BITCOIN DIARY: Vinny, Vidi, Vici! Why are you killing the buzz?
Lance Boyle is an artificial reality construct
I'm tuning into Bloomberg to watch Vinny Lingham explain why he reduced his exposure to Bitcoin. Before I press play, I see an advertisement on my screen. This is what it looks like (don't press play, this is a screenshot):
It says that "artificial reality revenues expected to increase from $5bn (2016) to $162bn (2020)". Artificial reality! Revenues! Increasing 30 times in value over four years! I'm distracted.
Here's a line from the ad, delivered in super-smooth half-baritone with that futuristic music playing in the background: "How do you find real opportunities when reality itself is transforming?" How indeed?
And how do you go home and explain that you just invested your retirement savings on artificial reality? "What is wrong with you????"
Back to Vinny Lingham.
Vinny Lingham is a South African Internet entrepreneur who is the co-founder & CEO of Civic - an identity protection and management startup. He was also previously the founder and CEO of Gyft & Yola, Inc.- Wikipedia
He was once dubbed the "Bitcoin Oracle" and then he sold down his holding ahead of the massive rally of August. Why, Vinny, why? Here's the video (this time you can press play):
He explains to the Bloomberg interviewer: "I decided because there were a lot of risks on the horizon.
"But I still hold Bitcoin, so I've been very happy with the run." Ah, seller's remorse seeps through those lines.
"My view on Bitcoin is that it started off as something which was a speculative commodity - the world's first digital commodity - and then it became a medium of exchange which we started using for transactions. And then in the long term, as the price rises and becomes more stable, it becomes a store of value."
Thanks Vinny. You can read more about Vinny's views on Bitcoin here
Now here's the thing, another "hard fork" is looming. I know, right? They didn't tell us in the brochure. Anyway, best we all get acquainted with the looming shake-up.
It turns out that the big Segwit hype of August 1, which came and went peacefully, leading to the price rally, was just the first phase. The second phase is coming, possibly as soon as November. Forbes runs a story under the headline: 'Why November will be the real test for Bitcoin'. Extract:
It’s not certain whether the adoption of the first part (basically adopted but not 100% certain yet) will necessarily lead to the success of the second.
That moment, which comes in November, is most likely to decide whether Bitcoin will remain one network or split into two. That is the point when “you have to get all the markets to agree that what we used to call Bitcoin is no longer Bitcoin,” said Bitcoin core developer Eric Lombrozo, who joined Hoffman on the podcast.
“It’s important to realize that’s not necessarily a sure thing,” said Hoffman. “This is clearly going to be a massive, contentious time period.”
In the meantime, I'm guessing that the big money is going to be in artificial reality. Except it's not going to be money. It's going to be cryptocurrency.
Meanwhile on eBay, more and more of these once mighty machines are up for sale. Maybe they just can't handle the load any more. Might be worth buying, as a museum piece.