wars would change their mind if they had to pay for all of it themselves.

Because Bitcoins are limited to 21,000,000 and they have so many advantages over traditional government issued currencies,  
once even a small percentage of the economy begins using bitcoins,  the price will quickly soar to thousands of dollars per Bitcoin or more.

In short,  I believe bitcoins are the most important technological revolution since the invention of the internet, and because of that, their price will skyrocket in comparison with
Gold, Silver, the US stock market, and US Dollar.


Please critique the above.
Let me know what you think I have missed,  points I should remove or add, including grammar and punctuation.
Remember,  what I post on longbets will likely be read by over a million people over the next two years.

Thanks for your help!
-------------------------------------------------------------------------

Please feel free to re-post any of this anywhere you think people would be interested in it.

[1713999970]

1713999970

[1713999970]

1713999970

[1713999970]

1713999970

[1713999970]

1713999970

[FlipPro]

Please post this in tweetforum.com/bitcoin and we will retweet it to all our followers ! Thank you  !

[BitcoinStars.com]

Instant Legend 

[bitplane]

I can't view videos in work. What's all this about?

[Chick]

$10,000 Bet that Bitcoins will outperform Gold, Silver by 100X over the next two years

Please spread this far and wide,   It should be good for some positive media attention.

http://www.youtube.com/watch?v=gfydIbhduu0


Roger Ver
Memorydealers KK
(A Division of MemoryDealers.com, Inc.)
8F Kudan minami green building,
3-7-7 Kudan minami, Chiyoda-ku,
Tokyo, 102-0074, Japan
roger@memorydealers.com

TEL +81-3-6280-8666
FAX +81-3-6280-8665
MOBILE: +81-80-3242-1056
AIM: rogerkver
MSN roger@memorydealers.com
Yahoo rogerkver
Twitter http://twitter.com/MemoryDealers


For all your Memory needs please visit
http://www.memorydealers.com

This is the attitude I wish everyone here would express.

You're a legend. Perhaps I should bet some money too, but considerably a bit lower than 10k to my friends.

[FlipPro]

I am going to start directing all my customers to buy their ram from him. Hope he's dead serious about this. Obviously think hes winning the bet...

[MemoryDealers]

I am %100 serious,  but remember,  when I win the money will be donated to charity.

[BTCSports]

I have absolute faith in Bitcoin and the concept behind it but still may be interested in the bet.  I do need you need to be a little more clear.

I'm willing to bet $10,000 USD or equivalent in Bitcoins, that over the next 2 years, Bitcoins will not only outperform the stock market, Gold, Silver, and the US dollar, but Bitcoins will do it by more than 100 times.

Please define outperform?  To say that Bitcoin will outperform the stock market (which index), Gold (relative to what), Silver (relative to what) and the US Dollar (relative to what) is very vague.  Also you are measuring the performance of Bitcoin relative to what?  Does Bitcoin have to outperform whichever of the above four performs the best over the next two years?

My opinion is that you are setting yourself up for failure saying that Bitcoin will outperform all of the above by 100x as the USD is inversely correlated to Silver and Gold.

[Jack of Diamonds]

I've bought hardware from Memorydealers a few times.
Nice to see the owner has some major balls & confidence in BTC.

[MemoryDealers]

@BTCSports,
Since I think you know a lot more about how betting works than I do,  I would like your input on how to structure the bet.

I am saying that Bitcoin will outperform ALL of them.

How I imagine it would work is if the current (easy math) price of each is:
Bitcoin is $10.
Silver is $50
Gold is $1500
Dow Jones 10,000 points
Nasdaq 2,000 points
USD is $1

in two years if everything doubles (except the USD will still be worth $1USD) to:

Silver is $100
Gold is $300
Dow Jones 20,000 points
Nasdaq 4,000 points

Bitcoins would need to be more than 100x more  ($1,000 a coin)  for me to win the bet.

Please let me know if anything is not clear,  or you think I am missing something.

[GideonGono]

This is awesome. We need more people like you. All those people who sold off yesterday are morons! Cheap bitcoins for those who are left! 

[BTCSports]

@BTCSports,
Since I think you know a lot more about how betting works than I do,  I would like your input on how to structure the bet.

I am saying that Bitcoin will outperform ALL of them.

How I imagine it would work is if the current (easy math) price of each is:
Bitcoin is $10.
Silver is $50
Gold is $1500
Dow Jones 10,000 points
Nasdaq 2,000 points
USD is $1

in two years if everything doubles (except the USD will still be worth $1USD) to:

Silver is $100
Gold is $300
Dow Jones 20,000 points
Nasdaq 4,000 points

Bitcoins would need to be more than 100x more  ($1,000 a coin)  for me to win the bet.

Please let me know if anything is not clear,  or you think I am missing something.

That seems clear enough with the exception of changing the word "ALL" to "whichever performs the best relative to the USD" and remove the mention of outperforming the USD on your youtube post since as stated $1 will still be $1 in 2 years.

For $10,000 I would be willing to take the other side of this bet while at the same time hoping you win.  The only cavaat is that I am not sure I can agree to the charity aspect of the payout.

[fennec]

Great to see someone putting their money where their mouth is (instead of the usual "BUY BUY BUY" thread).

Can't wait to see the outcome in two years!

[MemoryDealers]

That seems clear enough with the exception of changing the word "ALL" to "whichever performs the best relative to the USD" and remove the mention of outperforming the USD on your youtube post since as stated $1 will still be $1 in 2 years.

For $10,000 I would be willing to take the other side of this bet while at the same time hoping you win.  The only cavaat is that I am not sure I can agree to the charity aspect of the payout.

If Bitcoin outperforms "ALL" of them, then it will certainly have outperformed whichever "one" that performs best relative to the USD.

I think it might be illegal in one of our jurisdictions if the money is not donated to charity,  and that is one of the rules for www.longbets.org
They hold the money in Escrow until the bet is resolved.

[julz]

 The only cavaat is that I am not sure I can agree to the charity aspect of the payout.

What? I understood it to mean that if you *lose* you get to decide which charity the money goes to.
If you win. You can keep the 10K yourself.

Memorydealers is putting the money to charity if they win. You don't have to.

[BTCSports]

All can be construed as meaning the results of the 4 are cumulative.

I would make the bet if the MyBitcoin victims were the designated charity.

[BTCSports]

 The only cavaat is that I am not sure I can agree to the charity aspect of the payout.

What? I understood it to mean that if you *lose* you get to decide which charity the money goes to.
If you win. You can keep the 10K yourself.

Memorydealers is putting the money to charity if they win. You don't have to.

No at longbets the charity has to be pre-selected by each party.  If they win the money goes to that charity.

[julz]

 The only cavaat is that I am not sure I can agree to the charity aspect of the payout.

What? I understood it to mean that if you *lose* you get to decide which charity the money goes to.
If you win. You can keep the 10K yourself.

Memorydealers is putting the money to charity if they win. You don't have to.

No at longbets the charity has to be pre-selected by each party.  If they win the money goes to that charity.

Ah ok.  Well I'm cool with that.  It just means a smaller pool of people will be interested in the wager.

[guywhogotgoxed]

Im too poor to afford such a bet, but even if I had the spare cash, I would think twice before accepting this bet.
It is likely that this happens, as bitcoins cannot be stopped (although something like Liberty Reserve or uKash can be). Confidence in its usability will take a long time to be built up. It will take a while, and two years might be an appropriate timeframe.

Interesting thread, time will tell if it was a good choice by OP!

[apetersson]

lets say i put 20$ in BTC and 10000$ in this bet:

BTC < 1000$ : i win the bet and collect his 10000 -> net win 9980$
BTC > 1000$ i lose the bet and sell my bitcoins -> net win 10000$

so... if it is too good to be true its a scam; or have I made an error in the math here?