Re:Bitcoin and the Byzantine Generals Problem
by cdixon on Sunday December 15, 2013 @11:33PM
(#6912903)
Yes, our investment was very publicly disclosed on my blog, Coinbase's blog, and multiple news sites. Also, I was posting positive things on my blog about Bitcoin long before I (or a16z) had a financial interest.
I am interested in Bitcoin as a new payment system / economic protocol for the Internet. I don't think people should buy Bitcoins for speculative purposes. On the other hand I'd love to see more developers build things on top of the Bitcoin protocol. My job is to invest in new technologies and I believe Bitcoin is one of the most interesting new technologies in the past 20 years.
Re:Bitcoin and the Byzantine Generals Problem
by greyman on Monday December 16, 2013 @03:43AM
(#6913553)
> I don't think people should buy Bitcoins for speculative purposes.
Why not, if you suppose that its price will go up?
Re:Bitcoin and the Byzantine Generals Problem
by greyman on Monday December 16, 2013 @03:56AM
(#6913585)
Yes, indeed. It is quite difficult to stay neutral when you invested into bitcoin. But it is also true the other way - some people have vested interest for bitcoin to not succeed, and are making statement to mainsteam media, which are not based on a rational understanding of this new technology.
So this is how it goes. a16z invests in Coinbase, so cdixon posts supportive posts regarding bitcoin.
We can now safely expect more and more HN readers to buy bitcoins because of the fear of missing the bitcoin train, and bitcoin detractors will soon look like iPhone detractors in 2007. That means that no matter what the value of bitcoin is, you should buy some, because the whole SV is soon going to be on it.
For the fist time on HN, a significant part of what hits the front page are posts about an asset that you can buy simply, and will likely make you a millionaire in a couple of years without creating any value. This is as great as it is sad. Enjoy it.
Make us long time holders rich.