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Isn't Satoshi probably a billionaire? Now THAT is an interesting story. The guy must go through the struggle of fighting against cashing in every single day. Fun to ponder.
>Mr. Smith—who asked me to conceal his real name Thank goodness, since being identified is basically asking to be kidnapped depending on which countries he is visiting.
... I guess liquidity?
Isn't Satoshi probably a billionaire? Now THAT is an interesting story. The guy must go through the struggle of fighting against cashing in every single day. Fun to ponder.
Yes, but thanks to the "feature" of a wallet if he ever lost his computer without a backup that money is effectively gone.
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 (!!)). And then, Simple.com closed my account without warning, apparently due to violating TOS by not using it for "personal use only", which was total bullshit (messing up payments in transit AND not getting back to me for DAYS about where the hell they put my money: https://twitter.com/pmarreck/status/739994477339758592)!! Don't think for ONE SECOND that your bank money and your credit will always be accessible to you (not to mention fraud, identity theft, and other things that are not possible with cryptocurrencies). There're plenty of cases of some government dipping into accounts and helping themselves. If you think your money is safer in a bank than in a properly-secured private key, you're pretty naïve.
>Mr. Smith—who asked me to conceal his real name Thank goodness, since being identified is basically asking to be kidnapped depending on which countries he is visiting.
How is this significantly different than any other publicly extremely wealthy person? ... I guess liquidity?
At least it's only $2.5 million or so remaining, since the rest is now likely in assets that require more effort than merely access to this person+phone (and attempts to rob a person of assets in a bank are usually more traceable than stealing bitcoin). Still seems a bit crazy though.
Tldr: bought bitcoin in 2010 and got lucky sitting on it I find these story of stories silly but also indicative of the market. We are in a crytpocurrency mania and these read like the "Meet the 25 year old dot com millionaire who bought stock in valinux/webvan/pets.com/etc!" from 1998 that dragged even more nontechnical people into the manic runup then. All I know is people that I'd never expect to know what bitcoin…
"What's that tell you?" It's about to go mainstream.
Earlier quoted context omitted.
How is this significantly different than any other publicly extremely wealthy person? ... I guess liquidity?
It's worse than just liquidity, if he can unlock his wallet on his phone to verify it and its balance on the spot.... not only is it liquid but he's effectively carrying it on himself in cash at all times. At least it's only $2.5 million or so remaining, since the rest is now likely in assets that require more effort than merely access to this person+phone (and attempts to rob a person of assets in a bank are usually…
I sold a domain back in 2011 where the buyer offered to pay via Bitcoin. It was a decent sized transaction. I don't remember the exact exchange rate but it would have likely been upwards of 1,000 BTC. I took cash instead. I still look back on that and think "what if?"
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.