Don't rely on Venture capital money - these guys don't know what they're doing

[NotHatinJustTrollin]

I see  a lot of people in here getting excited about VC money being poured in the bitcoin space (like the NSYE news) and taking it as some guarantee that the bitcoin's price is gonna go to the moon because of that.

Wrong.

First of all, some of them are investing in bitcoin exchanges, not in bitcoin itself. BTC price could crash to $10 and exchanges would do fine. Bitcoin "investors"? not so much.

Secondly, some of the VC guys investing in this space don't know what they are doing or what they are really getting into.
Now permabulls will probably shout at me something like:
-"you troll! We are talking about Citi CEO and NSYE! Do you think you know more than them of what's going on? Hahaha"

K.


Let's take a few examples shall we?

Tim Draper. Big VC guy, billionaire. He bought BTC in the millions at $500-600. Then he posted on twitter stuff like: "if I was Russian I would buy bitcoin right now". Right before the ridiculous BTC crash.

Does it look like he knows what he's doing?
No.

What about Bill Miller? I have enormous respect for the guy, but he bought BTC at $500. Let's be honest, he screwed up big time.

What about Barry Silbert and his fund investors who can't liquidate their holdings from the fund and they are stuck with their bags?
Did he fuck up? You tell me.

Those guys are now public Bitcoin BAGHOLDERS. We are not talking about small percentages. They lost millions.

Oh, and they invested on bitcoin directly, unlike others who invested in exchanges, who are not technically dependent on the bitcoin price to rise...


You still think you should take VC money as a guarantee that nothing can go wrong (it can easily fail by definition FFS)?  Or even better, as a guarantee that any VC money in exchanges is gonna make bitcoin's price go to the moon even if the two are not directly related?


There was a lot of VC money during the dotcom bubble too. Just sayin'.

[oda.krell]

Awww, you lil' trolls are totally adorbs :3

Here, I'll quote myself, from the wall thread. Ain't nobody got time to respond to the FUD individually...

The evolution of the cryptocritic slowpoke:


"Nobody has any interest in using Bitcoin"

=> Network grows exponentially, 5 years in a row

==> "Okay, nobody other than a few nerds and libertards is ever going to use or accept Bitcoin"

===> Microsoft online, Overstock, Dell, Newegg

====> "They don't really accept Bitcoin, they convert most of it to USD immediately. Big money despises Bitcoin."

======> $75 million investment in Coinbase, by New York Stock exchange, among others

=======> "They don't actually think Bitcoin is useful or is going to stick around. Didn't you know the only guys who made money during the gold rush where the sellers of shovels?! That's exactly how they see Bitcoin."

[thresher]

He is right though. 
No money went into btc directly.  When investors truly believe that something such as bitcoin will go up, they buy it directly (ex. look at people buying oil and storing it is ships, they don't care that it hasn't bottomed, they know it will go up because they believe in it.)

Besides, this news caused what, btc to hold at 213 for a day, instead of 208.....woooo were doing so great. 

Let's not be unrealistic here guys, when we hear that these guys are buying btc directly, or even promoting its widespread usage, good.  For now, don't get caught sinking all your money in yet. 

Of course if you already have money sunken in such as myself, we can close our eyes and pretend that this is the turning point...... or we can relax and not set ourselves up for massive panic sales and 9 million trolling threads when the price drops back to $200 or below. 
I want btc to skyrocket of course, but at this point we waited so long, we might as well wait for it to increase because people are actually using it, not because you guys think if you don't jump in now you are going to miss the rally....that is not happening.   

[Miz4r]

Tim Draper. Big VC guy, billionaire. He bought BTC in the millions at $500-600. Then he posted on twitter stuff like: "if I was Russian I would buy bitcoin right now". Right before the ridiculous BTC crash.

Does it look like he knows what he's doing?
No.

Yes he does. Only your troll brain is so small that you can't see further ahead than 2-3 months when you put your money into something. You just don't understand what a long term outlook is. It's funny that I've been hearing the exact same thing from trolls like you when I was buying in the bearish Spring and Summer of 2013, I was a stupid bagholder and they laughed at me for buying this crap and the price would never see triple digits again. Then the price went up to $1100 and the trolls became very quiet. You think this won't happen again? Perhaps it won't you can never be 100% sure but you will sure look stupid if it does. Anyone remember Jaroslaw? Funny how we never heard from him since just like I expect to hear nothing from you once the price moves up to $600 again and higher. I will still laugh at you though just like I'm still laughing at Jaroslaw.

[waaat?]

Bagholders now transitioning from calling 'beartroll' to being sour. Malicous stage and blaming it all on you next.

[tadakaluri]

Those investments are benefit to Coinbase not BTC Price!!

[knight22]

I hope they'll expand in Canada so I can buy bitcoins more easily now that we found the bottom. 

[jaredboice]

Tim Draper. Big VC guy, billionaire. He bought BTC in the millions at $500-600. Then he posted on twitter stuff like: "if I was Russian I would buy bitcoin right now". Right before the ridiculous BTC crash.

Does it look like he knows what he's doing?
No.

Yes he does. Only your troll brain is so small that you can't see further ahead than 2-3 months when you put your money into something. You just don't understand what a long term outlook is. It's funny that I've been hearing the exact same thing from trolls like you when I was buying in the bearish Spring and Summer of 2013, I was a stupid bagholder and they laughed at me for buying this crap and the price would never see triple digits again. Then the price went up to $1100 and the trolls became very quiet. You think this won't happen again? Perhaps it won't you can never be 100% sure but you will sure look stupid if it does. Anyone remember Jaroslaw? Funny how we never heard from him since just like I expect to hear nothing from you once the price moves up to $600 again and higher. I will still laugh at you though just like I'm still laughing at Jaroslaw.

I've never heard of Jaroslaw but in all likelihood he's still trolling under a new name LOL 

[Paashaas]

I see  a lot of people in here getting excited about VC money being poured in the bitcoin space (like the NSYE news) and taking it as some guarantee that the bitcoin's price is gonna go to the moon because of that.

Wrong.

First of all, some of them are investing in bitcoin exchanges, not in bitcoin itself. BTC price could crash to $10 and exchanges would do fine. Bitcoin "investors"? not so much.

Secondly, some of the VC guys investing in this space don't know what they are doing or what they are really getting into.
Now permabulls will probably shout at me something like:
-"you troll! We are talking about Citi CEO and NSYE! Do you think you know more than them of what's going on? Hahaha"

K.


Let's take a few examples shall we?

Tim Draper. Big VC guy, billionaire. He bought BTC in the millions at $500-600. Then he posted on twitter stuff like: "if I was Russian I would buy bitcoin right now". Right before the ridiculous BTC crash.

Does it look like he knows what he's doing?
No.

What about Bill Miller? I have enormous respect for the guy, but he bought BTC at $500. Let's be honest, he screwed up big time.

What about Barry Silbert and his fund investors who can't liquidate their holdings from the fund and they are stuck with their bags?
Did he fuck up? You tell me.

Those guys are now public Bitcoin BAGHOLDERS. We are not talking about small percentages. They lost millions.

Oh, and they invested on bitcoin directly, unlike others who invested in exchanges, who are not technically dependent on the bitcoin price to rise...


You still think you should take VC money as a guarantee that nothing can go wrong (it can easily fail by definition FFS)?  Or even better, as a guarantee that any VC money in exchanges is gonna make bitcoin's price go to the moon even if the two are not directly related?


There was a lot of VC money during the dotcom bubble too. Just sayin'.

Bla bla bla bla, what a huge pile of bullschit. How much money do you earn by doing this?

You must have a schit life isn't it?

Op is right,
Coinbase is a payment service allow bitcoiners to cash out
They got funded they make a better way for you to cash more fiat out of bitcoin, cashing out more money invested in bitcoin means push bitcoin's price even lower
Coinbase is going to earn payment fee until bitcoin hits almost $0 (lower price, more volume = same fee)

Grabbed youre 2e troll acount to back up yourself?

[oda.krell]

There was a lot of VC money during the dotcom bubble too. Just sayin'.

Now that I think of it... funny that you mention the "dotcom bubble", as a placeholder for all those broken dreams of investors, huh.

Let's take NASDAQ as a proxy for "dotcom performance"⁽¹⁾: except for the poor suckers who bought in at the very peak, then panic sold at the bottom, I'd say the technology sector is doing mighty fine:



Took about 14 years to get back to peak level. But by the looks of it, crypto moves a lot faster


⁽¹⁾ Yeah, yeah, "Bitcoin =/= NASDAQ". So diversify a small amount into alts and Ripple, and keep your eyes open for possible successors to Bitcoin, as judged by their total mcap. For now, Bitcoin does more or less equal crypto, by the analogy above, where NASDAQ equals "tech".

[NotLambchop]

Compelling.  Continue holding WorldCom.

[RodeoX]

Maybe you don't believe bitcoin has a future, but Coinbase just got 75 million votes to the contrary.
As far as these guys not knowing what they are doing... I have met some of them and I assure you they have a plan and know exactly what they are doing. They did not become billionaires by stumbling around in the dark or listening to crackpot theories on the internet.

[oda.krell]

@NotLambchop Noice... So you discovered the reason why financial markets exist (other than that they're kinda hard to ban entirely )

Whether Bitcoin (or crypto) will be "tech" / NASDAQ, i.e. a long term success with a major dip in between, or WorldCom, a total failure ultimately, is a question impossible to answer with any sort of rigor, therefore: answered by markets.

Sure, 2014 mostly confirmed your point. But we should probably wait until we're back to single digits per coin before declaring Bitcoin bankrupt like Worldcom, right?

[NotLambchop]

Maybe you don't believe bitcoin has a future, but Coinbase just got 75 million votes to the contrary.
...

Again:  Coinbase is not Bitcoin.  If someone wants to invest in USD, he won't invest in PayPal, he'll buy USD.

[zoinky]

Bitcoin is doing fine, time is on our side.  

[Dilla]

Sure, but if Bitcoin dies soon they don't make money when nobody trades it. This is the way I see it, nyse wants in on the exchanges to make profit off that while the price gets pushed down more pre-etf release. Wall Street comes in at low prices and launches a massive bull run willy and Markus could only dream of.

[oda.krell]

Maybe you don't believe bitcoin has a future, but Coinbase just got 75 million votes to the contrary.
...

Again:  Coinbase is not Bitcoin.  If someone wants to invest in USD, they don't invest in PayPal, they buy USD.

Name one, really, just one large company (other than the producer) investing in Beanie Babies infrastructure - one of your favorite analogies for Bitcoin.


I'm sure Coinbase investors are opportunistic. But they're not entirely stupid either: you don't pour money into something that you expect to go away next year.

[NotLambchop]

...we should probably wait until we're back to single digits per coin before declaring Bitcoin bankrupt like Worldcom, right?

I remember hearing $300 being the point of no return.  I guess we can ride this thing all the way down tho...

[NotLambchop]

Maybe you don't believe bitcoin has a future, but Coinbase just got 75 million votes to the contrary.
...

Again:  Coinbase is not Bitcoin.  If someone wants to invest in USD, they don't invest in PayPal, they buy USD.

Name one, really, just one large company (other than the producer) investing in Beanie Babies infrastructure ...

You mean "selling BTCeanies to idiots"?  eBay, to name one

[oda.krell]

...we should probably wait until we're back to single digits per coin before declaring Bitcoin bankrupt like Worldcom, right?

I remember hearing $300 being the point of no return.  I guess we can ride this thing all the way down tho...

No such 'point of no return' estimate from me, I'm sure.

In my opinion, there is no clear cut point from which it "will never recover".

$2 in 2011 was almost certainly well below any such limit if you would have asked, and here we are: up by a factor 100 from then within about 3 years.