Topic: Tim Draper to Do Press Conference about Winning Silk Road Auction 2pm PST - page 2. (Read 4790 times)
July 02, 2014, 11:35:25 PM
To say bitcoin is too big to fail is akin to saying the internet or file sharing or computing is too big to fail... that does not make sense at all. bitcoin is (simply, but ingeniously) a decentralised public ledger that tracks every single transaction that's ever happened with everyone agreeing it happened. Like P2P, once it came into existence, it's there. It's up to people to use P2P or not, for whatever usage or reason, but it's not something that can or can't 'fail'. Most think bitcoin is a new kind of money but while it is (it fulfills all requirements and characteristics to be considered as money) it's really more than just new money, it's a new protocol, a new way to do things trustlessly. It's something that totally removes the middleman out of the picture, and that is probably the most significant thing about bitcoin. The price of bitcoin in itself, no matter whether it's in the pennies or in the tens of thousands, is really quite irrelevant, but that's what most people see only in, the price.
July 02, 2014, 09:03:53 PM
This was a nice and useful thread. Thanks. While it's clear we are not going to find out what he paid, I think this is a pretty good sign for bitcoin.
July 02, 2014, 08:00:17 PM
bitcoin is far from "too big to fail". If bitcoin crashed, I doubt anyone will care to extend an emergency loan to any of these startups. More like rats jumping off a sinking ship
Bitcoin isn't too big to fail because someone would save it lol. The government really screwed you up
Bitcoin is peanuts. Its not too big to do anything
Investors won't dump their other investments and pour into bitcoin if bitcoin should crash. If anything they'll jump ship and take a loss
No company is too big to fail whatever the government might tell you. No nation is too big too fail.
At that rate Bitcoin is not too big to fail either, YET. It is moving in the right direction (and that isn't directly due to investors buying it): https://blockchain.info/charts/hash-rate?showDataPoints=false&show_header=true&daysAverageString=1×pan=all&scale=1&address=
"Too big to fail" doesnt mean what you think it means
No, I'm trying to explain to you that it doesn't mean what you think it means.
Hence my first reply:
Bitcoin isn't too big to fail because someone would save it lol. The government really screwed you up
July 02, 2014, 07:39:52 PM
bitcoin is far from "too big to fail". If bitcoin crashed, I doubt anyone will care to extend an emergency loan to any of these startups. More like rats jumping off a sinking ship
Bitcoin isn't too big to fail because someone would save it lol. The government really screwed you up
Bitcoin is peanuts. Its not too big to do anything
Investors won't dump their other investments and pour into bitcoin if bitcoin should crash. If anything they'll jump ship and take a loss
No company is too big to fail whatever the government might tell you. No nation is too big too fail.
At that rate Bitcoin is not too big to fail either, YET. It is moving in the right direction (and that isn't directly due to investors buying it): https://blockchain.info/charts/hash-rate?showDataPoints=false&show_header=true&daysAverageString=1×pan=all&scale=1&address=
"Too big to fail" doesnt mean what you think it means
July 02, 2014, 07:25:09 PM
bitcoin is far from "too big to fail". If bitcoin crashed, I doubt anyone will care to extend an emergency loan to any of these startups. More like rats jumping off a sinking ship
Bitcoin isn't too big to fail because someone would save it lol. The government really screwed you up
Bitcoin is peanuts. Its not too big to do anything
Investors won't dump their other investments and pour into bitcoin if bitcoin should crash. If anything they'll jump ship and take a loss
No company is too big to fail whatever the government might tell you. No nation is too big too fail.
At that rate Bitcoin is not too big to fail either, YET. It is moving in the right direction (and that isn't directly due to investors buying it): https://blockchain.info/charts/hash-rate?showDataPoints=false&show_header=true&daysAverageString=1×pan=all&scale=1&address=
July 02, 2014, 07:19:56 PM
bitcoin is far from "too big to fail". If bitcoin crashed, I doubt anyone will care to extend an emergency loan to any of these startups. More like rats jumping off a sinking ship
Bitcoin isn't too big to fail because someone would save it lol. The government really screwed you up
Bitcoin is peanuts. Its not too big to do anything
Investors won't dump their other investments and pour into bitcoin if bitcoin should crash. If anything they'll jump ship and take a loss
July 02, 2014, 06:50:42 PM
bitcoin is far from "too big to fail". If bitcoin crashed, I doubt anyone will care to extend an emergency loan to any of these startups. More like rats jumping off a sinking ship
Bitcoin isn't too big to fail because someone would save it lol. The government really screwed you up
July 02, 2014, 05:50:13 PM
What I mean is the mindset of "too big to fail" assuming large holders would be pumping more money in to stay in the green. The same could have happened with gox, somebody jumping in bailing everybody out (buying the missing coins elsewhere) and overtaking the exchange. So hoping large holders will bail everybody else out with more money in general is too much to expect.
And what I mean is that once you have made an investment you must start protecting your investment. This comes from the common sense of a good investor -- it's pretty much the most important rule of investing. Incoming protection from wealthy entities is thus a very good thing for the whole Bitcoin economy. The protection itself can manifest in many ways. For example, if a powerful politician's cousin had a lot of bitcoins, the politician is less likely to sign some anti bitcoin act.
July 02, 2014, 05:26:19 PM
bitcoin is far from "too big to fail". If bitcoin crashed, I doubt anyone will care to extend an emergency loan to any of these startups. More like rats jumping off a sinking ship
July 02, 2014, 05:20:17 PM
What I mean is the mindset of "too big to fail" assuming large holders would be pumping more money in to stay in the green. The same could have happened with gox, somebody jumping in bailing everybody out (buying the missing coins elsewhere) and overtaking the exchange. So hoping large holders will bail everybody else out with more money in general is too much to expect.
July 02, 2014, 05:14:22 PM
END OF PRESS RELEASE!
thank you!
Also, it's good to see people investing big money into Bitcoin as it makes them obviously responsible for protecting their investment for the years to come. Soon Bitcoin will be too big to fail
(if it already isn't).why?
Has gox been rescued yet?
gox has nothing to do with it because Mark did not use his own money to buy a lot of bitcoins. He basically just stole the coins, it's a different thing.
July 02, 2014, 05:09:05 PM
END OF PRESS RELEASE!
thank you!
Also, it's good to see people investing big money into Bitcoin as it makes them obviously responsible for protecting their investment for the years to come. Soon Bitcoin will be too big to fail
(if it already isn't).why?
Has gox been rescued yet?
July 02, 2014, 05:01:49 PM
END OF PRESS RELEASE!
thank you!
Also, it's good to see people investing big money into Bitcoin as it makes them obviously responsible for protecting their investment for the years to come. Soon Bitcoin will be too big to fail
(if it already isn't). July 02, 2014, 05:01:39 PM
Thanks sgbett! I was tied up in a meeting and couldn't watch.
July 02, 2014, 04:55:57 PM
for the people who couldnt watch, heres the link to the vod:
http://new.livestream.com/draperuniversity/bitcoin-auction/videos/55528302
http://new.livestream.com/draperuniversity/bitcoin-auction/videos/55528302
July 02, 2014, 04:55:26 PM
Okay Sgbett, thank you once again 
July 02, 2014, 04:54:52 PM
END OF PRESS RELEASE!
July 02, 2014, 04:53:58 PM
He wants people to transact. So why the hell is he holding bit coin as an investment? LOL
He isn't. He's using it for his business to transact bitcoins to emerging markets.
Was pretty lol that he didn't understand the inflationary/deflationary question and answered as if the guy was asking about volatility.
He's a VC he's buying it so he can sell it for a profit in the future. He didn't buy it to shop on new egg. Totally contradictory to tell other people to spend their bit coins when you plan to hoard them yourself
Didn't he quote Pareto (the 80/20 rule?) hold 80% and transact 20.
At least he's planning on building the infrastructure. I think he deserves to profit from that.
July 02, 2014, 04:53:24 PM
He wants people to transact. So why the hell is he holding bit coin as an investment? LOL
He isn't. He's using it for his business to transact bitcoins to emerging markets.
Was pretty lol that he didn't understand the inflationary/deflationary question and answered as if the guy was asking about volatility.
He's a VC he's buying it so he can sell it for a profit in the future. He didn't buy it to shop on new egg. Totally contradictory to tell other people to spend their bit coins when you plan to hoard them yourself
he;s bought it to arbitrage. a few q's back. its a pretty good strategy - ask risto!
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