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Re: So you think you're going to start a Bitcoin business, right?
by
Inaba
on 17/11/2012, 03:21:02 UTC
My numbers are off?  Really?  It's funny you think MPOE is a large business... can you show me any sort of proof that the "money" that MPOE "has" is actual asset and not funds transacted?  I doubt it.  In fact, it's laughable that you say MPOE is valued at 500k Bitcoins... who's doing this valuation?  Who would pay even 10% of that for MPOE?  You say it is not arguably, but provably... please provide proof to your claims.  MPEx is not a serious bitcoin business... take a look at the FAQ page, it's an idealistic, angry adolescent rant.  The user interface is unusable.  Everything about it indicates it's a hobby site run by a really good tech geek or geeks.

SatoshiDice, again... whee!  You can show a company that transacts a lot of Bitcoins, but last I heard, it was barely breaking even as far as profit goes.  It's completely irrelevant how many bitcoins you pass through your system... I can pass fifty million bitcoins a day through my accounts, that's trivial... it doesn't mean I own the value 50 million bitcoins would provide, now does it?  Of course not.  The actual value of SatoshiDice and MPEx is, and this is just an educated guess, somewhere around $10,000 USD combined.  Neither of those ventures has any sort of actual monetary value, beyond the fact that they transact a large number of bitcoins through their system.  MPEx will never take off due to the user interface.  GLBSE did not gain any ground until they changed their interface from the completely incomprehensible mess they had on v1.  There's a reason for that.

Of course I am not going to speak about the financials of BFL, but anyone with even a modicum of common sense would understand that 20k Bitcoins while not quite a trivial amount, is a tiny fraction.  As you said, it's provable, so please provide any sort of proof you are able to muster that MPEx and/or Satoshidice have any sort of assets beyond a bit of marketshare and a trickle of income.  If that were the case, you would be a multimillionaire and I am pretty sure you aren't that.

But I digress, you've provided nothing to convince me (or anyone else) that WOT is anything but a niche hardcore Geek tool.  No large business use it (Sorry, but MPEx and SatoshiDice are not large businesses, but I'll be happy if you prove me wrong) - and the large businesses that I've mentioned, which are provably large, have zero interest in WOT... in fact, one you mentioned, MTGox, does not use it either... that kind of shoots your theory to hell right there.

As for me being the greatest bitcoin businessman in existence, hardly.  My point was that I have run and continue to run successful business(s) on the Bitcoin platform and yet somehow I've managed to do this without WOT... again shooting your theory to hell and gone.  Bottom line: No large bitcoin businesses use WOT.  There are successful businesses running now that do not use WOT.  Ergo, WOT is not required to run a successful business.