4 ms·

TL;DR: Man spends 5 minutes thinking about Bitcoin on a plane and comes to conclusions which may or may not be correct. Shares them with people because he is su

by abstrct 13y ago

TL;DR: Man spends 5 minutes thinking about Bitcoin on a plane and comes to conclusions which may or may not be correct. Shares them with people because he is super duper important.

smacktoward 13y ago
I'll just leave this here for you: http://en.wikipedia.org/wiki/Nouriel_Roubini http://en.wikipedia.org/wiki/Nouriel_Roubini You can agree or disagree with his argument, but snidely dismissing him as someone without expertise who mistakenly thinks he is "super duper important" is silly.
- joepie91_ 13y ago
  "Expert" or not, the arguments he's making here are not only obviously wrong, but also almost certainly uneducated. Judge what somebody says, not who he is.
  - aroch 13y ago
    None of his observations are wrong, how they are uneducated?
    - joepie91_ 13y ago
      All of them are wrong. See also https://news.ycombinator.com/item?id=7373804 https://news.ycombinator.com/item?id=7373804 EDIT: They are uneducated, in that any cursory research into the concept and history of Bitcoin would make it blatantly obvious that his remarks are wrong. There are two possibilities here; either he is being willfully ignorant, or he simply hasn't done his homework well enough. Given his reputation, I'm betting on the latter. The "uneducated" bit simply derives from him literally not having educated himself on the matter.
  - dubcanada 13y ago
    I agree, you are clearly more intelligent then him! While what you say may or may not be wrong. It's his opinion and regardless of what you think about it. It's hard to call him uneducated.
    - joepie91_ 13y ago
      His remarks are uneducated, not the person himself. I don't know him as a person well enough to judge that.
- tlrobinson 13y ago
  "It is btw a Ponzi game and a conduit for criminal/illegal activities. And it isn't safe given hacking of it." As far as criticism of Bitcoin goes, this is about as superficial as it gets.
- abstrct 13y ago
  I actually went straight to that page after reading the article to find out who he is, but I stand by my statement. Him being an expert just makes the tweets more pathetic.
- scotty79 13y ago
  Where did you get 'who mistakenly thinks' from? He is super duper important. But that doesn't validate his hasty shallow opinion on bitcoin in any way. Worlds best zoologist said about first ever example of martian organism "It lame bacause it's not a frog." after thinking about it for an hour.
james1071 13y ago
Perhaps I could ask you a simple question, then. How would you value a Bitcoin?. I am not looking for a precise answer, but a rough range of what it should be worth. It should be possible to do this for any financial asset.
- abstrct 13y ago
  How do you value a network able to send 'value' across the globe immediately. What does PayPal and Visa value their networks at? I imagine it is a good chunk of change. Now, to further complicate things, you have to put a value on that piece of that puzzle that actually changes hands during these transactions. Realistically, the value of it doesn't even matter if I want to go CAD -> BTC -> BTC -> USD. As long as the value between CAD and USD makes sense, the transaction was a success and all parties are happy. This is what most people, generally the investment folk, don't understand about our new little technology here. Bitcoin isn't just about the value of a Bitcoin and a Bitcoins buying power. Bitcoin is a network. The value of the fuel for that network will very as people need it and as the cost associated with generating that fuel change. This is irrelevant though as the price of Bitcoin is not the measure of its usefulness, or its success.
- shawabawa3 13y ago
  > How would you value a Bitcoin? I would go on bitstamp and see what people are trading them for. That would be around ~$620 at the moment. If you think this isn't a valid way of valuing something then tell me: How would you value a 2 bedroom flat in London? My guess is you would see how much similar flats nearby are selling for (and if you say you would get an expert valuation - how are they getting the value?)
  - james1071 13y ago
    Flat-rental income 20k p.a. Valuation 400k at 5% yield. Maximum plausible valuation might be 600k Lowest plausible valuation might be 250k No such exercise is possible with Bitcoin, the 'value' of which could be argued to be anything.
    - 13y ago

by abstrct 13y ago

TL;DR: Man spends 5 minutes thinking about Bitcoin on a plane and comes to conclusions which may or may not be correct. Shares them with people because he is super duper important.

smacktoward 13y ago

I'll just leave this here for you: http://en.wikipedia.org/wiki/Nouriel_Roubini http://en.wikipedia.org/wiki/Nouriel_Roubini You can agree or disagree with his argument, but snidely dismissing him as someone without expertise who mistakenly thinks he is "super duper important" is silly.

joepie91_ 13y ago
"Expert" or not, the arguments he's making here are not only obviously wrong, but also almost certainly uneducated. Judge what somebody says, not who he is.
- aroch 13y ago
  None of his observations are wrong, how they are uneducated?
  - joepie91_ 13y ago
    All of them are wrong. See also https://news.ycombinator.com/item?id=7373804 https://news.ycombinator.com/item?id=7373804 EDIT: They are uneducated, in that any cursory research into the concept and history of Bitcoin would make it blatantly obvious that his remarks are wrong. There are two possibilities here; either he is being willfully ignorant, or he simply hasn't done his homework well enough. Given his reputation, I'm betting on the latter. The "uneducated" bit simply derives from him literally not having educated himself on the matter.
- dubcanada 13y ago
  I agree, you are clearly more intelligent then him! While what you say may or may not be wrong. It's his opinion and regardless of what you think about it. It's hard to call him uneducated.
  - joepie91_ 13y ago
    His remarks are uneducated, not the person himself. I don't know him as a person well enough to judge that.
tlrobinson 13y ago
"It is btw a Ponzi game and a conduit for criminal/illegal activities. And it isn't safe given hacking of it." As far as criticism of Bitcoin goes, this is about as superficial as it gets.
abstrct 13y ago
I actually went straight to that page after reading the article to find out who he is, but I stand by my statement. Him being an expert just makes the tweets more pathetic.
scotty79 13y ago
Where did you get 'who mistakenly thinks' from? He is super duper important. But that doesn't validate his hasty shallow opinion on bitcoin in any way. Worlds best zoologist said about first ever example of martian organism "It lame bacause it's not a frog." after thinking about it for an hour.

james1071 13y ago

Perhaps I could ask you a simple question, then. How would you value a Bitcoin?. I am not looking for a precise answer, but a rough range of what it should be worth. It should be possible to do this for any financial asset.

abstrct 13y ago
How do you value a network able to send 'value' across the globe immediately. What does PayPal and Visa value their networks at? I imagine it is a good chunk of change. Now, to further complicate things, you have to put a value on that piece of that puzzle that actually changes hands during these transactions. Realistically, the value of it doesn't even matter if I want to go CAD -> BTC -> BTC -> USD. As long as the value between CAD and USD makes sense, the transaction was a success and all parties are happy. This is what most people, generally the investment folk, don't understand about our new little technology here. Bitcoin isn't just about the value of a Bitcoin and a Bitcoins buying power. Bitcoin is a network. The value of the fuel for that network will very as people need it and as the cost associated with generating that fuel change. This is irrelevant though as the price of Bitcoin is not the measure of its usefulness, or its success.
shawabawa3 13y ago
> How would you value a Bitcoin? I would go on bitstamp and see what people are trading them for. That would be around ~$620 at the moment. If you think this isn't a valid way of valuing something then tell me: How would you value a 2 bedroom flat in London? My guess is you would see how much similar flats nearby are selling for (and if you say you would get an expert valuation - how are they getting the value?)
- james1071 13y ago
  Flat-rental income 20k p.a. Valuation 400k at 5% yield. Maximum plausible valuation might be 600k Lowest plausible valuation might be 250k No such exercise is possible with Bitcoin, the 'value' of which could be argued to be anything.
  - 13y ago