Winklevoss twins: Bitcoin will be bigger than Facebook #bitcoin #facebook

[greenlion]

The twins are talking their book
Pure and simple
Which is not to say they are wrong

One man's "talking your book" is another man's "skin in the game".

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[jonald_fyookball]

Just think of how rich these guys will be when the price of bitcoin skyrockets again. They own 1% of all bitcoins. Imagine a bitcoin market cap of 10 trillion USD. They would have 100 Billion dollars. And also think of the power they would have over the currency exchange price.

Yeah but at 10 trillion market cap, we will all be rich too if we have any coins. 1 btc will be worth almost a million bucks.

[bryant.coleman]

Just think of how rich these guys will be when the price of bitcoin skyrockets again. They own 1% of all bitcoins. Imagine a bitcoin market cap of 10 trillion USD. They would have 100 Billion dollars. And also think of the power they would have over the currency exchange price.

Hmm... they don't own 1% of the Bitcoins. They are having a total of BTC100,000 in their ETF. The Winkelwii don't own 100% of the ETF. Part of it is owned by others.

[ijmolder93]

The reason it wont get that high is because everyone with a decent amount of coins would be rich. It could happen though if the value of the dollar heavily decreases, but then everything will become more expensive to compensate anyway.

[jonald_fyookball]

The reason it wont get that high is because everyone with a decent amount of coins would be rich. It could happen though if the value of the dollar heavily decreases, but then everything will become more expensive to compensate anyway.

There are few people with "decent amount of coins" compared to general population, so everyone with decent amount of coins CAN get rich.

[ijmolder93]

There are few people with "decent amount of coins" compared to general population, so everyone with decent amount of coins CAN get rich.

While I would love for this to happen, the likely-hood that 1 bitcoin would reach something like $10,000 seems way too high. I know you can buy them in bits, but who would buy 1 bitcoin for $10,000?

[jonald_fyookball]

There are few people with "decent amount of coins" compared to general population, so everyone with decent amount of coins CAN get rich.

While I would love for this to happen, the likely-hood that 1 bitcoin would reach something like $10,000 seems way too high. I know you can buy them in bits, but who would buy 1 bitcoin for $10,000?

thats like saying who would pay $600 to one just one share of apple?

[ijmolder93]

There are few people with "decent amount of coins" compared to general population, so everyone with decent amount of coins CAN get rich.

While I would love for this to happen, the likely-hood that 1 bitcoin would reach something like $10,000 seems way too high. I know you can buy them in bits, but who would buy 1 bitcoin for $10,000?

thats like saying who would pay $600 to one just one share of apple?

Thats a pretty good example, but yes and no? Doesn't apple pay you dividends? Bitcoin doesn't pay dividends just for holding them, you can make a little if the price goes up, or lose a little if the price goes down. Same with the stock, you can lose a little if the price goes down or gain if it goes up, but in the middle you are earnings small amounts from dividends. Im really just curious I don't have vast knowledge of stocks.

[jonald_fyookball]

There are few people with "decent amount of coins" compared to general population, so everyone with decent amount of coins CAN get rich.

While I would love for this to happen, the likely-hood that 1 bitcoin would reach something like $10,000 seems way too high. I know you can buy them in bits, but who would buy 1 bitcoin for $10,000?

thats like saying who would pay $600 to one just one share of apple?

Thats a pretty good example, but yes and no? Doesn't apple pay you dividends? Bitcoin doesn't pay dividends just for holding them, you can make a little if the price goes up, or lose a little if the price goes down. Same with the stock, you can lose a little if the price goes down or gain if it goes up, but in the middle you are earnings small amounts from dividends. Im really just curious I don't have vast knowledge of stocks.

Bitcoin doesn't pay dividends but that's irrelevant. 

We're talking about price being "too high".

Since one can buy in any fraction, I don't see the high price
being an issue except for a psychological issue, and even
that can be overcome by quoting prices in millibits as
some exchanges already do.

[beetcoin]

There are few people with "decent amount of coins" compared to general population, so everyone with decent amount of coins CAN get rich.

While I would love for this to happen, the likely-hood that 1 bitcoin would reach something like $10,000 seems way too high. I know you can buy them in bits, but who would buy 1 bitcoin for $10,000?

thats like saying who would pay $600 to one just one share of apple?

Thats a pretty good example, but yes and no? Doesn't apple pay you dividends? Bitcoin doesn't pay dividends just for holding them, you can make a little if the price goes up, or lose a little if the price goes down. Same with the stock, you can lose a little if the price goes down or gain if it goes up, but in the middle you are earnings small amounts from dividends. Im really just curious I don't have vast knowledge of stocks.

Bitcoin doesn't pay dividends but that's irrelevant.  

We're talking about price being "too high".

Since one can buy in any fraction, I don't see the high price
being an issue except for a psychological issue, and even
that can be overcome by quoting prices in millibits as
some exchanges already do.

the people who say that no one would buy bitcoins even when they are at $10,000 doesn't even have a basic understanding how economics works. they are trapping themselves with their own psychological barrier.


they're probably the same people who, in 2012 when bitcoin was worth $5ish per coin, "who would buy bitcoin at $500? that's just way too high."

[Boris-The-Blade]

Lets hope there right 

[jonald_fyookball]

one simple way to look at it is market cap divide by number of coins.

How many bitcoins are in circulation right now?
12.8 million.

https://blockchain.info/charts/total-bitcoins

But you can use 10 million as a rough estimate
for easy math estimation.

if bitcoin becomes a 100 billion dollar market,
then a bitcoin is worth $10,000

if bitcoin becomes a trillion dollar market,
then a bitcoin is worth $100,000.

(Obviously since the real number is 12.8M coins not 10M,
the numbers are about 25% less than that.)

[greenlion]

one simple way to look at it is market cap divide by number of coins.

How many bitcoins are in circulation right now?
12.8 million.

https://blockchain.info/charts/total-bitcoins

But you can use 10 million as a rough estimate
for easy math estimation.

if bitcoin becomes a 100 billion dollar market,
then a bitcoin is worth $10,000

if bitcoin becomes a trillion dollar market,
then a bitcoin is worth $100,000.

(Obviously since the real number is 12.8M coins not 10M,
the numbers are about 25% less than that.)

"Market cap" is not a real thing that you can reverse-engineer like that back to a price. Market cap is a concept that's derived the other way around, multiplying total supply by price, and what it's supposed to represent is the total value of the entire monetary base. In terms of how the valuation actually comes about, the other factors that come into play are velocity and the amount of Bitcoin in the "float" at any given time.

[jonald_fyookball]

"Market cap" is not a real thing that you can reverse-engineer like that back to a price. Market cap is a concept that's derived the other way around, multiplying total supply by price, and what it's supposed to represent is the total value of the entire monetary base. 

Yes I'm aware of that.

Still, the market cap is a good macro indicator to assess the overall size of the economy.

Is it the millions, billions, trillions?

Bitcoin has the potential to take a big slice out of the pie of trillion dollar industries.

[xDan]

usamakhalid961 needs to stop copy/pasting articles into the main discussion forum for primedice adviews.

There's a press section.

[HeliosAct]

usamakhalid961 needs to stop copy/pasting articles into the main discussion forum for primedice adviews.

There's a press section.

Agreed.

[Phinnaeus Gage]

The twins are talking their book
Pure and simple
Which is not to say they are wrong

One man's "talking your book" is another man's "skin in the game".

One man's "skin in the game" is another man's "I can't wait to return to Burning Man next year and dance with Autumn Radtke".

[Nathonas]

I guess they're still bitter about Mark Zuckerberg stealing the idea for Facebook from them 

[whyeyeschoicedotcom]

I guess they're still bitter about Mark Zuckerberg stealing the idea for Facebook from them 

Why be bitter? They won a lawsuit worth 65 million...This Bitcoin Venture may be just what they need to carve their own path...Sometimes we have to stay in our own lane...let Mark Zuckerberg do what he do!

[scarsbergholden]

Of course they will say this! don't they own like hundreds of thousands of btc? what would you expect them to say?! i mean, they might be right, but i don't trust anyone who has such a huge financial interest in swaying opinion.