Topic: [2019-09-23] CEO of largest alternative investment firm vows not to buy bitcoin (Read 501 times)
October 06, 2019, 11:05:49 PM
@BitHodler. Bitcoin is a competitor to the privilege from the regulatory grey areas that only the rich can take advantage of. They do not want that similar privilege for everyone.
October 04, 2019, 07:08:20 AM
Because he is one of the criminals using fiat. 
Care to elaborate on that statement? I don't think he has done anything illegal-- what he understands is how to utilize the grey areas within the field his multi billion dollar fund operates in. Just because we don't necessarily agree with these tactics doesn't mean he is doing anything illegal. Similarly, the smart money perfectly knows how to not be taxed their bums off like the regular folks and businesses.
In fact, I strongly encourage the attitude of those who don't just bend over to have the governments enter dry. It's their revenue/profit, so also their right to protect it within what's legally allowed.
October 02, 2019, 07:29:51 AM
Not sure why he is not concerned about the fiat currency use among criminals 
.
.Because he is one of the criminals using fiat.
In all fairness, I find most of people reacting to these CEO statements to be more ignorant than the CEO's themselves. It's all a show they put up so that the average person looking up to them don't get involved, and that while these CEO's have a great laugh behind the scenes seeing their stacks grow larger and larger. It's a game they play. Smart money versus dumb money. Guess who's going to win?
October 01, 2019, 10:15:29 PM
For a 72 years old man, bitcoin maybe not tempting to invest due it's volatility, just sticks to the old way with currency controlled by governments and banks.
Blockchain technology is built to encourage freedom and autonomy and can be used in various ways such as cover financial instruments transactions, smart contracts, decentralized applications or decentralized artificial intelligence. No wonder why he prefers to invest in blockchain technology than invest in bitcoin.
Blockchain technology is built to encourage freedom and autonomy and can be used in various ways such as cover financial instruments transactions, smart contracts, decentralized applications or decentralized artificial intelligence. No wonder why he prefers to invest in blockchain technology than invest in bitcoin.
October 01, 2019, 09:40:30 PM
The billionaire CEO of alternative investment firm Blackstone says he loves blockchain, but will never invest in Bitcoin.
Stephen Schwarzman tells Fortune he’s not interested in Bitcoin or crypto assets, saying he doesn’t know why they’re necessary.
This part i can understand because BTCitcoin is not necessary if you are sitting idle and does not have the time to trade nor having any plans for international trade and transaction. Blockchain start ups can be a multi billion dollar business.Stephen Schwarzman tells Fortune he’s not interested in Bitcoin or crypto assets, saying he doesn’t know why they’re necessary.
Schwarzman says he doesn’t get why anyone would want or need a currency that’s not controlled by governments and banks, and he’s concerned about Bitcoin’s use among criminals.
Not sure why he is not concerned about the fiat currency use among criminals .“There’s all kinds of uses you can have from certain executions. [Blockchain technology] is a very good idea, and it will end up being adopted because it’s good technology. Applying it to the creation of money is sort of, for my taste, pretty odd.”
Blackstone has been under Schwarzman’s leadership since it was founded in 1985.
From the age old barter system to the creation of money by rulers 8000 years back there is not much of a change as it is controlled by a certain group and the valuation are manipulated but when it comes to BTCitcoin, the market determines the value and it is time to bend and change the age old concepts and start accepting decentralized currency, not sure what is the problem to have some positive change from the age old concepts.Blackstone has been under Schwarzman’s leadership since it was founded in 1985.
October 01, 2019, 07:34:58 PM
Sounds familiar? Jamie Dimon said basically of the same thing, and he essentially completely reversed his tone as soon as he saw an opportunity to enter the market during the depths of the bear market last and this year.
Don't be surprised if people who are short on bitcoin speak negatively of it, nor when people who are long on BTC shill it like it's the best investment ever and you can buy it at any given point and still make money.
These investors are opportunists, that's what their jobs demand them to do.
Don't be surprised if people who are short on bitcoin speak negatively of it, nor when people who are long on BTC shill it like it's the best investment ever and you can buy it at any given point and still make money.
These investors are opportunists, that's what their jobs demand them to do.
September 28, 2019, 07:31:38 AM
I would say that Bitcoin deosn't need Stephen Schwarzman at this point.
Bitcoin doesn't need any of these bimbos, however, more capital to Bitcoin is always a good thing from the liquidity perspective. It's quite shocking how illiquid this market still is today, even on exchanges such as Coinbase.As someone who is heading an alternative investment firm, I expect him to do his own bit of research on cryptocurrencies. He may be having his own reasons to reject Bitcoin, but he should think about all those users who have benefited from crypto so far.
I think the main point is that he does what his clients ask him to do. If clients aren't asking for Bitcoin, then what's the point of getting involved? This may change in the future, but there is not much latent demand right now.Most of the institutional players interested in trading Bitcoin in the US use CME already. It's also going to offer options trading on Bitcoin, and they will bump the futures limit from 1k contracts to 2k contracts per month per trader.
September 28, 2019, 06:03:25 AM
an alternative to traditional form of currency which is decentralized
yes
and deflationary.
no
there are 2 basic ways to define the deflationary effect: prices of goods decreasing, and the money supply decreasing. Really, the former is the effect, and the latter is the cause.
And the supply of BTC is, and always has been, increasing. Hence it is not a deflationary currency, only if the supply were decreasing faster than the increase could you describe it that way (and cryptocurrencies programmed to do this exist, but pretty much no-one is interested).
The increase in Bitcoin's purchasing power is the result of a completely unrelated dynamic: the subjectivity of arriving at a market valuation for an entirely novel good (BTC) that has never been valued before. The process of price discovery for BTC started in 2010, and it hasn't completed it's early stages yet. The rate of supply/production plays a far less important role in such circumstances.
You cannot take the effect (increased purchasing power) and decide it is the cause. It's called "cause and effect" for a reason; the cause happens first, and the effect is a direct consequence of the cause.
September 28, 2019, 12:30:31 AM
The same set of words
"used by criminals"
"not regulated"
"government" "banks"
Bitcoin gives an alternative to traditional form of currency which is decentralized and deflationary. It's a safe haven in case of hyperinflation which is caused by the mismanagement of the same government and banks which regulate it. When there is already a talk of global recession going on, I don't understand the logic behind disregarding Bitcoin as an alternative investment which has little to no correlation with other markets.
"used by criminals"
"not regulated"
"government" "banks"
Bitcoin gives an alternative to traditional form of currency which is decentralized and deflationary. It's a safe haven in case of hyperinflation which is caused by the mismanagement of the same government and banks which regulate it. When there is already a talk of global recession going on, I don't understand the logic behind disregarding Bitcoin as an alternative investment which has little to no correlation with other markets.
September 27, 2019, 10:01:12 PM
I can relate to people,who say "blockchain is awesome,but bitcoin isn't".I really do understand them.
Even Andreas Antonopolus is in that "tribe".Many financial experts/advisors don't want to say "I like bitcoin",because it's still too blurry,manipulated,risky,volatile,etc..
This mentality might change after 10 years,if bitcoin survives until then.
Even Andreas Antonopolus is in that "tribe".Many financial experts/advisors don't want to say "I like bitcoin",because it's still too blurry,manipulated,risky,volatile,etc..
This mentality might change after 10 years,if bitcoin survives until then.
I understand them also, however, in a different way hehehe. They are scammers or they clearly do not understand why bitcoin exists to say yes to blockchain, no to bitcoin.
September 27, 2019, 09:10:58 AM
It is hardly going to make any difference. I would say that Bitcoin deosn't need Stephen Schwarzman at this point. On the other hand, Stephen Schwarzman may be needing assistance from Bitcoin sometime soon. As someone who is heading an alternative investment firm, I expect him to do his own bit of research on cryptocurrencies. He may be having his own reasons to reject Bitcoin, but he should think about all those users who have benefited from crypto so far. During the past 10 years, Bitcoin has given returns of 10 million times. I don't think that any other asset in the world has given this much profit in such a short term. For comparison, the Microsoft IPO gave a return of 1,600x since 1986.
September 26, 2019, 07:42:02 AM
But there will be another contingent from the investment class that will be thinking more long term, and will be aware that the infinite fiat party must one day end, and that something else must replace it. Ironically, these people also have an interest in promoting Bitcoin FUD; they won't want their more conservative/unimaginative contemporaries to contemplate that long-term view, as they'll just add demand to the BTC market, pushing up the price for everyone
This is the stage where shenanigans like that still work. Eventually that will no longer work where governments will look away and let financial institutions suppress the price just like they are doing with Gold as we speak. Governments have more incentive than anyone else to have Gold not rocket up because they're planning to add more Gold to their position for many more years to come.
Most Bitcoiners aren't too keen on Gold, but the people holding it know very well that it's only a matter of time before the house of cards starts to collapse. If you ask people what the main benefit of Gold is, they'll firmly answer by saying hedge against inflation. In other words, the government ran out of clueless souls manipulate, hence the reason they allow JPMorgan & Co to play a dirty game.
September 26, 2019, 06:54:44 AM
they clearly use the term blockchain to attract capital from clueless investors thinking they're investing in the goose that lays the Golden eggs. The goose's name is Bitcoin, which they are missing out on due to their 'blockchain not Bitcoin' attitude.
I suspect that the investment class know full well they missed out on the early opportunity in Bitcoin, and are probably doing their concerted best to use the only viable strategy available: crap all over Bitcoin through their friendly journalists, whilst building as big a position as they can as quietly as possible.
Of course at least some investment types will (a) believe the negative stories (b) or realise that they are dependent on access to the infinite-QE fiat faucet to keep themselves afloat. Those people have a good reason, therefore, to help propagate the FUD.
But there will be another contingent from the investment class that will be thinking more long term, and will be aware that the infinite fiat party must one day end, and that something else must replace it. Ironically, these people also have an interest in promoting Bitcoin FUD; they won't want their more conservative/unimaginative contemporaries to contemplate that long-term view, as they'll just add demand to the BTC market, pushing up the price for everyone
September 26, 2019, 06:06:20 AM
I think there's no way of telling where blockchains will end up in terms of usage. Most inventions that gain traction wind up infiltrating or changing areas of life that were never predicted or even conceived of when they first emerged.
Inventions should solve problems and make our life better. Bitcoin does that. The blockchain industry people currently hype up is creating problems instead of solving them, not to mention how many billions have been vanished already. More of this money has been invested in sustaining luxurious life styles than in actual development. Says enough.
If we're looking at the businesses using blockchain tech, which in most cases isn't even a blockchain but a data-base on steroids, they clearly use the term blockchain to attract capital from clueless investors thinking they're investing in the goose that lays the Golden eggs. The goose's name is Bitcoin, which they are missing out on due to their 'blockchain not Bitcoin' attitude.
September 26, 2019, 05:46:42 AM
Many financial experts/advisors don't want to say "I like bitcoin",because it's still too blurry,manipulated,risky,volatile,etc..
'Coming out' as a Bitcoin fan means taking a position contrary to the majority and most people don't want to do that. You can claim to be a wishy washy fan of the technology without having to extend yourself very far.
It's like people who say 'oh, I like all music' rather than blasting you with a Black Sabbath bootleg and demonstrating some actual knowledge and passion.
September 26, 2019, 01:46:33 AM
Schwarzman will quickly change his opinion when his government starts to dip into his wealth, like some governments did in 3rd world countries. He does not see the need for Bitcoin, because his wealth has not been threatened, but things quickly change when the traditional economy starts to fail.
People in countries like Zimbabwe and Venezuela and Greece only learned this lesson when their local economy started to collapse. So Mr Schwarzman is sitting in his glass mansion, throwing stones at the technology that would save his wealth in the near future.
People in countries like Zimbabwe and Venezuela and Greece only learned this lesson when their local economy started to collapse. So Mr Schwarzman is sitting in his glass mansion, throwing stones at the technology that would save his wealth in the near future.
September 26, 2019, 01:27:39 AM
I can relate to people,who say "blockchain is awesome,but bitcoin isn't".I really do understand them.
Even Andreas Antonopolus is in that "tribe".Many financial experts/advisors don't want to say "I like bitcoin",because it's still too blurry,manipulated,risky,volatile,etc..
This mentality might change after 10 years,if bitcoin survives until then.
Even Andreas Antonopolus is in that "tribe".Many financial experts/advisors don't want to say "I like bitcoin",because it's still too blurry,manipulated,risky,volatile,etc..
This mentality might change after 10 years,if bitcoin survives until then.
September 25, 2019, 08:08:27 PM
At one point I am strongly of believe that this whole blockchain thing will come to an end because it doesn't add much value over how smart businesses utilize databases already.
Exactly, blockchain's claims sound great to people with no experience in tech, but if you think about it, companies managed to build giant and very complex structures without blockchain and they work quite well - I never heard about some massive problems with trust between banks or other organizations. To me all these medical blockchains, supply chain blockchains and whatever else they try to do, they all sound like they try to solve a problem that isn't even there.
September 25, 2019, 07:25:18 AM
I think there's no way of telling where blockchains will end up in terms of usage.
I don't think anything that's around now will still be around when the world has realised what to do with it.
I don't think anything that's around now will still be around when the world has realised what to do with it.
there is only 1 plausible use (money). you know already you're beating a dead horse, yet you continue to spit on the dead horse out of the corner of your mouth, as an insurance policy in case it comes back to life
Even if it made me sad no way would I discount the option that's being worked on by the most skilled people that clearly will have some sort of future no matter what.
not clear what you mean by this, but I'm gonna clarify:
highly (arguably "the most") skilled people were early Bitcoin investors, because they saw the potential. Those same highly skilled people have been diligently working on improving the Bitcoin software ever since, motivated to protect their investment value. This is a rather exquisite positive feedback loop, you only need to follow the development cursorily to discover this fact, I suggest doing so
September 25, 2019, 06:54:49 AM
At one point I am strongly of believe that this whole blockchain thing will come to an end because it doesn't add much value over how smart businesses utilize databases already.
I think there's no way of telling where blockchains will end up in terms of usage. Most inventions that gain traction wind up infiltrating or changing areas of life that were never predicted or even conceived of when they first emerged.
I do know what anyone throwing money at 'blockchain' now is kissing it goodbye. I don't think anything that's around now will still be around when the world has realised what to do with it.
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