from Hacker News

Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether

by AroundTheBlock_ on 4/21/17, 11:14 AM with 148 comments

• by T-A on 4/21/17, 2:34 PM

  The actual quote is "Ten percent of my net worth is in this space", said at the "Blockchain Disruption" forum [1]. A reasonable interpretation would be that 10% of his money is in blockchain companies.

  [1] http://www.hbscny.org/s/1738/cc/index2.aspx?sid=1738&gid=4&p...

• by jeremyt on 4/21/17, 3:23 PM

  The people in this thread hating on crypto are missing the point.

  Complaining that you can't go into CVS and buy something with Bitcoin right now is like complaining that all you can do with the Internet is send "electronic mail", which nobody reads, in 1990, or like complaining that Facebook is nothing but a glorified campus directory in 2006.

  The truth is, you can't buy things with Bitcoin at CVS because the technology isn't there yet. Right now, Bitcoin is suitable to be digital gold, but with a much higher possibility of return because it's a new asset.

  In a couple of years, the addition of the lightning network on top of the Bitcoin network will enable you to buy things at CVS.

  Right now, buying Bitcoin is like making an angel investment.

• by xapata on 4/21/17, 1:40 PM

  > [Novogratz] recalls that Buterin, ... showed up late, which struck him as shocking -- and a bit ballsy. He figured it was worth paying attention to Buterin.

  The lesson is to be impolite? I think I saw this in an episode of Silicon Valley.

• by kolbe on 4/21/17, 1:39 PM

  Has anyone noticed the disparity between how many articles get written about btc's price, and how little gets written about its real-life uses and benefits?

• by magma17 on 4/21/17, 11:27 AM

  "Novogratz ranked #407 in the March 2007 Forbes list of world billionaires with a net worth of $2.3 billion [...] By 2012, after the decline of Fortress' stock price, his net worth had shrunk to $500 million."

  following the tendency, he may be a hobo right now.

  10% of 100 bucks, probably

• by atemerev on 4/21/17, 12:37 PM

  Not a billionaire, but also trying to keep some percentage of my net worth in cryptocurrencies. Worked great so far. 10% seems to be about right.

  (I have much more trust in blockchain than in government retirement schemes).

• by dmix on 4/21/17, 2:32 PM

  I was reading his Wikipedia and apparently it was his sister who started Acumen, the non-profit VC firm: https://www.wikiwand.com/en/Acumen_(organization)

  His brother has a TV show too: https://www.wikiwand.com/en/Robert_and_Cortney_Novogratz

  Talent runs in the family.

• by martinrue on 4/21/17, 5:08 PM

  I'm surprised there's no mention of Dash in the comments yet. Having spent some time researching different crypto currency technologies with regards to becoming a better, decentralised payment network, Dash is (in my opinion) a far better Bitcoin.

  It's also the first example of a functioning DAO. The organisation is funded entirely by the blockchain (new blocks reward the miner, the master nodes, and fund a treasury). It has a second network of 'master nodes', which are collateralised and incentivised to provide security and additional features to the network, including Instant Send (really fast confirmations).

  The most impressive thing is that it's already positioned to make decisions about future changes by way of master node voting, so it doesn't suffer from the same issues Bitcoin does currently, where proposed changes have no means to be agreed and actioned quickly.

  I'm really impressed with Dash and I hope it gets more attention.

• by no1name on 4/21/17, 2:36 PM

  What are the first 2 innings in the digital asset revolution? He says Bitcoin is the 3rd.

• by catenthusiast on 4/21/17, 12:15 PM

  Something tells me he won’t be a billionaire for long.

• by Chaebixi on 4/21/17, 3:15 PM

  Too bad for him the future is in Dogecoin.

• by mnw21cam on 4/21/17, 12:02 PM

  "Your video will play in ..."

  Really? My video?