Topic: The Wealthy Are Hoarding $10 Billion of Bitcoin in Bunkers (Read 307 times)

Very nice, are not you? I think it is great and there are many interesting things? And the funny question if you have all this property, what do you do with it? Hope the amount of such great wealth goes to charity well. Out of society, there are still many people who are in difficult circumstances, and poor people need help.

This is very logic for me, I would even believe, that Bill Gates and all that negative towards bitcoin guys are holding some too

Those guys know for sure, what they are doing. So knowing that, i will begin to hodl mine bitcoins because if they hold - there must be a growh soon.

Exactly. I don't know what to feel about this.

One the one hand, I see a lot of wealthy people investing in bitcoin, and seemingly for the long term which obviously means that the active supply on the market is decreased drastically, and also shows even the wealthy has a lot of confidence in bitcoin as a store of value. Otherwise, they would not be interested in it at all.

But on the other hand, I don't see why people still trust third parties to hold their private keys... It's probably completely unnecessary anyways. There is more risk in Xapo or an authority gaining access to your coins without your consent, then a hacker actually infiltrating it. These big investors really should rethink their storage strategies.

i still find this the strangest thing to be created and exist and be used by that many people! (i am trying not to call it dumb move...)

this is a bitcoin vault, and held by a third party! one of the first thing that anyone who enters bitcoin space hears is that you will no longer need any third parties to store, spend, receive money anymore.
all i say is that as long as i can store this
and remember the password used to create it, i have no need of such "vaults" and third parties and the additional risks!

in case you are wondering that is the AES-256 encryption of the private key from wiki with a 16 char long password. for all anyone knows that is just a random text without a meaning but it can contain millions of dollars worth of bitcoin which i and only i can access.

I actually won't use the word "hoarding" because what they were doing is ensuring that their most treasured assets is safe under any means. If a bank should have 10billion dollars in raw currency, I can't imagine the amount of infrastructures both physical, electrical and human that would be deployed in other to ensure that its safe from intruders while we have seen billionaires built their own bunkers to keep resources. As long that there is no law against the amount that can be kept then it's not hoarding. Again, I see this as an advertisement on the part of Xapo to show the outside world that funds kept with them are safe which is to discourage people from keeping it themselves which I am totally against.

Amazing, It would be really interesting to know who holds their bitcoin inside those bunkers.

This bunkers if for true holders as it's a mess to access back your bitcoin and I believe that those who hold their bitcoins in the bunkers plan on holding for a long period of time, so knowing who actually holds their  bitcoin there is a serious information for bitcoin traders.
I heard that people also holds gold bars in this bunkers, so it is not for bitcoin holding only.

I have read about Xapo holding funds in bunkers that were used in WWII in an article before, but never actually expected them to be holding that much. No idea if the figure is accurate, though, but if that's the case, then as you said it's a big portion of coins that will probably not get moved any time soon and will probably inspire confidence in holders.

If this is true, it also proves that the wealthy also see bitcoin as a long term store of value, something that I believe in as well.

It's definitely interesting as well that the guy has experienced inflation in his past, and that's a reason why he believes in bitcoin so much.

However, why would a bitcoin investor trust Xapo with so much money? I believe storing it yourself would be the best option always.

The article is way too big but nonetheless,judging from the title,here's are my thoughts:
$10 Billion of bitcoin is just the tip of the iceberg. There are thousands of alts too. But really interesting article, the bolded part did help. Can't believe xapo is this famous and has such potential. Wow.

Exactly. Most of the early birds are anti anything that requires them to hand over control of their private keys to a central party. If you don't own your private keys as sole entity, you don't own any coins. On the other hand, those who are entering the market in more recent times aren't from the same generation (in crypto terms), and for that reason prefer a central party taking care of their holdings. It offers them the convenience of knowing that their coins are being stored properly (at least, they hope so), and it takes away the massive responsibility of maintaining your own wealth. Only a very few people trust themselves with major amounts, which is the main reason they use safe deposit boxes within their bank office. In this case Xapo is that safe deposit box.

I can bet that no early investor or the true whales will be holding their coins in an online wallet service provider like XAPO, instead they will be saving the coins in their own wallet, there are many users in the platform that does not bother to have their own wallet because it might confuse them and those are the users that are storing the coins, i am sure they have a big user base and approx 117647 bitcoins mean $10 billion.

Impressed with their storage of private keys in bunkers, but is it a surprising news actually, almost all of the top exchanges are dealing with that kind of money and any wallet services and even coinbase will be having that much amount stored in their wallet, sadly bitcoin is used in hoarding it for the long term in the anticipation of a much bigger profit rather than using it as a currency.

The vault itself is secure but it doesn't appear to have an army of security personnel protecting this vast amount of wealth. A co-ordinated attack might be able to breach it a lot easier than a well protected bank. This could the future of armed robberies

but point number two is the right way to get the bitcoin price moving up. holding does not mean it will not sell it but waiting for the right price.

What is the cost of maintaining such facility?Are there any cheaper ways to hide and store your bitcoins?
Anyway,people,who think that this will stabilize the bitcoin price are wrong.
1.Ten billion USD worth of BTC is a small amount.
2.HODLing large amounts of BTC doesn't stabilize the price,because it reduces the market supply.
The price would be more stable,if the market supply is increasing,not decreasing.

Thanks for sharing the news

God that's an extremely good thing they did .
They are holding that much Bitcoins means we can expect Bitcoins to be stable no matter what happens and when it happens , the days of domination by big whales are over !!!! ( Until they decide to call off the holding base and sell btc)
It will increase the price eventually because in a way something is backing Bitcoins off finally ! Investors will flood in hearing this news that will further increase the value of Bitcoins and we  could see the bull being unleashed .

There was a thread opened some time ago about it, and OP commented on it. He might have forgotten.

https://bitcointalksearch.org/topic/the-secret-swiss-mountain-bunker-where-millionaires-stash-their-bitcoins-2283016

CNBC callling Roger Ver as Bitcoin Jesus and allowing him to shill BCash to millions of viewers is unethical on their part. They are actually confusing people into thinking that bitcoin is somehow not "The Bitcoin".  Falsehoods like "Their are many bitcoins" are being propagated. Thankfully, the community is vigilant of such attacks and mostly takes care of it. It's understandable, the love newbies have for these worthless coins. Something like XRP is especially dangerous. Its distribution is concentrated like anything and the marketers make it sound like XRP value will directly depend upon the banks using their platform.

In reality, banks have made it clear that they won't be using XRP for fiat conversion. That won't make sense too as you'd just be introducing another variable into international currency conversion.

The kind of fabrication in that article is unbelievable. Woz just said "Ethereum is a platform", the paid shill of a journalist adds "just like Apple's"

He says he is not using facebook anymore and the fucker makes the headline sound like he dumped facebook shares and bought ETH instead. How much more unethical and misguiding could these people be? On top of that, they have the name of Forbes while the small print says,
"Opinions expressed by Forbes Contributors are their own.". Any newbie seeing this would simply FOMO into ETH and other such things thinking "Woah, Bitcoin is too expensive but ETH, yeah ETH I could buy. Maybe it'll go to 10K next". Similarly, there were a lot of people during the December run-up who said Ripple would hit 1K without even considering it's humongous supply.

Such deceit is going on everywhere. One more thing, all those twitter handles attaching "fam" like "vergefam", "tronfam" and with chicks putting up profile pics alongside, make me puke. The difference between the people who actually started this and the unethical, greedy idiots who are trying to mislead people now is mind-blowing. Hope more people can understand that this is more than just a get rich scheme. Ohh and your shares are always pretty interesting Hydrogen. Keep them coming..