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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

#81

Post by pjc50 »

myth_drannon wrote: post #66
bigtimeidiot wrote: post #41

Earlier quoted context omitted.

> 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. P…

Cypress is a stable and prosperous country, but they had banks crisis and their bank savings were confiscated to prop up the banks.

Cyprus is a country with a wall running across one corner of it which operated its financial industry as a tax haven, overbalancing the economy. Savings in excess of the insured level (€100k) took a cut (8% I believe).

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

#82

Post by chrischen »

jeremyt wrote: post #79

The people in this thread hating on crypto are missing the point. Complaining that you can't go into CVS and buy something with Bitcoin right now is like complaining that all you can do with the Internet is send "electronic mail", which nobody reads, in 1990, or like complaining that Facebook is nothing but a glorified campus directory in 2006. The truth is, you can't buy things with Bitcoin at CVS because the techno…

You can't go into CVS and buy things with gold either.

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

#83

Post by pjc50 »

saalweachter wrote: post #22
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.

This depends on your government and its pension schemes - the UK operates both a minimum pension and a state-run contributory scheme.

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

#84

Post by jesusthatsgreat »

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 look at the value of my stock holdings in euros only because it's also my day to day currency

Until it isn't and it's replaced by a new one. Less than 20 years ago Euros didn't exist. It's entirely possible that in 20 years time they won't exist either...

You've played your hand by saying you look at your stock holdings in fiat. What happens if fiat fails you? i.e. if hyperinflation kicks in or the powers that be decide to restrict access to your fiat? I realise it sounds tinfoil hat-esque but if investing to safeguard your future, these are possible doomsday scenarios... (just ask people of Venezuela)

> In the short term you're basically betting on cryptocurrencies gaining adoption and thus more of the economy needing them. In the long term it's just a currency not an investment.

A deflationary currency with a fixed supply... so it's an investment in the sense that (a) it's scarcity will naturally drive up the price if demand increases (b) it will hold value better than fiat, given that the supply of fiat is, well, unlimited.

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

#85

Post by greenshackle2 »

tboyd47 wrote: post #73
chc wrote: post #57

Earlier quoted context omitted.

Do you really believe more Bitcoin is used for this than evading the law?

Do you have any data that prove me wrong?

Do you have any data that prove you right?

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

#86

Post by nugget »

jeremyt wrote: post #79

The people in this thread hating on crypto are missing the point. Complaining that you can't go into CVS and buy something with Bitcoin right now is like complaining that all you can do with the Internet is send "electronic mail", which nobody reads, in 1990, or like complaining that Facebook is nothing but a glorified campus directory in 2006. The truth is, you can't buy things with Bitcoin at CVS because the techno…

I don't doubt the underlying blockchain technology will continue to scale but my question has always been the lock-in effect of Bitcoin and other existing crypto-currencies versus new entrants. As the major banks, payment processors, and clearing houses look into moving in this direction it's clear they are going to roll their own solutions.

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

#87

Post by zacheism »

T-A wrote: post #49

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...

He has a stake in Bitstamp (an exchange) and, from the sound of it, one or two other blockchain companies (he seems to have a close relationship with Joe Lubin, the founder of ConsenSys so they are very likely Ethereum-based startups). The rest is assumed to be invested in the currencies themselves.

I was at the panel discussion and he seems wayyyy more excited about Ethereum - I wouldn't be surprised if he held more ether at this point (which is probably why he was so enthusiastic).

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

#88

Post by jeremyt »

nugget wrote: post #86
jeremyt wrote: post #79

The people in this thread hating on crypto are missing the point. Complaining that you can't go into CVS and buy something with Bitcoin right now is like complaining that all you can do with the Internet is send "electronic mail", which nobody reads, in 1990, or like complaining that Facebook is nothing but a glorified campus directory in 2006. The truth is, you can't buy things with Bitcoin at CVS because the techno…

I don't doubt the underlying blockchain technology will continue to scale but my question has always been the lock-in effect of Bitcoin and other existing crypto-currencies versus new entrants. As the major banks, payment processors, and clearing houses look into moving in this direction it's clear they are going to roll their own solutions.

Well, I guess that's great. It's a free market, and the best option will win, but a blockchain isn't a blockchain unless you have enough distributed hashing power behind it to ensure that no one entity or small groups of entities has control over the network.

I'm still puzzled as to how banks think they're going to do this.

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

#90

Post by threatofrain »

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.

He was late to a private party at some billionaire's home, right? Perhaps there's some other context, but that doesn't seem particularly rude or ballsy, unless this was like a 4 person "party".
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