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Really Nice Essay on Bitcoin by Tim Draper


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Coindesk is doing a 10 year retrospective to celebrate the 10 year anniversary of Bitcoin and publishing people's views on Bitcoin at this point in time.

Today they came out with an essay by long time Bitcoin fan Tim Draper.  It's a really great essay because it shows his long term interest in Bitcoin.  Ever wish you had bought in big early on?  Well, remember, there wasn't the infrastructure there used to be, Draper bought 41,000 of them at only 6 USD each only to turn around and lose them all in the Mt. Gox "hack"!

However, he was undeterred and bid over market price for all the coins first auctioned off by the U.S. Marshal's service from the Silk Road seizure.  He paid 632 USD each.  I remember that well, I thought the price would drop with such a large amount of coins hitting the market, one of many times I would be wrong, but it renewed my hope after the price had dropped from over 1000 USD at the end of 2013.

I especially enjoyed this article because his reasoning so closely mirrors my own.  Of course, I have nowhere near the financial resources he has, but after a very rough 2018 of watching the BTC price drop, drop, and then drop some more, and hearing all the arrogant jerks of Wall Street say, "See I told you it was a ponzi/scam." it was really nice to read this.

If you need some good arguments to use against the Bitcoin haters, this article is loaded with them!

Link: https://www.coindesk.com/im-as-certain-as-ever-bitcoins-revolution-is-only-just-beginning

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12 hours ago, DarkBlood069 said:

With all the recent and ongoing arguments and negativity regarding Bitcoin, how do you see this rise, we all thought that the recent fork on Bitcoin Cash would see a possible rise afterwards, but it only seemed to recover $700-800 afterwards, now we are starting to see another drop? Why may you ask? Negativity. If some people take a step back and let it run it's course, maybe all these drops can see a stop and see rises in value so we can start profiting. Sadly, with everyone complaining, nothing will get better. This negativity has sadly thrown whales away furthermore these scam emails you get regarding Bitcoin and lastly, don't forget the overall performance over the last 1 year and all the ongoing hacking, do you really see a form of recover?

I personally don't think BTC will recover, but one can dream lol. That's why I love seeing articles like this, because they give me a bit of hope for something which I don't really think has a chance of recovering :)

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  • 2 weeks later...

I think that your right about the article giving people hope.  However I do feel that bitcoin will recover.  Maybe not as soon as we would like but it will. 😊

On 1/12/2019 at 10:20 PM, williamshennie9 said:

I personally don't think BTC will recover, but one can dream lol. That's why I love seeing articles like this, because they give me a bit of hope for something which I don't really think has a chance of recovering :)

 

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On 1/13/2019 at 1:20 AM, williamshennie9 said:

I personally don't think BTC will recover, but one can dream lol.

There's no way to know of course.  I have my doubts that it will ever get back to 19K USD, but then I would have never thought it would have gotten to 19K USD in the first place!  Bitcoin has some real value for some users, but I increasingly have my doubts about it, not so much because of the technology but because of the human element associated with Bitcoin.  That's why I liked Draper's essay so much, it was fun to be reminded of the hope and promise of Bitcoin while at the same time hearing how difficult it really was early on - the infrastructure really has improved!

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  • 3 months later...

Thank you very much. The work is really very interesting. I  read many times how the author was able to achieve great results with the help of trades and exchanges. You can see the original here https://writingpeak.co.uk/assignment-writing-service . let's develop together. As for Bitcoin, I think that now it is a very unreliable investment and the behavioral factor is very important.

Edited by CarlLibby
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Holy heck.. 41,000 btc?.. dang.. that would have been such good profit.. especially if he had them while bitcoin was in 5 figures value.. instant multi millionaire... ack.. thinking about it even makes me cringe a bit... Anyways, thanks for sharing.. will bookmark and read it when i am heading to sleep.. since reading in general always tends to knocke out.. xD

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  • 1 month later...

"Many ordinary people began to buy cryptocurrency as an investment instrument, albeit a high-risk one. The first more or less large investment funds appeared that began to invest in Bitcoin and cryptocurrency. There appeared derivatives for cryptocurrency, such as futures, ETF," analysts from https://maxhomework.com/buy-essay/ and at the same time experts are confident that the technology that underlies bitcoin will not leave the market. The main problem of cryptocurrency is that their use is extremely limited. And although there are more and more services that allow them to pay for everyday goods and services, their number still remains small.... 

 

Edited by danielchavarria
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wow that 30k BTC that he won in bid for 632$ is almost 20M$ at that time, this guys is rich for sure, and that 30k btc has almost 230M$ in today btc price, i think this guys one of those manipulating the btc price :) but he is absolutely right about future of btc against the bank, btc is just 10years old compare to banks with more than century's of existence, and with the used of internet btc will continues to grow thats for sure 😍 

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I have read "hope" in some of the replays above, I truly don`t like that word because we leave all to faith and destiny and I strongly believe that we build our own success by doing the job we should have to do.  Mass adoption is the target in the near future and with this bitcoin and all the ecosystem will recover, but we need to make thinks happen. At the beginning of my participation (2016) I became or I least I though I was an evangelist, later I came with the description of just an enthusiast and from there every time I have I would "spread" the world.  This is only my point of view.  Good luck. 

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