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Topic: Tim Draper to Do Press Conference about Winning Silk Road Auction 2pm PST - page 3. (Read 4790 times)

hero member
Activity: 784
Merit: 500
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
legendary
Activity: 2576
Merit: 1087
q: "will LTC grow faster"
a: "herp (we just answered that)"

edit:

anecdote about history of finance:
first we traded shells
shiny rocks
gold
promises of gold
promises
btc
legendary
Activity: 2576
Merit: 1087
q: "where do you see BTC in next 10 years"
a: "will be prevalent in far fewer years than 10. well known throughout world. big op for lesser developed companies. its snowballing right now. its not going away. adoption is increasing. 10 years it will be such you might not even know you are using it but you will be"
anecdote: "his great aunt who is 90 yo asked him about it, which made him realise it was real"
legendary
Activity: 2576
Merit: 1087
q: "will prevalence of cellphones in emerging markets, and increase in micro transactions cause a problem in terms of network speed, can you bring BTC to 'sms' style transactions"

a: "yes there are companies will not name competitor. names glyph as an option. names other company as 37coins"
legendary
Activity: 2576
Merit: 1087
q: "will the block chain ever get too big"

a: "doesn't think so. its all just computer stuff. entrepreneurs solve these kinds of problems all the time, and are doing so"
a: "its just data. compression helps. its all opportunities for companies"
full member
Activity: 181
Merit: 102
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.
legendary
Activity: 2576
Merit: 1087
more Qs from floor...

weird question that didn't make a great deal of sense about bitcoin representing assets. vague answer saying yes they could

Q: about hoarding

A: its probably not a great idea all the time because it goes up and down.
A: general market rule is 80% hold 20% trade. feel btc is true to this. everyone should just use bitcoin and it will become a thing.
A: probably weighted towards holders whilst people wait for ecosystem to develop. we're gonna take that development forward.
hero member
Activity: 784
Merit: 500
He wants people to transact.  So why the hell is he holding bit coin as an investment?  LOL

legendary
Activity: 2324
Merit: 1125
Q (paraphrased): "how are you going to go about doing what you plan to do"

A: "setting up exchanges. business model is arbitrage."

So cool. This man has a plan. I don't really think he needs the 30k BTC though but if he bought them privately this is just his investment and will make him profit from his work of making Bitcoin overall more valuable.
legendary
Activity: 2324
Merit: 1125
Soon this will attract other millionaires too as they are already competing with each other in various metrics for "dick length". Bitcoin will be just another metrics for that Tongue

This Draper dude is the first locust to arrive to the crop field. It can easily grow into Tulip mania or dot-com analogue. Interesting times ahead. There will be losers and I just love to see the world burn. I'm already planning on building a fallout shelter.

And yet the market price seems to react negatively to this press conference  Cheesy
legendary
Activity: 2576
Merit: 1087
Q (paraphrased): "how are you going to go about doing what you plan to do"

A: "setting up exchanges. business model is arbitrage."
legendary
Activity: 2576
Merit: 1087
such Q: "Will dogecoin also playa part in your crypto strategy"

many A: "doesn't really think that alts are serious yet. bitcoin has to succeed first for anything else to ride on the coat tails"
sr. member
Activity: 316
Merit: 250
Oh yeah, f*** those altcoins  Grin Grin
legendary
Activity: 2114
Merit: 1015
Soon this will attract other millionaires too as they are already competing with each other in various metrics for "dick length". Bitcoin will be just another metrics for that Tongue

This Draper dude is the first locust to arrive to the crop field. It can easily grow into Tulip mania or dot-com analogue. Interesting times ahead. There will be losers and I just love to see the world burn. I'm already planning on building a fallout shelter.
legendary
Activity: 2576
Merit: 1087
Q from livestream: "How much is sale of BTC from US govt a factor in its future regulatory outcome"

A: "positive. if they wanted to get rid of btc they would have buried these coins. They are counting it as an asset. Its a true vote of confidence from the govt. Still great uses for dollar, but there are also now great uses for bitcoin. Increases tax base. Leads other goats to follow"

Follow on Q: "Govt doeastn auction confiscated cocaine. So auction legitimises it"
legendary
Activity: 2324
Merit: 1125
Draper: "Anecdote about 2 iranians, who built business in Iran but left during a revolution, had to start over. Bitcoin allows people like that to avoid repercussions of revolutions. BTC is safer than fiat."

Draper Jr: "Instability of bitcoin is US centric view. Stability is relative. In other countries it could be considered more stable than local currency"

Easy solution.  Keep some money in USD in US bank account



Have you tried getting a US bank account? I have I'm not a US citizen I'm in UK, they won't touch me. I hardly think they are going to welcome iranians with open arms.

Just use HSBC  they have branches everywhere

I'm American and I have a Japanese bank account

But they won't allow you to have a USD account without paying high fees. Anyway, every country's currency sucks so it doesn't help much anyway.
hero member
Activity: 784
Merit: 500
Draper: "Anecdote about 2 iranians, who built business in Iran but left during a revolution, had to start over. Bitcoin allows people like that to avoid repercussions of revolutions. BTC is safer than fiat."

Draper Jr: "Instability of bitcoin is US centric view. Stability is relative. In other countries it could be considered more stable than local currency"

Easy solution.  Keep some money in USD in US bank account



Have you tried getting a US bank account? I have I'm not a US citizen I'm in UK, they won't touch me. I hardly think they are going to welcome iranians with open arms.

Just use HSBC  they have branches everywhere

I'm American and I have a Japanese bank account
legendary
Activity: 2576
Merit: 1087
Q: "How do you feel about chargebacks / consumer protection"

A: "Suggests consumer protection currently worse because of chargebacks. BTC is liberating the consumer. There are lots of companies (crowdcurity mentioned twice) working on consumer protection. Lots of room for startups in this area. Looking for applicants. Atlas Card pushed again"
legendary
Activity: 2576
Merit: 1087
Q: "How do you feel about transaction fees"

A: "Great because they are so much lower. This transaction went with zero fees! (his words!)"
legendary
Activity: 2576
Merit: 1087
Draper: "Anecdote about 2 iranians, who built business in Iran but left during a revolution, had to start over. Bitcoin allows people like that to avoid repercussions of revolutions. BTC is safer than fiat."

Draper Jr: "Instability of bitcoin is US centric view. Stability is relative. In other countries it could be considered more stable than local currency"

Easy solution.  Keep some money in USD in US bank account



Have you tried getting a US bank account? I have I'm not a US citizen I'm in UK, they won't touch me. I hardly think they are going to welcome iranians with open arms.
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