what's that sucking sound?
oh, it's the flow of dollars.
look the hell out.
Topic: Gold collapsing. Bitcoin UP. - page 1248. (Read 2032270 times)
Well, yeah. I think he means he wants $10-$15m worth averaged in under some number. He noted that he thinks a $10-$15m stash now could end up be worth $100billion down the road. So 10000x return from current prices, which certainly makes him one of the uber-est of bulls (also note his $500k-$1m/btc possibility prediction).
That's only four more orders of magnitude higher than it is today. The price has been going up about an order of magnitude each year, so that is a perfectly reasonable estimate of where bitcoin prices might be several years down the road.
Whaile at the same time being so high relative to the wealth on the planet that we can reasonably conclude it cannot go any higher, except in case of a bubble.
Watch out for the great bitcoin bubble of 2016! Some people are actually going to lose by investing in bitcoins!!
hero member
Activity: 756
Merit: 500
It's all fun and games until somebody loses an eye
The best quote at 21:28 min 
http://techcrunch.com/2013/10/29/chamath-palihapitiya-owns-5-million-in-bitcoins-wants-to-own-10-15-million/
http://techcrunch.com/2013/10/29/chamath-palihapitiya-owns-5-million-in-bitcoins-wants-to-own-10-15-million/
He might not even have to do anything to achieve that.
Well, yeah. I think he means he wants $10-$15m worth averaged in under some number. He noted that he thinks a $10-$15m stash now could end up be worth $100billion down the road. So 10000x return from current prices, which certainly makes him one of the uber-est of bulls (also note his $500k-$1m/btc possibility prediction).
That's only four more orders of magnitude higher than it is today. The price has been going up about an order of magnitude each year, so that is a perfectly reasonable estimate of where bitcoin prices might be several years down the road.
...
The reality is we have no idea where bitcoin will end up, but if you are a believer that BTC has a chance to become a reserve asset of sorts (similar to gold, maybe gold 2.0), then by definition your metric for bitcoin ownership should NOT be in dollar terms, but in terms of what percent of the reserve asset do you own.
...
The reality is we have no idea where bitcoin will end up, but if you are a believer that BTC has a chance to become a reserve asset of sorts (similar to gold, maybe gold 2.0), then by definition your metric for bitcoin ownership should NOT be in dollar terms, but in terms of what percent of the reserve asset do you own.
...
Even if bitcoin was used as a pure exchange currency at a decent velocity, the valuations would be huge just to handle the liquidity needs. But as I've said a million times, trying to scale along that path would change the nature of the solution drastically and it would likely die due to competitive pressures and loss of confidence.
If Bitcoin were to evolve along a 'reserve currency' path I'm not sure what the valuations would be. If successful in that role, it would share some value with a (probably ever evolving) block of exchange currencies, but would still also be very high since many people have excess value above what they need for their next meal and a need to store it reliably.
A better metric would be simply the percentage of current maximum possible value (meaning ignoring lost bitcoins.)
This.
The reality is we have no idea where bitcoin will end up, but if you are a believer that BTC has a chance to become a reserve asset of sorts (similar to gold, maybe gold 2.0), then by definition your metric for bitcoin ownership should NOT be in dollar terms, but in terms of what percent of the reserve asset do you own.
Under a gold standard people talked in terms of how many oz of gold they had. Under a BTC standard the amount of satoshi is all that you need to discuss, dollar value becomes meaningless.
Currently, it is possible to realistically purchase 0.000x% of the total supply, could you imagine owning 0.0001% of the gold supply under a gold standard. I think this is what chamath was hinting at for the big numbers he suggested.
I've always considered 'bitcoin-days' to be the most logical expression of value magnitudes. That is, 150 is a 'bitcoin-hour' and 3600 is a 'bitcoin-day' until the next half-ing. I used this notation when deciding what kind of a position to shoot for when I was in accumulation phase.
A better metric would be simply the percentage of current maximum possible value (meaning ignoring lost bitcoins.) In that case, .0003 or .03% is about a 'bitcoin-day' at the moment. But I've never thought of things in those terms except as a mental tool when musing about gross system-level potentials.
The best quote at 21:28 min
http://techcrunch.com/2013/10/29/chamath-palihapitiya-owns-5-million-in-bitcoins-wants-to-own-10-15-million/
http://techcrunch.com/2013/10/29/chamath-palihapitiya-owns-5-million-in-bitcoins-wants-to-own-10-15-million/
He might not even have to do anything to achieve that.
Well, yeah. I think he means he wants $10-$15m worth averaged in under some number. He noted that he thinks a $10-$15m stash now could end up be worth $100billion down the road. So 10000x return from current prices, which certainly makes him one of the uber-est of bulls (also note his $500k-$1m/btc possibility prediction).
The best quote at 21:28 min
http://techcrunch.com/2013/10/29/chamath-palihapitiya-owns-5-million-in-bitcoins-wants-to-own-10-15-million/
http://techcrunch.com/2013/10/29/chamath-palihapitiya-owns-5-million-in-bitcoins-wants-to-own-10-15-million/
He might not even have to do anything to achieve that.
The best quote at 21:28 min
http://techcrunch.com/2013/10/29/chamath-palihapitiya-owns-5-million-in-bitcoins-wants-to-own-10-15-million/
http://techcrunch.com/2013/10/29/chamath-palihapitiya-owns-5-million-in-bitcoins-wants-to-own-10-15-million/
this thought coincided nicely with a video spread via the Lifeboat Foundation I saw yesterday
http://www.youtube.com/watch?v=CXq_mVU8nyc
it's true
Gold down. Bitcoin up.
The best quote at 21:28 min
http://techcrunch.com/2013/10/29/chamath-palihapitiya-owns-5-million-in-bitcoins-wants-to-own-10-15-million/
http://techcrunch.com/2013/10/29/chamath-palihapitiya-owns-5-million-in-bitcoins-wants-to-own-10-15-million/
personally, i think the Money Masters in Wall St Washington, London, and Basel are what corrupts Washington everything. this is the power of the printing press when controlled by private hands (banksters).
that is where the root of the problem lies and this is why we're here.
that is where the root of the problem lies and this is why we're here.
FTFY.
Quote
When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.
P. J. O'Rourke
http://m.youtube.com/watch?v=cOubCHLXT6A&desktop_uri=%2Fwatch%3Fv%3DcOubCHLXT6A
Watch this carefully.
Is it just me, or did he openly declare war on DC and everything it stands for?Watch this carefully.
Yes, he did. With a big Y-Combinator logo on the podium, mentioning bitcoin several times, and telling people to go build apps that facilitate exiting the current system.
Maybe it's just me, but it seems that stuff like this is indicative of a greater trend of people (especially tech-savvy people, obv) viewing government more as a product that requires competitive iteration and customer mobility than as some inevitable and immutable entity in and an of itself. The speaker made a great point; namely that mobile tech is not about location-based-apps, but about making location *irrelevant*.
The way that technology enables both the theoretical decentralization of services and the building of non-location-centric communities implies that traditional notions of patriotism and nationalism can become more aligned with people's natural way of life and ideology across physical boundaries. This is a big shift. Obviously philosophers have debated the nature of human interaction, ideology, and government for millenia, but technological interconnectedness really does open up a very wide range of new possibilities.
Interesting times, indeed.
Bitcoin fits in this trend, and thus it's invention was inevitable. Although that's a bit deterministic to say.
http://m.youtube.com/watch?v=cOubCHLXT6A&desktop_uri=%2Fwatch%3Fv%3DcOubCHLXT6A
Watch this carefully.
Is it just me, or did he openly declare war on DC and everything it stands for?Watch this carefully.
Yes, he did. With a big Y-Combinator logo on the podium, mentioning bitcoin several times, and telling people to go build apps that facilitate exiting the current system.
Maybe it's just me, but it seems that stuff like this is indicative of a greater trend of people (especially tech-savvy people, obv) viewing government more as a product that requires competitive iteration and customer mobility than as some inevitable and immutable entity in and an of itself. The speaker made a great point; namely that mobile tech is not about location-based-apps, but about making location *irrelevant*.
The way that technology enables both the theoretical decentralization of services and the building of non-location-centric communities implies that traditional notions of patriotism and nationalism can become more aligned with people's natural way of life and ideology across physical boundaries. This is a big shift. Obviously philosophers have debated the nature of human interaction, ideology, and government for millenia, but technological interconnectedness really does open up a very wide range of new possibilities.
Interesting times, indeed.
The bolded part is exactly what the concept of Phyles deals with in Neal Stephensons novel The Diamond Age. Recommended reading if you're interested in that stuff - which you seem to be the way you wrote that post. This was originally one of the things which drew my attention to Bitcoin as I realized how Bitcoin can help facilitate the creation of such things as non-location-centric communities as you put it.
I read Cryptonomicon about 10yrs ago, but haven't read Diamond Age; will check it out. Agree with the theme here that bitcoin is one of many decentralizing technologies that can potentially change a lot about human interaction.
Relevance to thread:
Goldbugs who don't like bitcoin often argue the history of gold; ie, the fact that it's been money for 6000 years (minus the last 42, arguably), while bitcoin is barely 5 years old. What this argument totally fails to appreciate is that the last 100yrs in human history have been so unlike any other 100yr span in our 100000years as homo-sapiens that it's not unreasonable at all to expect things with multi-thousand-year inertia to come to their end in the next few years/decades.
The bottom line is this: The powers to be in Silicon Valley are anxious to snatch the reins of their financial destiny away from the banks and Wall Street upon who've they've depended on forever. And they are going to use Bitcoin as a launching pad to develop a myriad of technical tools to accomplish this task. They will also contribute their talents in making sure Bitcoin is secure from attack. They will also use their considerable monetary war chest to lobby Congress to protect Bitcoin for the long term. These events are how it's going to play out even though they might not exactly realize it yet.
This is very interesting and something I haven't considered before, but makes a lot of sense in light of all the VC focus recently.
The technology industry constantly builds upon previous technologies to create new concepts not even initially considered. Bitcoin as a technology platform works very well in this view, similar to how the basic internet protocol has spawned whole new industries.
As the technology industry relies on Bitcoin more and more, they will fight to ensure it's survival.
don't worry, i get plenty wrong too.
this f*ckin Dow just won't go down and i've been over a year too early on the short side. one of these days i'll be right.
but the thing is, i've been SO right with gold and BTC i've been able to hold that pair trade (long Bitcoin:short stocks) the whole time with huge returns. i think we're getting close to hitting on both sides of that trade though.
if you trade long enough, you'll realize if you can be right more often than wrong you're doing good. if you can be right for 2 out of the 3 markets you're trading in, that's real good.
this f*ckin Dow just won't go down and i've been over a year too early on the short side. one of these days i'll be right.
but the thing is, i've been SO right with gold and BTC i've been able to hold that pair trade (long Bitcoin:short stocks) the whole time with huge returns. i think we're getting close to hitting on both sides of that trade though.
if you trade long enough, you'll realize if you can be right more often than wrong you're doing good. if you can be right for 2 out of the 3 markets you're trading in, that's real good.
better cut ur loss dow prob will top above 30k
Btw, if you don't think Bitcoin has the potential to deflate the stock market then you're not dreaming the true Bitcoin Dream.
SO MANY dollars are locked up in the stock market right now. Imo, the stock market is the quintessential representation of US dollar hegemony and power. It's the only thing keeping the US afloat. While not as big as the UST market, it's psychological importance is bigger.
For Bitcoin to achieve the heights we're all dreaming about with lots of zeroes on the end, it will have to crack stocks to draw from that pool of dollars.
Could this be the trigger?
Dept. of Homeland Security Prepares for November Food Stamp Riots?
http://m.youtube.com/watch?v=cOubCHLXT6A&desktop_uri=%2Fwatch%3Fv%3DcOubCHLXT6A
Watch this carefully.
Is it just me, or did he openly declare war on DC and everything it stands for?Watch this carefully.
Yes, he did. With a big Y-Combinator logo on the podium, mentioning bitcoin several times, and telling people to go build apps that facilitate exiting the current system.
Maybe it's just me, but it seems that stuff like this is indicative of a greater trend of people (especially tech-savvy people, obv) viewing government more as a product that requires competitive iteration and customer mobility than as some inevitable and immutable entity in and an of itself. The speaker made a great point; namely that mobile tech is not about location-based-apps, but about making location *irrelevant*.
The way that technology enables both the theoretical decentralization of services and the building of non-location-centric communities implies that traditional notions of patriotism and nationalism can become more aligned with people's natural way of life and ideology across physical boundaries. This is a big shift. Obviously philosophers have debated the nature of human interaction, ideology, and government for millenia, but technological interconnectedness really does open up a very wide range of new possibilities.
Interesting times, indeed.
The bolded part is exactly what the concept of Phyles deals with in Neal Stephensons novel The Diamond Age. Recommended reading if you're interested in that stuff - which you seem to be the way you wrote that post. This was originally one of the things which drew my attention to Bitcoin as I realized how Bitcoin can help facilitate the creation of such things as non-location-centric communities as you put it.
http://m.youtube.com/watch?v=cOubCHLXT6A&desktop_uri=%2Fwatch%3Fv%3DcOubCHLXT6A
Watch this carefully.
Is it just me, or did he openly declare war on DC and everything it stands for?Watch this carefully.
Yes, he did. With a big Y-Combinator logo on the podium, mentioning bitcoin several times, and telling people to go build apps that facilitate exiting the current system.
Maybe it's just me, but it seems that stuff like this is indicative of a greater trend of people (especially tech-savvy people, obv) viewing government more as a product that requires competitive iteration and customer mobility than as some inevitable and immutable entity in and an of itself. The speaker made a great point; namely that mobile tech is not about location-based-apps, but about making location *irrelevant*.
The way that technology enables both the theoretical decentralization of services and the building of non-location-centric communities implies that traditional notions of patriotism and nationalism can become more aligned with people's natural way of life and ideology across physical boundaries. This is a big shift. Obviously philosophers have debated the nature of human interaction, ideology, and government for millenia, but technological interconnectedness really does open up a very wide range of new possibilities.
Interesting times, indeed.
I liked what he said. If you don't like something you opt out. I opted out of voting before I had the right to do so, but haven't gone much further yet.
I would not have been so impressed, and the whole thing wouldn't feel so awesome, if Bitcoin price had never gone to $2.
As for PMs, my point is still that central banks can easily one-up you at PMs when things get really desperate, Bitcoin, ain't so easy. So unless your apocalypse theory is of the everyone for himself absolute jungle flavor, don't buy too much.
As for PMs, my point is still that central banks can easily one-up you at PMs when things get really desperate, Bitcoin, ain't so easy. So unless your apocalypse theory is of the everyone for himself absolute jungle flavor, don't buy too much.
Yep, that was key. Ponzis don't bounce remember?
That was a bad time. The shorts were out in force. It took heavy discipline to buy that crash.
I made my last purchase at just North of $2.00 which was the low-water mark on Tradehill. For me it was not 'discipline' as much as 'frustration' and 'stubbornness'. I would have made one more double-down at around $1.50's, but we didn't get there.
To me Bitcoin was obviously not a simple match for Ponzi (though there were and are some shallow similarities), and then, just like now, I could see an argument for enormous utility and the arithmetic for much higher valuations. I actually considered myself to be playing a valuable supporting role simply by soaking up liquidity in those dark days.
http://m.youtube.com/watch?v=cOubCHLXT6A&desktop_uri=%2Fwatch%3Fv%3DcOubCHLXT6A
Watch this carefully.
Is it just me, or did he openly declare war on DC and everything it stands for?Watch this carefully.
Yes, he did. With a big Y-Combinator logo on the podium, mentioning bitcoin several times, and telling people to go build apps that facilitate exiting the current system.
Maybe it's just me, but it seems that stuff like this is indicative of a greater trend of people (especially tech-savvy people, obv) viewing government more as a product that requires competitive iteration and customer mobility than as some inevitable and immutable entity in and an of itself. The speaker made a great point; namely that mobile tech is not about location-based-apps, but about making location *irrelevant*.
The way that technology enables both the theoretical decentralization of services and the building of non-location-centric communities implies that traditional notions of patriotism and nationalism can become more aligned with people's natural way of life and ideology across physical boundaries. This is a big shift. Obviously philosophers have debated the nature of human interaction, ideology, and government for millenia, but technological interconnectedness really does open up a very wide range of new possibilities.
Interesting times, indeed.
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