2013-04-29 Forbes-Big VC Says Bitcoin Is 'Gold 2.0. It's a Huge, Huge, Huge Deal

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

Now, this guy gets it ... welcome aboard Cheesy

Quote

... The value of gold that hedges the world economy, about $9 trillion, right? Thirteen hundred an ounce, of which only a hundred to a hundred and fifty dollars is the actual production value. So all the rest is imputed….

Well, guess what? I can do the same thing with Bitcoin only I can do it outside the purview of every single government. It’s being used everywhere you would think it would be used. Russia, Iran, Iraq, Egypt, Venezuela, Argenina. Everywhere you have currency pressure. Everywhere you want to basically shield your assets...

BitChick

legendary

Activity: 1148

Merit: 1001

Quote from: RationalSpeculator on April 29, 2013, 08:20:12 PM

The proof that we were in a bubble is that the price is now half of what it was at the peak. So the fact is that all prices above the current $150 were overvalued.

I think people jumped in to BTC hoping to make a quick buck but they really didn't "get it". They don't understand how big it can really become. So people panicked and sold and now many of them have not reinvested. It is probably better to have slower and more steady growth though. People will not panic as much and there will be more stability. I am in no hurry, but I am excited to be a part of this for sure.

RationalSpeculator

sr. member

Activity: 294

Merit: 250

This bull will try to shake you off. Hold tight!

Quote from: BitChick on April 29, 2013, 02:10:38 PM

http://www.forbes.com/sites/jeffbercovici/2013/04/29/big-vc-says-bitcoin-is-gold-2-0-its-a-huge-huge-huge-deal/

Quote from the article "I personally own Bitcoin in my hedge fun, I own Bitcoin in my fund, I own Bitcoin in my private account. It is a huge deal. It’s a huge, huge, huge deal. Because what you’re talking about right now is, for the next three to five years, an unbelievably better stored value. It is gold 2.0. Right?"

I have some gold 2.0.

Wish I would have bought some sooner, but hey, at least I have some!

Thanks for sharing, that was really interesting.

RationalSpeculator

sr. member

Activity: 294

Merit: 250

This bull will try to shake you off. Hold tight!

Quote from: bitchris on April 29, 2013, 04:32:03 PM

Was it 9 trillion, gold's total market cap? What would it be if gold would also be the leading payment method?

What is Bitcoin's Capitalization? 1.5 billion? If this is happening in 5 years... It's amusing to watch the scared people shout 'Bubble, bubble' while others grab the opportunity by the balls. I say at the end courage will be rewarded, and cowards will be left with regret.

I am one who says 'bubble'.

I don't consider myself a coward, but careful.

Careful means I am invested, as indeed it can go up a lot without warning.

The proof that we were in a bubble is that the price is now half of what it was at the peak. So the fact is that all prices above the current $150 were overvalued.

And around $150, the risk/reward is still much less favorable as around $10 6 months ago.

Why?

Because on average the bitcoin goes up around 600% per year. This goes down over time.

The rise to $150 this year represents already a 1000% increase.

If we can end the year around this price, bitcoin is on shedule! Having made up for the bad year of 2012 and an excellent year for 2013.

I would say at $150 today the risk/reward is comparable to $15-$10 in 2011 shortly after the crash from $30.

Sure, long term your chances are high to make great profits buying in around $150 today.

But short term chances are higher that it will go lower and you will sit on a loss, that can take over a year to make up.

Rampion

legendary

Activity: 1148

Merit: 1018

Quote from: BitChick on April 29, 2013, 05:57:14 PM

Quote from: bitchris on April 29, 2013, 04:32:03 PM

What is Bitcoin's Capitalization? 1.5 billion? If this is happening in 5 years... It's amusing to watch the scared people shout 'Bubble, bubble' while others grab the opportunity by the balls. I say at the end courage will be rewarded, and cowards will be left with regret.

Yes! My only concern is how to capitalize on low prices now! Seriously, the $140 price of BTC will be a steal in a few years. When it was skyrocketing my thoughts were "everyone is starting to get how big this can be now!" So, husband and I went all in at that point. Wish we could have seen the drop that came, but I have no regrets. We have a nice little pile. Nothing like some people on here I am sure. Wink

But even 100 could be worth millions someday.

To get to the point in which they are worth millions you will need strong hands, the ride will be extremely bumpy and can always end badly.

BitChick

legendary

Activity: 1148

Merit: 1001

Quote from: bitchris on April 29, 2013, 04:32:03 PM

What is Bitcoin's Capitalization? 1.5 billion? If this is happening in 5 years... It's amusing to watch the scared people shout 'Bubble, bubble' while others grab the opportunity by the balls. I say at the end courage will be rewarded, and cowards will be left with regret.

Yes! My only concern is how to capitalize on low prices now! Seriously, the $140 price of BTC will be a steal in a few years. When it was skyrocketing my thoughts were "everyone is starting to get how big this can be now!" So, husband and I went all in at that point. Wish we could have seen the drop that came, but I have no regrets. We have a pretty small little pile. Nothing like some people on here I am sure. Wink

But even 100 could be worth millions someday.

TheKoziTwo

legendary

Activity: 1552

Merit: 1047

Here is the interview on youtube:
http://youtu.be/59uTUpO8Dzw?t=19m14s

(starts at 19m14s)

Quote from: bitchris on April 29, 2013, 04:32:03 PM

Was it 9 trillion, gold's total market cap? What would it be if gold would also be the leading payment method?

What is Bitcoin's Capitalization? 1.5 billion? If this is happening in 5 years... It's amusing to watch the scared people shout 'Bubble, bubble' while others grab the opportunity by the balls. I say at the end courage will be rewarded, and cowards will be left with regret.

So basically if we assume bitcoin reaches 1% of golds total market cap that gives us 60x increase in price of bitcoin. That's without considering the benefit of bitcoin as a payment system. And that's just 1%. Wow.

bitchris

newbie

Activity: 22

Merit: 0

Thanks for sharing. I watched the whole thing. Great advice. My gut tells me that he's not the only major VC in Bitcoins, and that all the significant developments in bitcoin will happen in the next 3 - 5 years.

If this is happening (and there are strong indicators that it is / will even more) there's a good chance Bitcoin will be one of the most popular ways to store value and that it will turn out to be the leading payment system with the majority of the world population using it.

Was it 9 trillion, gold's total market cap? What would it be if gold would also be the leading payment method?

What is Bitcoin's Capitalization? 1.5 billion? If this is happening in 5 years... It's amusing to watch the scared people shout 'Bubble, bubble' while others grab the opportunity by the balls. I say at the end courage will be rewarded, and cowards will be left with regret.

kiko

sr. member

Activity: 453

Merit: 250

Thanks.
How did I not know about this guy?

http://techcrunch.com/2013/04/29/chamath-palihapitiya-disrupt/

This is so great. Skip to 04:09 in the video to hear him completely smack down the whole start-up scene.

Edit: skip to 19:16 for bitcoin talk.

BitChick

legendary

Activity: 1148

Merit: 1001

http://www.forbes.com/sites/jeffbercovici/2013/04/29/big-vc-says-bitcoin-is-gold-2-0-its-a-huge-huge-huge-deal/

Quote from the article "I personally own Bitcoin in my hedge fun, I own Bitcoin in my fund, I own Bitcoin in my private account. It is a huge deal. It’s a huge, huge, huge deal. Because what you’re talking about right now is, for the next three to five years, an unbelievably better stored value. It is gold 2.0. Right?"

I have some gold 2.0.

Wish I would have bought some sooner, but hey, at least I have some!

Topic: 2013-04-29 Forbes-Big VC Says Bitcoin Is 'Gold 2.0. It's a Huge, Huge, Huge Deal (Read 1433 times)