[2019-09-23] CEO of largest alternative investment firm vows not to buy bitcoin - page 2.

BitHodler

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Quote from: Harlot on September 24, 2019, 02:41:44 PM

If you are thinking about blockchain outliving Bitcoin I don't think that it will go their too far since I still see a bright future ahead for the whole crypto industry.

Agreed. People seem to forget that the sole reason blockchain has become a thing, is because of Bitcoin's emergence. The world never really needed blockchain and still doesn't need it today.

Banks in my country have formed an alliance and currently accept in-country bank to bank transfers near instantly, and that every single day of the week 24 hours a day, even during holidays. That's progress without blockchain.

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.

bbc.reporter

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Quote from: Lucius on September 24, 2019, 05:01:37 AM

Quote from: bbc.reporter on September 22, 2019, 10:08:10 PM

I shake my head that as a CEO of the world's largest alternative investment firm, Stephen Scharzman does not understand bitcoin after all the years. He might be hiring the wrong advisors hehe.

What is weird in fact that a man who has been sitting in the same chair for 35 years does not want any new risk for the company? I do not believe he does not understand Bitcoin, very likely he considers it too high risk, and fiat is working for him just fine. People like him or Buffett are servants of the old system, that system made them rich, it allowed them to have the power, why change it?

Quote from: bbc.reporter on September 22, 2019, 10:08:10 PM

In any case, this might be good because it might be a sign that it is the beginning of a blockchain season that might begin another altcoin season hehehehe.

I do not understand the link between Scharzman "I will never invest in Bitcoin" to "beginning of a blockchain season" which will result with "another altcoin season"?

I was clearly joking. It might create a time similar to 2016 when all of the smart money was looking for the next bitcoin hehehe.

Harlot

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Quote from: gentlemand on September 24, 2019, 04:56:17 AM

Quote from: Harlot on September 23, 2019, 02:24:32 PM

~snip~

It is of course his opinion and he's welcome to it but I find it very strange that anyone that's ever gone anywhere near the tech world isn't thinking about the miserable and risible failure of intranets vs the internet when it comes to 'blockchain' vs any system secured by a proper cryptocurrency.

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. A two year old with a head injury can point to most 'blockchain' being DOA.

If you are thinking about blockchain outliving Bitcoin I don't think that it will go their too far since I still see a bright future ahead for the whole crypto industry. We are only seeing news about billionaires exploiting the blockchain technology but that is not the only news we see related to crypto. We still have developments from regulations and countries wanting to embrace the crypto industry and those are still plans about growing it. Blockchain might be on a faster pace but I don't think Bitcoin is that far behind from it.

cr1776

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Quote from: figmentofmyass on September 23, 2019, 05:03:36 PM

Quote from: cr1776 on September 23, 2019, 04:46:00 PM

Exactly. And I'd also add that a block chain in its own isn't worth a lot if the block chain isn't secured enough by something of value that helps to preclude it being rewritten in a reorganization. The value of bitcoin helps secure the bitcoin block chain due to POW costs.

there could be some value in distributing consensus among a federation of validators rather than depending on a single trusted authority like traditional systems. this can obviously be done at exponentially lower cost than POW, with the obvious caveat that it's much less secure because trust is involved. so maybe there is some middle ground. i'm not sure.

the mining incentive in bitcoin reflects the value of the underlying money supply. perhaps there are use cases where businesses/consortiums don't need the type of security that a $180 billion market cap entails.

I agree it is much less secure. And one doesn't need crypto for that. There are plenty of solutions that don't need crypto to reach trustful consensus.

cr1776

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Quote from: bbc.reporter on September 23, 2019, 08:50:01 PM

Quote from: figmentofmyass on September 23, 2019, 05:03:36 PM

Quote from: cr1776 on September 23, 2019, 04:46:00 PM

Exactly. And I'd also add that a block chain in its own isn't worth a lot if the block chain isn't secured enough by something of value that helps to preclude it being rewritten in a reorganization. The value of bitcoin helps secure the bitcoin block chain due to POW costs.

there could be some value in distributing consensus among a federation of validators rather than depending on a single trusted authority like traditional systems. this can obviously be done at exponentially lower cost than POW, with the obvious caveat that it's much less secure because trust is involved. so maybe there is some middle ground. i'm not sure.

the mining incentive in bitcoin reflects the value of the underlying money supply. perhaps there are use cases where businesses/consortiums don't need the type of security that a $180 billion market cap entails.

However, it might be similar to Ripple. Who decides if someone can be a validator or not? In Ripple, it is the people in the company behind Ripple that decides who is included in their federation of validators.

In which case it is a centralized coin that can be pressured to behave a particular way. Might as well have a centralized database.

Lucius

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Quote from: bbc.reporter on September 22, 2019, 10:08:10 PM

I shake my head that as a CEO of the world's largest alternative investment firm, Stephen Scharzman does not understand bitcoin after all the years. He might be hiring the wrong advisors hehe.

What is weird in fact that a man who has been sitting in the same chair for 35 years does not want any new risk for the company? I do not believe he does not understand Bitcoin, very likely he considers it too high risk, and fiat is working for him just fine. People like him or Buffett are servants of the old system, that system made them rich, it allowed them to have the power, why change it?

Quote from: bbc.reporter on September 22, 2019, 10:08:10 PM

In any case, this might be good because it might be a sign that it is the beginning of a blockchain season that might begin another altcoin season hehehehe.

I do not understand the link between Scharzman "I will never invest in Bitcoin" to "beginning of a blockchain season" which will result with "another altcoin season"?

gentlemand

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Quote from: Harlot on September 23, 2019, 02:24:32 PM

Since Blockchain is a free technology and no one owns it this big companies exploited it and tried to create one of their owns and now you will see a lot of patent wars because of them creating their own versions of it. Stephen Scharzman is not alone on viewing cryptocurrencies like this he isn't the first one to take advantage of it. But I personally end up seeing this as an acceptable reason on why they are not interested in the crypto market since they already know the risk and billionaires like him are not really in for it like Warren Buffet who is always open in his views about Bitcoin as an investment.

It is of course his opinion and he's welcome to it but I find it very strange that anyone that's ever gone anywhere near the tech world isn't thinking about the miserable and risible failure of intranets vs the internet when it comes to 'blockchain' vs any system secured by a proper cryptocurrency.

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. A two year old with a head injury can point to most 'blockchain' being DOA.

bbc.reporter

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Quote from: figmentofmyass on September 23, 2019, 05:03:36 PM

Quote from: cr1776 on September 23, 2019, 04:46:00 PM

Exactly. And I'd also add that a block chain in its own isn't worth a lot if the block chain isn't secured enough by something of value that helps to preclude it being rewritten in a reorganization. The value of bitcoin helps secure the bitcoin block chain due to POW costs.

there could be some value in distributing consensus among a federation of validators rather than depending on a single trusted authority like traditional systems. this can obviously be done at exponentially lower cost than POW, with the obvious caveat that it's much less secure because trust is involved. so maybe there is some middle ground. i'm not sure.

the mining incentive in bitcoin reflects the value of the underlying money supply. perhaps there are use cases where businesses/consortiums don't need the type of security that a $180 billion market cap entails.

However, it might be similar to Ripple. Who decides if someone can be a validator or not? In Ripple, it is the people in the company behind Ripple that decides who is included in their federation of validators.

UNOE

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This is personal

And all this time I thought blackstone was pro bitcoin. Undecided

Shows what I know about these firms who are buying up all the bitcoin like grayscale and now those who are using bakkt.

milewilda

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Quote from: veleten on September 23, 2019, 08:02:02 AM

same old song by the investment companies
love the "bitcoin is used by criminals " stories coming from them , when fiat is used 10000000:1 ratio in shady and criminal deals
this guy sounds like a dinosaur of the investors , but probably announcing one thing publicly and then holding thousands of coins through offshore or relatives

but thanks for publicity anyways , even bad pr is a good pr sometimes

When i do hear out this classic line that "bitcoin is being used in crime" -I do said to my self on here we go again.Do these people never ever learn?
They can shout all they can but we wouldnt know that these fellas are actually accumulating behind.They would make a u-turn if things goes well on crypto
telling that they might consider on adopting it. lol.

figmentofmyass

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Quote from: cr1776 on September 23, 2019, 04:46:00 PM

Exactly. And I'd also add that a block chain in its own isn't worth a lot if the block chain isn't secured enough by something of value that helps to preclude it being rewritten in a reorganization. The value of bitcoin helps secure the bitcoin block chain due to POW costs.

there could be some value in distributing consensus among a federation of validators rather than depending on a single trusted authority like traditional systems. this can obviously be done at exponentially lower cost than POW, with the obvious caveat that it's much less secure because trust is involved. so maybe there is some middle ground. i'm not sure.

the mining incentive in bitcoin reflects the value of the underlying money supply. perhaps there are use cases where businesses/consortiums don't need the type of security that a $180 billion market cap entails.

cr1776

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Quote from: gentlemand on September 23, 2019, 01:45:32 PM

Quote from: hatshepsut93 on September 23, 2019, 01:42:42 PM

I just don't get how people could seriously believe in that.

Investing in 'blockchain' is no different to any other VC crap other than the fact that you are 100% guaranteed to set your money on fire rather than 99.8%. Investing in a real live crypto is awful scary doncha know.

It's a get out clause. You look vaguely hip without having to actually nail your colours to the mast.

Exactly. And I'd also add that a block chain in its own isn't worth a lot if the block chain isn't secured enough by something of value that helps to preclude it being rewritten in a reorganization. The value of bitcoin helps secure the bitcoin block chain due to POW costs.

Block chain alone, without value is not worth a lot.

Harlot

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This has been the view of a lot of big companies ever since Bitcoin become head of the news, all they see is the technology running it but not the asset itself. Since Blockchain is a free technology and no one owns it this big companies exploited it and tried to create one of their owns and now you will see a lot of patent wars because of them creating their own versions of it. Stephen Scharzman is not alone on viewing cryptocurrencies like this he isn't the first one to take advantage of it. But I personally end up seeing this as an acceptable reason on why they are not interested in the crypto market since they already know the risk and billionaires like him are not really in for it like Warren Buffet who is always open in his views about Bitcoin as an investment.

Naida_BR

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I think that those people who make such statements doesn't have any clear indicators for making those predictions.
They just state an opinion due to their investment decisions that have been made in the past. For example, as the CEO states that it would be an altcoin season, he is probably long on altcoins.

gentlemand

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Quote from: hatshepsut93 on September 23, 2019, 01:42:42 PM

I just don't get how people could seriously believe in that.

Investing in 'blockchain' is no different to any other VC crap other than the fact that you are 100% guaranteed to set your money on fire rather than 99.8%. Investing in a real live crypto is awful scary doncha know.

It's a get out clause. You look vaguely hip without having to actually nail your colours to the mast.

hatshepsut93

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Blockchain not Bitcoin? What year is it, 2017? It's understandable how people could have believed in this in the past, when there was a lot of hype and altcoins had powerful marketing teams behind them, but today, after all these years of blockchain failing to produce anything, I just don't get how people could seriously believe in that.

buwaytress

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Power to the CEO and power to everyone who decides what they want or don't want to do. Works for me every time someone from that side of the establishment don't want to play on this side, and that's how it should be.

If any of those investors want to get their own Bitcoin to be part of their own alternative investment, they're welcome to do so on their own. That's kind of the beauty and the point of Bitcoin.

gentlemand

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I'd be curious to know how responsive these places are to customer demands or requests.

Are they expected to sit there and swallow every decision laid out for them or is there quite a bit of back and forth?

There'll come a time where statements like this will hinder your credibility and business.

BitHodler

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Talking about how useless Bitcoin is or that it will go down to zero no longer has any effect as the price has been silencing critics for years now. It actually works against them because of that.

Even the most average person by now must have noticed how the price didn't go to zero, but hovers around levels that Bitcoin wouldn't ever be able to break according to the nocoiner bears. Come up with something new....

On the other hand, no matter how negative news may seem, it still means that Bitcoin is being talked about worldwide, especially when these high level CEOs open their mouth.

veleten

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same old song by the investment companies
love the "bitcoin is used by criminals " stories coming from them , when fiat is used 10000000:1 ratio in shady and criminal deals
this guy sounds like a dinosaur of the investors , but probably announcing one thing publicly and then holding thousands of coins through offshore or relatives

but thanks for publicity anyways , even bad pr is a good pr sometimes

Topic: [2019-09-23] CEO of largest alternative investment firm vows not to buy bitcoin - page 2. (Read 507 times)