When Bitcoin Hit $100: CNBC’s 2013 Coverage

you know you confiscated a few billion dollars out of private bank accounts and you print a couple trillion dollars and all of a sudden you know what happens people start to worry so out of this worry we have something called the Bitcoin bitcoin is an electronic online digital currency was created about three years ago kind of flew under the radar now it’s starting to actually gain some traction you exchanged your dollars to exchange your euros whatever you go on to these networks and they it’s an accepted currency and it’s zooming and value lately just unbelievable at how much this has taken off and and there are places that are beginning to actually accept this sort of universal digital currency kind of operates in the shadows not regulated but it’s an it’s a total outgrowth of people getting start starting to get worried about these currency crisis debt crises where are these things accepted still not a lot of places I checked out online not a lot of websites that you would recognize but the places are kind of novelty clothing gaming sites yeah wait for it porn some of those places but you know there are a lot of drawbacks are a lot of fears that I’m sure that our guests are going to talk about but this tells you how really insecure people are in this age of debt and currency crises and all the other things that we have going on in the world first I have to give Bitcoin creators credit at least they they know enough not to trust fiat money that’s controlled by our government but we they’re trying to reinvent the wheel and they’ve come up with a flat tire we already have a perfect real form of money and it’s called gold money has to have four elements it has to be very rare indestructible divisible without losing its purchasing power and cannot be increased by Fiat and and bitcoins fail on the first two they are not rare and they are very much destructible had paypal invented Bitcoin we don’t be heralding it as the most important financial revolution since the internet isn’t the credit card perhaps and I guess I would say as for those first two points as to it being destructible and rare I guess I don’t know if I agree with that I mean gold is only rare because it’s physically scarce but Bitcoin is rare because it counts on the scarcity of CPU time and so I think it like why is that so destructibility I think that’s also sort of in question what are the chances of someone coming up with a counterfeit Bitcoin and they present that to an end user and they’re accepting this this phony Bitcoin I guess the chances would be astronomically low and that’s the whole design I mean the way that you the way that you create a Bitcoin is that you basically have to find a larger rare number bigger than any of the other Bitcoin out there and so every Bitcoin the next Bitcoin is even harder to create and so I’d say right now it requires vast amounts of CPU is generally through Amazon Cloud and things like this to create the next Bitcoin so be exceedingly impossible or exceedingly difficult to create so hack so hacking Bitcoin could be a problem but what about someone coming up with a counterfeit that end users don’t recognize as being counterfeit and then of loading the purchasing power of all just yeah you guys I guess one of my concerns here is – is that you know there’s a lot of stories about drug dealers using these kind of things and I think it’s just a matter of it’s not regulated it’s not controlled the whole the whole Bitcoin market is about a billion dollars it’s a novelty for the Geek Squad I can assure you if these became well promulgated then the US government would shut it down and just just to give alright just to give our viewers some perspective there’s about four trillion dollars in currency trading every day and as Michael said it’s about a billion dollars worth of bitcoins it has quintupled in value over the last year just just since the the Cyprus thing came up it’s up over 20 percent or over the last month or about a couple months it’s up over 40 percent so it’s actually getting some visibility out there again you can go online and go to places where bitcoins are accepted and there are dozens of places no websites that you would actually do that you know if I said them oh yeah I know that but it’s just gonna be very interesting to see just how much this catches on it just sounds so silly but maybe it’s not David how much of your wealth will you place in bitcoins what percentage would you believe that a for any sort of a highly diversified portfolio something like Bitcoin is going to play an increasing role if it is widely promulgated and the exponential increase of someone trying to hack it because it’d be many more people trying to hack it goes up well I guess you’re assuming that merely that because you can theorize the possibility that’s going to happen I would say your purchasing power can be wiped out in a nanosecond and that’s why it would never be widely accepted in this I hear you say that but that doesn’t make it true and I think that there are people who spend a lot of time on this that might know this topic maybe a bit more and who believe

100 thoughts on “When Bitcoin Hit $100: CNBC’s 2013 Coverage”

  1. these reporters dropped my IQ by a 100, I start thinking about counterfeiting Bitcoin too. Let me startup my spreadsheet.

  2. The guy on the right is a dinosaur. I bet he felt stupid when it hit 20k and now that Nasdaq is entering crypto in 2019, I bet he feels even more stupid lol

  3. Why would people buy lousy Bitcoin when they can buy GOLD? Shiny, precious GOLD!
    Even the Incans used gold! Do you doubt the INCANS!?

  4. When educated idiots make comments based on assumtions and do so with confidence they appear credible at first blush…. but this guys claims about the problems facing bitcoin is so apparent to anyone with a modicum of education on the topic… Dont let your ego/arrogance prevent you from becoming educated on the topic.

  5. the anchor didn't even know what bitcoin is but kept challenging the guest, that was fun to see he was wrong, and i hope that he realized that how wrong he was at that time

  6. The guy on the right predicted Bitcoin Cash when he talked about counterfeit Bitcoins, maybe he’s not as dumb as I first thought

  7. They all sound clueless. The guy in the middle does a poor job of defending Bitcoin. The guy on the right sounds like Jamie Dimon prior to "we're opening a trading desk" ?

  8. bitcoin is the dumbest thing i ever saw, total tulip mania, minute gov creates one to substitute fiat bitcoin will go to 0

  9. gold dosent go up n down like bitcoin exactly because its money, its value its stable, bitcoin isnt its a mania and its worth less then fiat because it dosent even exist in the real world, bitcoin is nothing but speculation, no value whatsoever

  10. Maybe get a basic understanding of how Bitcoin works before you embarrass yourself on national television and misinform your viewers? Just saying…

  11. Publically he now says that BTC will probably go to $100,000 but will do so without him. Privately he cries in his bathroom. At least its adorned in gold and silver.

  12. Every one that says about the drug thing should make a 2 minute pause of their life make their brain think hard of all the people they know that they are using drugs and think how they are buying them .. with Bitcoin ; or cash ;

  13. I started to open an account on Satoshi in 2013, it was a pain in the azz, next time I looked BTC was about $50 and I decided to wait to see if it dropped. I literally regret it EVERYDAY !!!

  14. It's everything you said and more. Because a satoshi can mean anything.. The odds of hacking bitcoin is like .0000000001/1000000000% however they have to know the real time block updates too once the chains see its flaws in time it's ghost! Not worth the power nor time and energy without knowledge of everyone and those emotions . so its safe

  15. Flipping neck where have we been… I was sort of interested of BTC in 2013 and didn't do enough research then when it was 100 usd now I got to buy it when it is 5000 usd… Man this is shooting yourself in the foot.
    Better late than never they say..

  16. – The same month Dave Kleiman died
    – 1 month before Hal Finney was paralyzed, 13 months before Hal Finney died

    Bitcoin started booming right as its creators moved on from this world. Unfortunate they never got to see their creation flourish.

  17. LOL… Guy on the right- "but what about a counterfeit bitcoin that bitcoin users don't recognize as counterfeit"… LOL… Guy in the middle- "maybe there's people that know more about this subject and do believe in it"… so funny to look back on this and see people totally confused by it.

  18. Yeah let me just make a counterfeit bitcoin like I'm going to make this counterfeit prime number. (Calculating new prime number…) 4

  19. This video just like Bitcoin is only going to get better with time…anytime I'm feeling down or sad this video will always pick me up. Pure joy. Hilarious!

  20. Hacking Bitcoin, These two guys are so stupid, didn't they do some research before talking about it….

  21. 3:17 the US government can shut it down
    3:21 that smile on his face knowing how misinformed they are about decentralized bitcoin that can't be shutdown by any government

  22. @Hack_Lan on Instagram helped me out to generate some bitcoin worth $8000 into my wallet account
    He's very truthful and reliable miner to work with ?

  23. @Hack_Lan on Instagram helped me out to generate some bitcoin worth $8000 into my wallet account
    He's very truthful and reliable miner to work with ?

  24. No no no. Bitcoin is transparrent unbelievable what I am hearing here. Everything Bitcoin is very rare. And all transactions are tract. If thedrug deallers new this they would not have done it!!!! Silk road he's convicted!!! How uneducated are you people??? You can't recieve a ciunterfit Bitcoin ever!! You are really sick puppies!! So sad that your even allowed to comment on TV about this!!!!!

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