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Bitcoin Billionaires May Have Found a Way to Cash Out

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Re: Bitcoin Billionaires May Have Found a Way to Cash Out

#71

Post by eecc »

arisAlexis wrote: post #5
adventured wrote: post #3

Anybody that has that kind of gain in the last few years from Bitcoin et al., would be nuts to not be cashing some of it out. More and more headlines by the day are sounding like a rehash of the dotcom bubble type insanity that occurred right before the crash. The lifestyle difference between $300m and $800m, or $1b and $6b, is not meaningful enough to risk giving 50% or 97% of it all back in a serious crypto crash.…

Past bubbles didn't involve an economic paradigm shift

Sigh, BTC fanboism sounds so much like 70s scammy cults, it’s annoying.

Folks, you’re so blind to the risks and obvious manipulations it’s heart wrenching, but the stupid dismissiveness of anything else — and the arrogant superiority complex that comes with it — makes me want to invest in popcorn.

Re: Bitcoin Billionaires May Have Found a Way to Cash Out

#72

Post by xiphias »

adventured wrote: post #3

Anybody that has that kind of gain in the last few years from Bitcoin et al., would be nuts to not be cashing some of it out. More and more headlines by the day are sounding like a rehash of the dotcom bubble type insanity that occurred right before the crash. The lifestyle difference between $300m and $800m, or $1b and $6b, is not meaningful enough to risk giving 50% or 97% of it all back in a serious crypto crash.…

The current cryptocurrency bubble is very similar to the dot-com bubble: most altcoins are overvalued, similar to pet.com. At the same time Bitcoin is still undervalued, as it has a very good disciplined dev team behind it.

Re: Bitcoin Billionaires May Have Found a Way to Cash Out

#73

Post by monort »

adventured wrote: post #3

Anybody that has that kind of gain in the last few years from Bitcoin et al., would be nuts to not be cashing some of it out. More and more headlines by the day are sounding like a rehash of the dotcom bubble type insanity that occurred right before the crash. The lifestyle difference between $300m and $800m, or $1b and $6b, is not meaningful enough to risk giving 50% or 97% of it all back in a serious crypto crash.…

If you are thinking the difference is negligible, you are thinking only about things you can buy right now. Imagine you want to buy:

Rockets (Bezos, Musk)

Curing aging (Ellison, Bezos, Page, Brin, Pineapple Fund)

Curing malaria (Gates)

Or something on a lesser scale:

Seed funding to startups (Graham)

App to display wind for kitesurfing (Lukacovic)

Remember the last frustration you had with software, hardware or your hobby? Imagine you can solve it for yourself and others just by throwing money on the problem. There is a saying, that the rich are just frustrated mariners, all they want is a larger boat. If you are in that category, then yes, your lifestyle difference won't be large with a $100m and $1b

Re: Bitcoin Billionaires May Have Found a Way to Cash Out

#74

Post by CamelCaseName »

sillysaurus3 wrote: post #69
billmalarky wrote: post #57

Earlier quoted context omitted.

For those wondering, a satoshi is 1/100,000,000 of a bitcoin. At the current bitcoin price of $14591, a satoshi is worth $0.0001459190. The maximimum amount of minable bitcoins is 21 million. Current global gold supply is ~ $7 trillion If bitcoin completely replaces gold, bitcoins will be trading for about $333,333.33, so a satoshi would be worth ~$0.0033.

And if BTC reaches $33M, which is not impossible, that implies $0.33 is the smallest unit of currency. People use quarters for mostly everything now, so this is again quite reasonable.

Reasonable how? That's a $530T+ valuation at the current number of tokens, or about two times as much as the total global wealth according to Credit Suisse. [0]

[0] https://www.credit-suisse.com/corporate/en/research/research...

Re: Bitcoin Billionaires May Have Found a Way to Cash Out

#75

Post by valuearb »

kbvk wrote: post #36
valuearb wrote: post #33

Earlier quoted context omitted.

Satoshi is dead, or in prison. No way they could go 10 years without spending a single coin.

So you know every single one of Satoshi's addresses? (pro tip: you don't)

I am Satoshi!

So uh, not anymore dammit,

Re: Bitcoin Billionaires May Have Found a Way to Cash Out

#76

Post by YuriNiyazov »

richardknop wrote: post #56
valuearb wrote: post #33

Earlier quoted context omitted.

Satoshi is dead, or in prison. No way they could go 10 years without spending a single coin.

Satoshi could have also mined later when difficulty was still not so bad and have other wallets people don't know about. So in theory Satoshi could have cashed out couple millions from his later wallets already and be living on some island in Caribbean. It's definitely conceivable that he/she would not be so greedy as to touch the origin coins. It's enough to cash out couple millions from later wallets, buy some nice…

It's very unlikely that he/they are either dead or in prison. Satoshi went silent for over a year, and then only came out and sent a single message when Dorian Nakamoto was pegged as Satoshi.

Re: Bitcoin Billionaires May Have Found a Way to Cash Out

#77

Post by vkou »

arisAlexis wrote: post #5
adventured wrote: post #3

Anybody that has that kind of gain in the last few years from Bitcoin et al., would be nuts to not be cashing some of it out. More and more headlines by the day are sounding like a rehash of the dotcom bubble type insanity that occurred right before the crash. The lifestyle difference between $300m and $800m, or $1b and $6b, is not meaningful enough to risk giving 50% or 97% of it all back in a serious crypto crash.…

Past bubbles didn't involve an economic paradigm shift

What is this paradigm shift? Bitcoin is a terrible currency, is about as good a store of value as tulips and beanie babies (Actually, beanie babies are better - at least you can play with them.)

You may say blockchains are a paradigm shift (I don't believe that), but even if they are, there is absolutely no reason for why Bitcoin is the best blockchain that has, or will ever be created. If they are a critically important paradigm shift, then I can with 100% certainty say that bitcoin will be completely dead in the near future - much like Mintel vs Internet.

Re: Bitcoin Billionaires May Have Found a Way to Cash Out

#78

Post by arisAlexis »

jcranmer wrote: post #22
arisAlexis wrote: post #5

Earlier quoted context omitted.

Past bubbles didn't involve an economic paradigm shift

Except for the dot-com bubble, the railway mania, canal mania, South Seas, and that's just the ones I can think off the top of my head. One of the classic warning signs of a bubble is people saying "but this time, it's different." Particularly in response to claims of a bubble.

again these have nothing to do with banking and money itself

Re: Bitcoin Billionaires May Have Found a Way to Cash Out

#79

Post by sillysaurus3 »

CamelCaseName wrote: post #74
sillysaurus3 wrote: post #69

Earlier quoted context omitted.

And if BTC reaches $33M, which is not impossible, that implies $0.33 is the smallest unit of currency. People use quarters for mostly everything now, so this is again quite reasonable.

Reasonable how? That's a $530T+ valuation at the current number of tokens, or about two times as much as the total global wealth according to Credit Suisse. [0] [0] https://www.credit-suisse.com/corporate/en/research/research...

I meant satoshis are a reasonable "smallest unit" even at absurd valuations.

But that's not necessarily impossible to attain. If BTC wins and the world switches, the resulting bubble might be that big.

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