This page has been archived and commenting is disabled.
Hugh Hendry Goes Stock, Bitcoin Bull Retard: "Don't Tell Me The Valuation, It Is Trending"
Everyone knows "you never go bull retard," but it seems Eclectica's Hugh Hendry, the hardiest of hardy Scots, has accepted that there is only one way for this farce to end (as we predicted back in 2009). As Investment Week reports, the bear-turned-bull has bought 3D printing stocks as a play on trend-driven, QE-fuelled equity markets, and said the rise in the valuation of Bitcoin amounts to “the same thing”. Perhaps summing up the "trend-driven, QE-fueled" new normal better than anyone, Hendry added:
"I say to my team 'don't tell me the valuations, it is trending'... This is the environment where Bitcoin could go to $1m. There is no qualitative reason, but it is trending. If I could own Bitcoin, I would.
It gets worse: Hendry is now chasing the biggest momentum trend of all, that of Bitcoin, which he now "expects" to rise to $1 million! As for his "hedge", don't laugh, 3D printing stocks...
Sigh.
We suspect, as he noted previously, he will be avoiding mirrors even more now. And yes, that this whole series now reeks of an Onion viral marketing campaign, is clear to everyone. Although sadly, we fear it is all too sincere, and a sad consequence of what happens when Bernanke's centrally-planned markets crush one after another talented asset manager and leave the E-Trade momo babies in charge.
Eclectica’s Hugh Hendry has said he would buy into online currency Bitcoin if it were feasible to do so within his funds.
Hendry has bought 3D printing stocks as a play on trend-driven, QE-fuelled equity markets, and said the rise in the valuation of Bitcoin amounts to “the same thing”.
All US-listed 3D printing stocks are trading on at least 50 times earnings, but Hendry said he has little concern over the sector’s sky-high valuations.
"We are in 3D printing stocks. I say to my team 'don’t tell me the valuations, it is trending,'" he said, speaking at a Harrington Cooper conference at which he also revealed he is no longer bearish.
The power of those trends is such that Hendry said he would own Bitcoin if it was accessible on a regular exchange. The value of the volatile online currency passed $1,000 per coin for the first time last week.
“This is the environment where Bitcoin could go to $1m. There is no qualitative reason, but it is trending. If I could own Bitcoin, I would. If I own 3D printing, it is just the same thing,” he said.
Of course, while Hendry's asset allocation may appear bullish, it is not from a sense of impending positivity - more of resignation...
Hendry added equity market fundamentals do not matter at a time when policy is misaligned, emphasising instead the ‘feedback loops’ created by US quantitative easing.
“There is no point arguing about the one-way causality we [as an industry] believe determines our processes. That is all about a belief this is rational.
“We want to believe markets go up because the economy is improving, because corporate cashflows are improving. But when you get monetary disturbances creating loops, it does not really matter.”
Poor guy.
»
- 29343 reads
- Printer-friendly version
- Send to friend
- advertisements -
Well folks are so retarded, he might have a point there.
And he did just turn bullish on the S&P. But it's all supply and demand anyways.
21 million coins, 6 billion people... you do the math.
"Coins"? Invisible "coins". Now it makes sense.
Here, drink this potion it turns you into a monster man with coins.
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.” - Charles MacKay
Is Hugh waking up to the new reality or is he joining a mad herd?
One wilderbeast jumps to cross the river in the wrong spot and 750 follow and drown. NAT GEO.
Go ahead Mr. Hendry, jump and join the mad dash...
where is FONESTAR ??!!
It's late at night in China
I do think this could be one of the true top calls - really - given how permabearish Hendry forever was, along with fellow permabears turning fulltardbulls.
Everyone Knows You Never Go Full Retard
Lol nice to see a hedge fund genius getting paid to recommend ddd years late.
What happened to the Hugh Hendry we all knew and loved?
Hugh Hendry, "God is a genius because he is a sloth"http://www.planbeconomics.com/2013/04/hugh-hendry-god-is-genius-because-...
Hugh Hendry has gone ON the reservation
Holy shit. Hugh Hendry is Robotrader.
I think Hugh just blowtorched his own reputation.
Yup, methinks Hugh's phone lines are lit up with "REDEMPTION REQUEST LINE ..."
Hmmmm.........I wonder what people might say when something is in a manic bubble? I wonder if the statement "it could go to $1 million" has any significance.
Simple question, if Bitcoin goes to $1 Million USD what share of FX trading will that be?
Love me some zerohedge disinfo!
Why doesn't Hugh just invest in some of the hardware manufacturers for bitcoin mining? They use pre-sales to finance their development, so they are quite low risk. I haven't looked, but there must be a few that are publicly traded companies. Whether bitcoin goes up or down, people have already paid in advance for non-refundable pre-orders of equipment that doesn't exist yet, to mine virtual currencies.
...and blow-molding equipment for plastic pumpkin farmers, too!
$1 billion bitcoin. you heard it here first.
Matt, good point.
Hiring some out of work math & computer geeks to mine the stuff may be a better investment than buying it outright.
Or create a new crypto-coin and push the hell out of it, which seems to be the preferred method, with 42 different coin flavors.
The evil MLM wankers are probably behind all this...….bastards..!!
http://www.reddit.com/r/SheepMarketplace/comments/1rvlft/i_just_chased_him_through_a_bitcoin_tumbler_and/
This is hilarious since these folks are attempting to do what they are trying to escape from.
REGULATION. By tracking and tracing, they are trying to be the government hoping to regulate and clamp down on theft. Ironic sheeps
Bitcoin? At least with tulips you had some bulbs and pretty flowers.
https://www.havelockinvestments.com/fund.php?symbol=AM1
This sounds like such an intriguing investment... not to mention ASIC miners are as good as garbage once they have outlived their usefulness, since they can only be used for mining Bitcoin. These companies should be trading on the NASDAQ with at least $50B market caps.
That's not true, once your hardware is too slow to mine Bitcoins, you can mine one of the hundreds of homebrew derivatives of bitcoin.
Love me some Hendry sarcasm.
Ron Paul: "Bitcoin could destroy the dollar" [CNN]
Pour all your wrath on Ron Paul, but just remember he's an old doddering fool.
Edit: Ah, I see Tyler picked this one up on another thread.
"if Bitcoin goes to $1 Million USD what share of FX trading will that be?" - fonestar
It all depends on the percentage that are in play. If they were all in play then this would be the equivalent of $2 trillion, which seems to me to be about 50% of the FOREX flows ... but the real question is, what currencies would be displaced by BTC if so used? If the US$ develops a severe case of dumpem-itis, and the US$ flows drop by 90%, and the price in US$ for EVERYTHING goes up by 1000%, then one could see how BTC might be that bridge across which FOREX flows which used to be US$ denominated would be rechanneled in order to try to regain some stability.
Needless to say, the world would be a very, very different place that we know it now.
But one might as well ask this question: What is the price of BTC in German Reichsmarks, hmmm?
Had to think where I heard that before... thats right, it was in 2005 when the experts said that the median home price in california would be 1.2 million by 2013!!!!!
So were Tulips at one time......
Fuckin Hugh Moron hes turning into...but I guess these markets will do that to people obsessed with playing with other people's money.
Just fuckin return the capital to investors, you Hugh Moron...like Seth Klarman is doing.
Agreed,clearly the man has lost his mind.
Driven insane,he finally submitted to his keynsian masters.
Hardcore contrarian my ass!
Look at what he does, not what he says.
Maybe he and others like him have finally realized that there is no money to be made in his line of work, with permanent talk of a falling sky.
Maybe he can start a website that caters to angry people. It's a model that seems to work. One of the earliest guys to have figured this out and who turned his life of unemployment into many millions, is an AM talkshow guy by the name of Rush Limbaugh. Others have since tapped into the veritable "industry" of angry and mistrusting people, by providing a platform and meeting place for regular "therapy" (bitching) sessions.
At the end of the day such people have to ask themselves if such talkshows or web forums are making them richer or happier, or just its hosts. Something to think about.
He's not whoring a bitcoin post, his mom must be making him take out the garbage or clean his basement dwelling.
We'll be having the last laugh against you. Most of you are just too plain stupid to understand abstract principles or Bitcoin.
How many crypto currencies can be produced?
Do they have any inherent value?
Enoy the ride, and remember to take profits.
SatoshiRubySteinDiamondSilverBerg will have the last laugh.
It's clear what is not in an uptrend.... Gold n Silver.
But there is no such thing as a PM downtrend . It's a buying op. Good luck with that.
fonestar,
All that needs to be understood here is how to recognize when an asset bubble has reached critical mass, and how to cash out before it collapses...
Show us how to do that...
Peak coin, it is all deflationary from there on in as long as the value is pegged to inflationary fiat currencies. You guys all miss the bigger point too much has been invested in venture capital as far as infrastructure goes for people to just give up without a long a protracted fight on this one. Bitcoin may go bust the infrastructure won't and something else will fill the void to make use of the infrastructure. You people think like old dinosaurs and can't seem to see the forest for the trees when it comes a system. The crypto-currency is only one facet of it.
For the sake of academic integrity, I invite you and all other naysayers to identify the difference between a bubble and a "Step-function", as it pertains to BTC.
Seriously. Only ZH-worthy responses please.
"Enoy the ride, and remember to take profits."
If you are able to liquidate as you like, that is.
Or maybe many of us, unlike you profoundly ignorant yet smug zit poppers, have enough historical perspective and plain old common sense to recognize Tulipmania Part LXXVIII when we see it.
Fonestar, I think you should change your handle here to MillionDollarBitcoin.
This bitcoin bullshit is getting old real fast on here. There truly must be nothing else to discuss.
Sad.
Well, after bitcoin went up in value, all of these guys quit their jobs and just spend their time trying to pull their bitcoins out of the system.
That's why the comment section is full of bitcoin retards: They are all jobless, and have all the time in the world to sit in front of a computer screen, proclaiming themselves to be kings in front of mindless peons.
Meet the new boss, same as the old.
Oh, ye of little understanding.
Bitcoin has barely even begun, and it's about way more than money:
http://www.youtube.com/watch?v=Cs6F91dFYCs#t=2096
I'm still waiting for the comments section to be filled with the bitcoiners exchanging stories of all the cool actual real things they purchased with their bitcoin profits.
Odd how there has been none of that yet. I know I know nobody is selling yet....and shirley when they all go to sell there will be plenty of buyers.
I doubt you'll hear anything fonz.
Lots of Bitard bullshitters, cyber squatters, gov't bots and PM trolls on this site now.
I heard a whisper rumor that Tom Vu is all in on bitcoin, litecoin, bitecoin, mitecoin, yourcoin, mycoin & theircoin.
There's been bots and trolls here... Almost forever!
Bitcoin is in its infancy, and once it gets its legs under it will march on government fiat currencies the world over, gaining purchasing power in step-by-step fashion and doing so with ever-increasing ease of use and acceptability.
Sure, there's a lot of speculators right now, but they'll be washed out over time. And yes, the government will do its best to destroy it. But if you believe the government itself is behind it, your belief in its intelligence is beyond laughable.
Think Obamacare.
Yes, anyone that doesn't pull facts out of their ass and mold them into a great conspiracy story must be a paid shill.
WTF are you talking about now? Why do you even care about what goes on around here when you are making hundreds of thousands of dollars with BTC? Maybe millions?
And why aren't you on a beach somewhere having some fun, laughing it up? You'd rather be freezing your ass off in Canada sitting on a computer? Yeah, okay pal. Think I'm about ready to call bullshit on you.
it is obvious you like bitcoin because you made profit on it, and also because you believe it could change the status quo. Anyway, how about answering how many cryptocurrencies can be produced, and whether they have inherent value?
My own take on bitcoin is that it is a wild west promise of freedom from the status quo, but will be later brought under the rule of the governing class. They have monopoly. I thought about buying bitcoin when it was around 60 usd, and probably would be selling it by the time it reached 400 usd, and buying some old fashioned silver.
Competition among crypto currencies can be analyzed for 3 attributes:
Merchant Acceptance: Merchants will only want to implement 1 (maybe 2) currencies, i.e, those with the widest customer base.
Hashpower: Miners secure the network for profit. Their choice of cyrpto currency to mine is very important to take note of.
Market Cap: How much economic activity can be supported on each currency.
Bitcoin wins all of these by orders of magnitute, not to say it won't change but we'll have some warning.
the merchants are most likely to implement the crypto currency choosen by the IRS of the country they are based at.
so the answer is that there may be many cryptocurrencies. which is fine and could work in a really free market, if there was one.
and the inherent value?
I disagree with some bitcoiners on this but believe BTC has close to 0 "inherent" value. (in any case inherent value is not objectivly verifiable)
It's distributed ledger might be considered valuable.
Bitcoin is backed by bitcoin: It is a virtual scarce good whose value is determined by how much I can receive for it at any given moment in time or how much I would be willing to part with it. It rellies on faith that others will participate and value it similarly as I do. This is enough for me, maybe not for you.
There used to have a saying that you should never fall in love or become obsessed with a trade idea. It was the worst pitfall to fall into.
But then again, I guess most Bitcoin advocators have 0 experience and probably just graduated college.
Living in their parents basement.
With student loans.
On food stamps.
Most comments have little intellectual rigor behind them, but a lot of "projection".
E.g., a serious Bitcoin person would be too busy mining or making money, than to waste time on blog sites that do little to improve their wealth.
"Stupid is as stupid does". Time will tell if the Bitcoin buyers or its gold-enslaved naysayers are right. Although a smart person would hedge their bets with... some of BOTH.
Bought all the parts I needed with BTC to build a killer computer earlier this year.
Bought my sister a new monitor with BTC for her birthday.
Bought a new cell phone last night with BTC to replace my current one (with a USB port on the fritz).
Planning on buying a large portion of my Christmas gifts this year with BTC.
Also going to see if I can get my FLGS to accept them through BitPay.
Nice work. Keep buying real tangible assets.
Wait - doesn't goods devaluing with time and btc supposedly valuing makes it a bad choice to actually use it, rather than hoarding it (you're losing money in the long run by trading a valuing asset for a davaluing one)? Logic would says you should get rid of "bad" money, not "good" one (I wouldn' buy anything for gold). How much faith do you actually have in the future value of btc?
That kind of thinking ignores individual time preference and marginal utility. If you had 100 BTC and each one was worth $1,000,000 dollars, would you refuse to spend any at all just because you thought it might go up more? Of course not: you'd spend some now buying a private island and save the rest for later. This is why the bogeymen that mainstream economists conjur up about deflationary currencies is bogus.
I do believe that BTC is severely undervalued at $1,000 a coin, but that doesn't imply that I should hold every single coin and never spend it. What good is money you never spend?
No, I wouldn't at all - and why would anyone?
Let me rephrase it: if you had X worth of anything AND you expected it to go up by 10, 100, 1000x in the short/medium term, would you really spend ANY of it for anything? Because we're not talking about mere percentual gains, but expectations of orders of magnitude gains (or so the mantra goes, anyway)...
In these conditions, why would anyone spend ANY of it (I know I wouldn't!), unless in a real and unavoidable emergency (AND if you were all in, with absolutely no other payment alternatives - i.e.: no cash reserves at all), in which case, I'd still rather get a loan, whatever the interest rate, than part with any of it in what would end up being a several fold loss re. actual price of whatever I just purchased with them.
I.E.: if you believe BTC is going to the Moon and never coming back again, shouldn't you be getting a bank loan ASAP, to buy as much BTCs, w/e you possibly can ASAP, in order to maximise your future gains?
PS: your private island could effectively be had tomorrow, for a fraction of what you'd pay today - so no savings being rushed, quite the opposite.
If I expected them to double overnight, I would probably not spend any today, that's true. But what if I expected them to double in a year? Ten years? One hundred years?
As some point, time preference catches up to you. I'd rather have a private island today than a private island in decades.
What - decades, a century, from now? I thought you were being serious about btc! People are already making plans for when they'll be the next bit-Rothschilds, Rockefellers, and they don't sound like they're planning on having to wait until they're old retirees, at best.
It all depends on your faith on it, though. Selling at 1k, expecting 10k, 100k in the future, is not even the same as selling at 1k, expecting 1.5, 2k - and it would make for a regrettable investment choice, rather than enjoyable, later.
Fonestar and I both probably believe that bitcoin has a shot at being worth 7 figures apiece, eventually.
The difference is, I think he expects it to happen by this time next year and I think it's still a long ways out with a rocky period in between.
Spending today 1k you think are going to 1mil, even just 10, 20 years away from now, just to save a few 100s, means you'd be losing a massive 5, 6 figures/year for nothing. Who'd do that, unless their life depended on it? That's like throwing away the meat to eat the bones - why even bother, then?
I for one spent quite a bit of coin during black friday. I bought some Silver at AmagiMetals, a Kindle HDX on Amazon and bananas at Walmart. The trick is to turn your bitcoins into store credit using sites like gyft.com (no exchange fees + 3% extra store credit)
I for one spent quite a bit of coin during black friday. I bought some Silver at AmagiMetals, a Kindle HDX on Amazon and bananas at Walmart. The trick is to turn your bitcoins into store credit using sites like gyft.com (no exchange fees + 3% extra store credit). BitPay (one of the Merchant solution providers) processed over 6000 transactions that day.
It's the silver market all over again.
Next thing you know there'll be a TF BitCoins Report.
"Meeelion Dollar Bitcoin." I love it! Any takers?
@akak
Struck a nerve, have we?
Do tell - what price is it that convinces you it isn't "tulipmania"? How long does it have to exist to convince you it isn't a "bubble"?
I always hear the bitching, but never the QUALIFIERS of when you would be WRONG.
Care to entertain us with that? Or is it just too scary for you...
I could be wrong, but somehow I rather doubt that many prescient, successful, long-term investers spat vitriol at those who failed to appreciate their wisdom.
Maybe because those appreciate how much of that "prescience" is actually sheer luck and how easily it could've swung the other way.
"We'll be having the last laugh against you. Most of you are just too plain stupid to understand abstract principles or Bitcoin."
Ok at first I thought you were just another narcisstic 15 year old know-it-all, but now I'm convinced you are just trolling ZH. What I am wondering about is how you post several hundred comments a day on here, usually within the first few seconds of a new BTC related post. I guess that means you are an unemployed troll (I'm sure you refer to yourself as a btc multi-mega-millionare investor at parties though).
You've actually touched on an important point. Most of the entire world is too stupid or has no desire to learn about encryption and wallets and exchanges and so on and so forth. Bitcoin will have a very tough time becoming a legit currency until it is essentially "idiot-proof."
That and the 20% swings in "price" have to stop completely. You know, stable store of wealth and all that...
Actually I'm starting to wonder if Fed/gov is letting bitcoin run wild so they can blame USD collapse on it, assuming they see collapse coming in the near term, and it could be.
That would be a tough sell in my opinion. Even the dumbest sheep would wonder how an esoteric thing like a crypto-"currency" could possibly be responsible for destroying the world's reserve currency.
But I've been surprised before, and I have no idea what form that argument would take, so it's definitely possible.
Fonestar, I'm sorry but I think your a kid that doesn't know when he's won. Take your bitcoin and diversify or you will not be the one with the last laugh, keep that anonymous hubris that you carry on here and the world is going to shred you.
Do you bittard cryptofag-anarchists know how you all sound exactly like all those cyber(fag)-anarchists from the heydays of when the internet was young and free and would be like that for ever and ever, and was never going to die or be coopted by bad big corp or political establishment -ever- and trippy shit like that? Oh, and add "open source anarchists" to that list too, re Linux/FOSS...
I myself was young and free too, but all I could think about, hearing all that insanity, was how incredibly delusional, naive and stupid it was and how and moronically clueless you had to be to actually believe that (and how it actually spelt doom for the future...).
Guess who was right and if that surprises me... But can you see a trend here?
"There's a sucker born every minute." ...and each one of them invariably thinks they just figured it all out, reason why they're actual suckers.
Abstract that.
In my opinion people like yourself are fucking pathetic TRAITORS to the cause. I believed in the anarchy of the internet back in the 90's and almost twenty years later in life I'm still here, still believing and now WINNING as well. So if your wonderful government is going to save things I wonder how BITCH????
Congratulations, asshole; you believed in fairy unicorns - rainbow, (artsy) fartsy ones! Yeah! - so "revolutionary"... LOL :P
PEOPLE LIKE YOU: reality=fiction; delusions=reality; intelligence=stupidity; stupidity=intelligence; being a fagot=winning; winning=pathetic; clueless=cause; cause=whaaa...?
GTFO and GFYS, CUNT!
I wish we could go back in time to just a few years ago with that picture on this website and see the reaction!
Blue ray eyes, onto the glasses.
Perhaps Hugh saw the performance of this hedge fund and reconsidered:
http://www.hedgeweek.com/2013/11/25/193637/bitcoin-fund-best-performing-...
The Bitcoin Fund, which is traded exclusively on the EXANTE fund platform and was launched in late 2012, is the best performing hedge fund year to date with a return of 4,847 per cent.
Of course, Hedgeless is more about pandering to the popular trends of the commenting hoi polloi than actually looking into the issue.
I suppose tending those rabbit cages are getting to him...
...Eventually!
Don't you need to cash out your unrealized potential "paper" returns, to earn bragging rights (in case you just end up losing profits (and principal))? - just asking...
"this whole series now reeks of an Onion viral marketing campaign"
My thoughts exactly. Success of a "team" is based on common principles and views. If he changes thoughts midstream, how would his "team" react? I call bullshit.... I think he's trying to publicly show he's a bulltard because when everyone is on one side of the trade, that's when it all comes down.
Good point. Personally I was thinking he may have allocated a small position to high beta momo stocks while allocating most of his of words lately to talking up his small position. I think there's more to this than what he's saying.
Hugh reminds me of the guy that cancelled his Friday the 13th flight and the flight he finally took crashed.
21 million coins, 2.4 billion internet users, only a few million max who will actually use Bitcoin after finding out they have to install BS wallet software, how long it takes to complete transactions and convert BTC back into other currencies, backup their coins, and probably have them seized by Feds anyway.
Bitcoin at $1 million, assuming gold remains at $1200, would mean that Bitcoin would be trading at a 2:1 ratio to gold. I don't know what the fair value of Bitcoin is, but it isn't that.
2:1 ratio? WTF?
Maybe he means gold is dividable by atoms, not just ounces...
For the "btc has 8 decimals" crowd: http://wiki.answers.com/Q/How_many_atoms_are_in_1_gram_of_gold
Its psyops - they write post after post, hour after hour, day after day, pretending to be retarded to discredit the site. Im on to it...they have a certain ratio, its like 99% retarded comments all the time; if it were a natural phenomenon it would fluctuate between 90% -99%.
He's talking about market cap. Which also represents its firepower against the system. For example, if BitCoin goes up by just a factor of a few, BitCoiners will have the collective ability to call bullshit on the paper silver market by buying all the real metal. Which would then trigger the collapse of the paper gold market. This is a much more realistic way to attack TPTB than waiting for BitCoin to get bigger than gold.
Do you mean 1 ounch of bitcoins to 1 ounce of gold? Are bitcoins in troy ounces or avoirdupois ounces?
Let's just make some trillion dollar bitcoins and pay off the national debt.
The shitty wallet options are the Achille's Heel of Bitcoin. I thought I lost 4 BTC because I backed up my wallet file, but when i restored it had the wrong addresses. Turns out that instead of using the wallet that is in the bitcoin folder, I had to go back to the old hard drive and find the wallet file inside c:\users\$user\AppData\Roaming\Bitcoin and copy it over. Luckily, I was also able to copy over the blockchain so I didn't have to leave my computer downloading the blockchain for the next week, or torrent the blockchain over several hours.
Things bitcoin needs:
1. physical hard wallets that you can carry with you to make purchases easily. Maybe like a credit card sized object with a QR-Code or something, you just scan it and type in your password, scan your fingerprints or eye, and voila.
2. A better means of storing the records. The blockchain is over 9 GB already.
3. A means of reconciling valid transactions that occur on either side of a fork, in case a region is isolated from the Internet, so transactions that occur there do not get reversed by the larger network once they re-establish contact.
4. Use Satoshis and use three-digit groupings, including groupings of digits right of the decimal point, for human readability.
Wait wait wait... You mean to tell me that block chain grows? And fucking 9gb how the fuck are you going to store them when they out pace the size of hard drives.
Each block in the chain contains verified transactions and is hashed to the previous block to make an unbroken chain, so it has to grow.
Other than simply going blockchain-less (which introduces some counterparty risk because you have to trust a third party to report the state of the blockchain to you accurately), there are already solutions proposed to prune the chain in the reference software so you don't need the whole thing.
9GB for the fully validating client. My phone certainly does not have that resource-wise but I spend bitcoin at restaurants and sell person-to-person with no problems... Mycelum or Bitcoin Wallet for Android. Multibit or Electrum for lightweight PC wallets.
Android and Java both concern me from a security standpoint, as do cellphones in general. Web wallets or services that rely on a centralized third party are also not so great. Maybe as secondary wallet, with only $100 on it at a time would be ok.
Aye, carrying too much BTC on my phone concerns me as well. But for a different reason. Pubs are starting to accept BTC.
You do realize that 1 Terabyte drives are becoming the "norm"?
That's 1,024 Gigabytes, STANDARD. I don't think we'll have a problem here, not at the ascending rate of storage densities and new technologies.
You realize that hard drives have only doubled in capacity in the last ~3 years, while the blockchain is increasing in size at an ever-faster rate?
Agreed... Hell, I even work in IT and the idea of installing the wallet, dealing with the 9gb blockchain, synchronizing, etc totally turns me off of even wanting to install it. I installed Litecoin, laughed, and then uninstalled it.
Anyone who isn't a hardcore IT person is never going to even think about using these crypto currencies unless they are as easy to use IN REAL LIFE as FRNs or credit cards. Aka, it's going to need to require zero effort to use, if it ever is going to achieve mainstream recognition.
But I understand there is 8 decimal places or something........
What's the point of making it 21 million individual bitcoins * 8 decimal places out instead of that many individual bitcoins?
It seems to be based on deception: Your one bitcoin is worth gadzillions more sounds better than your bitcoin is one of gadzillion gadzillions.
One exchange has already switched to selling mBTC because BTC is too expensive for most people to get into, psychologically speaking.
I guess I understand why they didn't think people would want to key in transactions for 30,000,000 satoshis in order to buy a coke, though.
Some say each unit you buy now is really 100 million bitcoins to be divided after some future date. Others say 1 bitcoin is divisible to fractions of a bitcoin.
It's like if the fed had planned printing a quadrillion dollars total and not a single extra one ever, there would be dollar scarcity.
I neglected to put the sarc tag on that one.....
Sarcasm is meant to tell people apart; if you tag it, you'll never know...
+1
Yeah, everybody said the same thing in 1929 too... Hugh.
Now do the math on the (infinite) number of similar such "coins" you can create.
"21 million coins, 6 billion people... you do the math."
Did, with Gold, no Cigar so far
What the fuck is going on with people? Has every one lost their fucking mind?
The simple answer...
Yes, they have.
THEY HAVE A MIND?!?!
I thought they where just all dumbasses...
If you've been paying attention, you already know the answer.
The diffence is today, it's state-sponsored insanity.
"What the fuck is going on with people? Has every one lost their fucking mind?"
As ZH has fondness for the Mugatu:
Do you feel like you are taking crazy pills yet?
Can he resist pushing the the shiny candy-like red button?
http://youtu.be/1jjN-H62U64
Life has become one big fucking herd.
Cold Storage Isn't So Hard..
But the network will probably lose millions of bitcoins to retardation.
If I were to have to make a living out of OPM , why would I care about fundamentals ? Trends were my kite flying...
Marisa Tomei is trending on Yahoo but I'm not going to invest in her.
If it were a decade ago, I certainly would have.
I would today, tonight, tomorrow and every chance I got.
HAHAHAHAHA !!! LOL !!!
This reminds me of the story here on ZeroHedge a few weeks back about the lady who was trying to buy some Twitter stock on the day of the IPO. She said that she'd missed out on Facebook and was not going to let that happen again. Her only reason to buy was "because everybody was talking about it."
Congratualations sheeple.....this is who you hire to invest for you.
I can't WAIT for you shit heads to get FLEECED and GUTTED for dinner.
BAAAAaaaaa BAAAAAaaaaaa.
Captain Smith: "First Officer, don't tell me we are headed toward danger. All I care about is the trend and Titanic is trending toward New York at full speed!"
"This is the Titanic, goddamnit. Its the icebergs that should be afraid."
Love how Hugh Hendry is midas when his thesis AGREES with ZeroHedge, and when it doesn't - he's a simple minded fool that somehow is making a HUGE mistake.
Which is it, ZH? Or is this just another example of your selective stance towards financial reality. When the market is up - its bullshit - when it goes down 100 points, its going to HELL VERY SOON.
Damn man, pick a side and be consistent, will you?
It's the volte-face by Hendry that's causing the derision here.
This guy has pretty much made his name in opposing the consensus for the last 5 years, using the fundamentals in all of his 'bearish' arguments against QE and the rise in the American stock market which all stemmed from being one of the few money managers who actually did their job in the 2008 blowup.
Now, with no positive change in the conditions he's railed against for so long, the man has abandoned the rationale he's used for the whole of his career and is now is reduced to being a mere trend follower.
ZH readers now know that a once respected dissenting voice has been captured and all the amusing youtube put down videos amount to nothing. If it wasn't enough to lose one of the people who spoke some sense in the sea of bollocks that is produced in his field of practice it would also appear that given his timing this may make him the modern day Irving Fisher which means smug fuckers like Jeffrey Sachs will be having a good laugh at him when he blows up his fund on the way down.
Hendry, despite his smug attitude, is a smart guy and trend following is an ignominious position to end up in. ZH readers know that if someone like Hendry is reduced to this it means people who think like him are beaten too.
There's no fever like bitcoin fever.
more cow bell
Good for Hendry. He is late but he is early for the Bass etc crowd. They will all come out and say the same thing eventually.
Bass can still play a Yen depreciation and cover his mouth on equities. If the USD/JPY goes to 115 or higher he will still look like a genius...and have a heckuva tan.
He is 2 years away from Jim Rickards hair and we both know it.
Only 2?
Sorry looks like I missed a memo...
"Hayman Capital Management LP, the Texas hedge fund led by the outspoken Kyle Bass, said Wednesday it foresees at least a 40% increase in the share price of General Motors Co. GM +1.70% over the next 12 to 18 months.
The thesis is based on the assumption that the U.S. government sells its remaining stake in the automaker by the end of 2013, and that GM is likely to issue a divided or conduct a stock buyback at some point in 2014, according to a Hayman presentation.
GM shares were up 3.25% in midday trade, at $39.39. Hayman said the price could climb to $57.
"Hayman believes that GM equity represents one of the most compelling risk/reward situations of any large cap in the world today," the hedge fund wrote.
The Treasury Department said last month it planned to sell its remaining 31.1 million shares in the Detroit auto maker by year end, the final step in winding down the 61% stake it took with taxpayer money at the height of the global financial crisis, according to the Wall Street Journal.
Hayman posted its GM analysis to Harvest, a social networking site for investors that launched last month.
A Hayman representative didn't have an immediate comment regarding the firm's investment exposure to GM."
Time to pull out a home equity loan and plow it into a 10x leveraged Bitcoin EFT!
Casinocoin