[2014-05-19] Winklevoss Bros: Bitcoin Will be Bigger than Facebook - page 2.

bryant.coleman

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Quote from: devphp on May 20, 2014, 12:46:22 AM

I outlined above why someone who makes decisions at Facebook would want to go for something undervalued.

For Bitcoin, the infrastructure is in place. Exchanges, online retailers.etc. So Facebook won't have to do anything extra. That is not the case with shit-coins. They are not accepted in most of the exchanges and their trade volume is extremely low.

devphp

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Quote from: bryant.coleman on May 20, 2014, 12:41:14 AM

If Facebook goes for Bitcoin, then it is justifiable. But why should they go for any altcoin? None of the altcoins have any merits over Bitcoin. Why chose some counterfeits when the original is available?

There is no counterfeits here, copies - yes, not counterfeits. It's all a huge illusion that Bitcoin has merits over others. The more the illusion, the more value it has in people's eyes. I outlined above why someone who makes decisions at Facebook would want to go for something undervalued. It would be killing two birds with one stone basically for Facebook, which is much harder to do with bitcoin. Someone who makes decisions at that company could overnight create an illusion of value in any of the altcoins just by making it a crypto of choice for Facebook's millions of users worldwide.

But like I said they'd probably go for their own flavor of tokens, crypto - they can't control, at least not Bitcoin. Some other undervalued alt - that would be feasible and easier to control and own a huge chunk of. Not possible with Bitcoin. Possible with tokens. Alts are somewhere in between.

bryant.coleman

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Quote from: devphp on May 19, 2014, 11:26:37 PM

They have millions of users, I don't see how adoption can fail. Just ask yourself.

If Facebook goes for Bitcoin, then it is justifiable. But why should they go for any altcoin? None of the altcoins have any merits over Bitcoin. Why chose some counterfeits when the original is available?

Bit_Happy

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A Great Time to Start Something!

Quote from: Chef Ramsay on May 19, 2014, 10:36:21 PM

Quite the bullish breakout over the last few hours, mates! Let's see if it holds and our eastern homies run w/ it by the time we get up. Until then, enjoy https://www.youtube.com/watch?v=my6bfA14vMQ

I wondered how long the market could go without reacting to all the good news:
Bitstamp just recently made a new high for the month of May.
It's hard to tell if the medium-term trend is "verified" up, but it looks good for now.

devphp

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Quote from: bryant.coleman on May 19, 2014, 11:22:20 PM

I wouldn't go for this option. If you chose some worthless altcoin over Bitcoin, then in case the adoption fails, you will be left with nothing. And moreover, people would be hesitant to use altcoins in the first place, as they don't have the reputation which Bitcoin possess.

The adoption of any particular altcoin would multiply several fold if it's adoped by Facebook as currency of choice. They have millions of users, I don't see how adoption can fail. Just ask yourself. If tomorrow there is an official annoucement that Facebook starts using X altcoin as its own currency, wouldn't you buy it? I would buy both hands, and I don't even use Facebook. Not to mention millions of users of Facebook, who would be buying it to conduct their Facebook business. With huge adoption comes high prices and strong mining network. Seems like a no brainer. But I think, the most likely scenario is Facebook will not use any crypto currency, they'll just use their own centralized tokens, purchased for fiat.

bryant.coleman

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Quote from: devphp on May 19, 2014, 12:16:00 PM

2) you're enthusiastic about crypto currencies and think it is the future, but you got late on that train and don't have many bitcoins, what would you do as the one who makes decisions at Facebook? Of course, adopt some other crypto currency, which is now strongly undervalued compared to Bitcoin, as the currency of Facebook. But before you announce this, you buy into it big time, because you know, it will multiply in value after that. This solution is 100% decentralized and you yourself (and company too) get rich implementing it. You can buy a big chunk of some undervalued but big enough crypto for cheap and multiply your fortune overnight. Hashrate and mining network of that crypto would explode after that too, so no issues with security of the network.

I wouldn't go for this option. If you chose some worthless altcoin over Bitcoin, then in case the adoption fails, you will be left with nothing. And moreover, people would be hesitant to use altcoins in the first place, as they don't have the reputation which Bitcoin possess.

Chef Ramsay

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Quite the bullish breakout over the last few hours, mates! Let's see if it holds and our eastern homies run w/ it by the time we get up. Until then, enjoy https://www.youtube.com/watch?v=my6bfA14vMQ

freedomno1

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Learning the troll avoidance button :)

Well the Winklevoss twins as the movie reveals do hold a grudge from the facebook days.
The twins introduction to bitcoin occurred soon after legal battles against Facebook founder Mark Zuckerberg. The brothers won $65 million in a settlement, after Zuckerberg was accused of stealing their social media idea.
That said Bitcoin and facebook are separate but both have large potential, that said facebook does have an app for that
http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/10616678/Agree-It-app-Now-you-can-be-a-payday-lender-to-Facebook-friends.html
So interesting stuff since both work on bringing people to interact with one another through peer-to-peer networking, and so both have their utilities.

erono

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No currency will overtakes bitcoin, facebook's servers don't enter into their equation, but their customer base surely does.

devphp

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Quote from: bryant.coleman on May 19, 2014, 11:48:29 AM

I don't know whether Bitcoin will grow bigger than FaceBook in the future. But I can say with confidence that Facebook will be forced to use / integrate Bitcoins to its interface. Grin

I wouldn't be so sure.

Imagine you're the one who makes decisions at Facebook and what currency to integrate.

You have choices:

1) invent your own tokens (centralized solution) and have people exchange fiat for them - this is most likely to happen.

2) you're enthusiastic about crypto currencies and think it is the future, but you got late on that train and don't have many bitcoins, what would you do as the one who makes decisions at Facebook? Of course, adopt some other crypto currency, which is now strongly undervalued compared to Bitcoin, as the currency of Facebook. But before you announce this, you buy into it big time, because you know, it will multiply in value after that. This solution is 100% decentralized and you yourself (and company too) get rich implementing it. You can buy a big chunk of some undervalued but big enough crypto for cheap and multiply your fortune overnight. Hashrate and mining network of that crypto would explode after that too, so no issues with security of the network.

3) adopt Bitcoin - very unlikely, you get less benefits from this choice than option #2.

bryant.coleman

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I don't know whether Bitcoin will grow bigger than FaceBook in the future. But I can say with confidence that Facebook will be forced to use / integrate Bitcoins to its interface. Grin

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https://coinreport.net/winklevoss-bitcoin-will-be-bigger-than-facebook/

Topic: [2014-05-19] Winklevoss Bros: Bitcoin Will be Bigger than Facebook - page 2. (Read 1394 times)