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Fun fact: MicroStrategy's CEO (claims to) personally hold some $250M worth of Bitcoin. https://www.theblockcrypto.com/linked/82566/microstrategy-ceo-personally

Fun fact: MicroStrategy's CEO (claims to) personally hold some $250M worth of Bitcoin. https://www.theblockcrypto.com/linked/82566/microstrategy-ceo-personally-hold-bitcoin https://www.theblockcrypto.com/linked/82566/microstrategy-ce... It might not be terribly cynical to assume that having his own company purchase some of those holdings from himself would be a pretty nice way to turn the theoretical valuation (currently near an all time high) into cold hard cash before Tether hits the rotary ventilator.

123six 6y ago
It's actually worth $343 million now (he paid $175M earlier this year) Here is a table of all publicly available Bitcoin holdings as of December 12th: https://www.kevinrooke.com/bitcoin https://www.kevinrooke.com/bitcoin
- meowster 6y ago
  That website has two different metrics: "current value" and "fair value". Are they saying the market price of a coin isn't "fair"?
  - SilasX 6y ago
    Hm I only see “current value” now.
    - meowster 6y ago
      It's mentioned in the different Holding History charts a little further down the page.
  - mey 6y ago
    Those appear to be the value of their holdings as USD trade at that moment in time. Check the date on the far left.
dustingetz 6y ago
So succinctly, the bear case for crypto is Tether gets shut down by USA (or international treaty) and then any hard cash left in crypto markets after that is slowly drained by miners paying electric bills? (Ignoring 51% attack and attack by hostile tax policy.)
- itsthecourier 6y ago
  At some point we will discover tether money may not be in the bank completely
- howlgarnish 6y ago
  The bear case is that markets realize Tether is backed only hot air and head for the exits. Tether "breaks the buck" (price goes under $1.00), and on USDT exchanges there's a spike in all other cryptos as people buy anything and everything to get rid of it. On exchanges with actual fiat, people get spooked and start selling crypto for fiat, spooking more people into selling and triggering a market crash. This, incidentally, is pretty much what happened when Mt Gox disclosed that they were backed by hot air because they had most of their reserves stolen.
  - dustingetz 6y ago
    But everyone "in" on crypto wants Tether to hold, so it will, which is why that scam even works at all. A run on Tether is not going to happen, everyone already knows there's nothing there and yet it holds
    - octoberfranklin 6y ago
      That's what people say right before ponzis collapse.
      - bsanr2 6y ago
        Is it comparable to a Ponzi scheme? It doesn't seem like Bitcoin relies on a constant influx of cash, simply the belief that any given holder desiring to exchange for USD will get x amount for it.
ineedasername 6y ago
"rotary ventilator"?
- pshc 6y ago
  (fan)
bostonsre 6y ago
Yea.. seems like a massive conflict of interest.
garmaine 6y ago
That would be self-dealing and illegal.
- howlgarnish 6y ago
  If these were shares, yes, but AFAIK the laws haven't caught up to Bitcoin yet.
  - vmception 6y ago
    Caught up? The laws practically ignore spot commodities and all property outside of securities and derivatives of commodities. Congress knows what they are and leaves property regulation to the states (except where they didn't), who also knows what they are and ignores it.
  - garmaine 6y ago
    The laws cover “financial transactions”, full stop.

123six 6y ago

It's actually worth $343 million now (he paid $175M earlier this year) Here is a table of all publicly available Bitcoin holdings as of December 12th: https://www.kevinrooke.com/bitcoin https://www.kevinrooke.com/bitcoin

meowster 6y ago
That website has two different metrics: "current value" and "fair value". Are they saying the market price of a coin isn't "fair"?
- SilasX 6y ago
  Hm I only see “current value” now.
  - meowster 6y ago
    It's mentioned in the different Holding History charts a little further down the page.
- mey 6y ago
  Those appear to be the value of their holdings as USD trade at that moment in time. Check the date on the far left.

dustingetz 6y ago

So succinctly, the bear case for crypto is Tether gets shut down by USA (or international treaty) and then any hard cash left in crypto markets after that is slowly drained by miners paying electric bills? (Ignoring 51% attack and attack by hostile tax policy.)

itsthecourier 6y ago
At some point we will discover tether money may not be in the bank completely
howlgarnish 6y ago
The bear case is that markets realize Tether is backed only hot air and head for the exits. Tether "breaks the buck" (price goes under $1.00), and on USDT exchanges there's a spike in all other cryptos as people buy anything and everything to get rid of it. On exchanges with actual fiat, people get spooked and start selling crypto for fiat, spooking more people into selling and triggering a market crash. This, incidentally, is pretty much what happened when Mt Gox disclosed that they were backed by hot air because they had most of their reserves stolen.
- dustingetz 6y ago
  But everyone "in" on crypto wants Tether to hold, so it will, which is why that scam even works at all. A run on Tether is not going to happen, everyone already knows there's nothing there and yet it holds
  - octoberfranklin 6y ago
    That's what people say right before ponzis collapse.
    - bsanr2 6y ago
      Is it comparable to a Ponzi scheme? It doesn't seem like Bitcoin relies on a constant influx of cash, simply the belief that any given holder desiring to exchange for USD will get x amount for it.

ineedasername 6y ago

"rotary ventilator"?

pshc 6y ago
(fan)

bostonsre 6y ago

Yea.. seems like a massive conflict of interest.

garmaine 6y ago

That would be self-dealing and illegal.

howlgarnish 6y ago
If these were shares, yes, but AFAIK the laws haven't caught up to Bitcoin yet.
- vmception 6y ago
  Caught up? The laws practically ignore spot commodities and all property outside of securities and derivatives of commodities. Congress knows what they are and leaves property regulation to the states (except where they didn't), who also knows what they are and ignores it.
- garmaine 6y ago
  The laws cover “financial transactions”, full stop.