Are there twins more hated than the Winklevoss? In a CNBC interview, the hated twins weighed in on the Bitcoin craze, saying it wasn’t competing with dollars, but instead out of crush gold. They believe it’s ‘multi-trillion dollar asset.’
“We’ve always felt that bitcoin, given its properties, is gold 2.0 — it disrupts gold. Gold is scarce, bitcoin is actually fixed. Bitcoin is way more portable and way more divisible. At a $300 billion market cap, it’s certainly seen a lot of price appreciation, but gold is at $6 trillion and if bitcoin disrupting gold is true and it plays out … then you can see 10 to 20 times appreciation because there is a significant delta still,” Cameron Winklevoss told CNBC on Friday.
“Long term, directionally, it is a multitrillion-dollar asset — I don’t know how long it takes to get there,” he added.
“We’ve seen the bubble term thrown around and it’s just not the right way to look at this,” he said. “Social networks grow in value exponentially based on the number of users and participants. The difference between one and 100 is dramatic — 100 and a million is that much more dramatic and exciting. As more people join it gains more value.”
“Bitcoin is not competing with those other currencies. It is competing with gold. Bitcoin is the oldest, it has the first mover advantage and there’s tremendous liquidity,” he said, adding that the problem ether is trying to solve is different than bitcoin’s payment application. “I think it’s great if there are a number of cryptos.”
Meanwhile, BTC is off a little bit today to $14,666, or -7.5%, ahead of the CBOE futures that will begin trading Sunday evening. In a related note, Litecoin is higher by 15%. With over 1,300 ICOs traded, I think it’s time that someone delved into all of them and made sense of the chaos. Starting 2018, iBankCoin will take on the crypto world in earnest, not because I want to step in an invest after 10,000% gains, but because it’s a brand new asset class that is generally not explained very well. I am also thinking about applying the Exodus technical algorithms to the cryptos to see if there’s anything of value there.
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Looking forward to the inclusion. A new asset class is the way to view crypto.
At the end of the day BTC is a CBs eet dream. Completely digital and no physical.
CBs will use the blockchain in the future to control a central digital currency, its just matter of time. Think about how easy it would be to apply a -ve interest rate with digital and no ability to hold physical.
Suweeeet!
BTC cannot compete with gold’s 5000yo “tradition”. Gold is anonymous, BTC is not. 99.99% of global population knows what gold is. About 0.01% of global population knows what BTC is and how it (doesnt) work. About 1000 entities hoard >50% of BTC. The majority of global population owns at least some gold (necklace, wedding ring,..), perhaps 0.01% of global population own BTC. BTC is in a speculative bubble, gold is not.
Poof, gold is too fucking heavy.
Gold bugs jumped ship? Who the hell wants to wear heavy ass jewelry all day long? Besides rappers
Hey Moosh,
Give your wife or girlfriend a necklace made of Bitcoin and see what they gets you.
You are making the case for bitcoin to skyrocket, sarc. Do you not see that?
Finally. Le Fly finally caves in and sees the light.
Do I get credit for being first in asking Exodus to cover cryptos? Anyway, sign me up!
Btw, I’m so happy that you are starting to delve into the altcoin market. As we (should) all know, there is a lot of crap that will go to zero, but there are also some solid coins with a future. Let’s have that conversation right here in these hallowed halls.
I bet Fly feels relieved after this post…
Crypto gainz should be a pretty big deal closing out this year. I wonder how much irs plays ostrich?
I’d rather be for the BTC twins than for that slimy android fuckbook fuck.
Next up Fly, is weed stocks. Come on over to the right side.
Señior Fly,
I suspect Mr. Hill, aka Enigma, will be playing a larger role in these hallowed halls. Is this assumption correct?
Will he be graduating from the Peanut Gallery?
I hope so.
I also can’t wait for Fly to start looking at alts and picking opportunities. This will really get his mind back in the game, so to speak.
The only twins that deserve any ink are in Penthouse.
Please explain why CBOE futures are a negative for Bitcoin prices? Yes, it will be easier for institutional investors to participate and derivatives have generally been shown to reduce volatility in the underlying asset. But why would futures have a direct negative effect on the price otherwise?
And right on cue, a buying opportunity presents itself for Mr Fly. If it follows previous ‘crashes’, a 50% retracement on the preceding rally low will be $11,300. Not sure it will get there with the current FOMO, but worth watching.
Fly – time to get in the game!!!
I think we get your point bro
Who would have ever known. The biggest opponent of cryptocurrency has now come up with a brilliant idea to shed some actual light on this new asset class. I can imagine this buzz item will attract more visitors to the site if marketed correctly. Cryptocurrency is most likely not going away and be it as it may bitcoin may not be the amazon but one will be. I am honestly not shocked some of the major tech players have not “purchased” a “cryptocurrency”. I just see the microsoft, and intel are working on them along with banks. Are these cryptocurrency algorithms patented in any way? It’s usually the threat (like amazon) that everybody puts down and ignores that takes out the big guy. On a side note before the iphone came out we had the ipod (nobody even came close). It was a virtual lock on the market. Once the iphone came out google copied it (like crap at first – htc slide out keyboard and crap interface still around in 2010) until samsung came around. Now ironically we don’t call them iphones like xerox, kleenex and ubers but we call them smartphones. Samsungs model is virtually an iphone, yet everybody with a samsung / google android device gets mad when you call it an iphone – which it is. Check out the first samsung galaxy released in 2009 – a full two years after the iphone. It looks like crap – it has an OK button on it. Sad thing is apple isn’t moving fast enough – because of that Cook guy. This will be their demise.
And on a side note, the Chinese are playing everybody on bitcoin – and its going to piss off the Koreans and Japanese into war. Bitcoin is essentially a fraud like Dimon says. A illegitimate accounting fraud Chinese Stock.
We have tried to calculate the amount of money that the Chinese have invested in mining, we estimate it to be in the hundreds of millions of dollars. Even with free electricity we cannot see how they will ever get this money back. Either they don’t know what they are doing, but that is not very likely at this scale or they have some secret advantage that we don’t know about. – Sam Cole, KNC CEO July 2017
The swedish know their stuff. They had a banking crisis which they solved before we did, and their solution was the basis for correcting our system. Unfortunately ours didn’t work out so hot as we will on day come to find out.
The greater fool theory
https://tinyurl.com/dyfv67t
“…In the stock market, the greater fool theory applies when many investors make a questionable investment, with the assumption that they will be able to sell it later to “a greater fool”….”
Also……think tulip mania back in the 1600’s