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Meet the Man Traveling the World on $25M of Bitcoin Profits

forbes.com

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Re: Meet the Man Traveling the World on $25M of Bitcoin Profits

#31

Post by bitmapbrother »

rbudenebd wrote: post #30
Grustaf wrote: post #28

Earlier quoted context omitted.

The difference is that people who got rich through business are already well known, so it’s too late for them. This guy has the option to stay hidden, so he takes it.

People who make $25b are well known. People who make $25m in business are not.

On a side note, I recall a story told by Chris Pine being surprised by all of the bodyguards surrounding an extra on the set of Star Trek. That extra was Jeff Bezos who had a small part in the movie. Chris Pine had apparently never heard of him.

Re: Meet the Man Traveling the World on $25M of Bitcoin Profits

#32

Post by nosuchthing »

jcslzr wrote: post #6

Math guy explains bitcoin: https://youtu.be/bBC-nXj3Ng4

Math guy neglected to mention the ponzi scheme aspect of these cryptocoins, where the early adopters amass large quantities of coins for no reason other then running the software for a short duration and significantly lower cost of processing cycles, all by design.

Rubes trading excessive amounts of fiat cash for digital tokens are baffling, and a testament to how deranged economics can get simply by assuming an asset is rare or desirable.

Re: Meet the Man Traveling the World on $25M of Bitcoin Profits

#34

Post by danmaz74 »

pmorici wrote: post #27
fapjacks wrote: post #17

Earlier quoted context omitted.

It "already" went mainstream in 2012-2013. This is a second speculation bubble. It tells you to get out before it comes crashing down, because it will.

No, I don't think you understand the scale we are talking about here if this becomes a world wide common digital currency. Your political dogma is getting in the way of you understanding what Bitcoin's real potential is.

Bitcoin will never become the "world wide common digital currency": it's deflationary in the long term, very volatile int he short term, and transactions are expensive and slow. Maybe some other cryptocurrency could, but not bitcoin.

It could stay as a store of value though, like gold.

Re: Meet the Man Traveling the World on $25M of Bitcoin Profits

#35

Post by jjeaff »

pmarreck wrote: post #13
matt_wulfeck wrote: post #8

Earlier quoted context omitted.

Yes, but thanks to the "feature" of a wallet if he ever lost his computer without a backup that money is effectively gone.

There are a million ways you can hide information securely (like a private key), and it's far easier than hiding gold. And only an idiot would keep a cryptocoin wallet on 1 computer with no backup. You put your money in a bank and it's no longer your money. Trust me, I had my main bank account locked up for an entire month due merely to (groundless) suspicion (basically, I made too much legitimate money too quickly (…

At least in the US, the worst case is a temporary lockup like you described. Banks are limited in how long they can hold your money. If your money is in a bank, it is guaranteed from fraud and theft.

You can't say that about Bitcoin. Add to that the fact that if you want to use Bitcoin to buy most anything you are going to have to either rely on a bank to handle transfers or find someone on the street with cash to buy the Bitcoin (dangerous with no guarantees).

Re: Meet the Man Traveling the World on $25M of Bitcoin Profits

#36

Post by fapjacks »

9to5isdead wrote: post #25
fapjacks wrote: post #17

Earlier quoted context omitted.

It "already" went mainstream in 2012-2013. This is a second speculation bubble. It tells you to get out before it comes crashing down, because it will.

Or to get ready to buy when it does. :)

Yes, this reflects my position: I'm out of all cryptocurrencies except for a small bit to fuel a couple side projects. I'm waiting for the coming crash so I can buy.

Re: Meet the Man Traveling the World on $25M of Bitcoin Profits

#37

Post by trevyn »

feelix wrote: post #20
3131s wrote: post #3

I had a couple thousand Bitcoin once, but then I bought a lot of drugs :( I calculate how much it would have been worth every once and a while -- obviously it's been 1+ million USD for a while now. Alas, I actually need to work to get money.

Buying drugs is arguably the most efficient use of money. Considering that the only reason we purchase things is to ultimately get more endorphins released by our brains. Drugs can directly hack that system.

Short-term efficient, yes. Long-term efficient, no.

Re: Meet the Man Traveling the World on $25M of Bitcoin Profits

#38

Post by fapjacks »

pmorici wrote: post #27
fapjacks wrote: post #17

Earlier quoted context omitted.

It "already" went mainstream in 2012-2013. This is a second speculation bubble. It tells you to get out before it comes crashing down, because it will.

No, I don't think you understand the scale we are talking about here if this becomes a world wide common digital currency. Your political dogma is getting in the way of you understanding what Bitcoin's real potential is.

Not in the short term, bud. I have always said about the real value of Bitcoin since I started mining in 2010: "What really is the value of money laundering, tax-less transactions and a quasi-anonymous store of value?" Bitcoin made the down payment on the car I drive every day. I know what Bitcoin is worth, but I'm telling you, we're in another speculation bubble in the short term, and it would be wise to gtfo of your position.

Re: Meet the Man Traveling the World on $25M of Bitcoin Profits

#40

Post by matt_wulfeck »

pmarreck wrote: post #13
matt_wulfeck wrote: post #8

Earlier quoted context omitted.

Yes, but thanks to the "feature" of a wallet if he ever lost his computer without a backup that money is effectively gone.

There are a million ways you can hide information securely (like a private key), and it's far easier than hiding gold. And only an idiot would keep a cryptocoin wallet on 1 computer with no backup. You put your money in a bank and it's no longer your money. Trust me, I had my main bank account locked up for an entire month due merely to (groundless) suspicion (basically, I made too much legitimate money too quickly (…

I'm totally I'm unconvinced that you're offering a better alternative.

If you lose a key then that's it you're done forever. With banks you had hassles but clearly you got your money back. I have a hard time believing a billionaire wouldnt also be able to get their money back from the bank.

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