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Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether

money.cnn.com

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Re: Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether

#21

Post by snovv_crash »

pedrocr wrote: post #12
atemerev wrote: post #5

Not a billionaire, but also trying to keep some percentage of my net worth in cryptocurrencies. Worked great so far. 10% seems to be about right. (I have much more trust in blockchain than in government retirement schemes).

>Not a billionaire, but also trying to keep some percentage of my net worth in cryptocurrencies. Worked great so far. 10% seems to be about right. I don't see how people can look at cryptocurrencies as investments over the long term. It's like saying you have all your money in Swiss Francs in a checking account that returns no interest because you think the Swiss are doing a stellar job at setting up an economy/banki…

Diversification only on the stock market isn't a good idea. It doesn't protect against the insurers going bust, for instance. In this case, keeping some % of net worth in a cryptocurrency makes sense, just like keeping a few gold bars/coins or an emergency stack of bills makes sense for that day when the internet is broken.

Re: Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether

#22

Post by saalweachter »

atemerev wrote: post #5

Not a billionaire, but also trying to keep some percentage of my net worth in cryptocurrencies. Worked great so far. 10% seems to be about right. (I have much more trust in blockchain than in government retirement schemes).

> government retirement schemes

This is your weekly public service announcement.

Social Security is not an investment, it is an insurance. The goal of Social Security is not to make everyone rich but to keep anyone from being destitute.

This has been your weekly public service announcement.

Re: Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether

#23

Post by Noseshine »

kolbe wrote: post #9

Has anyone noticed the disparity between how many articles get written about btc's price, and how little gets written about its real-life uses and benefits?

That is any topic ever.

Anyone can "contribute" to discussions on anything from the budget of the DoD to health care without having the slightest clue how anything actually works. All you have to do is instead of having to deal with those cumbersome details you just talk about "money" and suddenly everybody is free to join the discussion with great enthusiasm and unhindered by constraints of missing information or subject knowledge.

That's also why a lot of "solutions" to any problem work like this:

  Problem => Money => Solution
which actually means

  Problem => Magic => Solution
That is especially prevalent when talking about great societal problems, from health care to education. Or maybe it just feels that way because that's the kind of discussions I tend to see the most.

Re: Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether

#24

Post by MadManE »

xapata wrote: post #10

> [Novogratz] recalls that Buterin, ... showed up late, which struck him as shocking -- and a bit ballsy. He figured it was worth paying attention to Buterin. The lesson is to be impolite? I think I saw this in an episode of Silicon Valley.

I think that "paying attention to" could just mean watching for other bad behavior to justify action. Not necessarily paying attention to take notes from.

Re: Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether

#25

Post by maxerickson »

azag0 wrote: post #20
kolbe wrote: post #9

Has anyone noticed the disparity between how many articles get written about btc's price, and how little gets written about its real-life uses and benefits?

It saddens me that bitcoin's path towards a common payment network is so slow. I've always liked the technology (or the core ideas behind it), but its adoption is hindered by popular and factual association with illegal activities, and by the recent stagnation regarding scaling.

Plus it is hard to use and distributed network trust isn't particularly advantageous compared to a legal system.

Re: Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether

#26

Post by bergie »

Mahn wrote: post #18
kolbe wrote: post #9

Has anyone noticed the disparity between how many articles get written about btc's price, and how little gets written about its real-life uses and benefits?

That's because Bitcoin is still today too cumbersome to be used for anything other than speculation and drugs. No one goes to the grocery store thinking "gosh, I sure wish I could transfer some money to an exchange, buy some BTC, set up a wallet, transfer the BTC, wait for confirmations, scan a QR code to pay, and wait for confirmations again to pay for my groceries". The only people that want this are early early ad…

In my neighborhood there are bars that accept Bitcoin. I've paid several dinners with my Android BTC wallet. Quite convenient in a city where you usually can only pay with cash...

Re: Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether

#27

Post by roymurdock »

kolbe wrote: post #9

Has anyone noticed the disparity between how many articles get written about btc's price, and how little gets written about its real-life uses and benefits?

Idealistic view: BTC is used to create peer-to-peer marketplaces (OpenBazaar [1]) and the underlying blockchain tech can be used to implement smart contracts that can automate systems and remove humans from the loop (Samsung/IBM ADEPT [2], Filament [3]).

Realistic view: BTC is used as a speculative hedge, and to evade currency controls in China.

[1] https://openbazaar.org/

[2] http://rethinkresearch.biz/articles/ibm-samsung-unveil-adept...

[3] https://filament.com/technology/

Re: Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether

#28

Post by xapata »

MadManE wrote: post #24
xapata wrote: post #10

> [Novogratz] recalls that Buterin, ... showed up late, which struck him as shocking -- and a bit ballsy. He figured it was worth paying attention to Buterin. The lesson is to be impolite? I think I saw this in an episode of Silicon Valley.

I think that "paying attention to" could just mean watching for other bad behavior to justify action. Not necessarily paying attention to take notes from.

At that point in the article, it seemed clear the context was investing in digital currencies and why that might be advisable.

Re: Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether

#29

Post by chasing »

bergie wrote: post #26
Mahn wrote: post #18

Earlier quoted context omitted.

That's because Bitcoin is still today too cumbersome to be used for anything other than speculation and drugs. No one goes to the grocery store thinking "gosh, I sure wish I could transfer some money to an exchange, buy some BTC, set up a wallet, transfer the BTC, wait for confirmations, scan a QR code to pay, and wait for confirmations again to pay for my groceries". The only people that want this are early early ad…

In my neighborhood there are bars that accept Bitcoin. I've paid several dinners with my Android BTC wallet. Quite convenient in a city where you usually can only pay with cash...

Which neighborhood are you in?

Re: Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether

#30

Post by coldtea »

1001101 wrote: post #16
catenthusiast wrote: post #4

Something tells me he won’t be a billionaire for long.

I beg to differ. He had a 48 bagger on Ether, and I know he and Fortress were in early on Bitcoin, so I bet his cost basis on BTC is sub 100, so a solid 10 bagger. I think he's right about this being the third inning. I hold some BTC, and am looking to diversify into ZCash.

>I hold some BTC, and am looking to diversify into ZCash.

Diversify into some non-monopoly assets too.

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