A billionaire would try out bitcoins. He would buy maybe a few hundred thousand dollars or maybe even a million dollars worth of BTC, such as 190,000.00000001 BTC. Just for fun.
When he sees that it used to sell for $4 and now it sells for $6, he'd either get excited about the 50% increase, or he'd get bored and cash out since his other business ventures make more money both in absolute amount and in relative percentages.
Topic: Billionaires hate Bitcoin. - page 4. (Read 17077 times)
Why would they want to invest in something that could end their hold on cheap debt and a controllable monetary supply?
It would just be eliminating their power.
It would just be eliminating their power.
Multi-millionaires and Billionaires will love BTC when they need to make a move that can't create too many ripples.
+1
& some of those moves could be very positive too
Why would they want to invest in something that could end their hold on cheap debt and a controllable monetary supply?
It would just be eliminating their power.
It would just be eliminating their power.
Multi-millionaires and Billionaires will love BTC when they need to make a move that can't create too many ripples.
Well, with bitcoin's current market cap being what it is, billionaires certainly aren't into it.
Bitcoin isn't a business. The long term implications of this currency affect them in ways some won't like.
Well, with bitcoin's current market cap being what it is, billionaires certainly aren't into it.
Bitcoins end cheating.
Okay, you're going to have to explain this one.I mean, Bitcoins end one specific kind of cheating: loaning out money you don't have.
That's a far cry from ending all the dirty tricks that let people with maneuvering room skim the cream from society at large.
Billionaires have billions because bankers can cheat. Bitcoins end cheating. QED. Cheating billionaires hate people having bitcoins.
Why would billionaires want to _borrow_ money?? (i.e. cheap credit)
I think it's easy to make the case that most billionaires have benefited from cheap credit.
http://en.wikipedia.org/wiki/Black_Wednesday
Look at all the oblivious fools arguing market rhetoric.
Billionaires have billions because bankers can cheat. Bitcoins end cheating. QED. Cheating billionaires hate people having bitcoins.
Billionaires have billions because bankers can cheat. Bitcoins end cheating. QED. Cheating billionaires hate people having bitcoins.
Why would they want to invest in something that could end their hold on cheap debt and a controllable monetary supply?
It would just be eliminating their power.
It would just be eliminating their power.
Unless you are a banking billionaire. Inflating currencies rob from businesses, thus billionaires. Buffett and the poor would be far richer on a gold standard.
Billionaries are going to hate bitcoin, since it is impossible to own billion bitcoins 
Thousandaire is going to be bitcoin's billionaire? 
Billionaires love Bitcoin
additionaly bitcoin is a convienient way to bribe people internationally and annonymously it also holds a value density higher
then investmentgrade opals or bonds.
Understanding and usage of brainwallets can make a naked abducted billonaire even capabal of paying for his release out of
his head.
billionaires love Bitcoin
those two could be the worst arguments i've ever encountered on this forum...additionaly bitcoin is a convienient way to bribe people internationally and annonymously it also holds a value density higher
then investmentgrade opals or bonds.
Understanding and usage of brainwallets can make a naked abducted billonaire even capabal of paying for his release out of
his head.
billionaires love Bitcoin
Although i have no acquaintances with any billionaires from a "cold investing point" i think that bitcoin would be interesting.
other than that i fail to see the point in topic.
Why would they want to invest in something that could end their hold on cheap debt and a controllable monetary supply?
It would just be eliminating their power.
It would just be eliminating their power.
I doubt it. If a billionaire had a mild dislike of bitcoin they could destroy it with pocket change.
12T/H at $1 M/H = $1.2m for a 51% attack. (if my math is right...)
If it is planned well they could turn around and sell the equipment and make a profit.
If I was doing this I would bulk purchase high-end video cards, carry out the attack, value add, reship and triple the initial investment.
*maybe those two aren't the best analogy, but you get the point.
Why would they want to invest in something that could end their hold on cheap debt and a controllable monetary supply?
It would just be eliminating their power.
It would just be eliminating their power.
I doubt it. If a billionaire had a mild dislike of bitcoin they could destroy it with pocket change.
12T/H at $1 M/H = $1.2m for a 51% attack. (if my math is right...)
If it is planned well they could turn around and sell the equipment and make a profit.
If I was doing this I would bulk purchase high-end video cards, carry out the attack, value add, reship and triple the initial investment.
How does sending $4 of cash to hong kong have to do with billionaires? Even as a poor person, I'm not stupid enough to make small-ticket purchases overseas.
As a real live poor person (< $10k a year compared to your "perspective of a very wealthy individual") with an IQ above 130, I can assure you I have often purchased small ticket purchases oversees. It's cheaper to order from china than to pay the importer his cut.
http://www.dealextreme.com/
Nothing stupid about paying less, but you don't care because you can piss your money away.
How does sending $4 of cash to hong kong have to do with billionaires? Even as a poor person, I'm not stupid enough to make small-ticket purchases overseas.
Nothing; I was addressing this point of yours:
Small transactions: cash is faster and 100% secure (money goes from person X to person Y and is verified by counting in 10 seconds or less, vs. bitcoin's 20 minute block confirmation wait).
I'm not stupid enough to buy big-ticket purchases overseas; but I've saved a fortune on small-ticket items that cost a lot more locally. I've bought loads of little bits from Hong Kong on ebay and never had a single one not arrive. Cell phone/laptop batteries, camera lens caps, flash cards, USB gadgets, etc. I had to use Paypal of course, but the merchant's coud have made an additional few percent on the deal if they'd have accepted bitcoins.
Billionaires love Bitcoin
Most Billionaires have never heard of Bitcoin.
How does sending $4 of cash to hong kong have to do with billionaires? Even as a poor person, I'm not stupid enough to make small-ticket purchases overseas.
Small transactions: cash is faster and 100% secure (money goes from person X to person Y and is verified by counting in 10 seconds or less, vs. bitcoin's 20 minute block confirmation wait).
"Cash is faster"? WTF?
Maybe if I'm stood next to you. But have you heard of this crazy new thing called "the Internet"?
Let's race. You send $4 cash to Hong Kong; I'll send $4 worth of bitcoins. Why would I want to do that you ask? Ever bought a small gadget from ebay? Ever bought an MP3 for less than a dollar from a server that's halfway around the world.
(you're also forgetting that the bitcoin transactions can be seen within, typically, two seconds; it takes 10 minutes to clear, compared to days for bank wire transfers to clear).
Bitcoin isn't perfect for everything, and buying your morning newspaper might well not be one of its "optimum" uses; but you're seriously ignoring huge areas were bitcoin is, essentially, unbeatable.
Speaking from the perspective of a very wealthy individual, why care about such an inferior currency system at all? This is a proof of concept, not designed for mainstream use, and needs a lot of work. Respect bitcoin for what it is and what it proves. Graham Bell's first telephone is NOT an iphone. Got it?
I don't think anyone is claiming otherwise. The lead developer regularly calls bitcoin an "experiment" in interviews.
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Bitcoin is an inferior means of exchanging sums of capital, in its current form. Nobody wealthy really cares about it.
Okay, I'll bite. Personal opinion + unverifiable claim. 2 for 2. Looking like a good blowhard comment so far.Small transactions: cash is faster and 100% secure (money goes from person X to person Y and is verified by counting in 10 seconds or less, vs. bitcoin's 20 minute block confirmation wait).
Completely ignored Paypal's raging success that also requires a period of waiting and is even less secure. Fail.Large transactions: bank transfers are much, MUCH safer (FDIC insurance at my free savings account covers up to $100,000, there's no 100% secure equivalent in the bitcoin world, and wallet security is a joke right now).
Anything is safer when it's guarded and backed by police, governments, armies, etc.Price volatility: developed nation currency is 100 times more stable.
Bitcoin is not a currency. Also, Zimbabwe? Helloooo?Usability: developed nation currency is 100,000 times more commonly accepted as monetary standard.
You must be new here. Almost as new as Bitcoin.TL;DR.
I think you intended to have a point, but you surely missed it.
Bitcoin is an inferior means of exchanging sums of capital, in its current form. Nobody wealthy really cares about it.
Small transactions: cash is faster and 100% secure (money goes from person X to person Y and is verified by counting in 10 seconds or less, vs. bitcoin's 20 minute block confirmation wait).
Large transactions: bank transfers are much, MUCH safer (FDIC insurance at my free savings account covers up to $100,000, there's no 100% secure equivalent in the bitcoin world, and wallet security is a joke right now).
Price volatility: developed nation currency is 100 times more stable.
Usability: developed nation currency is 100,000 times more commonly accepted as monetary standard.
Speaking from the perspective of a very wealthy individual, why care about such an inferior currency system at all? This is a proof of concept, not designed for mainstream use, and needs a lot of work. Respect bitcoin for what it is and what it proves. Graham Bell's first telephone is NOT an iphone. Got it?
Sorry guys.
Small transactions: cash is faster and 100% secure (money goes from person X to person Y and is verified by counting in 10 seconds or less, vs. bitcoin's 20 minute block confirmation wait).
Large transactions: bank transfers are much, MUCH safer (FDIC insurance at my free savings account covers up to $100,000, there's no 100% secure equivalent in the bitcoin world, and wallet security is a joke right now).
Price volatility: developed nation currency is 100 times more stable.
Usability: developed nation currency is 100,000 times more commonly accepted as monetary standard.
Speaking from the perspective of a very wealthy individual, why care about such an inferior currency system at all? This is a proof of concept, not designed for mainstream use, and needs a lot of work. Respect bitcoin for what it is and what it proves. Graham Bell's first telephone is NOT an iphone. Got it?
Sorry guys.
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