[ExI] Meltdown at Mt. Gox (Bitcoin exchange)

Brent Allsop brent.allsop at canonizer.com
Fri Feb 21 23:47:46 UTC 2014

Hi Gordon,

On Thu, Feb 20, 2014 at 9:55 PM, Gordon <gts_2000 at yahoo.com 
<mailto:gts_2000 at yahoo.com>> wrote:

    Brent Allsop <brent.allsop at canonizer.com
    <mailto:brent.allsop at canonizer.com>> wrote:

    >In  Jan, I abandoned the, till that time unanimous consensus
    $10,000/BTC in 2014 camp, for the Bitcoin will never achieve a
    $10,000 valuation camp... And I've been selling vigorously since then.

    Really? You were the guy who thought the price of bitcoin must grow
    exponentially forever as a result of some mysterious "Moore's Law of
    Bitcoin," and now you're selling vigorously?

No, It's specifically titled "Law of the Crypto Coin" not "Law of the 
Bitcoin".  It applies to the market cap of all crypto currencies.  I've 
always said that a superior to Bitcoin coin is the biggest risk to 
Bitcoin.  But, I must admit that I am very much more in your camp, 
seeing more risks than just superior coins as possibilities.  I figure I 
should have been much more open to your good advice back then.

The idea behind "BitShares" is that coins can be like stocks in a public 
organization, with real money making and distribution potential backing 
them up, like real stocks of a company with PE ratios.  Yet without the 
need of the middle men stock exchanges and brokerage houses.  Obviously 
a coin that can be spent like Bitcoin and is paying real dividends from 
real profits of a company, like a share of a company, is a better 
investment than something that is only a coin like Bitcoin.

I see a day in the near future where all public companies move their 
shares off of the major stock exchanges and go "cryptographically 
public".  When people go shopping, they will indicate what asset they 
will want to pay with, and the sellers will indicate what asset they 
want to receive, and a frictionless decentralized network, like the 
ripple network, will easily and automatically find the most price 
efficient way to move between the two - the buyer and seller not needing 
to be aware of the automatic near free stuff that is going on 
underneath.  And the seller and payer's software will be integrated into 
their accounting system so whatever taxes are mandated will be 
automatically tallied.  You will no longer need to pay a brokerage house 
to keep track of all this for you, and taking an expensive piece of 
every buy and sell.

What possible futures do you see?


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