Quote
THEY WERE CREATED AS AN UNIDENTIFIED HUMAN PURN.
Topic: CNBC (Read 1066 times)
CNBC transcripts for those interested
What was said at 13:20 EST:
What was just said at 14:48 EST
What was said at 13:20 EST:
Quote
>> WELCOME BACK.
WE ARE BACK.
BIG COIN IN A BIT OF A MESS. SPARKING A RUSH OF ACTIVITY AND OVERWHELMING TRADING PLATFORMS.
IT'S A VIRTUAL CURRENCY.
IT DOES HAVE A LOGO. IF YOU WANT TO BUY THEM YOU DO SO ONLINE AT WEBSITES WHERE YOU PUT IN YOUR ACCOUNT NUMBERS AND THE AMOUNT OF BITCOINS THAT YOU
WANT TO BUY.
THEY HAVE BEEN AROUND FOR FOUR YEARS BUT THE NEW YORK LOUNGE JUST STARTED ACCEPTING THE DIGITAL CURRENCY LAST WEEK. .
>> IT'S IRREVERSIBLE.
THEY ARE INSTANT.
THEY ARE PRIVATE.
THE FEE IS LESS THAN 1% TO ACCEPT IT. AND THEY GET THEIR MONEY THE NEXT DAY IN THEIR BANK ACCOUNT. .
>> THE TAB IN DOLLARS, IS PUT TOGETHER.
AND BIT PAY TAKES THE COINS FROM THE WALLET AND SENDS DOLLARS TO THE BAR.
BUT THE PROBLEM IS THAT IT TAKES A LOT MORE TO BUY A BEER TODAY THAN IT DID YESTERDAY, LAST NIGHT IT WAS DOWN 77% SINCE WEDNESDAY.
RECENT GAINS LO FROM YEAR PEENS LOOKING TO STASH CASH.
ITS VOLATILITY CASTING DOUBTS ON RESPONSIBILITY TO REPLACE DOLLARS AND CENTS.
WHERE ONE MOVES IS CAUSE FOR ALARM SOMETIMES.
REPORTEDLY THEY OWNED ABOUT $11 MILLION!!$$!!!!!!!!!!!! MILLION.
THEY WERE CREATED AS AN UNIDENTIFIED HUMAN PURN.
THERE ARE ONLY 21 MILLION -- ONLY SUPPOSED TO BE 21 MILLION BITCOINS, 11 MILLION IN CIRCULATION PRESENTLY.
IT IS VERY APPEALING TO FREE MARKET ADVOCATES AND IT SEEMS IT IS APPEALING TO SPECULATORS AS WELL THESE DAYS. .
>> THANK YOU SO MUCH.
SUCH AN INTERESTING STORY.
WHAT DO YOU GUYS THINK ABOUT THAT? .
>> TWO KEY POINTS.
ONE IS THE UNDERPINNING MAKES SOME SENSE.
WE HAVE HAD INCREDIBLE DEVALUATION OVER TIME BECAUSE YOU HAVE GOVERNMENT ISSUING MORE.
POLITICIANS WANT TO GET RE-ELECTED.
THERE ARE A LOT OF ADVANTAGES TO IT. AND THEN YOU HAVE THIS BUBBLE ASPECT. .
>> WHAT DID YOU SAY?
DID YOU LIKE IT? .
>> IT'S PERFECT FOR A BUBBLE BECAUSE YOU CANNOT VALUE IT. IT IS SIMPLY DETERMINED BY SUPPLY AND DEMAND.
I CAN MAKE AN ARGUMENT THAT IT'S WORTHLESS. .
>> YOU JUST DON'T KNOW. .
>> YOUR LOSS IS 100%.
YOUR GAIN IS INFINITY, I PRESUME. .
>> IT'S BEANIE BABIES FOR 2013.
THERE WAS THE GREATER FOOL THEORY, SOMEONE ELSE WILL PAY MORE.
THEY WANT THINGS THEY CAN TOUCH OR FEEL.
I DON'T SEE THIS BEING A REAL INVESTMENT.
IT IS ACTUALLY A NEGATIVE. .
>> YOU CAN'T USE BEANIE BABIES TO BUY THINGS.
AND BITCOINS. .
>> THIS TOTALLY REMINDS ME OF BACK IN THE 90s WHEN WE THREW ALL FUNDAMENTALS OUT THE WIP DOE.%,, .
>> IT SEEMS TO ME LIKE A SUPER MARIO GAME WHERE YOU GO AROUND AND COLLECT THE COINS. .
>> I HAVE BEEN GLORIOUSLY UNINFORMED ABOUT THIS AND NOW WE'RE TALKING ABOUT IT ON TELEVISION. .
>> I DON'T WANT A VIRTUAL WALLET. .
>> I WOULD LIKE TO THINK MY BANK IS SAFER THAN HAVING MONEY IN BITCOINS.
DO YOU WANT TO BE PAID IF BITCOINS? .
>> WHICH MEANS GREATER FOOL IN JAPANESE. .
>> THE BILLIONAIRES.
ARE THEIR LUCKY OR REALLY SMARTER THAN THE REST OF US. .
WE ARE BACK.
BIG COIN IN A BIT OF A MESS. SPARKING A RUSH OF ACTIVITY AND OVERWHELMING TRADING PLATFORMS.
IT'S A VIRTUAL CURRENCY.
IT DOES HAVE A LOGO. IF YOU WANT TO BUY THEM YOU DO SO ONLINE AT WEBSITES WHERE YOU PUT IN YOUR ACCOUNT NUMBERS AND THE AMOUNT OF BITCOINS THAT YOU
WANT TO BUY.
THEY HAVE BEEN AROUND FOR FOUR YEARS BUT THE NEW YORK LOUNGE JUST STARTED ACCEPTING THE DIGITAL CURRENCY LAST WEEK. .
>> IT'S IRREVERSIBLE.
THEY ARE INSTANT.
THEY ARE PRIVATE.
THE FEE IS LESS THAN 1% TO ACCEPT IT. AND THEY GET THEIR MONEY THE NEXT DAY IN THEIR BANK ACCOUNT. .
>> THE TAB IN DOLLARS, IS PUT TOGETHER.
AND BIT PAY TAKES THE COINS FROM THE WALLET AND SENDS DOLLARS TO THE BAR.
BUT THE PROBLEM IS THAT IT TAKES A LOT MORE TO BUY A BEER TODAY THAN IT DID YESTERDAY, LAST NIGHT IT WAS DOWN 77% SINCE WEDNESDAY.
RECENT GAINS LO FROM YEAR PEENS LOOKING TO STASH CASH.
ITS VOLATILITY CASTING DOUBTS ON RESPONSIBILITY TO REPLACE DOLLARS AND CENTS.
WHERE ONE MOVES IS CAUSE FOR ALARM SOMETIMES.
REPORTEDLY THEY OWNED ABOUT $11 MILLION!!$$!!!!!!!!!!!! MILLION.
THEY WERE CREATED AS AN UNIDENTIFIED HUMAN PURN.
THERE ARE ONLY 21 MILLION -- ONLY SUPPOSED TO BE 21 MILLION BITCOINS, 11 MILLION IN CIRCULATION PRESENTLY.
IT IS VERY APPEALING TO FREE MARKET ADVOCATES AND IT SEEMS IT IS APPEALING TO SPECULATORS AS WELL THESE DAYS. .
>> THANK YOU SO MUCH.
SUCH AN INTERESTING STORY.
WHAT DO YOU GUYS THINK ABOUT THAT? .
>> TWO KEY POINTS.
ONE IS THE UNDERPINNING MAKES SOME SENSE.
WE HAVE HAD INCREDIBLE DEVALUATION OVER TIME BECAUSE YOU HAVE GOVERNMENT ISSUING MORE.
POLITICIANS WANT TO GET RE-ELECTED.
THERE ARE A LOT OF ADVANTAGES TO IT. AND THEN YOU HAVE THIS BUBBLE ASPECT. .
>> WHAT DID YOU SAY?
DID YOU LIKE IT? .
>> IT'S PERFECT FOR A BUBBLE BECAUSE YOU CANNOT VALUE IT. IT IS SIMPLY DETERMINED BY SUPPLY AND DEMAND.
I CAN MAKE AN ARGUMENT THAT IT'S WORTHLESS. .
>> YOU JUST DON'T KNOW. .
>> YOUR LOSS IS 100%.
YOUR GAIN IS INFINITY, I PRESUME. .
>> IT'S BEANIE BABIES FOR 2013.
THERE WAS THE GREATER FOOL THEORY, SOMEONE ELSE WILL PAY MORE.
THEY WANT THINGS THEY CAN TOUCH OR FEEL.
I DON'T SEE THIS BEING A REAL INVESTMENT.
IT IS ACTUALLY A NEGATIVE. .
>> YOU CAN'T USE BEANIE BABIES TO BUY THINGS.
AND BITCOINS. .
>> THIS TOTALLY REMINDS ME OF BACK IN THE 90s WHEN WE THREW ALL FUNDAMENTALS OUT THE WIP DOE.%,, .
>> IT SEEMS TO ME LIKE A SUPER MARIO GAME WHERE YOU GO AROUND AND COLLECT THE COINS. .
>> I HAVE BEEN GLORIOUSLY UNINFORMED ABOUT THIS AND NOW WE'RE TALKING ABOUT IT ON TELEVISION. .
>> I DON'T WANT A VIRTUAL WALLET. .
>> I WOULD LIKE TO THINK MY BANK IS SAFER THAN HAVING MONEY IN BITCOINS.
DO YOU WANT TO BE PAID IF BITCOINS? .
>> WHICH MEANS GREATER FOOL IN JAPANESE. .
>> THE BILLIONAIRES.
ARE THEIR LUCKY OR REALLY SMARTER THAN THE REST OF US. .
What was just said at 14:48 EST
Quote
IF YOU DIDN'T BITE AT THE BITCOIN CRAZE YOU MAY HAVE SAVED YOURSELF SOME MONEY.
WHAT WAS THAT WITH THE FLASH CRASH? .
>> BITCOIN'S VALUE PLUMMETING TO A LOW -- SHE SAID 54.25 EACH OVERNIGHT, A STUNNING 77% DECLINE.
BITCOIN STILL MAKING MONEY FOR INVESTORS WHO GET ITS RECENT RISE FUELLED BY DEMAND AND THE COMMODITY IS WHAT A LOT OF PEOPLE LIKEN IT TO. WITH ONL
Y $11 MILLION IN CIRCULATION, VALUE DETERMINED BY PEER TO PEER TRANSACTIONS WITH NO INTERVENTION FROM A GOVERNMENT OR CENTRAL BANK.
THAT IS A GREAT PART OF BIT KOINT'S APPEAL.
THERE ARE NO DAMMING RECEIPTS THEY MIGHT WANT TO COOP FROM A SPOUSE OR SIGNIFICANT OTHER. .
>> I THINK IT'S REFRESHING FOR A LOT OF CONSUMERS TO BE ABLE TO SPEND MONEY WITHOUT EVERYONE ELSE BEING IN ON THEIR BUSINESS. .
>> THAT ATTRACTED A CERTAIN USER TO BITCOIN.
ONLINE PORN AND GAMBLING HAVE BEEN FERTILE GROUND FOR BITCOIN TRANSACTIONS. .
>> IT IS INTERESTING THAT ANGLE.
IT GIVES THE SUGGESTION THAT MAYBE IT'S A LITTLE SHADY? .
>> IF I HAD I HAD A BITCOIN AND I WAS PAYING YOU IN BITCOINS, THEY COULD BASICALLY LOOK AT OUR ACCOUNT NUMBERS, BUT IT HAS NOTHING TO DO WITH OUR
IDENTITY.
SO YOU CAN BUY THINGS, AGAIN, WITH NO ONE KNOWING. .
>> WE DON'T EVEN KNOW WHO INVENTED THIS, RIGHT? .
>> NO, WE DON'T. .
>> THERE ARE SOME RUMORS THAT IT'S THIS JAPANESE NAME.
YOU'RE LITERALLY PUTTING ON TO REAL MONEY ON TO A SYSTEM THAT WE DON'T EVEN KNOW WHO CREATED IT. .
>> IT'S KIND OF AN AMAZING STORY. .
>> AND IT'S ONE THAT'S GOING TO MERIT ANOTHER SEGMENT.
LET'S BRING IN THE ATLANTIC'S DEREK THOMPSON.
ALL RIGHT, DEREK, YOU SAY THIS IS NOT A CURRENCY, IT'S MORE LIKE A DOT-COM STOCK.
AND I AGREE WITH YOU, BUT A LOT OF PEOPLE BELIEVE -- I SAW A GUY JUST BOUGHT A CAR, $38,000 USED PORSCHE, USING BITCOINS.
PEOPLE ARE TAKING THIS FOR REAL, MY FRIEND. .
>> RIGHT, IT CERTAINLY CALLS ITSELF A CURRENCY AND SOME PEOPLE CONSIDER IT A CURRENCY, BUT IT'S NOT A VERY GOOD CURRENCY.
SO WHAT DOES MAKE A GOOD CURRENCY?
A GOOD CURRENCY IS SOMETHING YOU CAN USE AND EXCHANGE FOR GOODS AND SERVICES, WHOSE VALUE YOU CAN TRUST.
BECAUSE IT DOESN'T CHANGE THAT MUCH OVER THE TIME.
IF I BUY A SANDWICH TODAY FOR $5 AND I GET ON THE PLANE AND I FLY AND SIX HOURS LATER AND I'M IN LOS ANGELES, I SHOULD MORE OR LESS EXPECT THAT $5 S
HOULD BUY THE SAME SANDWICH.
IT SHOULDN'T BUY AN INCREDIBLY EXTENSIVE STEAK OR ONLY A TENTH OF A SANDWICH.
I SHOULD HAVE A CERTAIN EXPECTATION THAT IT SHOULD BUY THE SAME AMOUNT HOUR TO HOUR.
AND BITCOIN CERTAINLY DOESN'T.
THE STOCK QUADRUPLED IN A MATTER OF DAYS AND THEN AGAIN A WEEK LATER, AND NOW IT'S FALLEN 75% IN JUST A FEW DAYS AS WELL.
THERE'S NO TRUST NOR TERMS OF THE VALUE.
IT'S BEHAVING MUCH MORE LIKE A SHOCK THAT WE ENJOY WATCHING THE GYRATIONS OF, BUT NOT REALLY A CURRENCY WE CAN TRUST ON ITS VALUE HOUR TO HOUR. .
>> IT KIND OF FEELS LIKE A DPAM!!$$!!!!!! GAMBLE AND A SPECULATIVE STOCK.
SO WHY ARE PEOPLE, AND NOT JUST EVERYDAY PEOPLE, BUT BIG INVESTORS, WHY ARE THEY STARTING TO GET ON BOARD WITH THIS? .
>> I THINK THERE ARE TWO REASONS.
I THINK THERE'S A GOOD REASON AND A BAD REASON.
WHEN YOU HAVE A STABLE SUPPLY OF CURRENCY AND THERE ARE MORE THINGS THAT THAT CURRENCY CAN BUY, THE VALUE SHOULD GO UP. SO THE MAINSTREAMING OF BITC
OINS ON THE INTERNET, I THINK, HAS HELPED ITS VALUE AND MAYBE BROUGHT IT FROM $1 TO $10 OR $10 TO $30. BUT WHEN YOU SEE IT EXPLODING TO 250, $260 AN
D THEN FALLING AGAIN TO $75, YOU REALIZE THIS IS REALLY A SPECULATIVE EXERCISE.
THIS IS A SITUATION WHERE PEOPLE SEE LIKE A STOCK PRICE RISING AND THEY WANT TO GET IN THE GAME SO THEY CAN, YOU KNOW, FEEL THAT VALUATION. .
>> DEREK, IT'S ALMOST LIKE IF YOU PUT MONEY IN PAYPAL AND THE NEXT MONEY YOU HAD HALF AGAIN AS MUCH AS YOU PUT IN.
I FIND THAT TO BE VERY DIFFICULT TO UNDERSTAND, WHY PEOPLE WOULD WANT TO DO THAT. .
>> EXACTLY.
WE HAD A WRITER, MATT O'BRIEN, WHO WROTE A PIECE BASICALLY SAYING, THIS ISN'T A CURRENCY, IT'S A TECH STOCK.
BUT IS IT PETS.COM OR PAYPAL?
AND IN ADDITION TO BEING CLEVER BECAUSE IT WAS ILL LIT!!$$!!!!WRITTIVE.
WHEN YOU TRANSFER MONEY FROM PAYPAL, THE FRIEND HAS THE EXPECTATION THE TRANSFER WILL BE $100.
BUT A PETS.COM KIND OF STOCK, WHERE YOU INVEST ONE DAY AND LOOK AT YOUR PORTFOLIO ONE MONTH LATER AND YOU REALIZE YOU'VE EITHER LOST 50% OR GAINED
200%, THIS ISN'T A CURRENCY. THIS ISN'T SOMETHING THAT PEOPLE, IN THE REAL WORLD WILL WANT TO BUY, WILL WANT TO USE AS A MEANS OF EXCHANGE. .
>> YOU KNOW, IT'S VERY EASY TO BE CYNICAL, BUT IF YOU TAKE THE WINKLEVOSS TWINS, WHO HAVE ONE OF THE LARGEST BITCOIN PORTFOLIOS OUT THERE, THEY SA
Y THIS IS JUST TEETHING PAINS.
THIS IS WHAT HAPPENS WHEN YOU'VE GOT LIKE THE NASCENTS OF A CURRENCY OR ANYTHING ELSE, IT'S GOING TO GO THROUGH A BIT OF A BUMPY PATCH.
IS THERE ANY CRED TO THAT? .
>> SURE, THERE MIGHT BE CRED TO THAT.
I CAN'T PREDICT THE FUTURE, AND IT'S CERTAINLY POSSIBLE THIS COULD TURN OUT TO BE A CURRENCY WHOSE VALUE STABILIZES AND PEOPLE REALLY USE.
ONE THING WE'VE SEEN AROUND THE WORLD IS THAT ALTERNATIVE CURRENCIES CAN EXIST AND CAN THRIVE.
THERE'S THE ITHACA DOLLARS THAT EXIST IN NEW YORK, WHERE IF I MOW SOMEBODY'S LAWN, I CAN USE THAT HOUR TO BUY SOMEBODY ELSE'S HOUR.
THERE'S THINGS WHERE THEY WANTED AN TARIFF CURRENCY TO HELP CREATE INCENTIVES TO HELP PEOPLE CARE FOR THEIR ELDERLY ONES.
THAT'S BEEN ANOTHER ALTERNATIVE SUCCESSFUL CURRENCY.
IT REMAINS THE TO BE SEEN WHETHER BITCOINS CAN JOIN THE RANKS OF THESE ALTERNATIVE CURRENCIES THAT HAVE THRIVED OVER THE LAST FEW YEARS.
BUT RIGHT NOW, IT'S BEHAVING LIKE A TECH STOCK. .
>> INDEED, DID NOTHING ALL YEAR, ABSOLUTELY NOTHING IF YOU LOOK AT THE CHATTER, AND NOW, WHOOF, UP IT GOES LIKE TULIPS IN THE 1600s. .
>> I'M FULLY INVESTED IN OLD PEOPLE CARE STOCKS IN JAPAN. .
>> OR FUNERAL OPERATORS.
WHAT WAS THAT WITH THE FLASH CRASH? .
>> BITCOIN'S VALUE PLUMMETING TO A LOW -- SHE SAID 54.25 EACH OVERNIGHT, A STUNNING 77% DECLINE.
BITCOIN STILL MAKING MONEY FOR INVESTORS WHO GET ITS RECENT RISE FUELLED BY DEMAND AND THE COMMODITY IS WHAT A LOT OF PEOPLE LIKEN IT TO. WITH ONL
Y $11 MILLION IN CIRCULATION, VALUE DETERMINED BY PEER TO PEER TRANSACTIONS WITH NO INTERVENTION FROM A GOVERNMENT OR CENTRAL BANK.
THAT IS A GREAT PART OF BIT KOINT'S APPEAL.
THERE ARE NO DAMMING RECEIPTS THEY MIGHT WANT TO COOP FROM A SPOUSE OR SIGNIFICANT OTHER. .
>> I THINK IT'S REFRESHING FOR A LOT OF CONSUMERS TO BE ABLE TO SPEND MONEY WITHOUT EVERYONE ELSE BEING IN ON THEIR BUSINESS. .
>> THAT ATTRACTED A CERTAIN USER TO BITCOIN.
ONLINE PORN AND GAMBLING HAVE BEEN FERTILE GROUND FOR BITCOIN TRANSACTIONS. .
>> IT IS INTERESTING THAT ANGLE.
IT GIVES THE SUGGESTION THAT MAYBE IT'S A LITTLE SHADY? .
>> IF I HAD I HAD A BITCOIN AND I WAS PAYING YOU IN BITCOINS, THEY COULD BASICALLY LOOK AT OUR ACCOUNT NUMBERS, BUT IT HAS NOTHING TO DO WITH OUR
IDENTITY.
SO YOU CAN BUY THINGS, AGAIN, WITH NO ONE KNOWING. .
>> WE DON'T EVEN KNOW WHO INVENTED THIS, RIGHT? .
>> NO, WE DON'T. .
>> THERE ARE SOME RUMORS THAT IT'S THIS JAPANESE NAME.
YOU'RE LITERALLY PUTTING ON TO REAL MONEY ON TO A SYSTEM THAT WE DON'T EVEN KNOW WHO CREATED IT. .
>> IT'S KIND OF AN AMAZING STORY. .
>> AND IT'S ONE THAT'S GOING TO MERIT ANOTHER SEGMENT.
LET'S BRING IN THE ATLANTIC'S DEREK THOMPSON.
ALL RIGHT, DEREK, YOU SAY THIS IS NOT A CURRENCY, IT'S MORE LIKE A DOT-COM STOCK.
AND I AGREE WITH YOU, BUT A LOT OF PEOPLE BELIEVE -- I SAW A GUY JUST BOUGHT A CAR, $38,000 USED PORSCHE, USING BITCOINS.
PEOPLE ARE TAKING THIS FOR REAL, MY FRIEND. .
>> RIGHT, IT CERTAINLY CALLS ITSELF A CURRENCY AND SOME PEOPLE CONSIDER IT A CURRENCY, BUT IT'S NOT A VERY GOOD CURRENCY.
SO WHAT DOES MAKE A GOOD CURRENCY?
A GOOD CURRENCY IS SOMETHING YOU CAN USE AND EXCHANGE FOR GOODS AND SERVICES, WHOSE VALUE YOU CAN TRUST.
BECAUSE IT DOESN'T CHANGE THAT MUCH OVER THE TIME.
IF I BUY A SANDWICH TODAY FOR $5 AND I GET ON THE PLANE AND I FLY AND SIX HOURS LATER AND I'M IN LOS ANGELES, I SHOULD MORE OR LESS EXPECT THAT $5 S
HOULD BUY THE SAME SANDWICH.
IT SHOULDN'T BUY AN INCREDIBLY EXTENSIVE STEAK OR ONLY A TENTH OF A SANDWICH.
I SHOULD HAVE A CERTAIN EXPECTATION THAT IT SHOULD BUY THE SAME AMOUNT HOUR TO HOUR.
AND BITCOIN CERTAINLY DOESN'T.
THE STOCK QUADRUPLED IN A MATTER OF DAYS AND THEN AGAIN A WEEK LATER, AND NOW IT'S FALLEN 75% IN JUST A FEW DAYS AS WELL.
THERE'S NO TRUST NOR TERMS OF THE VALUE.
IT'S BEHAVING MUCH MORE LIKE A SHOCK THAT WE ENJOY WATCHING THE GYRATIONS OF, BUT NOT REALLY A CURRENCY WE CAN TRUST ON ITS VALUE HOUR TO HOUR. .
>> IT KIND OF FEELS LIKE A DPAM!!$$!!!!!! GAMBLE AND A SPECULATIVE STOCK.
SO WHY ARE PEOPLE, AND NOT JUST EVERYDAY PEOPLE, BUT BIG INVESTORS, WHY ARE THEY STARTING TO GET ON BOARD WITH THIS? .
>> I THINK THERE ARE TWO REASONS.
I THINK THERE'S A GOOD REASON AND A BAD REASON.
WHEN YOU HAVE A STABLE SUPPLY OF CURRENCY AND THERE ARE MORE THINGS THAT THAT CURRENCY CAN BUY, THE VALUE SHOULD GO UP. SO THE MAINSTREAMING OF BITC
OINS ON THE INTERNET, I THINK, HAS HELPED ITS VALUE AND MAYBE BROUGHT IT FROM $1 TO $10 OR $10 TO $30. BUT WHEN YOU SEE IT EXPLODING TO 250, $260 AN
D THEN FALLING AGAIN TO $75, YOU REALIZE THIS IS REALLY A SPECULATIVE EXERCISE.
THIS IS A SITUATION WHERE PEOPLE SEE LIKE A STOCK PRICE RISING AND THEY WANT TO GET IN THE GAME SO THEY CAN, YOU KNOW, FEEL THAT VALUATION. .
>> DEREK, IT'S ALMOST LIKE IF YOU PUT MONEY IN PAYPAL AND THE NEXT MONEY YOU HAD HALF AGAIN AS MUCH AS YOU PUT IN.
I FIND THAT TO BE VERY DIFFICULT TO UNDERSTAND, WHY PEOPLE WOULD WANT TO DO THAT. .
>> EXACTLY.
WE HAD A WRITER, MATT O'BRIEN, WHO WROTE A PIECE BASICALLY SAYING, THIS ISN'T A CURRENCY, IT'S A TECH STOCK.
BUT IS IT PETS.COM OR PAYPAL?
AND IN ADDITION TO BEING CLEVER BECAUSE IT WAS ILL LIT!!$$!!!!WRITTIVE.
WHEN YOU TRANSFER MONEY FROM PAYPAL, THE FRIEND HAS THE EXPECTATION THE TRANSFER WILL BE $100.
BUT A PETS.COM KIND OF STOCK, WHERE YOU INVEST ONE DAY AND LOOK AT YOUR PORTFOLIO ONE MONTH LATER AND YOU REALIZE YOU'VE EITHER LOST 50% OR GAINED
200%, THIS ISN'T A CURRENCY. THIS ISN'T SOMETHING THAT PEOPLE, IN THE REAL WORLD WILL WANT TO BUY, WILL WANT TO USE AS A MEANS OF EXCHANGE. .
>> YOU KNOW, IT'S VERY EASY TO BE CYNICAL, BUT IF YOU TAKE THE WINKLEVOSS TWINS, WHO HAVE ONE OF THE LARGEST BITCOIN PORTFOLIOS OUT THERE, THEY SA
Y THIS IS JUST TEETHING PAINS.
THIS IS WHAT HAPPENS WHEN YOU'VE GOT LIKE THE NASCENTS OF A CURRENCY OR ANYTHING ELSE, IT'S GOING TO GO THROUGH A BIT OF A BUMPY PATCH.
IS THERE ANY CRED TO THAT? .
>> SURE, THERE MIGHT BE CRED TO THAT.
I CAN'T PREDICT THE FUTURE, AND IT'S CERTAINLY POSSIBLE THIS COULD TURN OUT TO BE A CURRENCY WHOSE VALUE STABILIZES AND PEOPLE REALLY USE.
ONE THING WE'VE SEEN AROUND THE WORLD IS THAT ALTERNATIVE CURRENCIES CAN EXIST AND CAN THRIVE.
THERE'S THE ITHACA DOLLARS THAT EXIST IN NEW YORK, WHERE IF I MOW SOMEBODY'S LAWN, I CAN USE THAT HOUR TO BUY SOMEBODY ELSE'S HOUR.
THERE'S THINGS WHERE THEY WANTED AN TARIFF CURRENCY TO HELP CREATE INCENTIVES TO HELP PEOPLE CARE FOR THEIR ELDERLY ONES.
THAT'S BEEN ANOTHER ALTERNATIVE SUCCESSFUL CURRENCY.
IT REMAINS THE TO BE SEEN WHETHER BITCOINS CAN JOIN THE RANKS OF THESE ALTERNATIVE CURRENCIES THAT HAVE THRIVED OVER THE LAST FEW YEARS.
BUT RIGHT NOW, IT'S BEHAVING LIKE A TECH STOCK. .
>> INDEED, DID NOTHING ALL YEAR, ABSOLUTELY NOTHING IF YOU LOOK AT THE CHATTER, AND NOW, WHOOF, UP IT GOES LIKE TULIPS IN THE 1600s. .
>> I'M FULLY INVESTED IN OLD PEOPLE CARE STOCKS IN JAPAN. .
>> OR FUNERAL OPERATORS.
I think it's proven that. Millions of dollars of business are being done every month in Bitcoin. And I'm talking about business, not just speculative day trading.
Oh my god, a celebrity!
My problem with using mtgox (and trust me I know because their outage became my outage for all the visitors) that that by strengthening them to the point where we are allowing them to become the defacto 'central bank' for bitcoin.
I like campbx.com ... that's just my opinion.. I think all these "centralized concentrations' of bitcoins need to shrink in size, because if bitcoin was a country, Mt.Gox is "too big to fail" .. .this is a bad situation.
I use the overall average bitcoin pricing.... and I believe they should too.... I know it's just my opinion... but I don't like the direction this is going.
I like campbx.com ... that's just my opinion.. I think all these "centralized concentrations' of bitcoins need to shrink in size, because if bitcoin was a country, Mt.Gox is "too big to fail" .. .this is a bad situation.
I use the overall average bitcoin pricing.... and I believe they should too.... I know it's just my opinion... but I don't like the direction this is going.
I agree, let's start telling EVERYONE to use another exchange.
Despite how you feel about it, the comparison is not that unreasonable. Unless a bitcoin can prove itself to be something more than just an object to hoard, it truly is nothing more than a Beanie Baby.
BTC's are MUCH more fun to cuddle with!
Despite how you feel about it, the comparison is not that unreasonable. Unless a bitcoin can prove itself to be something more than just an object to hoard, it truly is nothing more than a Beanie Baby.
I think it's proven that. Millions of dollars of business are being done every month in Bitcoin. And I'm talking about business, not just speculative day trading.
My problem with using mtgox (and trust me I know because their outage became my outage for all the visitors) that that by strengthening them to the point where we are allowing them to become the defacto 'central bank' for bitcoin.
I like campbx.com ... that's just my opinion.. I think all these "centralized concentrations' of bitcoins need to shrink in size, because if bitcoin was a country, Mt.Gox is "too big to fail" .. .this is a bad situation.
I use the overall average bitcoin pricing.... and I believe they should too.... I know it's just my opinion... but I don't like the direction this is going.
I like campbx.com ... that's just my opinion.. I think all these "centralized concentrations' of bitcoins need to shrink in size, because if bitcoin was a country, Mt.Gox is "too big to fail" .. .this is a bad situation.
I use the overall average bitcoin pricing.... and I believe they should too.... I know it's just my opinion... but I don't like the direction this is going.
That's bad news
The spewing heads on CNBC are comparing BTC to Beanie Babies.
Jesus McChrist........
LOL
Jesus McChrist........
LOL
Was there any doubt that they would?
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