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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

#101

Post by thisisit »

mrb wrote: post #80
Pxtl wrote: post #62

Earlier quoted context omitted.

I don't know much aboute Etherium but wouldn't he be owner of a substantial fraction of the blockchain at that point? If so, he can't sell it without tanking the value so hard he'd never be able to get a decent fraction of its "worth".

Selling ~7M ETH is easy without affecting the markets too much. Kraken and Poloniex each do an average weekly volume of 3M ETH on the ETH/BTC pair: https://cryptowat.ch/poloniex/ethbtc/1w If he spread the sale over 10 weeks he would only increase their weekly volume by 10%. That's not even talking about alternate ways to transfer his wealth out of ETH (eg. approaching his billionaire friend: "how about you sell me th…

It will affect the market. The weekly volume is irrelevant because that is gross sum of all trades taken place. What you are proposing is that he occupies nearly 23% of all "asks" on these exchanges which will be difficult to achieve.

And again off exchange block/bulk sales tend to go for lower than market price. They are rarely, if ever, executed at market price. So most probably he will have to offer 100k ETH, 4.8mil, for a ~4 mil mansion.

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

#102

Post by angersock »

dmix wrote: post #46

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.

Talent, or money?

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

#103

Post by aminorex »

true_religion wrote: post #91
greenshackle2 wrote: post #85

Earlier quoted context omitted.

Do you have any data that prove you right?

I think that believing people are not criminals is the less extra ordinary case, considering how few people are criminals in the first place. There would have be something extraordinary about bitcoin or the way it was represented to society at large that attracted criminals.

You don't understand how the law works. You are a criminal. In the u.s., for example, that shining city on a hill, it is estimated that a typical adult commits three felonies on an average day.

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

#104

Post by aminorex »

maxerickson wrote: post #25
azag0 wrote: post #20

Earlier quoted context omitted.

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.

Use of the legal system is restricted to corporations and HNW individuals (who typically have multiple corporations, so....)

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

#105

Post by Analemma_ »

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…

> The truth is, you can't buy things with Bitcoin at CVS because the technology isn't there yet ... In a couple of years, the addition of the lightning network on top of the Bitcoin network will enable you to buy things at CVS.

That's awfully optimistic. Occasionally I drop in on Bitcoin forums/subreddits to amuse myself, and what I've seen for the last year+ is a deadlocked stalemate with the Segwit/BU/LN/no change people all screaming at each other with no progress made whatsoever. Amazingly, Bitcoin has ended up in a place where there's actually less innovation velocity than the world of fiat currency, because it's impossible to form the needed consensus on moving it forward.

My prediction for the future of Bitcoin is that it won't die per se, but it will continue spinning its wheels forever with arguments like this.

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

#106

Post by aminorex »

pc86 wrote: post #14
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…

But a diversified stock portfolio wouldn't allow me to write smug Medium articles when speculation drives the price up and remain conspicuously silent when the price craters shortly thereafter.

You are doing it wrong. Sell the rips and buy the dips.

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

#107

Post by srssays »

chc wrote: post #60
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.

In the event of a societal collapse so great that no money is usable, it's pretty hard to imagine people caring about Bitcoin. There might not even be power in this weird Mad Max scenario. They'd probably want to barter for goods.

Societal collapse doesn't have to mean going back to the stone age, it could mean e.g. the Iranian revolution. Or for a contemporary example: the Syrian civil war.

Even Spain was a dictatorship until 1975. Everybody should consider the possibility that their society will collapse, even if they choose to do nothing about it.

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

#108

Post by atemerev »

chc wrote: post #63
MichaelBurge wrote: post #50

Earlier quoted context omitted.

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.

So we're back to "Bitcoin is mainly good for evading the law."

The law is not always universally good.

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

#109

Post by maxerickson »

aminorex wrote: post #104
maxerickson wrote: post #25

Earlier quoted context omitted.

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

Use of the legal system is restricted to corporations and HNW individuals (who typically have multiple corporations, so....)

No, most banks will reverse illegitimate transactions for run of the mill customers.

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

#110

Post by akvadrako »

roymurdock wrote: post #27
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-…

Bitcoin is definitely useful for dark net marketplaces; I doubt they would be 1% the volume in a world without a popular cryptocurrency.
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