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Author Topic: Billionaires hate Bitcoin.  (Read 16313 times)
Jon
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March 27, 2012, 10:16:26 AM
 #1

Why would they want to invest in something that could end their hold on cheap debt and a controllable monetary supply?

It would just be eliminating their power.

The Communists say, equal labour entitles man to equal enjoyment. No, equal labour does not entitle you to it, but equal enjoyment alone entitles you to equal enjoyment. Enjoy, then you are entitled to enjoyment. But, if you have laboured and let the enjoyment be taken from you, then – ‘it serves you right.’ If you take the enjoyment, it is your right.
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Raoul Duke
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March 27, 2012, 10:43:10 AM
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And how many billionaires do you know?
Or are you just spreading FUD because you're bored as usual?

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March 27, 2012, 10:45:04 AM
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And how many billionaires do you know?
Or are you just spreading FUD because you're bored as usual?

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

The Communists say, equal labour entitles man to equal enjoyment. No, equal labour does not entitle you to it, but equal enjoyment alone entitles you to equal enjoyment. Enjoy, then you are entitled to enjoyment. But, if you have laboured and let the enjoyment be taken from you, then – ‘it serves you right.’ If you take the enjoyment, it is your right.
SaintFlow
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March 27, 2012, 10:46:22 AM
 #4

Billionaires love Bitcoin

besides all the other tools of power as mentioned above - bitcoin offers a unique opportunity to diversivy assets and own
a big chunk of systems D value storage technology and thereby its power architecture.

additionaly bitcoin is a convienient way to bribe people internationally and annonymously it also holds a value density higher
then investmentgrade opals or bonds.

Understanding and usage of brainwallets can make a naked abducted billonaire even capabal of paying for his release out of
his head.

billionaires love Bitcoin

account resurrected
the lurking ends
realnowhereman
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March 27, 2012, 10:50:14 AM
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Why would they want to invest in something that could end their hold on cheap debt and a controllable monetary supply?

It would just be eliminating their power.

Why?  They already own the billions of dollars worth of value.  If that became measured in bitcoins instead of dollars it would be worth no less.  Billionaires don't hate bitcoins; I doubt they know or care to know about them.  They can spend the entire bitcoin market cap before breakfast.

Sure, they might have to give the early adopters a bit; but rich people will still be rich if bitcoin succeeds.

With money comes power.  Bitcoin is irrelevant to that fact.

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kangasbros
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March 27, 2012, 03:03:16 PM
 #6

Billionaries are going to hate bitcoin, since it is impossible to own billion bitcoins  Grin

Raoul Duke
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March 27, 2012, 04:10:20 PM
 #7

Billionaries are going to hate bitcoin, since it is impossible to own billion bitcoins  Grin

Man, you deserve it... really!

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March 27, 2012, 04:11:08 PM
 #8

Billionaries are going to hate bitcoin, since it is impossible to own billion bitcoins  Grin

Man, you deserve it... really!
http://gifs.gifbin.com/042009/1240325175_roflbrothel.gif
Epic, as ever.

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March 27, 2012, 05:02:22 PM
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this is an interesting question.  offhand i would've said they'd hate it as it does threaten the status quo.

otoh, it depends on their state of mind.  if they think the "system" as they know it is coming to an end then it should be a no brainer to invest a few millions of their billions into a promising technology that has the potential to be disruptive to the USD game.

i actually think the latter has already started to become more apparent as we head into the next crisis.
Vladimir
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March 27, 2012, 05:19:38 PM
 #10

Just wait until SHTF for the fiat ponzi. According to some EUR will not survive 2012 or 2013. Should this happen they will all run for safety, meaning USD bonds at negative yields (ironically), gold, and yes bitcoins. Do not be too surprised if BTCEUR  hits 5 digit numbers before long.

And another point about wealthy guys loving Bitcoin for it's utility is rather important one. Remember your Bitcoins are still there when you get out of jail, Madoff and their ilk I bet would love to have a few kilo BTC in their brain wallet right now.

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RaggedMonk
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March 27, 2012, 05:38:19 PM
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Billionaires love Bitcoin

besides all the other tools of power as mentioned above - bitcoin offers a unique opportunity to diversivy assets and own
a big chunk of systems D value storage technology and thereby its power architecture.

additionaly bitcoin is a convienient way to bribe people internationally and annonymously it also holds a value density higher
then investmentgrade opals or bonds.

Understanding and usage of brainwallets can make a naked abducted billonaire even capabal of paying for his release out of
his head.

billionaires love Bitcoin
+1.  Billionaires care about themselves first and foremost.  I'd add that the ability to fluidly move funds around the world cheaply, safely, and semi-anonymously would also appeal to them.  Billionaires love their tax avoidance.
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March 28, 2012, 06:25:32 PM
 #12

Billionaires love Bitcoin

besides all the other tools of power as mentioned above - bitcoin offers a unique opportunity to diversivy assets and own
a big chunk of systems D value storage technology and thereby its power architecture.

additionaly bitcoin is a convienient way to bribe people internationally and annonymously it also holds a value density higher
then investmentgrade opals or bonds.

Understanding and usage of brainwallets can make a naked abducted billonaire even capabal of paying for his release out of
his head.

billionaires love Bitcoin
+1.  Billionaires care about themselves first and foremost.  I'd add that the ability to fluidly move funds around the world cheaply, safely, and semi-anonymously would also appeal to them.  Billionaires love their tax avoidance.

Take that, Sir Richard Charles Nicholas Branson, you egotistical bastard! http://www.youtube.com/watch?v=Fywr2RtfVgE, albeit the following video is better. http://www.youtube.com/watch?v=5wcqdKowpsI
HappyFunnyFoo
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March 28, 2012, 07:46:17 PM
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Bitcoin is an inferior means of exchanging sums of capital, in its current form.  Nobody wealthy really cares about it.

Small transactions: cash is faster and 100% secure (money goes from person X to person Y and is verified by counting in 10 seconds or less, vs. bitcoin's 20 minute block confirmation wait).

Large transactions: bank transfers are much, MUCH safer (FDIC insurance at my free savings account covers up to $100,000, there's no 100% secure equivalent in the bitcoin world, and wallet security is a joke right now).

Price volatility: developed nation currency is 100 times more stable.

Usability: developed nation currency is 100,000 times more commonly accepted as monetary standard.

Speaking from the perspective of a very wealthy individual, why care about such an inferior currency system at all?  This is a proof of concept, not designed for mainstream use, and needs a lot of work.  Respect bitcoin for what it is and what it proves.  Graham Bell's first telephone is NOT an iphone.  Got it?

Sorry guys.
Matthew N. Wright
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March 28, 2012, 07:51:38 PM
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Bitcoin is an inferior means of exchanging sums of capital, in its current form.  Nobody wealthy really cares about it.
Okay, I'll bite. Personal opinion + unverifiable claim. 2 for 2. Looking like a good blowhard comment so far.

Small transactions: cash is faster and 100% secure (money goes from person X to person Y and is verified by counting in 10 seconds or less, vs. bitcoin's 20 minute block confirmation wait).
Completely ignored Paypal's raging success that also requires a period of waiting and is even less secure. Fail.

Large transactions: bank transfers are much, MUCH safer (FDIC insurance at my free savings account covers up to $100,000, there's no 100% secure equivalent in the bitcoin world, and wallet security is a joke right now).
Anything is safer when it's guarded and backed by police, governments, armies, etc.

Price volatility: developed nation currency is 100 times more stable.
Bitcoin is not a currency. Also, Zimbabwe? Helloooo?

Usability: developed nation currency is 100,000 times more commonly accepted as monetary standard.
You must be new here. Almost as new as Bitcoin.

TL;DR.

I think you intended to have a point, but you surely missed it.

realnowhereman
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March 28, 2012, 08:23:17 PM
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Small transactions: cash is faster and 100% secure (money goes from person X to person Y and is verified by counting in 10 seconds or less, vs. bitcoin's 20 minute block confirmation wait).

"Cash is faster"?  WTF?  

Maybe if I'm stood next to you.  But have you heard of this crazy new thing called "the Internet"?

Let's race.  You send $4 cash to Hong Kong; I'll send $4 worth of bitcoins.  Why would I want to do that you ask?  Ever bought a small gadget from ebay?  Ever bought an MP3 for less than a dollar from a server that's halfway around the world.

(you're also forgetting that the bitcoin transactions can be seen within, typically, two seconds; it takes 10 minutes to clear, compared to days for bank wire transfers to clear).

Bitcoin isn't perfect for everything, and buying your morning newspaper might well not be one of its "optimum" uses; but you're seriously ignoring huge areas were bitcoin is, essentially, unbeatable.

Speaking from the perspective of a very wealthy individual, why care about such an inferior currency system at all?  This is a proof of concept, not designed for mainstream use, and needs a lot of work.  Respect bitcoin for what it is and what it proves.  Graham Bell's first telephone is NOT an iphone.  Got it?

I don't think anyone is claiming otherwise.  The lead developer regularly calls bitcoin an "experiment" in interviews.

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HappyFunnyFoo
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March 28, 2012, 08:49:01 PM
 #16

How does sending $4 of cash to hong kong have to do with billionaires?  Even as a poor person, I'm not stupid enough to make small-ticket purchases overseas.
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March 28, 2012, 09:00:50 PM
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Quote from: Jon
Billionaires hate Bitcoin

Billionaires love Bitcoin


Most Billionaires have never heard of Bitcoin.

realnowhereman
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March 28, 2012, 09:19:59 PM
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How does sending $4 of cash to hong kong have to do with billionaires?  Even as a poor person, I'm not stupid enough to make small-ticket purchases overseas.

Nothing; I was addressing this point of yours:

Small transactions: cash is faster and 100% secure (money goes from person X to person Y and is verified by counting in 10 seconds or less, vs. bitcoin's 20 minute block confirmation wait).

I'm not stupid enough to buy big-ticket purchases overseas; but I've saved a fortune on small-ticket items that cost a lot more locally.  I've bought loads of little bits from Hong Kong on ebay and never had a single one not arrive.  Cell phone/laptop batteries, camera lens caps, flash cards, USB gadgets, etc.  I had to use Paypal of course, but the merchant's coud have made an additional few percent on the deal if they'd have accepted bitcoins.

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March 29, 2012, 04:06:20 AM
 #19

How does sending $4 of cash to hong kong have to do with billionaires?  Even as a poor person, I'm not stupid enough to make small-ticket purchases overseas.

As a real live poor person (< $10k a year compared to your "perspective of a very wealthy individual") with an IQ above 130, I can assure you I have often purchased small ticket purchases oversees.  It's cheaper to order from china than to pay the importer his cut.

http://www.dealextreme.com/

Nothing stupid about paying less, but you don't care because you can piss your money away.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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March 29, 2012, 06:53:23 AM
 #20

Why would they want to invest in something that could end their hold on cheap debt and a controllable monetary supply?

It would just be eliminating their power.

I doubt it. If a billionaire had a mild dislike of bitcoin they could destroy it with pocket change.

12T/H at $1 M/H = $1.2m for a 51% attack. (if my math is right...)
If it is planned well they could turn around and sell the equipment and make a profit.

If I was doing this I would bulk purchase high-end video cards, carry out the attack, value add, reship and triple  the initial investment.
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