Bitcoin Fireside Chat with Chamath Palihapitiya - Coinsumm.it

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Fireside Chat with Chamath Palihapitiya
Moderated by Brad Stone

[@yoyoflow09]

This man was obviously ahead of his time

[@akathetruthteller]

yea, he made 200 Millions investing in crypto...

[@shanetwomey4403]

@@akathetruthteller he made a lot more than 200 million... a lot more.

[@GaganPathry]

True

[@JeffSchreiber99]

I watched a recent interview with Chamath at Stanford University. Really good and engaging. He said 2 things which could be applied to us all and should be remembered when viewing this dated yet excellent talk about Bitcoin. 1) When asked about something, it’s best to say “I don’t know” if that’s the correct answer. And 2) It’s not a bad thing to say, “I’ve changed my mind."

[@dipitmill]

Wise words:)

[@dboiblank5321]

Damn if only UA-cam recommended this video 4 years ago

[@gurdas]

One of the smartest dudes in Tech and financial world right now

[@dbassociates9744]

one of the smartest dudes in all financial markets period!

[@laed3520]

I'm a Canadian. I am soooooo proud of this man and what he is about & what he is up to. Huge Fan. Go Chamath Go!!

[@sybmundy6223]

I love watching his old vids and comparing it to now he is spot on !!

[@royfrancisco4889]

Now, June of 2019., Chamath was exactly right in 2014 what he said about Facebook creating a crypto.

[@shawn9826]

His 100,000 bitcoins at $300 back in 2014 worth 1.35 billion today

[@DJ_MH_Remixes]

Shawn begin 2013 was the BTC price around $12 😁

[@bossgd100]

More !!

[@matthewjoseph7671]

I am truly AMAZED by this man's RAZOR SHARP INSIGHT . I have a feeling that he will replace Warren Buffet as the ORACLE

[@Linkie-link]

We all know what the true oracle will be.

[@consultSKI]

Love that he calls "bullshit" on existing fees to transfer money to friends and family.

[@JackJackKcajify]

no you fuck face. he said its bullshit that people are getting robbed in at the entrance to where they withdraw money just because its a physical location where criminals can do that. hes implying bitcoin stops physical necessity when conducting transactions

[@GaganPathry]

@@JackJackKcajify Why was it important for you to abuse there, it was just not required!

[@JackJackKcajify]

@@GaganPathry friend, you will meet many idiots / trolls / people who DONT GIVE A FUCK ABOUT WHATS REAL OR WHATS RIGHT. these people dont deserve anything less than than a hostile explanation

[@sandeepvk]

why am i seeing this video in 2017 ? !!! Damn I could have bought more bitcoin

[@DJ_MH_Remixes]

Shamindra De Zylva true.... almost 2020 now. I was start buying begin 2019. Wish i had buy far in history but for now im for 100% into the Blockchain 😇

[@IAmAllThatIs]

Yeah sadly UA-cam suppressed the video. It's only now you see it in feed

[@bossgd100]

See you in 2021 :p

[@norrismasters2629]

Watching this in 2019 BTC at $7200, I only wish I watched this guy in 2014! Man, very intelligent and right on point for Bitcoin back then.

[@ponder2006]

I wish I watched this in 2014. Still good perspectives

[@turbokrypto7875]

Why im watching this in 2020 ? youtube algoritm sucks

[@bossgd100]

I watch in 2021

[@ke7in375]

What's surprising is that the content gives me a feeling of this video just took place recently although it was from 4 years ago

[@zwriter3658]

I like that he does not look like the stereo typical Hedge fund guy

[@anotherbyteinc]

this guy knows his shit

[@akathetruthteller]

damn, i was late to the party, had i watched this shit i would have become multi-millionare

[@punkwarlord]

The guy has Math in his name...

[@xanthirudha]

hahah that ıs a nıce catch

[@wayneatwood6561]

OMG. How great is this man !!!

[@CraigPhillips5446]

So at the time of this talk in 2014 they had 100k bitcoin. As of today (Dec 12, 2017) that's worth $1.69 billion.

[@average_pedestrian]

If you watch his 2017 interviews he admits he (and other super early adopters) have sold some in the subsequent years, but he almost surely still has a significant accumulation, or he might have bought in again at price higher than what it was in 2014

[@mrchocolate4eva]

Fuckkkkk! If only i invested in bitcoin instead of buying my lambo.

[@Playingbyear]

What a geezer Chamath is. I've never come across him before, but I like the cut of his jib.

[@roccinante8470]

OCT 2018: 4 years later, he is still largely right. bet on bitcoin, altcoins are mostly shit, smart contracts have potential, price changes are irrelevant in the short run.

[@justinweisz1185]

Chamath is the Man!!! Love this guy

[@BlackMagic553]

Wonderful video. Wow he's brilliant. I'm so excited to be a Bitcoin and Litecoin HODL'er

[@xanthirudha]

Why didn't UA-cam put thıs video on my suggested list 3 years ago . Why did I watch Spirit Science instead

[@carlosmonkee]

Me too bro!

[@IAmAllThatIs]

Well me too. I guess they suppress the video

[@stratometer]

I need to give this 100 thumbs ups

[@IvanRaszl]

He's right! I applaud for him to be so honest.

[@IAmAllThatIs]

Hope you bought ;)

[@wegivecoins2033]

ua-cam.com/video/APbAWtNjUD4/v-deo.html

[@dallasirushing]

They said he owned about 100k Bitcoins at the time.
In March of 2014 Bitcoin was around $590 per coin.
That = $59 Million
If he held that position up to today, Bitcoin is as of today at $3,336 Per Bitcoin.
That = $336 Million
Pretty cool way to make almost $300 Million in 3.5 years.

[@kararal-mamaar4019]

Ahhh... I think that $59 Million is actually worth over $1 Billion today since it passed $10k per coin. So ~$10 Billion in profit in 3 years of just waiting excluding all the coins he bought after 2014. And by him supporting Bitcoin while he is a mentor and role model for many, he is driving up the cost indirectly. Smart.

Hoovering around 10K..WOW. I just got into crypto 2 months ago. Got two ICOs. Invested 5K into ICOs and lending programs. Currently sitting on over $40K

[@clayg5739]

LOL!!!!! 17,856.99 X 100,000
1,785,699,000!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[@nubianprincesslife_love_la2428]

He was on a financial show recently in which he indicated that he had sold some, not sure how much and is still advocating buying 1% of your assets in Bitcoins; although admitting there are risk. So don't invest more than you can risk to lose, given your financial capability.

[@joeysipos]

Clay Gallardo holly shit that dude is a bitcoin billionaire!!

[@Kevin-xs8xn]

Some notes from this talk...as usual awesome stuff from Chamath:
* as of March 2014: owns ~100K coins and buying more
* bitcoin as an asset has more upside potential than companies working on protocol
* most exciting areas: smart contracts, triple-entry bookkeeping/accounting
* "there’s always a lot of early adopter bullshit that will get flushed out"
* bitcoin classified as property is good - can help structure incentives like tax-avoidance which were previously only available to the rich
* retailers will want to adopt it: currently pay $250B in credit card fees, with bitcoin will be able to better prevent fraud
* "single highest beta investment opportunity in our lifetime"

[@aigen-journey]

Those bitcoins, as of December 2017 are now worth more than all the other assets Social Capital owns.

[@shawn3610]

chamath said in his recent cnbc interview that he sold most before the recent spike, but obviously made a lot

[@ChristopherWice]

Gotta love the new net. #gottalovebitcoin

[@MM-nw6bx]

This guy already envisioned "LIBRA" 6 years ago.

[@558822zz]

Exciting video! I've been following Bitcoin for over a year now, and it's already grown so much. I love watching the network slowly develop. Viva Bitcoin!

[@chang-jungkarki1684]

You may have been a millionaire right now, then. How is it working for you?? :o :o

[@IAmAllThatIs]

Haha just his name says a lot about how many BTC he has :D

[@wegivecoins2033]

ua-cam.com/video/APbAWtNjUD4/v-deo.html

[@therunkumar]

This interview is gonna age really well and feature in lot of documentaries. Hope my comment features as well.

[@tcyk]

1%? 100 bucks?

[@superresistant0]

What was the exact date this talk was made ?

[@Pedrooo317]

WHY DIDN'T I HEARD THIS IN 2014?

[@larrywatson30]

Tupac shakur

[@carlosmonkee]

Brother you right!

[@carlosmonkee]

Where and when did this take place? Thanks

[@negativegains4883]

Holy shit, basically a prophet

[@loanauditscal]

I wonder what Chamath thinks of Libra?

[@BARBARANOU]

Why i didnt see this vedio 3 years back ?! Damn

[@fhoplist]

I wonder what his opinion is on altcoins now? In 2014 I understand the smack talk on the altcoins but I wonder how he feels about them now.

[@BruceMorton]

he still is all in on BITCOIN.

[@DocJohnnyBoy]

Bitcoin is still the king on fundamentals

[@PeresD]

It would be great if that is what it was being used for,but coins are just being bought by very rich investors.

[@LetsGoGregg]

@Chamath Agreed, the founder of Bitcoin is not Satoshi, however the Satoshi that was identifed was not randomly chosen either...he lived very close to Hal Finney. Great chat...thank you!!!

[@legos8423]

It's not really an opinion that the founder of bitcoin was Satoshi. It's a fact that the founder(s) of Bitcoin named themself as Satoshi.

[@MH-ox7lt]

Money is necessary evil True!

[@therunkumar]

This guy has lot more clarity than millions of people combined.

[@rclakmal]

So Chamath basically came up with the idea for Libra in this interview :-D

[@henryzhang9915]

He is much softer on CNBC.

[@carlosmonkee]

The hosts are trash on CNBC

[@Roarzan]

This guy is awesome!

[@dannyl4515]

My man had 100k BTC and counting three years ago. Damn...

[@gagrg76]

DAMN IS RIGHT!!!!!SMH

[@granthardy4195]

bitcoin wont last if these network fees and block times don't get solved. many alt coins solve this problem

[@Aliens-Are-Our-Friends2027]

What a boss

[@blockchaineducatedintervie2714]

'Not any other altcoin'. Disagree. It is 2021.

[@julianharrison9407]

That watch though.

[@songofthefree4677]

Looks like he is trying to create a new bit coin economy, copying the existing economic framework .

[@ericp1139]

Just by his tone, I can tell the interviewer still hasn't bought any BTC and is kicking himself.

[@howtoguro]

He doesn't own the most coins, and I find it hard to believe he doesn't know that.
The guy who owns the most bitcoins is kind of Famous.

[@adammiller3908]

nice

[@avarmauk]

He's going to be the world's first trillionaire. Gonna be Bezos and Musk I reckon. He's possibly the largest Bitcoin holder in the world after Satoshi.

[@alial-nidawi2233]

That, is a stable genius.

[@tarunlalan]

UA-cam showing this on my feed in 2017 when bitcoin is already 15K+

[@MrPUAsteel]

Tarun Lalan well it lower in 2020 hope u been buying

[@bossgd100]

You are rich now ?

[@neonlost]

lost 15 BTC on Mtgox :(

[@d000dez]

BGP, not OSPF. Otherwise, awesome talk!

[@tipoomaster]

"If I send 100 dollars to Sri Lanka, my uncle may only get 70 dollars" same with Bitcoin network fees right now tbh. 20 dollar average. You can go lower but it can get bumped out of the mempool if it's too backlogged.

[@goldfinger490]

the Bitcoin network isn't a complete technology yet. There are features coming that will work to correct things like high fees. Also, this video was from years ago when the fees weren't an issue.

[@tipoomaster]

I know, just a bit painful watching some of these videos now and seeing someone mention 4 cent fees or something, lol.

[@antoniojakobac922]

you don't have a fee if you send from wallet to wallet only from exchange to exchange. create desktop wallets for you founds.

[@dbassociates9744]

I love Warren Buffet and he is our father.of investments.but the father needs to pass the Baton to Chamath the son 5 years from the date of this talk Chamath looks more and more like the new Oracle..starting to think is he part of the team that invented this Coin and is he one of the global spokespersons for Bitcoin as he is doing an amazing job promoting Bitcoin

[@DrAAAli]

He's latest atomic bombing of airlines is legendary.

[@henryzhang9915]

No intrinsic value does not equal no value.

[@underground314]

Henry Zhang there is no such thing as intrinsic value. Humans are value generating, value evaluating beings. Value doesn’t exist within the object. It exists within the human psyche.

[@tyravanleer7521]

WOW! 👏

[@azozytuobe8688]

Modefoker

[@azozytuobe8688]

Modefoker hacker the titanes

[@handanselcuk]

"The single, biggest, high beta investment opportunity of our lifetime" FML why have not i watched this in 2014 (4 years ago) when BTC was @ ~$650, - And hope I wont regret typing this in 2024. (4 years later) Going in @ ~$6,500
The more doors into the same house the better.

[@icoresearchgroup4175]

Hope you HODLed, it's over 9k!

[@bossgd100]

Are you retired now?

[@coleking3286]

I bet he wish he brought bitcoin now the sod @7:47

[@Magerquark]

If you bought a single dollar worth of Bitcoin when this video got uploaded at 26.03.2014 and never touched it until now, you would have 2674 $ worth of Bitcoin

[@dab88]

and now?

[@yushaos]

your math is wrong. it is more close to $45

[@lilpapa7598]

@@yushaos LMAO welcome to the future bois

[@SrGattunni]

Espeque te hackearon el canal de titanes el mismo que sale ahí es el que lo hakio

[@joemama-er3dr]

Is that aziz anzari?

[@junkevin]

No you fucking idiot

[@user-kp5ps7gj8b]

You are moron to ask this

[@adi-kr6sh]

Dude is a guru and tech billionaire genius, he help found facebook

[@tedslife7086]

XRP

[@CheezhOfficial]

17:30 that's when corona dropped

[@tolikfox007]

he was wrong abou trump and will be wrong about altcoins

[@Rubded]

How wrong was he about AltCoins? WOW!

[@omgwizardsify]

He seems like the kinda guy who would have adapted to embrace Alts some time in the last 3 years

[@noahaxtell4784]

90 percent of alt coins will fail. He mostly right.

[@goldfinger490]

alt coins were a WAY different story 3.5 years ago, he was totally right then

[@manunes4598]

video is 3 years old. This guy is super intelligent, he made for sure many milions with altcoins although by now.

[@fhoplist]

Yeah I'd like to hear his opinion now on the alts.

[@allisonnicolejimenezblanco8486]

Devuelvan el canal de los titanes

[@RodrigoAraujoCC]

pretty sure he pumped steem lol...

[@ericsocci3654]

Smart guy. Accomplished guy. Also a BS artist. Not sure how investing in Bitcoin is "propping up" the technology. Did it need propping up? Is it somehow more stable if it's valued at $5000 instead of $500? And what happens if he decides to reduce his position by a significant amount for whatever reason? Is that resulting instability good for Bitcoin?

[@johanlarsson5425]

I agree on everything Chamat says expect, that his uncle needs to pay thugs outside the Money changer in Sri Lanka. I lived there for last 7 years. Never heard of it . More likely his uncle lying and pocket that extra cash forhimself instead of charing with his family. They are good at lying in SL.

[@tongapet]

I have seen American whites lie more in general when compared to Sri Lankans.

[@gihansage]

No he is correct. I send money to my mom once a month through this sri lankan third party money tranfering agent who charges like $15 plus some taxes for every transfer. he just referred those guys to thugs. thats it.

[@dulaw6055]

Agree with you.

[@saladiniub]

He is talking about the banking & other systems like western union who realy charge you & also regulations they governments pin you on

[@colinwinterman]

he offloaded all his into the punters, brilliant, ask yourself are you a punter . I suppose if you've been buying bitcoin for the last two years then you'd be a punter. Watch the derivatives markets, they are not there to pay you!!!!!!!!!

[@sineons.h.9729]

Broh they using ur video to scam people

[@claudiaguerra8084]

Ay parece loco con coronavirus

[@goldnutter412]

Still no ETF lol

[@manu-eq6qh]

ETF's give companies more $ to buy and own. Govs prob accumulating more.

[@andrewdomenitzdmd]

I think bitcoin is not elastic currency and that it maxes out at 21 million of them, and that is a problem. Some are calling it like the tulip bubble.

[@BennyOcean]

You're comparing false scarcity in the case of the tulip bulbs with actual scarcity with Bitcoin. Lousy comparison.

[@andrewdomenitzdmd]

I said, "some people".
There is definitely a condition of scarcity of both things. The Bitcoins are absolutely limited to 21 million of them. When you mine them it uses computing power to build the blockchain and when you get closer to the limit it allegedly takes too much computing power. They may not be able to reach the limit of 21 million because of the limit on computing power.
The limit on tulip bulbs exists. You cant eat tulip bulbs. If you could make unlimited tulip bulbs, how much would they be worth? Besides, that, tulip bulbs were not being used as currency they were an investment mania based on some crazy fad desirability. They looked nice and everyone wanted them for that, then they became more valuable because of demand. Tulip bulbs do not meet the criteria for currency or money. Bitcoins do not meet the definition of "money" either. They are a currency because someone says they are. It is just a fancy technological fiat currency. Without computers, bitcoins could not exist. They could simply disappear one day. If you could preserve a tulip bulb somehow to be able to germinate and reproduce, they would at least still exist. So if you wanted to use them for currency or the basis of a money system, I guess you could.
We live in a world of digitally represented currency and money right now because we made that decision. We are, and have lived in a pure fiat system since Nixon closed the gold window in August 1971. The USA arranged the world to need dollars to pay for Saudi oil. This created a demand for dollars worldwide. This is how we have been able to have the world reserve currency so long. This situation has given the USA tremendous advantages over the rest of the world. We derived these advantages using these central banks who also derived advantages by being protected by the USA.
I say that Bitcoin and the rest of these digitally derived "currencies" will either benefit or not benefit at the pleasure of the USA depending on whether it benefits the USA. Whether you know it or not, in the past every challenge to the domination of US dollars and the international banking settlement system has ultimately been met with force from the USA. If you study the wars we have been in, you would see that it was always about the money and the banks.

[@diegomoralescano3158]

El arruino el canal de los titanes no es una buena persona que le quiten todo

[@Cruise465]

Why did he have to bring up race when talking about remittances? Seems like a totally unnecessary jab at White people. This type of stuff furthers racial division in our society.

[@amishaggerty]

He is a bit racist for my tastes.. alot of resentment against the white man

[@carlosmonkee]

LOL try being a colored man in america

[@autoguide5714]

He always says, he has his bias. But he acknowledge, everyone needs to bring their bias together to resolve bigger issues

[@adi-kr6sh]

I dont think so

[@ckying29]

This man doesn't understand eth

[@harison7778]

This was recorded 9yrs ago. Eth didn't exist then

[@FRkiddo]

This guy is a joke

[@faifar]

you sound like a joker saying that.

[@snois2]

Haven't watched the interview but I guess you're mad cuz ur not one of them early adopters making millions

[@alithelin1234]

Whos laughing now? His 30 million ivestment turned into 400 million lol.

[@wuman888]

You are a joke. Bye loser~

[@martinsmile9396]

hahahahahahahahahhahaha