Topic: Here's The Deal (Read 1749 times)

She did say they made $245 trillion in wire transfers. She was saying that is how much money was transferred, not that they made a profit of that much (or even charged that much). 

I don't know if those figures are true, nor do I remember her saying a time period. 

well i can't really find figures on that, but since it's Jennifer Calvery (Director at Dept of the Treasury/Financial Crimes Enforcement Network) who made that statement, it has to account for something, why would she make that up?

And if it was a lie, why did no one on the meeting pick up on it?

That is difficult to believe. The total revenue for the BoA was $ 83.33 billion in 2012. How much do you think the wire transfers account for out of this figure?

And the global remittance for 2012 was around $ 514 billion. Only a small fraction of it was wired.

Actually, guys, I registered for the first time alot of keyword domains in the late 1990's so I know there were many single keywords left even in 1998, 1999, 2000.  Lastnames too, which are popular for those who have that last name.  Made some very big scores reselling them.

Some examples of domains that were available  in 1998 and 1999, off the top of my head, were sleds.com, crystals.com, tycoon.com, and many others.  Sleds.com has the potential for the big snowmobile industry as they are often known as "sleds".

Now it could be some of these domains had been registered earlier and then not renewed.  Back then these domains often simply went back into the pool and could be snapped up at the going registration fee rate.

But my point is it is not a far stretch to think of a single bitcoin as being in the same league as a keyword domain was when the Internet first began taking off in a big way.  Nobody knew the full potential, you could get them relatively cheap, and if you played your cards right they could be a life changer.

My advice is that when someone releases bitcoin "back into the pool", if you don't own bitcoin then go ahead and "snap some up" for yourself.  It may turn out to be one of the best things you have ever done.  If it doesn't pan out, OK, you lost a couple bucks.  But if this thing takes off...

i'm not kidding

http://c-spanvideo.org/clip/4476585

bank of america ALONE made 245 trillion dollars in wire transfers, and that is just from 1 bank.... go figure.

bitcoin can become several orders of magnitude bigger than it already is.

I agree, ppl laughed at the internet at the time, now it changed the world. Cryptocurrencies are the same

I think it was just an example he gave but I guess I got the idea.

I'm tending to agree with Johnny at the beginning of internet it was very hard to imagine that it was not a geeky way to share some boring technical documents but in the future everything is going to be on internet.
I think now it's a bit early to really understand what the bitcoin will do in the future as it was hard for the people too understand at the time of the 10'000 BTC pizza that people will be likely to give btc any value

I beleive the bitcoin will really change the way people share values and services. I can only foreshadow it when I played online games with bitcoin, it's so quick and fast to pay and play, it destroys all the friction on credit card payment and boring account creation and the trust you have to give on the website. It accelerate and facilitate the way people deliver online services.
For example now I cannot imagine paying to read an article of my favorite newspaper online but if the article had a little barcode where you can pay 0.001 BTC for a qualitative article it could really change the online business

Please don't compare to internet (especially when what you mean is the World Wide Web...).  The internt/web provides not just a new paradigm to business but a new way to communicate and disseminate information.  It gave the public completely new abilities that didn't exist before.  Bitcoin not so much.  Its a direct replacement to existing currency/wealth stores, there's nothing i can do with Bitcoin that i can't already do with £.  In fact right now in the UK, its an awful lot harder for me to change £ in and out of BTC than it is between say $ and Krona.  The main immediate advantage is low fees, unfortunately the infrastructure is currently too unwieldy for popular usage. 

Don't know why you pick out 1997, but your're incorrect, as a Uni student that year i looked up buying the sorts of domain you suggest, they were long gone.  most major companies had a web presence by then.  Its quite likely that Bitcoin will become "big" but modestly so, sitting alongside everything else we currently use for money, which each have particular advantages to users.

Say what?  Your getting out because you don't believe 1 Bitcoin will be worth 16 million dollars?

LOL.  Well I am not going to live to be 16 million years old either but I don't plan on getting out of life anytime soon considering the future potential.

I wouldn't be too concerned about "regulatory environments".  The powers that be cannot even control file sharing despite their best efforts.

In fact, I find this kind of talk very encouraging.  Because it means Bitcoin is on to something. It's threatening the entrenched system.  It's disruptive.  It means there is fantastic potential here.

Does your conclusion change when you think about whether the price will bubble over the current maximum?

What about the new regulatory frameworks being developed that will impede development?

Seriously, it would have been a good investment at $0.01 like that Norwegian Guy's case, but now it's just fantasy talk. You can lose big money coming into the game in the middle, especially when the game could be over.


That's fantasy! If you get in now, the value of "one bitcoin" would have to explode to $16,124,444.44 to make any reasonable return that Kristoffer Koch achieved. Sorry but the game is over.

It is very unlikely that bitcoin will reach $16 million per coin!

Well, maybe he can't say trillions, but still more than most of us would like to pay.

Say what?

i agree, there's trillions of dollars being spend each year on wire transfer fees alone.

imagine if those wire transfer would be replaced by bitcoin because the fees are much lower.

Yes ， fully agree . But only a few can get on the train .
BTW: i own 2bet.in , someone interested ?

Look everyone, BitCoin could be a once in a lifetime event in terms of money and finance.

Like the Internet of the early to mid 1990's few people understood its significance. Many downplayed its potential role.  Many told of its use as a means to sell drugs and porn.  Some foretold it would be highly regulated by governments so much so as to be useless.

You all know how the Internet turned out.

This is your chance to be in on something that can become very very big.  As in changing history.

Imagine if you had the foresight to register a couple of .com domains back in 1997 when they were still easy to get.  Where would you be now after that tiny investment?  If the Internet had failed, so what?  You'd be out a couple bucks.  But if it succeeded you would be wealthy, very wealthy indeed when you had "Bank.com", "sex.com", "cars.com" etc. in your portfolio.

Think of owning a bitcoin being something like owning a keyword domain that you got when the Internet was first starting out.  You spend a little money, get yourself a bitcoin (or several bitcoins if you can afford it), and hold onto it just to see what happens.  Because this bitcoin thing is either going to die out or become very very big.  Big as in PayPal, Visa, and Mastercard all rolled into one.  Perhaps as big as US Currency.  The potential payoff is absolutely enormous, the potential loss is small.

I like it when I hear about the weak hands cashing out early.  This makes it all the more easier for newbies to get their hands on a bitcoin or two and have a great opportunity.

People laugh when they hear that someone once paid 10,000 bitcoins for a pizza.  Back then there was little idea of what bitcoin could become.  Now we know better.  And some people are still selling off their bitcoins for piddling sums that are but fractions of their potential.