
Jack Dorsey has been buying $10k worth of Bitcoin a week - aritraghosh007
https://coinrivet.com/twitter-ceo-jack-dorsey-has-been-buying-10000-worth-of-bitcoin-per-week/
======
panarky
Dumb and impatient money buys at the peak of speculative mania, refuses to
sell as the trend turns, then capitulates at the bottom for an 80% loss.

Smart and patient money sells into the speculative mania, then takes the other
side of the capitulation trade so they can sell again into the next mania.

Then there's Jack Dorsey and the Winkelvosses who are smart and patient, but
they don't trade. They accumulate through both highs and lows because they see
a transformative opportunity beyond the boom-bust cycle.

~~~
ryandvm
To put things in perspective, Jack Dorsey has an estimated net worth of 5.2
billion dollars. His weekly wealth adjusted spending on Bitcoin is almost
certainly less than the pennies in your car's cupholders.

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TACIXAT
This seems much more like an ultra-wealthy individual's means of
diversification. Holding 1 million in Bitcoin as an insurance policy is
relatively small hedge against the end of the (non-digital?) world. I don't
think this move is much different than if he were buying up gold for a worst
case collapse of USD.

~~~
arcticbull
I don't really understand that as an argument, honestly. It's like saying
"holding $1M in lotto tickets is a great hedge against the end of the world"
or "$1M in macaroni." You can buy all sorts of things, why this thing? If the
world ends the first thing shutting down is the thing that's using all the
power. We'll need it for things like showers and eating.

~~~
TACIXAT
I'm not a huge Bitcoin fan, but it has proven flexible in cross border
transactions. The network can run out of any country. If the USD goes to zero
for some unknown reason, you get out and land in Russia, your USD could be
worthless and you can only fit so much gold in your private jet. Private keys
though? Those go with you, and as long as the network is still live, you
aren't broke.

Lotto tickets are tied to a short time frame and country. Macaroni has a shelf
life and does not transport well. Bitcoin is volatile but deflationary, so
short of a network collapse it will likely retain value.

~~~
strangattractor
I am not seeing the deflationary part. They just split it and created twice as
much Bitcoin and Bitcoin cash. There is a new Bitcoin like currency minted
every 5 minutes. It is far cheaper to create digital currencies than paper
money and far easier to steal. I think it is a delusion. That is not to say
the technology cannot be useful. It has a lot of problems. Wait for Bitcoin
2.0

You think he is planning on having to leave the country? How would he have
time. The average CEO is working 80Hrs per week. Much more than their over
paid thralls. He is CEO of 2 companies. That is 160Hrs per week. Plus the 10
day silent meditation retreats. You guys do not realize the excruciating
demands placed on todays CEO's. They truly are our modern hero's. He should be
given his own reality show.

~~~
LyndsySimon
> They just split it and created twice as much Bitcoin and Bitcoin cash.

Not really - Bitcoin Cash is an entirely different "currency", that shares the
history of Bitcoin up to the point where it forked.

> You think he is planning on having to leave the country?

I seriously doubt it. $10k / week for Jack Dorsey is a reasonable amount to
use as a hedge against Bitcoin going exponential again. If it does, he's even
richer. If it doesn't? Meh, so what. It's "only" $520k / year, and it's
unlikely to lose all of its value anyhow.

~~~
strangattractor
So you are saying that if I owned a bitcoin before the split worth X and owned
a bitcoin and bitcoin cash worth X + Y after the split that is not identical
printing money.

If the US made dollarsPlus and gave you one for every dollar you currently
have and said you can spend them just like dollars. That is a different
currency and would not be inflationary I suppose.

------
bdcravens
Worth noting that he sold $80M in stock last year

[https://www.forbes.com/sites/laurengensler/2018/12/13/billio...](https://www.forbes.com/sites/laurengensler/2018/12/13/billionaire-
twitter-square-ceo-jack-dorsey-sells-stock-80-million)

~~~
jakamau
So the equivalent of the US median household spending ~$8/week on coffee.

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dwighttk
This is a terribly written article:

>Twitter CEO Jack Dorsey has been buying $10,000 worth of Bitcoin per week

>Speaking on the Tales from the Crypt podcast, Twitter CEO Jack Dorsey has
revealed that he has been exceeding his weekly buy limit for Bitcoin

>Twitter CEO Jack Dorsey has revealed that he has been exceeding his weekly
buy limit for Bitcoin, purchasing $10,000 worth of the cryptocurrency every
week.

The first three sentences contradict each other. Later we learn that $10K is
the limit for purchasing bitcoin in the Cash app... is he exceeding the limit
or not?

"has been" and "a week" indicate that something is recurring. Nothing in the
article supports that. It just mentions that Jack claimed he had already
exceeded his limit. That is one week.

Do we know that Jack has the same limits as his customers? The blog post just
references a tweet that claims the limit is $10K/week. That's where the $10K
in the headline comes from.

Listening to the referenced podcast doesn't yield any points for the "per
week" side... Around 8:05 is the part they talk about and Jack says he
exceeded his limit so he couldn't join in the #stackingSats drive the podcast
is endorsing. Jack then says he thinks he can join tomorrow because his limit
resets. I mean, it's a symbolic gesture, perhaps he will just buy his supposed
$10K per week and say that $25 was part of #stackingSats who really cares...
The point is this article and headline are poorly written.

------
1996
When you are Jack Dorsey, you can waste $10k/week on expresso if you fancy
that

Not recommended for the average person however (and I say that while being
involved in crypto)

~~~
stcredzero
There's a cryptocurrency called "Expresso?"

~~~
arcticbull
Yes, but it's incompatible with DentaCoin; something about staining. It's in
the gleaming-whitepaper.

~~~
t0mbstone
DentaCoin! Mine coins by brushing your teeth every day, with this fancy
electric toothbrush! Now with WiFi and Bluetooth!

~~~
arcticbull
That might be fun and useful, the reality is neither
([https://dentacoin.com](https://dentacoin.com)) -- it's literally your dental
records on the blockchain for some reason. It's been top-100 in the
coinmarketcap rankings for ages.

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lostmsu
What if he is doing that to support people, who believe in crypto? Considering
his other wealth, that's not even a dime.

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misiti3780
why does he have a 10K weekly buy limit ?

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rrggrr
You have to own a certain amount of BTC to have a seat at the table. My sense
is that JD needs to accumulate to influence BTC either directly or via
Cashapp. He probably has a very long way to go....

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ydnaclementine
his $10k fleeting interest in bitcoin is like our $100

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strangattractor
Good to know that Jack believes that putting his money in Bitcoin will give
him greater returns than having it in Twitter or Square:0 How should that make
Twitturd and Square investors feel?

