So Warren Buffet sees no future in bitcoin... | Page 3 | TigerDroppings.com

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Vols&Shaft83
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Member since Dec 2012
16032 posts

re: So Warren Buffet sees no future in bitcoin...


quote:

If it were a real threat, they wouldn't acknowledge it anyway

Umm wrong, they absolutely would acknowledge it considering BRK-A is owned by some of the most powerful and influential people on Earth and Buffett has a fiduciary responsibility to them.

quote:

would demolish alot of their positions in the markets around the world. 



How? You think people are gonna stop using ketchup, buying insurance, and drinking Coca cola if bitcoin becomes mainstream?
WHAT THE frick ARE YOU TALKING ABOUT?
quote:

No doubt they are watching to see if anything comes of it to hedge their bets


They may have some Mexican janitor in Omaha keeping an eye on it, but I seriously doubt they are devoting substantial resources to it.






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Broke
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re: So Warren Buffet sees no future in bitcoin...


quote:

Why would anyone be threatened by a commodity with a total market value of approximately $1.2billion? That is just plain silly.


1% of the global GDP.






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Powerman
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Corpus Christi, TX
Member since Jan 2004
120715 posts

re: So Warren Buffet sees no future in bitcoin...


quote:



Oh and he's worth 53.8 billion. $49 billion was Berkshire Hathaway 's 1st quarter revenue. To put that in perspective, he could buy the entire bitcoin market, 49 times, with just the profits from January, February and March of 2013. Yet he wouldn't even invest a dime in it.

THAT would be embarrassing for me if I was a bitcoin enthusiast.

All of that seems rather irrelevant to me honestly

Just because some random billionaire investor doesn't invest in a specific investment instrument, it doesn't mean that it is a bad investment.






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GenesChin
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re: So Warren Buffet sees no future in bitcoin...


If Bitcoin becomes a universal currency, America would be fricked on so many levels.





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Broke
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re: So Warren Buffet sees no future in bitcoin...


quote:

Just because some random billionaire investor doesn't invest in a specific investment instrument, it doesn't mean that it is a bad investment.


I agree. There are at least a dozen other things that make it a shitty play. Warren Buffet isn't needed to prove that.






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gizmoflak
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re: So Warren Buffet sees no future in bitcoin...


quote:

1% of the global GDP


how do we measure bitcoins as a % of GDP?

If we assume 1% of global GDP is $1T, that would mean 1 bitcoin (out of 21 million) would have to be valued at about $48k.

Is that about right? Or am I doing this wrong?






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LSURussian
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Member since Feb 2005
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re: So Warren Buffet sees no future in bitcoin...


quote:

Or am I doing this wrong?
Yes, very.

1% of GDP is not measuring btc's "market value" but its transactional usage as a percent of the global economy.






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Broke
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re: So Warren Buffet sees no future in bitcoin...


Here is Wiki's post:

quote:

Anyway, here's my definition of success for bitcoin:

CONCRETE:
$1,000 or greater value per BTC for over 1 year
or
1% of global economy


Which about made me choke on my own spit.






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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
16032 posts

re: So Warren Buffet sees no future in bitcoin...


quote:

Just because some random billionaire investor doesn't invest in a specific investment instrument, it doesn't mean that it is a bad investment.


Didn't say it did, but when a "random billionaire investor" says he won't put a penny in it, and another "random billionaire investor" (Munger) calls it "rat poison", I'd like to know why.






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gizmoflak
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re: So Warren Buffet sees no future in bitcoin...


quote:

1% of GDP is not measuring btc's "market value" but its transactional usage as a percent of the global economy.


So how many $$$ worth of bitcoins would need to be transacted to reach 1% GGDP?






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: So Warren Buffet sees no future in bitcoin...


quote:

Which about made me choke on my own spit.


Why?



Also, how about you post the rest of my post:

quote:

CONCRETE:
$1,000 or greater value per BTC for over 1 year
or
1% of global economy


ABSTRACT:
Ushers in a new age of decentralized currency (does not have to be bitcoin, could be a subsequent cryptocurrency)
or
Effectively marginalizes government fiat currencies



The concrete points will be easy to determine if they have been met. The abstract points will likely always be the subject of debate.



What are your standards for considering bitcoin a success?







Also, put another way: Was the original Napster a success? After all, it was short lived and it did get shut down by governments. But it was disruptive enough to change an entire industry and it led to subsequent protocols, like BitTorrent, that have now been in use for over a decade and which governments haven't been able to shut down.



and please answer the bold questions



This post was edited on 5/14 at 11:48 am


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LSURussian
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re: So Warren Buffet sees no future in bitcoin...


This says the GWP (Global World Product) in 2012 was $83 trillion.

LINK






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Broke
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re: So Warren Buffet sees no future in bitcoin...


quote:

So how many $$$ worth of bitcoins would need to be transacted to reach 1% GGDP?


710 billion






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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
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re: So Warren Buffet sees no future in bitcoin...


quote:



Didn't say it did, but when a "random billionaire investor" says he won't put a penny in it, and another "random billionaire investor" (Munger) calls it "rat poison", I'd like to know why.


Maybe you should learn to think for yourself and not depend on billionaires to mold your investment strategy.

You could drive yourself nuts hanging on to every word from every billionaire investor and trying to sift through all of the bullshite






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Broke
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re: So Warren Buffet sees no future in bitcoin...


quote:

This says the GWP (Global World Product) in 2012 was $83 trillion.


I just wiki'ed it and it said 71 trillion. Numbers above may be off with consensus of GDP.






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LSURussian
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Baton Rouge
Member since Feb 2005
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re: So Warren Buffet sees no future in bitcoin...


quote:

Maybe you should learn to think for yourself and not depend on billionaires to mold your investment strategy.



What an a-hole!






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
82864 posts

re: So Warren Buffet sees no future in bitcoin...


quote:

I just wiki'ed it and it said 71 trillion.

So what's $12 trillion among friends??






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Broke
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re: So Warren Buffet sees no future in bitcoin...


quote:

What an a-hole!


Yeah, maybe we should not depend on teachers to mold our education/careers. Maybe we should not depend on parents to mold our morals/ethic/values. Totally disregard all of that shite.






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the LSUSaint
LSU Fan
Member since Nov 2009
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re: So Warren Buffet sees no future in bitcoin...


quote:

Why would anyone be threatened by a commodity with a total market value of approximately $1.2billion? That is just plain silly.

quote:

Even if Warren were considering bitcoin, he wouldn't publicly volunteer that information in any event





Exactly....I am kinda shocked wi the question about it's value.

Geez!....let me explain very simply. Buffet sits there all day and analyzes the dollars value against other currencies in the world and makes adjustments when needed on his positions that are directly related to currency values. So, if a new type of currency comes along and starts to gain traction, he will pay attention to it because whatever value it holds is a direct threat to his positions in currencies that would be effected LONG term by the advance in value of another currency...at some point if Bitcoins become more relevant, they will take a position in them to protect any loses from positions in other currencies.

Financial experts out there, is this a fair assessment.

And the mere fact that his team is able to deny being threatened by Bitcoins at this time, should tell you immediately they have and are keeping on eye on it.






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Broke
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Member since Sep 2006
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re: So Warren Buffet sees no future in bitcoin...


quote:

So what's $12 trillion among friends??


Well if you want to count black market GDP, throw in another 25 trillion.






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