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

[NotLambchop]

^I've never claimed that Bitcoin is dead.
Clearly some unusual stuff happened already (hashrate getting weird, bizarre pool distribution...



...cattle mutilations, lights flickering, etc., etc.).

If you feel like riding this thing down to $2, you go right ahead.

[RodeoX]

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.

$2! That was post rally. lol

I remember when we hit parity with the dollar. It seemed so huge, especially after growing from $0.06.

[manselr]

My advice: ignore any chance at VC in the UK. Even in London, the investors are highly risk averse and will give you terrible valuations if they do invest. Raise in silicon valley - it's BY FAR the most likely place you'll manage to raise money if you have something worth funding at the VC level.

[oda.krell]

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.

$2! That was post rally. lol

I remember when we hit parity with the dollar. It seemed so huge, especially after growing from $0.06.

Hm? That was my point, no? From $32 back to $2 made almost everyone on the outside, and even plenty of the "early adopters" declare Bitcoin dead and hopeless.

$1100 to $200 is not even close to that decline, but here we go again with the "WorldCom" comparisons... 

[RodeoX]

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.

$2! That was post rally. lol

I remember when we hit parity with the dollar. It seemed so huge, especially after growing from $0.06.

Hm? That was my point, no? From $32 back to $2 made almost everyone on the outside, and even plenty of the "early adopters" declare Bitcoin dead and hopeless.

$1100 to $200 is not even close to that decline, but here we go again with the "WorldCom" comparisons... 

Oh yes, I was agreeing with you. I'm taking advantage of these prices and if history is any indicator I will soon enough be called an unfair early adopter again.

[NotLambchop]

.@oda.krel:
You claimed that those who have invested during the dotcom craze came out in the black after 14 years.  The DotCom analogy was brought up as a counterargument, i.e. no, no they did not.

[oda.krell]

@NotLambchop

Why do you think I posted a NASDAQ graph? Just now, we're almost back to the peak level (+/- a few percent).

Sure, if you put all your kid's college money into stocks of pets.com, your investment failed.

Or if you bought some index following fund at peak valuation, then sold a year later.


The point is, tech is doing fine. NASDAQ is doing fine.

Sure, I get it, you think Bitcoin is pets.com. Can't prove to you that you're wrong. Just don't bring up the "dotcom craze" as a whole as an argument against crypto: there was sharp correction, but the industry as a whole went on to change the world.

Who cares that pets.com went down when there is Google, Facebook, Apple and Microsoft running the show now?

[NotLambchop]

...Just don't bring up the "dotcom craze" as a whole as an argument against crypto...

Never did.  Just pointed out that if (NASDAQ Composite)=(crypto) => (a company listed on NASDAQ, e.g. WorldCom)=(Bitcoin).  Seems self-evident, no?

[oda.krell]

Never did.  Just pointed out that if (NASDAQ Composite)=(crypto) => (a company listed on NASDAQ, e.g. WorldCom)=(Bitcoin).  Seems self-evident, no?

Right. Only difference between our points of view: the NASDAQ company that is equal to Bitcoin in the analogy could be WorldCom, or it could be Microsoft, Apple or any of the other major players that we take for granted now but that saw huge valuation slumps in the aftermath of the "bubble" pop.

Fun fact:

AAPL fell from ~5$ to ~1$ in the early 2000s. Surely Apple must have been dead back then.


Fun fact 2: Both of those sound like a good entry price now that it's trading at above $100, huh?

[NotHatinJustTrollin]

@oda:


Bitcoin = Pets.com

Distributed ledger technology = the internet


Make no mistake, I said distributed ledger technology, not its first shitty implementation (the bitcoin blockchain) that needs a ponzi currency flawed by design in order to exist.
...And definitely not the ponzi currency itself.

That's how the analogy as I used it works.


Tomorrow I will have more time to answer any points raised in this thread more carefully.

[mtwelve]

Do you think its a good time to start a Bitcoin business right now? With so much VC funding flow in, while it may not be a good indicator of support of Bitcoin but the company itself benefits.

[NotLambchop]

Never did.  Just pointed out that if (NASDAQ Composite)=(crypto) => (a company listed on NASDAQ, e.g. WorldCom)=(Bitcoin).  Seems self-evident, no?

Right. Only difference between our points of view: the NASDAQ company that is equal to Bitcoin in the analogy could be WorldCom, or it could be Microsoft, Apple or any of the other major players that we take for granted now but that saw huge valuation slumps in the aftermath of the "bubble" pop.

Fun fact:

AAPL fell from ~5$ to ~1$ in the early 2000s. Surely Apple must have been dead back then.


Fun fact 2: Both of those sound like a good entry price now that it's trading at above $100, huh?

This is getting tedious.  AAPL?  You gonna trot out the Bitcoin=internet analogy next?
Yes, Bitcoin could be the next IBM, Apple or even the Easter Bunny.
Fun fact:  I doubt it tho.

[NotLambchop]

Do you think its a good time to start a Bitcoin business right now? With so much VC funding flow in...

"So much" compared to?

[mtwelve]

Do you think its a good time to start a Bitcoin business right now? With so much VC funding flow in...

"So much" compared to?

To nothing

2013 compared to 2014, and for example Coinbase just got $75 mill alone...

[NotLambchop]

Do you think its a good time to start a Bitcoin business right now? With so much VC funding flow in...

"So much" compared to?

To nothing

2013 compared to 2014, and for example Coinbase just got $75 mill alone...

Ahh, gotcha.  Coinbase has been around for a bit.  Didn't get 75 mil because there's free-floating VC $$$ just looking for ground.

[oda.krell]

This is getting tedious.  AAPL?  You gonna trot out the Bitcoin=internet analogy next?

How dare you? Comparing cutting edge blockchain technology (with a built in currency-like token to secure the network) to a has-been producer of overpriced hardware on the last leg of a fad that started about 10 years ago.

Surely you can't be serious  

[mtwelve]

Do you think its a good time to start a Bitcoin business right now? With so much VC funding flow in...

"So much" compared to?

To nothing

2013 compared to 2014, and for example Coinbase just got $75 mill alone...

Ahh, gotcha.  Coinbase has been around for a bit.  Didn't get 75 mil because there's free-floating VC $$$ just looking for ground.

I understand that but I feel like its still possible to get VC funding with Bitcoin companies...

[RodeoX]

Do you think its a good time to start a Bitcoin business right now? With so much VC funding flow in, while it may not be a good indicator of support of Bitcoin but the company itself benefits.

Yes. I plan on making my next fortune on businesses that use the bitcoin protocol.
If you want VC money here are some things to keep in mind.

1. You will need a killer business plan, not just an idea. Even a great idea will receive no attention unless you have a detailed financial plan showing how the money you are seeking will turn into more money.

2. Remember motives. Angel investors are not angels. They are looking to make money and may not share your love of bitcoins. Look to partner with someone who understands what your doing and avoid taking money from someone who does not.

3. Have something to sell. If you have a product, apply for a patent. If you have intellectual property then copyright it and insist on viewers signing an NDA. If you want to sell a business then start the business before you pitch it.

4. Set a target and stick to it. Don't let some VCist talk you into a bad deal that gives them most of your profits and has you doing all the work.  

[NotLambchop]

...I understand that but I feel like its still possible to get VC funding with Bitcoin companies...

Yes.  If you're good at getting VC funding.  It's sorta like getting grants--a skill in itself.

[mtwelve]

I think I might follow through change my major to business administration while I can. Now to pick what business model to go for..