Winklevoss Twins on Bitcoin

I think blockchain is the future and in relatively short order. Cryptocurrencies will obviously play a role and will hold value. Because of the amount of infrastructure/power needed to mine in the future, I think the crypto values will be relatively high. All that said, I think those of us buying in to crypto's right now are just gambling.

And gold still has it's place but it has competition. I will always keep some non-tech valuables around because I do believe at some point, the system will fail. But not everyone that holds gold is doing so because they expect TEOTWAWKI. Many that hold gold as a store of wealth will probably move some of their assets to crypto
 

Bitcoin Crash Costs Winklevoss Twins Nearly $1 Billion | Fortune

It's like comparing apples to oranges. They are totally different and the twins wouldn't lose money if they understood it. I'd be hesitant to take advice from anyone who has lost billions.
Metals are a store of wealth and is why the world banks are buying it up while others buy aircoins.
It's like comparing a guy that owns a real car to another guy holding a bus ticket. Today different type assets with different purposes. I don't know how else to explain it but like comparing gold to a 401k or a certain stock. It's not comparable.
Like I said be careful. There's money to be made for sure but it's a rigged game.
 

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Johnnybravo300 said:
Bitcoin Crash Costs Winklevoss Twins Nearly $1 Billion | Fortune

It's like comparing apples to oranges. They are totally different and the twins wouldn't lose money if they understood it. I'd be hesitant to take advice from anyone who has lost billions.
Metals are a store of wealth and is why the world banks are buying it up while others buy aircoins.
It's like comparing a guy that owns a real car to another guy holding a bus ticket. Today different type assets with different purposes. I don't know how else to explain it but like comparing gold to a 401k or a certain stock. It's not comparable.
Like I said be careful. There's money to be made for sure but it's a rigged game.
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I agree regarding not taking advice from the twins but not because they "lost" $1 Billion, at least they had it to lose....right? And I'll second your word of caution.
 

TDogger said:
No one makes money with bitcoins unless you sell them and have the cash in hand. If you know when to buy and sell, you can make a killing, but I just do not trust anything that has absolutely zero intrinsic value.

If SHTF and the Internet goes down, bitcoins are worth bumpkis.
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Our national currency has absolutely zero intrinsic value also. At least blockchain has a decentralized transparent ledger and can’t be manipulated by the powers that be.
 

Owassokie said:
I think blockchain is the future and in relatively short order. Cryptocurrencies will obviously play a role and will hold value. Because of the amount of infrastructure/power needed to mine in the future, I think the crypto values will be relatively high. All that said, I think those of us buying in to crypto's right now are just gambling.

And gold still has it's place but it has competition. I will always keep some non-tech valuables around because I do believe at some point, the system will fail. But not everyone that holds gold is doing so because they expect TEOTWAWKI. Many that hold gold as a store of wealth will probably move some of their assets to crypto
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The mining structure is only really prohibitive in a proof of work system. I’m partial to proof of stake based coins.
 

Madmox said:
Our national currency has absolutely zero intrinsic value also. At least blockchain has a decentralized transparent ledger and can’t be manipulated by the powers that be.
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I believe that like I believe it has value. Why is the founder anonymous and who is it that's turning the financial records over to the irs? Sounds very transparent!
Just because crypto holders repeat over and over what they heard repeated over and over doesn't make it true. It's all controlled and as centralized as anything else or it wouldn't exist.
 

Coinbase being taken to court by the IRS to turn over transaction records has nothing to do with a centralization or the transparency of the ledger. You can put money on the fact the government is scared to death about losing control of their money supply. As evidenced by the changes to tax law. Whether or not you assign value to the digital currency market is totally irrelevant as blockchain is here. And isn’t going anywhere. An immutable ledger is a fact and by nature of its existence eliminates the possibility of transactional fraud.
 

Madmox said:
Coinbase being taken to court by the IRS to turn over transaction records has nothing to do with a centralization or the transparency of the ledger. You can put money on the fact the government is scared to death about losing control of their money supply. As evidenced by the changes to tax law. Whether or not you assign value to the digital currency market is totally irrelevant as blockchain is here. And isn’t going anywhere. An immutable ledger is a fact and by nature of its existence eliminates the possibility of transactional fraud.
Click to expand...

IRS lost that court case....They were only allowed access to a very few records...they wanted 100 percent access to all records but only got less than 1 percent.
 

I believe it panned out to being any account with over $20k or 200 individual transactions. It’s a shame regardless but not a huge surprise. This won’t be the last stunt like this.
 

Ever notice that whoever has a stiffy for bitcoin, or any other crypto currency, that they won’t shut up about it?
Take my 22 yr old kid.... it’s all he talks about, and wants me to invest...
Always bragging about how he is rolling in it, and I need to get on board.
His mother told me that he is riding his bike back and forth to work, “cuz his car broke down, and wants to get healthier by biking”
I called BS, he can’t afford to get it fixed, and doesn’t have the guts to ask me to help him out.

I’ll help him out, I’ll tell him to smarten up.
 

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