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

[vuduchyld]

Thanks sgbett!  I was tied up in a meeting and couldn't watch.

[Hyena]

END OF PRESS RELEASE!

thank you!

Also, it's good to see people investing big money into Bitcoin as it makes them obviously responsible for protecting their investment for the years to come. Soon Bitcoin will be too big to fail (if it already isn't).

[ElectricMucus]

END OF PRESS RELEASE!

thank you!

Also, it's good to see people investing big money into Bitcoin as it makes them obviously responsible for protecting their investment for the years to come. Soon Bitcoin will be too big to fail (if it already isn't).

why?
Has gox been rescued yet?

[Hyena]

END OF PRESS RELEASE!

thank you!

Also, it's good to see people investing big money into Bitcoin as it makes them obviously responsible for protecting their investment for the years to come. Soon Bitcoin will be too big to fail (if it already isn't).

why?
Has gox been rescued yet?

gox has nothing to do with it because Mark did not use his own money to buy a lot of bitcoins. He basically just stole the coins, it's a different thing.

[ElectricMucus]

What I mean is the mindset of "too big to fail" assuming large holders would be pumping more money in to stay in the green. The same could have happened with gox, somebody jumping in bailing everybody out (buying the missing coins elsewhere) and overtaking the exchange. So hoping large holders will bail everybody else out with more money in general is too much to expect.

[twiifm]

bitcoin is far from "too big to fail".  If bitcoin crashed, I doubt anyone will care to extend an emergency loan to any of these startups.  More like rats jumping off a sinking ship

[Hyena]

What I mean is the mindset of "too big to fail" assuming large holders would be pumping more money in to stay in the green. The same could have happened with gox, somebody jumping in bailing everybody out (buying the missing coins elsewhere) and overtaking the exchange. So hoping large holders will bail everybody else out with more money in general is too much to expect.

And what I mean is that once you have made an investment you must start protecting your investment. This comes from the common sense of a good investor -- it's pretty much the most important rule of investing. Incoming protection from wealthy entities is thus a very good thing for the whole Bitcoin economy. The protection itself can manifest in many ways. For example, if a powerful politician's cousin had a lot of bitcoins, the politician is less likely to sign some anti bitcoin act.

[wachtwoord]

bitcoin is far from "too big to fail".  If bitcoin crashed, I doubt anyone will care to extend an emergency loan to any of these startups.  More like rats jumping off a sinking ship

Bitcoin isn't too big to fail because someone would save it lol. The government really screwed you up 

[twiifm]

bitcoin is far from "too big to fail".  If bitcoin crashed, I doubt anyone will care to extend an emergency loan to any of these startups.  More like rats jumping off a sinking ship

Bitcoin isn't too big to fail because someone would save it lol. The government really screwed you up 

Bitcoin is peanuts.   Its not too big to do anything

Investors won't dump their other investments and pour into bitcoin if bitcoin should crash.  If anything they'll jump ship and take a loss

[wachtwoord]

bitcoin is far from "too big to fail".  If bitcoin crashed, I doubt anyone will care to extend an emergency loan to any of these startups.  More like rats jumping off a sinking ship

Bitcoin isn't too big to fail because someone would save it lol. The government really screwed you up 

Bitcoin is peanuts.   Its not too big to do anything

Investors won't dump their other investments and pour into bitcoin if bitcoin should crash.  If anything they'll jump ship and take a loss

No company is too big to fail whatever the government might tell you. No nation is too big too fail.

At that rate Bitcoin is not too big to fail either, YET. It is moving in the right direction (and that isn't directly due to investors buying it): https://blockchain.info/charts/hash-rate?showDataPoints=false&show_header=true&daysAverageString=1&timespan=all&scale=1&address=

[twiifm]

bitcoin is far from "too big to fail".  If bitcoin crashed, I doubt anyone will care to extend an emergency loan to any of these startups.  More like rats jumping off a sinking ship

Bitcoin isn't too big to fail because someone would save it lol. The government really screwed you up 

Bitcoin is peanuts.   Its not too big to do anything

Investors won't dump their other investments and pour into bitcoin if bitcoin should crash.  If anything they'll jump ship and take a loss

No company is too big to fail whatever the government might tell you. No nation is too big too fail.

At that rate Bitcoin is not too big to fail either, YET. It is moving in the right direction (and that isn't directly due to investors buying it): https://blockchain.info/charts/hash-rate?showDataPoints=false&show_header=true&daysAverageString=1&timespan=all&scale=1&address=

"Too big to fail" doesnt mean what you think it means

[wachtwoord]

bitcoin is far from "too big to fail".  If bitcoin crashed, I doubt anyone will care to extend an emergency loan to any of these startups.  More like rats jumping off a sinking ship

Bitcoin isn't too big to fail because someone would save it lol. The government really screwed you up 

Bitcoin is peanuts.   Its not too big to do anything

Investors won't dump their other investments and pour into bitcoin if bitcoin should crash.  If anything they'll jump ship and take a loss

No company is too big to fail whatever the government might tell you. No nation is too big too fail.

At that rate Bitcoin is not too big to fail either, YET. It is moving in the right direction (and that isn't directly due to investors buying it): https://blockchain.info/charts/hash-rate?showDataPoints=false&show_header=true&daysAverageString=1&timespan=all&scale=1&address=

"Too big to fail" doesnt mean what you think it means

No, I'm trying to explain to you that it doesn't mean what you think it means.

Hence my first reply:

Bitcoin isn't too big to fail because someone would save it lol. The government really screwed you up 

[twiifm]

http://en.m.wikipedia.org/wiki/Too_big_to_fail

[galbros]

This was a nice and useful thread.  Thanks.  While it's clear we are not going to find out what he paid, I think this is a pretty good sign for bitcoin.

[nuff]

To say bitcoin is too big to fail is akin to saying the internet or file sharing or computing is too big to fail... that does not make sense at all. bitcoin is (simply, but ingeniously) a decentralised public ledger that tracks every single transaction that's ever happened with everyone agreeing it happened. Like P2P, once it came into existence, it's there. It's up to people to use P2P or not, for whatever usage or reason, but it's not something that can or can't 'fail'. Most think bitcoin is a new kind of money but while it is (it fulfills all requirements and characteristics to be considered as money) it's really more than just new money, it's a new protocol, a new way to do things trustlessly. It's something that totally removes the middleman out of the picture, and that is probably the most significant thing about bitcoin. The price of bitcoin in itself, no matter whether it's in the pennies or in the tens of thousands, is really quite irrelevant, but that's what most people see only in, the price.

[glub0x]

To say bitcoin is too big to fail is akin to saying the internet or file sharing or computing is too big to fail... that does not make sense at all. bitcoin is (simply, but ingeniously) a decentralised public ledger that tracks every single transaction that's ever happened with everyone agreeing it happened. Like P2P, once it came into existence, it's there. It's up to people to use P2P or not, for whatever usage or reason, but it's not something that can or can't 'fail'. Most think bitcoin is a new kind of money but while it is (it fulfills all requirements and characteristics to be considered as money) it's really more than just new money, it's a new protocol, a new way to do things trustlessly. It's something that totally removes the middleman out of the picture, and that is probably the most significant thing about bitcoin. The price of bitcoin in itself, no matter whether it's in the pennies or in the tens of thousands, is really quite irrelevant, but that's what most people see only in, the price.

You sir just win the best post i ever read about bitcoin in speculation
Failling makes no sense for bitcoin. At least As long as i live this fantastic idea will be arround. In that sense it already "win".

[wachtwoord]

To say bitcoin is too big to fail is akin to saying the internet or file sharing or computing is too big to fail... that does not make sense at all. bitcoin is (simply, but ingeniously) a decentralised public ledger that tracks every single transaction that's ever happened with everyone agreeing it happened. Like P2P, once it came into existence, it's there. It's up to people to use P2P or not, for whatever usage or reason, but it's not something that can or can't 'fail'. Most think bitcoin is a new kind of money but while it is (it fulfills all requirements and characteristics to be considered as money) it's really more than just new money, it's a new protocol, a new way to do things trustlessly. It's something that totally removes the middleman out of the picture, and that is probably the most significant thing about bitcoin. The price of bitcoin in itself, no matter whether it's in the pennies or in the tens of thousands, is really quite irrelevant, but that's what most people see only in, the price.

You sir just win the best post i ever read about bitcoin in speculation
Failling makes no sense for bitcoin. At least As long as i live this fantastic idea will be arround. In that sense it already "win".

Failing makes little sense due to the high hash rate.

[ElectricMucus]

Just FYI



yes it is what it looks like.

[ElectricMucus]

There is no attempt to discredit anybody, I just find the far-out political spectrum hilarious, somebody else might get a chuckle out of it too, that's why I posted it.

[wachtwoord]

Just FYI



yes it is what it looks like.

Are we attempting to discredit his wisdom as a business man because he has some unconventional beliefs/things to say from time to time?

Most of the greatest innovative inventors and geniuses throughout history have been weirdos. (Not implying the guy is a genius, but he's certainly open minded.)

I like that he's a little weird...it means he thinks outside the box more than guys like Warren Buffet. Ideas like Bitcoin aren't thought up by people that see the world the way society encourages them to.

What's that? He wants to split up California in sub-states? I hold no opinion on that either way.