Tim Draper to Do Press Conference about Winning Silk Road Auction 2pm PST

[sgbett]

Q from livestream: "How much is sale of BTC from US govt a factor in its future regulatory outcome"

A: "positive. if they wanted to get rid of btc they would have buried these coins. They are counting it as an asset. Its a true vote of confidence from the govt. Still great uses for dollar, but there are also now great uses for bitcoin. Increases tax base. Leads other goats to follow"

Follow on Q: "Govt doeastn auction confiscated cocaine. So auction legitimises it"

[Hyena]

Soon this will attract other millionaires too as they are already competing with each other in various metrics for "dick length". Bitcoin will be just another metrics for that

This Draper dude is the first locust to arrive to the crop field. It can easily grow into Tulip mania or dot-com analogue. Interesting times ahead. There will be losers and I just love to see the world burn. I'm already planning on building a fallout shelter.

[gimme_bottles]

Oh yeah, f*** those altcoins 

[sgbett]

such Q: "Will dogecoin also playa part in your crypto strategy"

many A: "doesn't really think that alts are serious yet. bitcoin has to succeed first for anything else to ride on the coat tails"

[sgbett]

Q (paraphrased): "how are you going to go about doing what you plan to do"

A: "setting up exchanges. business model is arbitrage."

[wachtwoord]

Soon this will attract other millionaires too as they are already competing with each other in various metrics for "dick length". Bitcoin will be just another metrics for that

This Draper dude is the first locust to arrive to the crop field. It can easily grow into Tulip mania or dot-com analogue. Interesting times ahead. There will be losers and I just love to see the world burn. I'm already planning on building a fallout shelter.

And yet the market price seems to react negatively to this press conference  

[wachtwoord]

Q (paraphrased): "how are you going to go about doing what you plan to do"

A: "setting up exchanges. business model is arbitrage."

So cool. This man has a plan. I don't really think he needs the 30k BTC though but if he bought them privately this is just his investment and will make him profit from his work of making Bitcoin overall more valuable.

[twiifm]

He wants people to transact.  So why the hell is he holding bit coin as an investment?  LOL

[sgbett]

more Qs from floor...

weird question that didn't make a great deal of sense about bitcoin representing assets. vague answer saying yes they could

Q: about hoarding

A: its probably not a great idea all the time because it goes up and down.
A: general market rule is 80% hold 20% trade. feel btc is true to this. everyone should just use bitcoin and it will become a thing.
A: probably weighted towards holders whilst people wait for ecosystem to develop. we're gonna take that development forward.

[houseo]

He wants people to transact.  So why the hell is he holding bit coin as an investment?  LOL

He isn't. He's using it for his business to transact bitcoins to emerging markets.

Was pretty lol that he didn't understand the inflationary/deflationary question and answered as if the guy was asking about volatility.

[sgbett]

q: "will the block chain ever get too big"

a: "doesn't think so. its all just computer stuff. entrepreneurs solve these kinds of problems all the time, and are doing so"
a: "its just data. compression helps. its all opportunities for companies"

[sgbett]

q: "will prevalence of cellphones in emerging markets, and increase in micro transactions cause a problem in terms of network speed, can you bring BTC to 'sms' style transactions"

a: "yes there are companies will not name competitor. names glyph as an option. names other company as 37coins"

[sgbett]

q: "where do you see BTC in next 10 years"
a: "will be prevalent in far fewer years than 10. well known throughout world. big op for lesser developed companies. its snowballing right now. its not going away. adoption is increasing. 10 years it will be such you might not even know you are using it but you will be"
anecdote: "his great aunt who is 90 yo asked him about it, which made him realise it was real"

[sgbett]

q: "will LTC grow faster"
a: "herp (we just answered that)"

edit:

anecdote about history of finance:
first we traded shells
shiny rocks
gold
promises of gold
promises
btc

[twiifm]

He wants people to transact.  So why the hell is he holding bit coin as an investment?  LOL

He isn't. He's using it for his business to transact bitcoins to emerging markets.

Was pretty lol that he didn't understand the inflationary/deflationary question and answered as if the guy was asking about volatility.

He's a VC he's buying it so he can sell it for a profit in the future.  He didn't buy it to shop on new egg.  Totally contradictory to tell other people to spend their bit coins when you plan to hoard them yourself

[sgbett]

He wants people to transact.  So why the hell is he holding bit coin as an investment?  LOL

He isn't. He's using it for his business to transact bitcoins to emerging markets.

Was pretty lol that he didn't understand the inflationary/deflationary question and answered as if the guy was asking about volatility.

He's a VC he's buying it so he can sell it for a profit in the future.  He didn't buy it to shop on new egg.  Totally contradictory to tell other people to spend their bit coins when you plan to hoard them yourself

he;s bought it to arbitrage. a few q's back. its a pretty good strategy - ask risto!

[wachtwoord]

He wants people to transact.  So why the hell is he holding bit coin as an investment?  LOL

He isn't. He's using it for his business to transact bitcoins to emerging markets.

Was pretty lol that he didn't understand the inflationary/deflationary question and answered as if the guy was asking about volatility.

He's a VC he's buying it so he can sell it for a profit in the future.  He didn't buy it to shop on new egg.  Totally contradictory to tell other people to spend their bit coins when you plan to hoard them yourself

Didn't he quote Pareto (the 80/20 rule?) hold 80% and transact 20.

At least he's planning on building the infrastructure. I think he deserves to profit from that.

[sgbett]

END OF PRESS RELEASE!

[wachtwoord]

Okay Sgbett, thank you once again

[criptix]

for the people who couldnt watch, heres the link to the vod:

http://new.livestream.com/draperuniversity/bitcoin-auction/videos/55528302