Congratulations Mr. Nakamoto, at today’s exchange rates, you are worth just a tad under $1.4B US dollars. For those of you not in the know, Satoshi Nakamoto is the elusive creator of bitcoin, the world’s current favorite crypto-currency. Thanks to the excellent forensic work of Sergio Lerner, we can reasonably say he is also the holder of 1148800 BTC (bitcoins).
At today’s exchange rate of USD 1200/BTC, that makes him worth $1.378B, which would put him at no. 1086 of the world’s richest people. Yes that is right, Satoshi Nakamoto is the 1086th richest person in the world!
That said, he would have a very hard time getting a significant amount of fiat currency for his bitcoin. The leading exchanges are notoriously cash poor, and are unable to come even close to giving all their client fiat currency in any reasonable amount of time. As we also know, the velocity of money of bitcoin is very low, (but increasing slowly), which may bode badly for it’s future as a stable currency.
In Horizon’s opinion, there are 2 possibilities here:
This is a temporal singularity event. In other words, there is dramatic and exponentially accelerating migration from fiat currencies to crypto-currencies going on. In this case, the value of 1 bitcoin is equivalent to the world’s currency supply divided by the number of bitcoin available.
This is a bubble. There is too much liquidity at the moment, and that money has to go somewhere. When this liquidity corrects, crypto-currency values will crash much like all other assets whose values have ballooned.
There are several aspects of the iPhone 5 which make it more valuable than any amount of money. It allows you to capture moments you can’t get back much better than you could before, it gives you more time and security, and lastly makes your life more convenient.
Moments you can’t get back
When you hold down the shutter button while taking a picture, the 5S takes 10 photos per second until you let go. What this means is that you can capture the elusive 1/10 of a second where everyone was smiling their best smile and looking at the photo, or the moment where your child is perfectly poised and about to set her high jump record. After the shot, there is a very simple interface to pick your favorites from the stream of photos you just took, and delete the rest. Not to mention, it’s enhanced optics, electronics and sensor capture photos better than most much larger cameras.
In short, the camera on the 5s allows you to capture memories that you couldn’t have otherwise, in a package you can keep in your pocket.
More Time and More Security
The 5S introduces Touch ID allowing you to unlock your phone with your fingerprint. This has two implications:
If you never locked your phone before because it was too much of a hassle, now you can. Instantly protect your private information in case of a lost or stolen phone. Remember, that this includes your email, and you can often access a bank or brokerage account by resetting the password in a link sent to your email. So protecting your email with touch ID extends to the many other password protected web sites you use every day,
If you have always locked your phone, then touch ID will save you time. The average person unlocks their phone 110 times a day; entering a passcode at each unlocking takes approximately 3 seconds. That means in an average year you spend 110 times x 3 seconds x 365 days = 33.5 hours unlocking your phone. If you make more than $17 hour then buying an unlocked iPhone 5S will pay itself back in 1 year. If you make $50/hr, then an iPhone 5S can save you over $1600 worth of time a year.
Siri Saves You Time and Makes Your Life Easier
Siri is not an exclusive feature of the iPhone 5S, but she works much better with it’s ultra fast processor. In iOS 7, Siri is much enhanced and much more useful. Some examples of her newfound convenience:
Siri can now open Apps – This functionality is especially useful with Touch ID. For example, you hold down the home button on your phone and say “open Notes”. If you have touch ID, your fingerprint has already been used to unlock your phone, and your notes are in front of you. I use this functionality at the supermarket to bring up my shopping list instantly.
Siri can now find your family – I use Find My Friends with my family so that I know where my wife and family are without asking them. Siri on iOS 7 is fully integrated, so I can say “Where is my wife?” when I’m waiting for her at an appointment and I don’t know if she is stuck in traffic. This is way more efficient than calling her, and saves us both time and hassle.
In short, the iPhone 5s improves your life in a number of subtle ways which were previously not possible. You can capture your most valuable memories more clearly and definitively, you can save time, and be more secure, and it makes your life more convenient.