I watched a recent interview with Chamath at Stanford University. Really good and engaging. He said 2 things which could be applied to us all and should be remembered when viewing this dated yet excellent talk about Bitcoin. 1) When asked about something, it’s best to say “I don’t know” if that’s the correct answer. And 2) It’s not a bad thing to say, “I’ve changed my mind."
no you fuck face. he said its bullshit that people are getting robbed in at the entrance to where they withdraw money just because its a physical location where criminals can do that. hes implying bitcoin stops physical necessity when conducting transactions
@@GaganPathry friend, you will meet many idiots / trolls / people who DONT GIVE A FUCK ABOUT WHATS REAL OR WHATS RIGHT. these people dont deserve anything less than than a hostile explanation
Shamindra De Zylva true.... almost 2020 now. I was start buying begin 2019. Wish i had buy far in history but for now im for 100% into the Blockchain 😇
They said he owned about 100k Bitcoins at the time. In March of 2014 Bitcoin was around $590 per coin. That = $59 Million If he held that position up to today, Bitcoin is as of today at $3,336 Per Bitcoin. That = $336 Million Pretty cool way to make almost $300 Million in 3.5 years.
Ahhh... I think that $59 Million is actually worth over $1 Billion today since it passed $10k per coin. So ~$10 Billion in profit in 3 years of just waiting excluding all the coins he bought after 2014. And by him supporting Bitcoin while he is a mentor and role model for many, he is driving up the cost indirectly. Smart.
6 лет назад
Hoovering around 10K..WOW. I just got into crypto 2 months ago. Got two ICOs. Invested 5K into ICOs and lending programs. Currently sitting on over $40K
He was on a financial show recently in which he indicated that he had sold some, not sure how much and is still advocating buying 1% of your assets in Bitcoins; although admitting there are risk. So don't invest more than you can risk to lose, given your financial capability.
OCT 2018: 4 years later, he is still largely right. bet on bitcoin, altcoins are mostly shit, smart contracts have potential, price changes are irrelevant in the short run.
Some notes from this talk...as usual awesome stuff from Chamath: * as of March 2014: owns ~100K coins and buying more * bitcoin as an asset has more upside potential than companies working on protocol * most exciting areas: smart contracts, triple-entry bookkeeping/accounting * "there’s always a lot of early adopter bullshit that will get flushed out" * bitcoin classified as property is good - can help structure incentives like tax-avoidance which were previously only available to the rich * retailers will want to adopt it: currently pay $250B in credit card fees, with bitcoin will be able to better prevent fraud * "single highest beta investment opportunity in our lifetime"
If you watch his 2017 interviews he admits he (and other super early adopters) have sold some in the subsequent years, but he almost surely still has a significant accumulation, or he might have bought in again at price higher than what it was in 2014
Exciting video! I've been following Bitcoin for over a year now, and it's already grown so much. I love watching the network slowly develop. Viva Bitcoin!
@Chamath Agreed, the founder of Bitcoin is not Satoshi, however the Satoshi that was identifed was not randomly chosen either...he lived very close to Hal Finney. Great chat...thank you!!!
"If I send 100 dollars to Sri Lanka, my uncle may only get 70 dollars" same with Bitcoin network fees right now tbh. 20 dollar average. You can go lower but it can get bumped out of the mempool if it's too backlogged.
the Bitcoin network isn't a complete technology yet. There are features coming that will work to correct things like high fees. Also, this video was from years ago when the fees weren't an issue.
If you bought a single dollar worth of Bitcoin when this video got uploaded at 26.03.2014 and never touched it until now, you would have 2674 $ worth of Bitcoin
He's going to be the world's first trillionaire. Gonna be Bezos and Musk I reckon. He's possibly the largest Bitcoin holder in the world after Satoshi.
"The single, biggest, high beta investment opportunity of our lifetime" FML why have not i watched this in 2014 (4 years ago) when BTC was @ ~$650, - And hope I wont regret typing this in 2024. (4 years later) Going in @ ~$6,500 The more doors into the same house the better.
I love Warren Buffet and he is our father.of investments.but the father needs to pass the Baton to Chamath the son 5 years from the date of this talk Chamath looks more and more like the new Oracle..starting to think is he part of the team that invented this Coin and is he one of the global spokespersons for Bitcoin as he is doing an amazing job promoting Bitcoin
Henry Zhang there is no such thing as intrinsic value. Humans are value generating, value evaluating beings. Value doesn’t exist within the object. It exists within the human psyche.
Smart guy. Accomplished guy. Also a BS artist. Not sure how investing in Bitcoin is "propping up" the technology. Did it need propping up? Is it somehow more stable if it's valued at $5000 instead of $500? And what happens if he decides to reduce his position by a significant amount for whatever reason? Is that resulting instability good for Bitcoin?
I agree on everything Chamat says expect, that his uncle needs to pay thugs outside the Money changer in Sri Lanka. I lived there for last 7 years. Never heard of it . More likely his uncle lying and pocket that extra cash forhimself instead of charing with his family. They are good at lying in SL.
No he is correct. I send money to my mom once a month through this sri lankan third party money tranfering agent who charges like $15 plus some taxes for every transfer. he just referred those guys to thugs. thats it.
I said, "some people". There is definitely a condition of scarcity of both things. The Bitcoins are absolutely limited to 21 million of them. When you mine them it uses computing power to build the blockchain and when you get closer to the limit it allegedly takes too much computing power. They may not be able to reach the limit of 21 million because of the limit on computing power. The limit on tulip bulbs exists. You cant eat tulip bulbs. If you could make unlimited tulip bulbs, how much would they be worth? Besides, that, tulip bulbs were not being used as currency they were an investment mania based on some crazy fad desirability. They looked nice and everyone wanted them for that, then they became more valuable because of demand. Tulip bulbs do not meet the criteria for currency or money. Bitcoins do not meet the definition of "money" either. They are a currency because someone says they are. It is just a fancy technological fiat currency. Without computers, bitcoins could not exist. They could simply disappear one day. If you could preserve a tulip bulb somehow to be able to germinate and reproduce, they would at least still exist. So if you wanted to use them for currency or the basis of a money system, I guess you could. We live in a world of digitally represented currency and money right now because we made that decision. We are, and have lived in a pure fiat system since Nixon closed the gold window in August 1971. The USA arranged the world to need dollars to pay for Saudi oil. This created a demand for dollars worldwide. This is how we have been able to have the world reserve currency so long. This situation has given the USA tremendous advantages over the rest of the world. We derived these advantages using these central banks who also derived advantages by being protected by the USA. I say that Bitcoin and the rest of these digitally derived "currencies" will either benefit or not benefit at the pleasure of the USA depending on whether it benefits the USA. Whether you know it or not, in the past every challenge to the domination of US dollars and the international banking settlement system has ultimately been met with force from the USA. If you study the wars we have been in, you would see that it was always about the money and the banks.
he offloaded all his into the punters, brilliant, ask yourself are you a punter . I suppose if you've been buying bitcoin for the last two years then you'd be a punter. Watch the derivatives markets, they are not there to pay you!!!!!!!!!
Why did he have to bring up race when talking about remittances? Seems like a totally unnecessary jab at White people. This type of stuff furthers racial division in our society.
