Seeking Alpha

Andreessen a buyer of bitcoin as Mt. Gox disappears

  • "Mt. Gox has been obviously broken and possibly outright crooked for months, as seen in trading spreads," Marc Andreessen tells CNBC amid the disappearance of the website. "This is like MF Global: Not some huge breakdown of the underlying technology or other exchanges. Bitcoin (BITCN, TUCND) protocol is unchanged and other bitcoin exchanges and companies are doing fine."
  • The price of Bitcoin is off the lows, but remains down big at $491.
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Comments (4)
  • divtra
    , contributor
    Comments (145) | Send Message
     
    This is an opportunity for a long term believer in cryptocurrencies to pick up some Bitcoins.

     

    Even cursory research would have revealed that MtGox was suspect for 3 years and downright dangerously insolvent in last year.

     

    The only question is whether there is another cryptocurrency strong enough to be decoupled from BTC, but so far there seem to be none(Doge, LTC all fell along with BTC).

     

    Only BTC has an eco-system for continued adoption and use. Other cryptocurrencies have a long way to go before they begin to approach BTC. LTC has some developers, Doge has some small scale tipping, Vertecoin has some interesting properties, but there is no whole package.

     

    Short term bearish on BTC, but will add to holdings(all nicely mined) if it drops below $250.
    25 Feb, 07:49 AM Reply Like
  • Tricky
    , contributor
    Comments (1583) | Send Message
     
    Hi divtra. I *kind of* agree. When someone has entrenched themselves as the clear leader, it's hard to dislodge them, you have to be WAY better in some important dimension. And I agree that none of the current competing offerings is that threat to BTC. But I do believe that someone will come up with a step-change improvement on several dimensions (security, speed, usable for other digital goods, etc.) and take over the leadership position.
    25 Feb, 07:55 AM Reply Like
  • sportscliche
    , contributor
    Comments (238) | Send Message
     
    divtra, I think you are mostly right about BTC. I'm concerned about some of its flaws: the massive amount of energy it consumes (and will continue to consume), the increasingly bloated blockchain that will lead to some decentralization, and the non-negligible possibility of a 51% attack. For these reasons and others, I think Peercoin deserves a look:

     

    http://bit.ly/Mr2hBn
    25 Feb, 08:56 AM Reply Like
  • blades58
    , contributor
    Comments (8) | Send Message
     
    Anybody have Pet Rocks for sale ?
    25 Feb, 09:37 AM Reply Like
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