Winklevoss Twins' Bitcoin Presentation at the Value Investing Congress ~ market folly

Tuesday, September 17, 2013

Winklevoss Twins' Bitcoin Presentation at the Value Investing Congress

We're posting up notes from the 2013 Value Investing Congress in New York.  Next up are Tyler and Cameron Winklevoss of Winklevoss Capital.  They gave a presentation entitled "Bitcoin: The Internet of Money."

The Winklevii Value Investing Congress Presentation


Harvard undergrad, Oxford Masters.  Opened saying they were not here to talk about FB.


Basic explanation of it.  Creator: Satoshi Nakamoto: a 36 year old Japanese man, left 80k pages of post, 39k lines of code.  No trace of who he was as a person. Could be a group of people, British style or English.  Did not identify with any group, or political thought.  Engineer type frustrated with an economic system that crashes often.  Could be arrested for creating a currency in the US.

Current cap is $1.5B. 

"Root problem is all the trust that is required to make the system work."

Fixed supply of Bitcoins, mined until 2040.  21M coins, each about $140, can divide it.  It's never been counterfeited.  Bitcoin does not have widespread use.  Compares to Cyprus banking issues - bitcoin doesn't have this issue.  

You can save bitcoins in your brain with a multi-word password.  Countries with more inflation have higher bitcoin premium.  China is the most active on the Bitcoin network.

They are trying to do an exchange-traded fund.

Every transaction from the beginning of Bitcoin is traceable, on the public ledger.  Can't shut it down because it's decentralized.  Even in US regulates it, it's still a protocol. 
They say Bitcoin is volatile because it's a new currency, not due to the idea - over time the price will stabilize. 

Be sure to check out the other presentations from the New York VIC here.

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