5 ms·

Tulips can only go up, says investor with his life savings invested in tulips.

by mabbo 9y ago

saalweachter 9y ago
The headline could totally have been an Onion headline, but as nearly as I can tell Bloomberg is being serious. Hasn't parody suffered enough this year?
FLUX-YOU 9y ago
He's got a net worth of $1b+ though. $18m + Mt.Gox losses would be nothing to him.
IkmoIkmo 9y ago
Eh, he's a well-known VC with a portfolio of tens of different companies, a > billion dollar net worth and a fraction of 1% of his original net worth put into bitcoin, which has grossed him $200m. So no, not quite.
- thisisit 9y ago
  Not that I am disagreeing with Draper but this is like saying because someone is rich and invested in many things, they cannot hold a biased view on something they own.
  - mrb 9y ago
    This is a lousy argument. If he does not hold BTC, people say he is not putting his money where his mouth is. And if he holds BTC, people say he is biased. No matter what, Draper cannot win with these lousy arguments.
- mabbo 9y ago
  Honestly, it was an off-the-cuff joke. Perhaps this guy is right. I think mostly I'm saying that perhaps this man is slightly biased, in that he will make more money if more people believe that bitcoins are worth more money and here to stay.
QAPereo 9y ago
With the insane power consumption, it's more like, "We must plow our fields under and plant only tulips, says pie-eyed lunatic with life savings in tulips." At least tulips sequestered carbon, cryptocurrencies essentially turn usable energy into waste heat, pollution, and e-tulips.
nul_byte 9y ago
Tulips are a really bad analogy The supply of tulips isn't fixed which is the key difference. The whole Tulip bubble came about from a large follow through spike in tulip production flooding the market, until supply inevitably outstripped demand, thereby setting the stage for a market crash. That's can happen to bitcoin, as its a fixed supply.
- mads 9y ago
  Wouldn’t the psychology behind the two bubbles be the same?
- kerny 9y ago
  > That's can happen to bitcoin, as its a fixed supply. There's endless ways to compute arbitrary numbers.
Cyphase 9y ago
If the headline was, "Bitcoin Is No Bubble, Says Investor With No Bitcoins", would that have given him any nominal amount more credence with you, or would you be saying, "Tulips can only go up, says investor with no tulips."?
kown223 9y ago
Tulips bubble never happened, is just propaganda
- incitatus451 9y ago
  This is my feeling. Why people would invest in something that rots pretty fast!?

Tulips can only go up, says investor with his life savings invested in tulips.

by mabbo 9y ago

Tulips can only go up, says investor with his life savings invested in tulips.

The headline could totally have been an Onion headline, but as nearly as I can tell Bloomberg is being serious. Hasn't parody suffered enough this year?

FLUX-YOU 9y ago

He's got a net worth of $1b+ though. $18m + Mt.Gox losses would be nothing to him.

IkmoIkmo 9y ago

Eh, he's a well-known VC with a portfolio of tens of different companies, a > billion dollar net worth and a fraction of 1% of his original net worth put into bitcoin, which has grossed him $200m. So no, not quite.

thisisit 9y ago
Not that I am disagreeing with Draper but this is like saying because someone is rich and invested in many things, they cannot hold a biased view on something they own.
- mrb 9y ago
  This is a lousy argument. If he does not hold BTC, people say he is not putting his money where his mouth is. And if he holds BTC, people say he is biased. No matter what, Draper cannot win with these lousy arguments.
mabbo 9y ago
Honestly, it was an off-the-cuff joke. Perhaps this guy is right. I think mostly I'm saying that perhaps this man is slightly biased, in that he will make more money if more people believe that bitcoins are worth more money and here to stay.

QAPereo 9y ago

With the insane power consumption, it's more like, "We must plow our fields under and plant only tulips, says pie-eyed lunatic with life savings in tulips." At least tulips sequestered carbon, cryptocurrencies essentially turn usable energy into waste heat, pollution, and e-tulips.

nul_byte 9y ago

Tulips are a really bad analogy The supply of tulips isn't fixed which is the key difference. The whole Tulip bubble came about from a large follow through spike in tulip production flooding the market, until supply inevitably outstripped demand, thereby setting the stage for a market crash. That's can happen to bitcoin, as its a fixed supply.

mads 9y ago
Wouldn’t the psychology behind the two bubbles be the same?
kerny 9y ago
> That's can happen to bitcoin, as its a fixed supply. There's endless ways to compute arbitrary numbers.

Cyphase 9y ago

If the headline was, "Bitcoin Is No Bubble, Says Investor With No Bitcoins", would that have given him any nominal amount more credence with you, or would you be saying, "Tulips can only go up, says investor with no tulips."?

kown223 9y ago

Tulips bubble never happened, is just propaganda

incitatus451 9y ago
This is my feeling. Why people would invest in something that rots pretty fast!?