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Jack Dorsey has been buying $10k worth of Bitcoin a week

1996 8y ago
When you are Jack Dorsey, you can waste $10k/week on expresso if you fancy that Not recommended for the average person however (and I say that while being involved in crypto)
- stcredzero 8y ago
  There's a cryptocurrency called "Expresso?"
  - tenaciousDaniel 8y ago
    probably
  - arcticbull 8y ago
    Yes, but it's incompatible with DentaCoin; something about staining. It's in the gleaming-whitepaper.
    - t0mbstone 8y ago
      DentaCoin! Mine coins by brushing your teeth every day, with this fancy electric toothbrush! Now with WiFi and Bluetooth!
      - arcticbull 8y ago
        That might be fun and useful, the reality is neither (https://dentacoin.com https://dentacoin.com) -- it's literally your dental records on the blockchain for some reason. It's been top-100 in the coinmarketcap rankings for ages.
  - dstick 8y ago
    [Insert Simpsons Hah-Hah] ;-)
  - RankingMember 8y ago
    It doesn't help when companies start using the misspelling as a brand name: https://expresso.com/Home https://expresso.com/Home
  - t0mbstone 8y ago
    If there isn't one now, just wait five minutes
bdcravens 8y ago
Worth noting that he sold $80M in stock last year https://www.forbes.com/sites/laurengensler/2018/12/13/billionaire-twitter-square-ceo-jack-dorsey-sells-stock-80-million https://www.forbes.com/sites/laurengensler/2018/12/13/billio...
- jakamau 8y ago
  So the equivalent of the US median household spending ~$8/week on coffee.
TACIXAT 8y ago
This seems much more like an ultra-wealthy individual's means of diversification. Holding 1 million in Bitcoin as an insurance policy is relatively small hedge against the end of the (non-digital?) world. I don't think this move is much different than if he were buying up gold for a worst case collapse of USD.
- arcticbull 8y ago
  I don't really understand that as an argument, honestly. It's like saying "holding $1M in lotto tickets is a great hedge against the end of the world" or "$1M in macaroni." You can buy all sorts of things, why this thing? If the world ends the first thing shutting down is the thing that's using all the power. We'll need it for things like showers and eating.
  - TACIXAT 8y ago
    I'm not a huge Bitcoin fan, but it has proven flexible in cross border transactions. The network can run out of any country. If the USD goes to zero for some unknown reason, you get out and land in Russia, your USD could be worthless and you can only fit so much gold in your private jet. Private keys though? Those go with you, and as long as the network is still live, you aren't broke. Lotto tickets are tied to a short time frame and country. Macaroni has a shelf life and does not transport well. Bitcoin is volatile but deflationary, so short of a network collapse it will likely retain value.
    - strangattractor 8y ago
      I am not seeing the deflationary part. They just split it and created twice as much Bitcoin and Bitcoin cash. There is a new Bitcoin like currency minted every 5 minutes. It is far cheaper to create digital currencies than paper money and far easier to steal. I think it is a delusion. That is not to say the technology cannot be useful. It has a lot of problems. Wait for Bitcoin 2.0 You think he is planning on having to leave the country? How would he have time. The average CEO is working 80Hrs per week. Much more than their over paid thralls. He is CEO of 2 companies. That is 160Hrs per week. Plus the 10 day silent meditation retreats. You guys do not realize the excruciating demands placed on todays CEO's. They truly are our modern hero's. He should be given his own reality show.
misiti3780 8y ago
why does he have a 10K weekly buy limit ?
rrggrr 8y ago
You have to own a certain amount of BTC to have a seat at the table. My sense is that JD needs to accumulate to influence BTC either directly or via Cashapp. He probably has a very long way to go....
deleted 8y ago
[deleted]
dwighttk 8y ago
This is a terribly written article: >Twitter CEO Jack Dorsey has been buying $10,000 worth of Bitcoin per week >Speaking on the Tales from the Crypt podcast, Twitter CEO Jack Dorsey has revealed that he has been exceeding his weekly buy limit for Bitcoin >Twitter CEO Jack Dorsey has revealed that he has been exceeding his weekly buy limit for Bitcoin, purchasing $10,000 worth of the cryptocurrency every week. The first three sentences contradict each other. Later we learn that $10K is the limit for purchasing bitcoin in the Cash app... is he exceeding the limit or not? "has been" and "a week" indicate that something is recurring. Nothing in the article supports that. It just mentions that Jack claimed he had already exceeded his limit. That is one week. Do we know that Jack has the same limits as his customers? The blog post just references a tweet that claims the limit is $10K/week. That's where the $10K in the headline comes from. Listening to the referenced podcast doesn't yield any points for the "per week" side... Around 8:05 is the part they talk about and Jack says he exceeded his limit so he couldn't join in the #stackingSats drive the podcast is endorsing. Jack then says he thinks he can join tomorrow because his limit resets. I mean, it's a symbolic gesture, perhaps he will just buy his supposed $10K per week and say that $25 was part of #stackingSats who really cares... The point is this article and headline are poorly written.
panarky 8y ago
Dumb and impatient money buys at the peak of speculative mania, refuses to sell as the trend turns, then capitulates at the bottom for an 80% loss. Smart and patient money sells into the speculative mania, then takes the other side of the capitulation trade so they can sell again into the next mania. Then there's Jack Dorsey and the Winkelvosses who are smart and patient, but they don't trade. They accumulate through both highs and lows because they see a transformative opportunity beyond the boom-bust cycle.
- rozim 8y ago
  Dollar cost averaging
- ryandvm 8y ago
  To put things in perspective, Jack Dorsey has an estimated net worth of 5.2 billion dollars. His weekly wealth adjusted spending on Bitcoin is almost certainly less than the pennies in your car's cupholders.
- ykevinator 8y ago
  No idea
ydnaclementine 8y ago
his $10k fleeting interest in bitcoin is like our $100
strangattractor 8y ago
Good to know that Jack believes that putting his money in Bitcoin will give him greater returns than having it in Twitter or Square:0 How should that make Twitturd and Square investors feel?
lostmsu 8y ago
What if he is doing that to support people, who believe in crypto? Considering his other wealth, that's not even a dime.

1996 8y ago

When you are Jack Dorsey, you can waste $10k/week on expresso if you fancy that Not recommended for the average person however (and I say that while being involved in crypto)

stcredzero 8y ago
There's a cryptocurrency called "Expresso?"
- tenaciousDaniel 8y ago
  probably
- arcticbull 8y ago
  Yes, but it's incompatible with DentaCoin; something about staining. It's in the gleaming-whitepaper.
  - t0mbstone 8y ago
    DentaCoin! Mine coins by brushing your teeth every day, with this fancy electric toothbrush! Now with WiFi and Bluetooth!
    - arcticbull 8y ago
      That might be fun and useful, the reality is neither (https://dentacoin.com https://dentacoin.com) -- it's literally your dental records on the blockchain for some reason. It's been top-100 in the coinmarketcap rankings for ages.
- dstick 8y ago
  [Insert Simpsons Hah-Hah] ;-)
- RankingMember 8y ago
  It doesn't help when companies start using the misspelling as a brand name: https://expresso.com/Home https://expresso.com/Home
- t0mbstone 8y ago
  If there isn't one now, just wait five minutes

bdcravens 8y ago

Worth noting that he sold $80M in stock last year https://www.forbes.com/sites/laurengensler/2018/12/13/billionaire-twitter-square-ceo-jack-dorsey-sells-stock-80-million https://www.forbes.com/sites/laurengensler/2018/12/13/billio...

jakamau 8y ago
So the equivalent of the US median household spending ~$8/week on coffee.

TACIXAT 8y ago

This seems much more like an ultra-wealthy individual's means of diversification. Holding 1 million in Bitcoin as an insurance policy is relatively small hedge against the end of the (non-digital?) world. I don't think this move is much different than if he were buying up gold for a worst case collapse of USD.

arcticbull 8y ago
I don't really understand that as an argument, honestly. It's like saying "holding $1M in lotto tickets is a great hedge against the end of the world" or "$1M in macaroni." You can buy all sorts of things, why this thing? If the world ends the first thing shutting down is the thing that's using all the power. We'll need it for things like showers and eating.
- TACIXAT 8y ago
  I'm not a huge Bitcoin fan, but it has proven flexible in cross border transactions. The network can run out of any country. If the USD goes to zero for some unknown reason, you get out and land in Russia, your USD could be worthless and you can only fit so much gold in your private jet. Private keys though? Those go with you, and as long as the network is still live, you aren't broke. Lotto tickets are tied to a short time frame and country. Macaroni has a shelf life and does not transport well. Bitcoin is volatile but deflationary, so short of a network collapse it will likely retain value.
  - strangattractor 8y ago
    I am not seeing the deflationary part. They just split it and created twice as much Bitcoin and Bitcoin cash. There is a new Bitcoin like currency minted every 5 minutes. It is far cheaper to create digital currencies than paper money and far easier to steal. I think it is a delusion. That is not to say the technology cannot be useful. It has a lot of problems. Wait for Bitcoin 2.0 You think he is planning on having to leave the country? How would he have time. The average CEO is working 80Hrs per week. Much more than their over paid thralls. He is CEO of 2 companies. That is 160Hrs per week. Plus the 10 day silent meditation retreats. You guys do not realize the excruciating demands placed on todays CEO's. They truly are our modern hero's. He should be given his own reality show.

misiti3780 8y ago

why does he have a 10K weekly buy limit ?

rrggrr 8y ago

You have to own a certain amount of BTC to have a seat at the table. My sense is that JD needs to accumulate to influence BTC either directly or via Cashapp. He probably has a very long way to go....

deleted 8y ago

[deleted]

dwighttk 8y ago

This is a terribly written article: >Twitter CEO Jack Dorsey has been buying $10,000 worth of Bitcoin per week >Speaking on the Tales from the Crypt podcast, Twitter CEO Jack Dorsey has revealed that he has been exceeding his weekly buy limit for Bitcoin >Twitter CEO Jack Dorsey has revealed that he has been exceeding his weekly buy limit for Bitcoin, purchasing $10,000 worth of the cryptocurrency every week. The first three sentences contradict each other. Later we learn that $10K is the limit for purchasing bitcoin in the Cash app... is he exceeding the limit or not? "has been" and "a week" indicate that something is recurring. Nothing in the article supports that. It just mentions that Jack claimed he had already exceeded his limit. That is one week. Do we know that Jack has the same limits as his customers? The blog post just references a tweet that claims the limit is $10K/week. That's where the $10K in the headline comes from. Listening to the referenced podcast doesn't yield any points for the "per week" side... Around 8:05 is the part they talk about and Jack says he exceeded his limit so he couldn't join in the #stackingSats drive the podcast is endorsing. Jack then says he thinks he can join tomorrow because his limit resets. I mean, it's a symbolic gesture, perhaps he will just buy his supposed $10K per week and say that $25 was part of #stackingSats who really cares... The point is this article and headline are poorly written.

panarky 8y ago

Dumb and impatient money buys at the peak of speculative mania, refuses to sell as the trend turns, then capitulates at the bottom for an 80% loss. Smart and patient money sells into the speculative mania, then takes the other side of the capitulation trade so they can sell again into the next mania. Then there's Jack Dorsey and the Winkelvosses who are smart and patient, but they don't trade. They accumulate through both highs and lows because they see a transformative opportunity beyond the boom-bust cycle.

rozim 8y ago
Dollar cost averaging
ryandvm 8y ago
To put things in perspective, Jack Dorsey has an estimated net worth of 5.2 billion dollars. His weekly wealth adjusted spending on Bitcoin is almost certainly less than the pennies in your car's cupholders.
ykevinator 8y ago
No idea

ydnaclementine 8y ago

his $10k fleeting interest in bitcoin is like our $100

strangattractor 8y ago

Good to know that Jack believes that putting his money in Bitcoin will give him greater returns than having it in Twitter or Square:0 How should that make Twitturd and Square investors feel?

lostmsu 8y ago

What if he is doing that to support people, who believe in crypto? Considering his other wealth, that's not even a dime.