Did they really post that QR code?
This is a fragmented wallet backup (Armory), so you would still need one more key before you can get access to the wallet's funds (the backup they showed requires 2 out of 3 keys for access).
How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
81–90 of 309 posts
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#82I hope they are good guys. I hope, if bitcoin goes up more and more, they can use their resources to help solve some of the worlds problems.
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#83Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#84This seems like a good indicator of a bubble. Everyone and their uncle knows a crash is coming, and these guys are shooting nonsense about regret and disappointment. 1b is a lot of money. Even for these guys.
The question is how soon is soon. I remember saying the exact same thing 3, 4 yrs ago when these 2 same guys were then saying bitcoin would go to $10000. It was something like $600 then and I thought they were totally nuts and that was a sign of a bubble if anything. Now I wish I had bought a few coins back then
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#85Earlier quoted context omitted.
Interesting. What are the economics arguments for Bitcoin replacing gold? Does the “ease of transaction” of Bitcoin provide an implicit value over gold and is that factored into the price of Bitcoin as maybe a fixed value?
> Does the “ease of transaction” of Bitcoin provide an implicit value over gold... I know this doesn't answer your question but it's still relevant. Currently Bitcoin is the most expensive, least convenient currency available. According to estimatefee.com it would take about a $25 fee in order to get your transaction through in an hour . My point is that nothing about Bitcoin will ever really be "implicit" like it is…
Should the slowed clearing rate actually reduce the value? Increased perceived value driving the price up / speculation actually causing a drop in value due to the system underlying Bitcoin?)
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#86>> They said they might look at selling when the value of all the Bitcoin in circulation approaches the value of all gold in the world — some $7 trillion or $8 trillion compared with the $310 billion value of all Bitcoin on Tuesday — given that they think Bitcoin is set to replace gold as a rare commodity. But then Tyler Winklevoss questioned even that, pointing out the ways that he believes Bitcoin is better than go…
That's quite a balony. - Both are in fixed quantity so none is more rare than other. - Gold has practical use in industry which puts lower bound on its value. BTC has no lower bound. - Gold is exchangeable virtually in any country and any culture regardless of how technologically advanced that society is. - Thousands of years of history has proven that humans have almost natural lust for this shiny metal and it gets…
Should just point out that gold was made illegal in multiple cultures on several occasions.
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#87Earlier quoted context omitted.
Gold is just non-scalable and is bound to die eventually. If you think about it, if you're going to start a new country and a new federal reserve, how much sense does it make to ship tons of gold to Mars for example? Any store of value that makes sense for humanity in the long term has to be both digital and reflect the work/real value creation process that matters in the future. I'm not sure it's going to be bitcoin…
Gold is definitely useful for building the spacecraft going to Mars though. They cover the entire spacecraft in the stuff. It might be too useful for Mars to use as reserve! https://www.itmtrading.com/blog/aerospace-gold-the-next-fron... https://www.geek.com/news/geek-answers-why-does-nasa-use-so-...
:) thanks!
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#88Earlier quoted context omitted.
Liquidity problems are an issue with exchanges, not Bitcoin itself. I can email you a Bitcoin instantly. Good luck doing that with a gold bar.
Without liquidity its point less and arguably worthless but you could transfer Gold ETFs electronically to me
Fiat liquidity will come once we get some more professional exchanges run doing bigger volumes.
The coin itself is of course quite liquid although transaction fees mean you aren't buying your weekly shopping with bitcoin. But maybe you can pay your monthly rent.
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#89Earlier quoted context omitted.
There's a difference about Gold's rarity and Bitcoin's. Gold is rare on its kind and rare on its abundance. It may be hard to mine more gold, but it's way harder to find another gold-like commodity. Bitcoin is only rare in the abundance sense. It is hard to mine more bitcoin, but it's pretty easy to find a (arguably better) substitute for what it does. I can agree with it being better (having more utility) than gold,…
"So I'd agree that the sum of all e-coins will surpass gold, but I see no reason for Bitcoin to do it alone." We could pick any number of gold-like commmodities, but like Bitcoin, gold has had a history of large expenditures to acquire it. Both are buoyed by that past. So many tokens and blockchains are coming out with incremental improvements or niche capabilities, but in the end I think consolidation of market cap…
We could pick any number of gold-like commmodities, but like Bitcoin, gold has had a history of large expenditures to acquire it. Both are buoyed by that past.
I would have put that the other way around ("like gold, bitcoin ...") but even so the scale of the relevant histories are not even in the same ballpark. Bitcoin has had held value for seven years. Gold for more than seven thousand years.
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#90Earlier quoted context omitted.
> Everyone and their uncle knows a crash is coming A crash is always coming. Be it stock market or bitcoin. Everyone knows that but nobody knows when. It is just like saying we all are gonna die. Nobody knows when.
True, but someone with an end stage terminal illness shouldn't buy a car.
I'd say that's the best to buy a lambo.