[2014-01-06] Blackstone PR: During the year Bitcoin’s acceptance collapses

kjlimo

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Quote from: e521 on January 08, 2014, 06:34:51 PM

Quote from: Wekkel on January 08, 2014, 04:21:25 PM

When reading carefully, it's about acceptance collapsing, not so much the price. If one or more large players abandons the experiment this year, he will call it a win regardless of the price then.

So far I have always seen new players in the market, nobody left saying bitcoin was shit or whatever. Do you know any?
Let's see Zynga how it goes, I am sure they will be happy for the money switching from commissions to profits

There are plenty of players who have stopped using bitcoin...

It's just that there are enough new players to account for some old ones leaving...

It's a fair argument, but we'll see what happens. Excited for 2014!

dancingnancy

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Quote from: e521 on January 08, 2014, 06:34:51 PM

Quote from: Wekkel on January 08, 2014, 04:21:25 PM

When reading carefully, it's about acceptance collapsing, not so much the price. If one or more large players abandons the experiment this year, he will call it a win regardless of the price then.

So far I have always seen new players in the market, nobody left saying bitcoin was shit or whatever. Do you know any?
Let's see Zynga how it goes, I am sure they will be happy for the money switching from commissions to profits

Baidu, but they were never really in it. AFAIK the part that they accepted BTC for was minimal, or something to that effect.

e521

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Quote from: Wekkel on January 08, 2014, 04:21:25 PM

When reading carefully, it's about acceptance collapsing, not so much the price. If one or more large players abandons the experiment this year, he will call it a win regardless of the price then.

So far I have always seen new players in the market, nobody left saying bitcoin was shit or whatever. Do you know any?
Let's see Zynga how it goes, I am sure they will be happy for the money switching from commissions to profits

Wekkel

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yes

When reading carefully, it's about acceptance collapsing, not so much the price. If one or more large players abandons the experiment this year, he will call it a win regardless of the price then.

TraderTimm

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Quote from: marcus_of_augustus on January 06, 2014, 05:18:01 PM

Two possibilities ...

a) he is really as much as dinosaur as he sounds (like nobody wants privacy in their financial dealings wtf?!)

b) he wants to buy in lower (usually the case in the last 3 years, people always talk their book)

c) Has a vested interest in the existing system continuing just as it is, with all of its flaws - because he benefits personally from the status quo.

Wekkel

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yes

Bitcoin is ideal collateral. Just program it to behave like that. Programmable money, very wow...

As for the author: something with a 'job' and 'not understanding'. Still about 23/24th of the year left for his prediction to come true.

d'aniel

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Quote from: Rygon on January 06, 2014, 04:05:53 PM

Quote from: bitbouillion on January 06, 2014, 02:53:20 PM

Quote

Byron Wien Announces Predictions for Ten Surprises for 2014
....
In 2½ years the price of a Bitcoin has increased from $25 to $975. The supply of Bitcoins is fixed at 21 million with 11.5 million in circulation. Bitcoins lack gold’s position as a store of value over time. During the year Bitcoin’s acceptance collapses as investors realize that it cannot be used as collateral in financial transactions and its principal utility is for illegal business dealings where anonymity is important.

http://www.blackstone.com/news-views/press-releases/details/byron-wien-announces-predictions-for-ten-surprises-for-2014

Just for the records, let's see what happens this year.

That's a new one. I'm sure there are some examples out there already where bitcoin was used as collateral. I'm sure the various trust funds would qualify. From a security standpoint, bitcoin is even better than gold if you want to use it as collateral for a loan, for example. It's really easy to prove you have ownership of a bitcoin address. Try proving that you own $10MM worth of gold, without having to pay through the nose for security.

I've used it as collateral for a loan. The deal was that if the exchange rate dropped below an agreed threshold, I'd top up the collateral and create a new lower threshold, otherwise he (the lender) could sell the coins (I gave him control of them).

TraderTimm

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c) He's a fearful state-indoctrinated shill, who can't bear to see the legacy system that has enriched him fall under something new.

marcus_of_augustus

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Eadem mutata resurgo

Two possibilities ...

a) he is really as much as dinosaur as he sounds (like nobody wants privacy in their financial dealings wtf?!)

b) he wants to buy in lower (usually the case in the last 3 years, people always talk their book)

fghj

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Quote from: Rygon on January 06, 2014, 04:05:53 PM

That's a new one. I'm sure there are some examples out there already where bitcoin was used as collateral.

Yeah, bitcoinica in 2011 is the oldest I remember. Now there is MPEx, 796 and probably several others.

bitbouillion

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Quote from: Rygon on January 06, 2014, 04:05:53 PM

That's a new one. I'm sure there are some examples out there already where bitcoin was used as collateral.

For sure some pawn shops will do it in the future.

The reason, I think, why banks do not like it, because they can't mess around aka rehypothecate with such collateral. After transfering my Bitcoins as collateral to the bank, I can check anytime if it's still there. If not, I could track it.

That's why they also don't like physical as collateral (not as easy to use as the bank's own collateral). A friend told me that he had a very hard time to get a loan when he was offering physical gold coins as collateral. He ended up converting his physical into an ETF paper and that was accepted as collateral.

Definition Rehypothecation:
http://www.investopedia.com/terms/r/rehypothecation.asp

cr1776

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Quote from: bitbouillion on January 06, 2014, 02:53:20 PM

Quote

Byron Wien Announces Predictions for Ten Surprises for 2014
....
In 2½ years the price of a Bitcoin has increased from $25 to $975. The supply of Bitcoins is fixed at 21 million with 11.5 million in circulation. Bitcoins lack gold’s position as a store of value over time. During the year Bitcoin’s acceptance collapses as investors realize that it cannot be used as collateral in financial transactions and its principal utility is for illegal business dealings where anonymity is important.

http://www.blackstone.com/news-views/press-releases/details/byron-wien-announces-predictions-for-ten-surprises-for-2014

Just for the records, let's see what happens this year.

And he is back in August in terms of number of bitcoins in circulation - it is above 12 million now. When you can't even the details like that right, how can we expect anything else to be accurate!

Rygon

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Quote from: bitbouillion on January 06, 2014, 02:53:20 PM

Quote

Byron Wien Announces Predictions for Ten Surprises for 2014
....
In 2½ years the price of a Bitcoin has increased from $25 to $975. The supply of Bitcoins is fixed at 21 million with 11.5 million in circulation. Bitcoins lack gold’s position as a store of value over time. During the year Bitcoin’s acceptance collapses as investors realize that it cannot be used as collateral in financial transactions and its principal utility is for illegal business dealings where anonymity is important.

http://www.blackstone.com/news-views/press-releases/details/byron-wien-announces-predictions-for-ten-surprises-for-2014

Just for the records, let's see what happens this year.

That's a new one. I'm sure there are some examples out there already where bitcoin was used as collateral. I'm sure the various trust funds would qualify. From a security standpoint, bitcoin is even better than gold if you want to use it as collateral for a loan, for example. It's really easy to prove you have ownership of a bitcoin address. Try proving that you own $10MM worth of gold, without having to pay through the nose for security.

MMORPG

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Has this guy lived in a cave?

- 'its principal utility is for illegal business dealings where anonymity is important'.

Bitcoin attracts speculators gaining a huge volume of $. Then this volume is actually moving fast with more vendors to accept Bitcoin giving the velocity of money a huge boost and gaining more value. I think we're in this stage now instead of 'All-bad-drug-dealers-use-Bitcoin-and-are-the-only-one-who-do-so'

Cheers!

bitbouillion

sr. member

Activity: 868

Merit: 250

Quote

Byron Wien Announces Predictions for Ten Surprises for 2014
....
In 2½ years the price of a Bitcoin has increased from $25 to $975. The supply of Bitcoins is fixed at 21 million with 11.5 million in circulation. Bitcoins lack gold’s position as a store of value over time. During the year Bitcoin’s acceptance collapses as investors realize that it cannot be used as collateral in financial transactions and its principal utility is for illegal business dealings where anonymity is important.

http://www.blackstone.com/news-views/press-releases/details/byron-wien-announces-predictions-for-ten-surprises-for-2014

Just for the records, let's see what happens this year.

Topic: [2014-01-06] Blackstone PR: During the year Bitcoin’s acceptance collapses (Read 1668 times)