Imagination: "If You Can't See Bitcoin at $320K You Lack Imagination"

Imagination has taken hold Tyler Winklevoss and Cameron Winklevoss. The twins are still fired up about bitcoin.

“Cryptocurrencies aren’t really important for human-to-human transactions... but when machines-to-machines trade economic value, they are going to plug into protocols like bitcoin and ethereum,” he explained to CNBC. “

His brother, Cameron, says bitcoin will one day be worth 40 times today’s price, which is currently just over $8,000, thanks to a double-digit rally.

“We believe bitcoin disrupts gold. We think it’s a better gold if you look at the properties of money. And what makes gold gold? Scarcity,” Cameron said. “Bitcoin is actually fixed in supply so it’s better than scarce … it’s more portable, its fungible, it’s more durable. It's sort of equals a better gold across the board. We think regardless of the price moves in the last few weeks, it’s still a very underappreciated asset.”

Neither Cameron nor his brother put a specific timeline on the prediction during the chat, but they did say they’re taking the 10-to-20 year view.

The Winklevoss twins were hailed as the first crypto billionaires, after riding the hype and creating an exchange that processes $300 million in daily transactions. The brothers are currently No. 4 on the Forbes list of wealthiest players in the space, behind the Binance CEO Changpeng Zhao.

Bitcoin a "Better Gold"

What a hoot. As long as we are imagining things, let your imagination feast on this: Bitcoin and All Existing Cryptocurrencies Headed to Zero.

These fanatics seem to have unidirectional imagination. I offer a pair of musical tributes.

Just My Imagination

Lookin' Out My Back Door

​Just got home from Illinois lock the front door oh boy!
Got to sit down take a rest on the porch.
Imagination sets in pretty soon I'm singin'
Doo doo doo lookin' out my back door.
There's a giant doing cartwheels, a statue wearin' high heels.
Look at all the happy creatures dancing on the lawn.
A dinosaur Victrola list'ning to Buck Owens.
Doo doo doo lookin' out my back door.
Tambourines and elephants are playing in the band.
Won't you take a ride on the flyin' spoon?
Doo doo doo.
Wond'rous apparition provided by magician.
Doo doo doo lookin' out my back door.

Now that's imagination.

Mike "Mish" Shedlock

What if I can see bitcoin at $305,000, but not $320,000? Would I still lack imagination? Actually, I can see bitcoin at three cents and gold at $2,000. I don't know if that's imagination, vision, typhlosis or - more likely - confirmation bias. But, I so hate the current rhetorical habit of couching all opposing views as idiotic, racist, or - in this case - 'lacking imagination.' I suspect most people who regularly resort to this are often insecure in their views- or projecting - , but, I don't want to be hypocritical and call them all cowardly hypocrites.

So Bitcoin is good for machine to machine transactions. And yet it currently takes hours to do a single Bitcoin transaction. And they can't see a problem here?

"And what makes gold gold? Scarcity" Seems the limitless net has reached its limits...

Four crashes of Amtrak trains in last two months. I am trying to use my imagination to imagine a train system that is on time and safely operated but all I
keep getting is alternating images of a fascist Italian dictator and Elon Musk imploring everyone to “stay off the trains!”.

Yes, bitcoin is better than scarce, but there's no barrier to entry. There are thousands of other crypo currencies already. Meanwhile, in a digital world gold is not a good currency either. It's jewelry, mostly, and people love it.

I can easily imagine the value of the US $ going to nearly ZERO, so yes, Bitcoin could eventually reach $320,000 or even higher.

Current block chain has revealed it flaws. I imagine artificial intelligence will have a major impact on payment systems in tomorrowland.

For over 2.5 billion people in the East (China, India and the rest of this region), Gold is the one and only true asset that retains value since the beginning of time.

Meanwhile, CNBC see bitcoin at $50,000, not 10 years out, but this year. As for seeing Bitcoin at $.03, I can imagine a lot of things, but that isn't one. The transaction cost is too high. If Bitcoin falls much under $100, it will go to zero as there would be no point transferring it anymore.

Commenting on things we really do not understand often does not turn out as we planned, that is why I avoid it.

"If You Can't See Bitcoin at $320K You Lack Imagination" I can see tulips at $320K.

Aside from possible government use (where lack of anonymity and secrecy would be a clear benefit to all those government supposedly “serves”), the value of a crypto currency without a strong anonymity story, will likely go to zero.

The whole initial purpose of, and excitement about, Bitcoin; was known-to-all supply AND anonymity. The former effectively preventing theft by debasement, the latter of theft by direct robbery. Combined, preventing theft, period. Which really is something to be excited about.

The way computing power improves, if anonymity is weak enough to currently allow the NSA/Secret Service/The entirety of the worlds’ mathematicians and computer scientists availing themselves of every supercomputer available to break the anonymity of someone who puts a public contract on the head of the US President and pays on it; 10 years from now any potential kidnapper, ambulance chaser, taxfeeder and gold digger will have access to the same computing power and algorithms, and will know exactly how much money every one of their potential victims have and have spent on what where and when.

It’s not like cash and physical gold, where the “big guys” can muster up (largely manual, physical and distributed) resources to deanonymize threats to the President, without similar resources likely to ever be available to some slimy ambulance chaser nor kidnapper on the make. IOW, in crypto space, you either have provable anonymity, or you don’t. And if you don’t, your crypto currency simply will not serve as a viable store of value for anyone, no matter how strongly you “believe” it “will go up, up, up…”

Good grief, Mish. I think you've made a new low. You know the bond bubble is going to pop, and acknowledge you have no alternative to the current fiat/debt-based system. Yet, you scoff at anyone that can imagine an alternative that has the potential to be better than what we have, and could at least prevent a Mad Max event.

If you have no imagination, you should simply shut up and let the visionary entrepreneurs, which are filled with imagination, do their thing. What's the downside? Oh ya, clients might find a more productive use for their assets.

I don’t spend gold. I’ve spent bitcoin. Bought lots of stuff. Technology allows crypto instant transfer to fiat OR you may prefer to hold if you want. Try make my change for a gold coin at a bank. Crypto can do both. Believe what you want.

And seriously, imagine attaching a stock certificate to a crypto like ethereum. YOU GET TO HOLD IT AGAIN!! You may be able to trade it on a decentralized exchange and write contracts to automatically pay dividends.
Imagine all government spending on the blockchain where everyone sees where every cent goes!!!! You have no imagination no master how many 60’s and 70’s music videos you post.

Heh bitcoin buyers, buy my Idaho pet rocks. The new currency and luck charm