“Bitcoin has this enormous contingence of really, really smart and sophisticated people who believe in it,” Jones said. “It’s like investing with Steve Jobs and Apple or investing in Google early.” https://t.co/A7F01ISErR
Paul Tudor Jones says that this #Bitcoin rally is still in the ‘first inning’.
Paul believes the unprecedented quantitative easing from the Federal Reserve is setting the stage for inflation to make a grand comeback.
Time to grab some more BTC.
He is an influential and a large scale investor. It is good that a lot of people are getting more and more interested in Bitcoin. People from any field and corner of the world are interested to invest.
Seems to me one of the most exciting times for BTC, with more and more involvement at all levels...individual, institutional, and point of sale! What, maybe just a couple of pitches into the 1st inning.
The flaw in this line of thinking is by this logic a greater version of USD should've replaced USD. But it didn't. Societies seem to have a tendency to highly favor one currency and above others- maybe its the network effect- and the only way to really get people to switch is by force or by providing some new innovation- which bitcoin did. The improvements of these others coins haven't been significant enough to motivate people to consider another coin besides bitcoin in the way that bitcoin made people consider another option besides USD.
You dont just need new improvements. You also need confidence. People need to believe in the investment. At this point bitcoin works, improves upon USD, and people have confidence in it. Convincing people to try some new coin is going to be hard unless it has an extremely different value proposition, like how btc was very different from usd. This new coin is going to have to be very different from btc and usd to motivate enough people to take a chance on it for it to get a foothold and gain some modicum of relevance. Right now, theres just nothing there. Bitcoin solves too many problems well enough that people dont have motivation for what they perceive as minor modifications slightly different value propositions with much, much higher risk and 0 track record compared to bitcoin.
Yes, something will likely come along eventually- but I think the thing you need to realize is the statistical odds that you will pick it are like 1/1000. You'll have to research each coin, experiment with it, understand what it brings to the table, and then decide if its worth your time or not. You would have to go through the code looking for oversights and problems that could be exploited and cause serious problems. The thing with bitcoin is because it's so big, theres a lot of people looking at the code already. And new coins are being created all the time. It would be a full time job. And then some coin you aren't educated on may take off and become the next bitcoin. It could happen.
Another thing is we dont know when its going to happen. it could be 5 years, it could take 50 years, it could take 100 years.
It took a lot to get to this point where so many people have invested in bitcoin that it has something that almost seems to resemble a modicum of stability and society generally seems to trust it. I think the idea that you could anticipate what the next bitcoin is is hubris. It sounds simple enough, but in practice its just not really something that can be predicted.
Right now (and this could change) I feel more confident in btc rising by a high amount compared to the stock market over the next 30 years than in my ability to anticipate what the next coin could be.
Sure theres going to eventually be a new coin. Theres always a new coin. USD was the new coin, now it looks like btc is the new coin. It stands to reason that there will be another coin one day and another after that. and so on and so forth. But its an almost obvious and irrelevant fact. Just cause we know something better will come one day, that doesn't really directly give us any obvious actionable thing to do. Its good to humble yourself by acknowledging that something better will come, but its also important not to let that make you feel defeated and stop you from acting on what makes sense today. One day something new will come and we will cross that bridge when we come to it. But nothing today stands out like bitcoin stood out in 2008.
100% this! Well put. It’s the same with companies and stocks. GE, US Steel, Lehman Brothers were great investments for decades, but eventually they declined. Now there are Tesla, Carbon, and Square. You could not profit from investing in both GE and Tesla in the same decade. The same is likely true for Bitcoin and the next store of value.
The truth is, it's almost impossible to design a better Bitcoin. You can basically only add features that Bitcoin doesn't have, but Bitcoin could add those features itself. And if Bitcoin doesn't add those features, there's probably a reason for that.
Take Monero for example. It's likely the most suited successor for Bitcoin, since it shares a lot of fundamentals with it. And Monero adds privacy and fungibility. Two properties Bitcoin lacks, but likely will never add, because they can only be implemented at the cost of adding complexity to the protocol and some risks. So, even though Monero will likely take a portion of Bitcoin's value, it will always be a little more risky than Bitcoin, preventing it from taking over completely.
Monero only adds a few more features that are really important, but makes it a little more riskier. Then the lack of features in Bitcoin is truly a feature itself. Cryptocurrencies that try to add even more features than Monero, result in even more riskier networks. So, it's almost imposible to design a better Bitcoin. You can basically only invent Bitcoin once.
It's not like bitcoin is not getting updated. (Taproot was just merged into core recently!) It's being done slowly, carefully, and meticulously. I personally don't want a large amount of my money on any other crypto network but bitcoin.
Also, one of the biggest things about bitcoin is its monetary policy -- its protocol. Bitcoin is a one-time path-dependent creation that probably doesn't get repeated again on the same scale. Not everything is about technical
I’m still a newbie and that’s kind of me. I’ve been thinking “so if Bitcoin can do this then why can’t all these other crypto blockchain coins?” I think I’m starting to get it though and intend to grab a whole BTC while it’s still affordable. I know I’ve wasted more than that amount of fiat cash on rubbish in the past so if it tanks it tanks. If it doesn’t I will own one of something that there are only 21 million of, which everyone wants.
What sets Bitcoin's position and value above all is - trust. More people trust it than anything else.
You can't buy trust, you can't fake it, you can't make it appear out of nowhere. You have to earn it. It takes years and years of grind.
Bitcoin has been kicked in the head and maxed out 24/7 for years. There've been multiple attempts to hijack it. It has shrugged all of it off and is stronger than ever.
Nothing, but nothing, will ever earn the same amount of trust.
A two second block time means less than nothing in comparison. This is something altcoin obsessives either can't conceive of, or refuse to, but it's the most important and decisive factor by light years. It's meaningless code without it.
Trust beats everything.
Learn more about Bitcoin. You're not wrong to feel this way, I did before I looked deeper into it. It would be comparable to saying "I think more advanced internets will end up destroying the internet". It's too late for this next evolution, BTC is the platform for internet money unless a fundamental jump happens.
How have 'more advanced coins' done so far? Every alt spews shit about superior technology but so far none of them are much good for anything. There are coins with specific use cases like XMR beats bitcoin in privacy, but at the expense of security, liquidity, etc. It is more likely btc will catch up to XMR in privacy vs. XMR catching up to btc everywhere else. And XMR is the best I can think of that has any significant advantage over btc, the rest are even worse off.
Yes, you’re wrong. Bitcoin was able to grow below the radar. Any new coins that gain traction but lack the network power will be vulnerable to cyber attacks, now that hackers know how to attack.
Bitcoin is the winner
haha. Come on, think bigger.
We still hydrogen gas in the star not even gone through fusion to make heavier elements like carbon and oxygen which could be used to make CO2.
We still the fiery plasma post-big-bang that has yet to coalesce into neutrons and protons
We still the infinite potentiality of zero point energy before the big bang \*\_\*
The 184mill figure is all users current and historic so will be a fair bit larger than current users however it’s still very interesting to see how far bitcoin has penetrated and it has a lot further than you might assume at first.
Here’s how it was worded in the CNBC article:
"I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it's got a long way to go," Jones said on CNBC's "Squawk Box" on Thursday. He first revealed his bitcoin investment in May and he said Thursday he holds a "small single-digit investment" in the cryptocurrency.
His reasoning is not the price. It is that Bitcoin has the "smartest people in the room".
>"But what I learned was and what I was so surprised by is that Bitcoin has this enormous contingent of really, really, smart and sophisticated people who believe in it."
>"I never had a inflation hedge where you have a kicker that you also have great intellectual capital behind it"
He then compares buying Bitcoin people with Steve Jobs like people and how buying Bitcoin is like buying early tech company stock and of course how it is the first inning (we are early).
All the other finance stuff? No Intellectual Capital behind it compared to Bitcoin.
> "But what I learned was and what I was so surprised by is that Bitcoin has this enormous contingent of really, really, smart and sophisticated people who believe in it."
Is that the new coded language for *pedophiles?*
His reasoning **HIS** the price. The intellectual capital he is talking about has never been involved in any way with Bitcoin at all. If he actually did talk about blockchain I would have understood. But BTC? lol.
For him, cryptos are just like the NASDAQ and Bitcoin is the first of the class. I do get his point, as he is an investor looking for returns, but please let's not take his words seriously as everybody knows why he joined the party in the first place.
His claims in that video is pretty tame, he claims that he is personally not a big Bitcoin supporter or believer, his wording is that is not a Bitcoin Standard Bearer, and that his investment is small, single digit (I assume Single Digit Bitcoins).
The funny thing of course is that he makes no claims about the magic of BlockChain or the future of money, just that Bitcoin has some really, really, smart people believing in it.
I don't know him, or his story, so maybe my first impressions are off. Maybe he knew that talking about Bitcoin now that the price is up just means publicity, so he does the whole "Great people in that thing, really great, like Steve Jobs, like early tech".
True, what I don't get is the idea that super smart and resourceful people that have good financial insights are mucking about in blockchain land instead of actually climbing the ranks in the financial markets.
No doubt that it takes genuine skill and talent to do tech stuff in general, blockchain stuff included, but it is not possible to look at how even incredible genius in one field translates to being a great investor or financial advisor.
People correctly assumes that the average hedge fund manager is a lousy software architect despite being smart, hard working and talented, but somehow the idea that passionate tech nerds should be able to be great at finance and have special insights outside of their domain spread.
>People correctly assumes that the average hedge fund manager is a lousy software architect despite being smart, hard working and talented, but somehow the idea that passionate tech nerds should be able to be great at finance and have special insights outside of their domain spread.
Yes I agree with this.