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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

#41

Post by bigtimeidiot »

myth_drannon wrote: post #37
pedrocr wrote: post #12

Earlier quoted context omitted.

>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…

Because it's not an investment but a safety net like gold and silver. Crypto-currencies fans are the younger version of goldbugs.

>because it's not an investment but a safety net like gold and silver

Only if you're a resident of an unstable country.

Can you name a crisis where having a stash of gold and silver mattered? Do you think people are going to trade valuable goods (food? water? ammo?) for your metal bars? I can't imagine the circumstances.

When SHTF the government (or someone else) will confiscate that wealth. They have in the past. Personally, I think metals will matter less in any apocalypse, because they have no practical use.

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

#42

Post by bigtimeidiot »

Hermel wrote: post #34
pedrocr wrote: post #12

Earlier quoted context omitted.

>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…

Bitcoin should be seen as digital gold. It has no value in itself, but its likely that you will be able to use it for payment even if all else fails.

>but its likely that you will be able to use it for payment even if all else fails.

Can you give an example of a modern economy collapsing and reverting to gold as a medium of exchange?

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

#43

Post by bigtimeidiot »

snovv_crash wrote: post #21
pedrocr wrote: post #12

Earlier quoted context omitted.

>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.

>It doesn't protect against the insurers going bust

Can you clarify? I mean, I agree that your diversification should extend beyond the stock market (bonds, some metals, real estate). But I'm not sure what you mean by the above.

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

#44

Post by kharms »

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?

I strongly suspect (but haven't done the research to prove) that bitcoin is only viable as a currency because of the $ infusions from ransomware.

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

#46

Post by dmix »

I was reading his Wikipedia and apparently it was his sister who started Acumen, the non-profit VC firm: https://www.wikiwand.com/en/Acumen_(organization)

His brother has a TV show too: https://www.wikiwand.com/en/Robert_and_Cortney_Novogratz

Talent runs in the family.

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

#47

Post by DougN7 »

bigtimeidiot wrote: post #42
Hermel wrote: post #34

Earlier quoted context omitted.

Bitcoin should be seen as digital gold. It has no value in itself, but its likely that you will be able to use it for payment even if all else fails.

> but its likely that you will be able to use it for payment even if all else fails. Can you give an example of a modern economy collapsing and reverting to gold as a medium of exchange?

I can't give any such example. However, EVERY economic collapse has been followed by rebuilding. Maybe the nation has a new name or new boundaries, but something is always rebuilt. And once it is, gold has value again.

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

#48

Post by atemerev »

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…

I am betting on Bitcoin market cap (roughly, adoption rate, for any reason) to grow faster than the total number of Bitcoins in circulation (which is growing logarithmically and capped by 21 million)

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

#49

Post by T-A »

The actual quote is "Ten percent of my net worth is in this space", said at the "Blockchain Disruption" forum [1]. A reasonable interpretation would be that 10% of his money is in blockchain companies.

[1] http://www.hbscny.org/s/1738/cc/index2.aspx?sid=1738&gid=4&p...

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

#50

Post by MichaelBurge »

bigtimeidiot wrote: post #42
Hermel wrote: post #34

Earlier quoted context omitted.

Bitcoin should be seen as digital gold. It has no value in itself, but its likely that you will be able to use it for payment even if all else fails.

> but its likely that you will be able to use it for payment even if all else fails. Can you give an example of a modern economy collapsing and reverting to gold as a medium of exchange?

I hear Bitcoin is popular in Venezuela, where the people hunt pigeons for food after the communists took over. It's also popular in China, where - again - people are scared of their government.

I don't know that the US federal government is as scary, but it's not unheard of.

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