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Forums - General - Winklevoss Twins: Bitcoin Worth at Least 100 Times its Current Price

FrancisNobleman on 13 November 2013

Winklevoss Twins: Bitcoin Worth at Least 100 Times its Current Price

Read more: http://www.entrepreneur.com/article/229900#ixzz2kXfq2afe

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The Winklevoss twins are screaming bulls on bitcoin.

 

Cameron and Tyler Winklevoss—big investors in the digital currency—said Tuesday that bitcoin should be worth at least 100 times more than it's valued today.

"The small bull case scenario is a $400 billion market cap. So the market cap is around $4 billion right now.," Tyler Winklevoss said in an interview at the DealBook conference that aired on CNBC's "Squawk Box."

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The twins, who famously battled Mark Zuckerberg over the origins of Facebook, started buying bitcoin at $9. Their investment was worth $11 million in April at $120 per coin.

After a sharp drop, bitcoin has surged into record territory again, hitting $385 in early Tuesday trading on Mt. Gox—one of the many exchanges for the digital currency.

Cameron Winklevoss said he views their investment in bitcoin as a gold 2.0-play but also a bet on the technology: "The idea that payments are increasingly going to use a network like the bitcoin network to move money around the world."

The Winklevosses want to create a bitcoin exchange traded fund (ETF), accessible to all investors. "We filed an amended S-1 in October. And we're just still going through the process," Cameron said.

He explained how bitcoin works: "Miners mint bitcoins every 10 minutes. It's basically a computer algorithm." He said the computers built to mine are so specific "you couldn't really do it as a hobbyist."

Bitcoin was created by Satoshi Nakamoto, a pseudonym, Tyler said. "We don't need to know him because it's based on ... trust in cryptography, not trust in individual."

As for what regulators in Washington think about bitcoin, Cameron said, "I think everyone recognizes the innovation and doesn't want to stifle it. They just want to make sure there's healthy regulations so it's used in a safe and productive manner."

Last month, bitcoin plunged after U.S. authorities shut down the Silk Road site, an accused online purveyor of drugs and other illegal services. Bitcoin had been hit by the perception that it was used primarily for transactions on Silk Road, and many had expected demand to dry up after the website was closed.

But Tyler Winklevoss said those concerns were never realized: "Prices are double what it was before Silk Road was shut down. So the demand to use bitcoin for illicit activity was clearly almost zero."

Mainstream merchants are slowly adopting bitcoin. Cameron pointed out that e-commerce platform Shopify announced it will accept bitcoin, and so has China portal Baidu.

The digital currency has even made steps into the physical realm, with ATM manufacturer Robocoin launching the first bitcoin ATM in a Vancouver coffee shop



Read more: http://www.entrepreneur.com/article/229900#ixzz2kXgCB6km



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FrancisNobleman on 13 November 2013

I'm a bitch for this digital cryptocurrency.

I'm not on it yet because I'm waiting for a dedicated ASIC miner to be reliably sold and works as advertised, unlike the latest butterfly labs asic miners that are a totall rip off and deliver less bitcoin-per-kwh than actually advertised.

On the next drop bitcoin takes I might invest about 300€ on this and see where it goes.



DamnTastic on 13 November 2013

yeh it's crazy. I've been trading bitcoins the entire weekend.
Me and a friend are looking to start mining bitcoins, but we need a decent graphicscard



fps_d0minat0r on 13 November 2013
DamnTastic said:
yeh it's crazy. I've been trading bitcoins the entire weekend.
Me and a friend are looking to start mining bitcoins, but we need a decent graphicscard


would be great if everyone could use their old ps3's to make a massive network like folding@home and then share what they make =P

as far as i know, whoevers fastest at mining the 'bitcoin' gets it and then the process starts over again....though i may have got it completely wrong since ive only briefly read on bitcoin.



Mr Khan on 13 November 2013

A currency is worth what it's worth as long as it's freely convertible into other currencies (when artificially held rates are in play, the matter changes). While i'm often skeptical of the idea that the free market automatically sets the fair price, that is definitely the case with unhinged currencies.



Monster Hunter: pissing me off since 2010.

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DamnTastic on 13 November 2013

anyone knows a good price/quality graphics card for mining? :3



Kasz216 on 15 November 2013

 

Really, bitcoins value is largely just based in the hopes and dreams of libretarians/techno anarchists.

If bitcoins ever got near in value to that price target, the governments of the world would shut that shit down faster then you can blink an eye.

 

You can already see many countries manuevering to do so by writing reprots and suggesting that such digital currencies exist almost soley to launder money/do illegal activities.

 

While great and fun in small doses, it'd get crushed if it gets to large, it'd be just too dangerous a factor in the mind of the big governments.



fatslob-:O on 15 November 2013
DamnTastic said:
anyone knows a good price/quality graphics card for mining? :3

Whatever you do stay away from the nvidia cards. (Their known to be shitty miners and plus I would rather start at litecoin seeing as how it's more memory intensive so that ASICs won't compete with GPUs. If your mining bitcoins then I'd rather go for an ASIC than a GPU.)



Daisuke72 on 15 November 2013

Funny story, I used to have bitcoins a few years back for Silk Road, ended up spending them all on Adderral, Jesus I'd be making a killing if I held on to some....