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re: Bitcoin buzz stays high --- even after bubble
Posted on 5/13/13 at 9:35 am to Vols&Shaft83
Posted on 5/13/13 at 9:35 am to Vols&Shaft83
quote:
As someone who owns and has provided venture capital for many successful small businesses
You should probably call up Union Square Ventures and let them know that bitcoin is a ponzi scheme. Surely they would respect your opinion, since you're so experienced in the VC game.
This post was edited on 5/13/13 at 9:36 am
3
Posted on 5/13/13 at 9:40 am to WikiTiger
quote:
You should probably call up Union Square Ventures and let them know that bitcoin is a ponzi scheme. Surely they would respect your opinion, since you're so experienced in the VC game
What does that have to do with law4smallbusiness.com?
NOT A GODDAMN THING.
You continue to try to refute my statements with unrelated information, and you keep failing, miserably.
Posted on 5/13/13 at 9:43 am to Vols&Shaft83
quote:
What does that have to do with law4smallbusiness.com?
Everything.
It's all about the new market synergies that bitcoin enables
Posted on 5/13/13 at 9:43 am to WikiTiger
quote:
You should probably call up Union Square Ventures and let them know that bitcoin is a ponzi scheme. Surely they would respect your opinion, since you're so experienced in the VC game.
And just to address Union Square Ventures, they invested in coinbase, which is a Magic the Gathering competitor, they didn't invest in bitcoin or bitcoin miners.
The exchanges make money regardless of what bitcoin does, so you fricking fail again.
Posted on 5/13/13 at 9:45 am to gizmoflak
quote:
Everything.
It's all about the new market synergies that bitcoin enables
Nope, it's about a Venture Capital firm investing in an exchange. The 2 businesses have nothing to do with each other. You again, fail. You have failed so much in this thread it's astounding.
Posted on 5/13/13 at 9:49 am to Vols&Shaft83
How can you deny that bitcoin is gaining momentum and is inching towards mainstream a little bit each day?
Well. You can't. You fail. Bitcoin is winning. And continues to win a little more each and every day.
Well. You can't. You fail. Bitcoin is winning. And continues to win a little more each and every day.
Posted on 5/13/13 at 9:53 am to gizmoflak
quote:
Well. You can't. You fail. Bitcoin is winning. And continues to win a little more each and every day.
No it really doesn't, the exchanges like coinbase win, the bitcoiners don't.
You fail
Posted on 5/13/13 at 9:58 am to Vols&Shaft83
In the infancy of bitcoin (which we are still in), the exchanges are essential. Competition for MtGox will only enhance the bitcoin universe and make it more accessible to more people. At some point, the bitcoin universe could be large enough that it is self-supporting, and the ability to exchange fiat currency for bitcoin won't be nearly as important or necessary as it is now
Posted on 5/13/13 at 10:00 am to gizmoflak
quote:
Competition for MtGox will only enhance the bitcoin universe and make it more accessible to more people.
Or cripple Mt.Gox's customer base, which doesn't affect me at all. And coinbase is only a hacker away from being just as unreliable as Magic the Gathering.
And since bitcoins aren't insured, the only people who take risks with these exchanges are the consumers.
This post was edited on 5/13/13 at 10:02 am
Posted on 5/13/13 at 10:06 am to gizmoflak
quote:
In the infancy of bitcoin (which we are still in), the exchanges are essential. Competition for MtGox will only enhance the bitcoin universe and make it more accessible to more people. At some point, the bitcoin universe could be large enough that it is self-supporting, and the ability to exchange fiat currency for bitcoin won't be nearly as important or necessary as it is now
There comes a time in a prudent entrepreneurs life where he sees the opportunity to part a fool and his money. This is one of those times. They don't care about the currency. They care about the fee revenue for conversion. And they want that fee in USD. Book it.
Posted on 5/13/13 at 10:11 am to Broke
quote:
There comes a time in a prudent entrepreneurs life where he sees the opportunity to part a fool and his money. This is one of those times. They don't care about the currency. They care about the fee revenue for conversion. And they want that fee in USD. Book it.
And someday, they will gladly accept and keep their revenue in BTCs
Posted on 5/13/13 at 10:13 am to Broke
quote:
They don't care about the currency. They care about the fee revenue for conversion. And they want that fee in USD. Book it.
It's essentially like the managed funds industry, except without the hassle of SEC regulation (for now) or the fiduciary responsibility of the fund managers to their customers.
Seems like a fantastic scam.
Posted on 5/13/13 at 10:14 am to gizmoflak
quote:
And someday, they will gladly accept and keep their revenue in BTCs
You hope they will, you don't know that.
Posted on 5/13/13 at 10:16 am to gizmoflak
quote:
And someday, they will gladly accept and keep their revenue in BTCs
They key to a successful business is predictable cash flow. It's too unpredictable.
Posted on 5/13/13 at 10:22 am to Vols&Shaft83
quote:
You hope they will, you don't know that.
Right, no one knows for sure what will happen in the future. In the meantime:
Posted on 5/13/13 at 10:30 am to gizmoflak
quote:
no one knows for sure what will happen in the future
ain't that the truth
the funny thing, though, is that the group of vocal bitcoin haters refuse to even acknowledge past growth.
Bitcoin has grown tremendously since its inception in both usage and value, and while no one knows for sure what will happen in the future, all indications point to continued growth.
but they'll never admit it.
We'll still be here next year having the same debate, while bitcoin will be accepted by many more merchants and its value will be higher. Just for perspective, I started discussing bitcoin on this site when it was valued at $12. The same arguments that are made today were made back then.
This post was edited on 5/13/13 at 10:31 am
Posted on 5/13/13 at 10:32 am to WikiTiger
quote:
Bitcoin has grown tremendously since its inception in both usage and value, and while no one knows for sure what will happen in the future, all indications point to continued growth.
but they'll never admit it.
I'll admit it when bitcoins are accepted by businesses I respect or even use.
Posted on 5/13/13 at 10:41 am to WikiTiger
You happily crow about Union Square Ventures' investment in Coinpurse. What type of entity is Coinpurse? It is a transfer agent that will be subject to government regulation for compliance with anti-money laundering laws. How is it a success for Bitcoins to be tied to another business that requires Bitcoin owners to sacrifice their anonymity to patronize that business?
And what exactly is Union Squares Ventures batting on? It is betting that Coinpurse will be successful as an exchange. Thus, it is betting that Bitcoins will not become a currency, but will continue to require conversion to some other currency for spending. They are betting on Bitcoin remaining a commodity.
And what exactly is Union Squares Ventures batting on? It is betting that Coinpurse will be successful as an exchange. Thus, it is betting that Bitcoins will not become a currency, but will continue to require conversion to some other currency for spending. They are betting on Bitcoin remaining a commodity.
Posted on 5/13/13 at 10:45 am to WikiTiger
I think I would say the tech bubble was from 1995-March 2000. Never say never on the fickle nature of a market. It could crash and burn any minute.
Posted on 5/13/13 at 10:50 am to Broke
quote:
Never say never on the fickle nature of a market. It could crash and burn any minute.
I don't think anyone disputes this.
Same can be said for ANY market.
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