Pineapple Fund: Donating $86M of Bitcoins to Charity

Post by thkim » Thu, Dec 14, 2017, 8:51 AM UTC

nihonde wrote: post #112

mikepurvis wrote: post #89

Earlier quoted context omitted.

While true, as someone with a number of friends just now "getting into" bitcoin, I find the zero sum aspect of it troubling. Assuming a crash/correction is coming, most of the wealth that accrued to the early adopters will be at the expense of these later, less-informed "investors" who bought in thinking it was a no fail quick buck.

That’s how markets work. Early adopters take risks that pay off when late-comers try to bet on a proven winner.

Post by csomar » Thu, Dec 14, 2017, 9:23 AM UTC

topmonk wrote: post #102

londons_explore wrote: post #14

It's hard to sell large amounts of bitcoin. Most banks, when they see an incoming wire transfer for $10M marked "bitcoin" will run a mile and close down your account. Hopefully by 'donating' it to these charities, who will probably choose to sell slowly over time or hold it, that alleviates the problem.

I've sold and transferred more than $800K over the course of 3 days. I had no problem. This was from Gemini to a US Bank

Post by paxy » Thu, Dec 14, 2017, 9:29 AM UTC

ravingraven wrote: post #152

thkim wrote: post #151

Earlier quoted context omitted.

no, it is not how normal markets work. a stock, bond, real estate "generates income". that's why it has value. bitcoin does not.

A) Bitoin is not a stock, it's a currency. It'ss value lies in its utility. B) There are (a lot of) stocks that do not pay dividends and never will. There are a lot of stocks that were issued by companies that never made a profit. Both of those categories are traded with a value above zero, how do you explain that?

Post by ravingraven » Thu, Dec 14, 2017, 9:37 AM UTC

glastra wrote: post #154

ravingraven wrote: post #152

Earlier quoted context omitted.

A) Bitoin is not a stock, it's a currency. It'ss value lies in its utility. B) There are (a lot of) stocks that do not pay dividends and never will. There are a lot of stocks that were issued by companies that never made a profit. Both of those categories are traded with a value above zero, how do you explain that?

Bitcoin has absolutely no utility as a currency. Look at the current mempool [0] to see why. People then switch to arguing that it's a great store of value. Given its volatility this makes no sense. [0]: https://jochen-hoenicke.de/queue/#24h

Post by Tepix » Thu, Dec 14, 2017, 9:58 AM UTC

mikepurvis wrote: post #89

chejazi wrote: post #3

People spend their entire lives focused on wealth accumulation. Bitcoin has endowed many people with financial means in a way completely orthogonal to their day-to-day work. Say what you will about bubbles, but this "fund manager's" perspective is healthy check on reality.

While true, as someone with a number of friends just now "getting into" bitcoin, I find the zero sum aspect of it troubling. Assuming a crash/correction is coming, most of the wealth that accrued to the early adopters will be at the expense of these later, less-informed "investors" who bought in thinking it was a no fail quick buck.