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Author Topic: Billionaires hate Bitcoin.  (Read 16317 times)
cbeast
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March 29, 2012, 12:16:14 PM
 #21

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.

A purchase order like that would not go unnoticed. A competing billionaire would purchase more than double that and nullify the attack. Another billionaire would raise the stakes again so that the other two don't get all the bitcoin wealth. Do you not think that there is a Steve Jobs for every Bill Gates out there?

*maybe those two aren't the best analogy, but you get the point.

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March 29, 2012, 01:37:14 PM
 #22

Billionaires love Bitcoin
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
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billionaires love Bitcoin
those two could be the worst arguments i've ever encountered on this forum...
Although i have no acquaintances with any billionaires from a "cold investing point" i think that bitcoin would be interesting.
other than that i fail to see the point in topic.   
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March 29, 2012, 04:08:05 PM
 #23

Billionaries are going to hate bitcoin, since it is impossible to own billion bitcoins  Grin
Thousandaire is going to be bitcoin's billionaire?
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March 30, 2012, 11:35:47 PM
 #24

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.

Unless you are a banking billionaire.  Inflating currencies rob from businesses, thus billionaires.  Buffett and the poor would be far richer on a gold standard.
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March 31, 2012, 02:55:27 AM
 #25

Look at all the oblivious fools arguing market rhetoric.

Billionaires have billions because bankers can cheat. Bitcoins end cheating. QED. Cheating billionaires hate people having bitcoins.

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April 04, 2012, 10:47:21 PM
 #26

Billionaires have billions because bankers can cheat. Bitcoins end cheating. QED. Cheating billionaires hate people having bitcoins.

Why would billionaires want to _borrow_ money?? (i.e. cheap credit)

I think it's easy to make the case that most billionaires have benefited from cheap credit.

http://en.wikipedia.org/wiki/Black_Wednesday

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April 05, 2012, 05:28:02 PM
 #27

Bitcoins end cheating.
Okay, you're going to have to explain this one.

I mean, Bitcoins end one specific kind of cheating: loaning out money you don't have.

That's a far cry from ending all the dirty tricks that let people with maneuvering room skim the cream from society at large.

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the culture of naive fools and conmen, the former convinced that BTC is a magic box that will turn them into millionaires, and the latter arriving by the busload to devour them.
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April 19, 2012, 08:45:58 PM
 #28

Well, with bitcoin's current market cap being what it is, billionaires certainly aren't into it.
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May 09, 2012, 12:38:41 AM
 #29

Well, with bitcoin's current market cap being what it is, billionaires certainly aren't into it.

Bitcoin isn't a business. The long term implications of this currency affect them in ways some won't like.

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May 15, 2012, 07:03:30 PM
 #30

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.

Multi-millionaires and Billionaires will love BTC when they need to make a move that can't create too many ripples.

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May 15, 2012, 07:24:24 PM
 #31

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.

Multi-millionaires and Billionaires will love BTC when they need to make a move that can't create too many ripples.

+1

& some of those moves could be very positive too

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June 05, 2012, 04:10:49 AM
 #32

A billionaire would try out bitcoins. He would buy maybe a few hundred thousand dollars or maybe even a million dollars worth of BTC, such as 190,000.00000001 BTC. Just for fun.

When he sees that it used to sell for $4 and now it sells for $6, he'd either get excited about the 50% increase, or he'd get bored and cash out since his other business ventures make more money both in absolute amount and in relative percentages.

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June 05, 2012, 09:27:41 AM
 #33

A billionaire would try out bitcoins. He would buy maybe a few hundred thousand dollars or maybe even a million dollars worth of BTC, such as 190,000.00000001 BTC. Just for fun.

When he sees that it used to sell for $4 and now it sells for $6, he'd either get excited about the 50% increase, or he'd get bored and cash out since his other business ventures make more money both in absolute amount and in relative percentages.
Yeah, billionaires will totally whine about how the "early adopters" who got bitcoin at $0.01 are rich now and bitcoin can go nowhere now but down in price.  Roll Eyes

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June 05, 2012, 09:33:37 PM
 #34

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.

One might ask the same question about 100k worth of FDIC insurance for a billionaire...?

 private insurance for large financial transactions is not cheap.

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June 09, 2012, 03:04:24 PM
 #35

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

Lol yeah.

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To be honest, I don't think they hate bitcoin because they probably don't know about them Tongue

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June 09, 2012, 03:10:33 PM
 #36

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

Lol yeah.

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To be honest, I don't think they hate bitcoin because they probably don't know about them Tongue
Then before long they will be Zimbabwe Bazillionaires!

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June 15, 2012, 06:08:22 PM
 #37

How about people that have become billionaires because of bitcoins?

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October 04, 2012, 04:09:31 AM
 #38

Look at all the oblivious fools arguing market rhetoric.

Billionaires have billions because bankers can cheat. Bitcoins end cheating. QED. Cheating billionaires hate people having bitcoins.


It took me just fifteen minutes of listening to Bill Gates on Charlie Rose to confirm that billionaires don't and won't like BItcoin.

Mr. Gates throws around a lot of "we did this" type of statements, and what he really means is "we used our power and influence to get governments to do this".  I'm not saying the accomplishments were bad, but anything that lessen's a billionaire's influence will not be something the billionaires will support.

Fortunately Bitcoin isn't most valuable by gaining support of the relatively few billionaires but instead it is most valuable by gaining support of the billions (of people on the planet).

Here's the June 2012 interview:
 - http://www.charlierose.com/view/interview/12436

At about 0:10:20 into the video:

Charlie Rose: [In India] How much corruption?

Bill Gates: Well there's always going to be some corruption.  You want to design systems that make it harder for there to be corruption.  Where you can really trace the money down to the recipient of that money.  It's partly why we'd like to get digital currencies on cellphones so you don't have as much where somebody else can collect it along the way.

Charlie Rose: You'ld like to get that done.  What is necessary for that to happen?

Bill Gates: The cellphones are now getting powerful enough.  The government has to set some standards.   There's a lot of energy being put into this in India.  It has happened only in Kenya.  It's the only developing country that has this digital currency.  And now that India sees that it has happened in one place they are trying to clear out the regulations and get it going?

Charlie Rose: And how does it work in Kenya?

Bill Gates: You can actually use your cellphone and send money to other people, like a relative that is out in the rural area or if you go into a store and buy something you can just do that on your cellphone.

Charlie Rose: And they take their cellphone in to do things buy products or whatever.

Bill Gates: Exactly. It makes all these financial issues -- the fees to move money around, to have loans of various types, it makes it a lot simpler when you aren't having to handle paper currency.


A few takeaways from that:

1.) For government spending where there is the need for transparency, there's no reason why triple-entry accounting shouldn't be mandatory.    Most of that can be done today, without the need for Bitcoin even.

2.) Mr. Gates might want to have someone explain to him the difference between a "digital currency" and "mobile banking", "electronic currency", "representative money", etc.

3.) ill Gates once said in an interview that he reads every page of The Economist.  If he still does, then he'ld know that it is not just Kenya where mobile banking and mobile payments are widely used:



 - http://www.economist.com/node/21553510


Mr. Gates has a very specific view on where innovation originates.  He is impressed with the level of research occurring from the top universities in China.  He talks about problems being solved after "lots of IQ" (and, presumably, money paying those salaries) are expended on certain problems.  

That map from the Economist article was recently used in another article which described "reverse innovation".  Reverse innovation is progress that occurs in the trenches -- in the developing world which the combination of local smarts apply technology and create new solutions to their problems that weren't introduced from the "top research" centers.   There's another term for "reserve innovation" --  free market competition.  When markets are free, the best solutions are sometimes discovered locally where the problems are most acute -- and not alwys designed in some office by some well-funded company thousands of miles away.

The local market in Kenya determined that mobile payments which allowed the transfer of value (mobile airtime credits) via SMS texting on feature phones worked fairly well when free of regulations (M-PESA didn't have to follow the same AML/KYC as banks in the country did.)

[Edited: Inserted a new point #2]

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October 04, 2012, 04:21:53 AM
 #39

Tax Evaders like BitCoin

Billionaires like Tax Evasion

Billionaires like BitCoin
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October 04, 2012, 01:56:25 PM
 #40

I'm not a billionaire (not even close) but if I were, with what I know about bitcoin, I'd buy maybe a couple hundred thousand coins and see what happens. I'd probably start with a few thousand coins.

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