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Posted on 5/1/22 at 2:48 pm to JetsetNuggs
quote:
The old billionaire version of get of my lawn
And bitcoin is the millennial
Version of I want it all but don’t want to do shite for it. It’s make believe bullshite kept alive by others buying into the fantasy world. Now with that being said tell me ONE fantasy world that was actually worked…….I’ll wait.
Posted on 5/1/22 at 2:55 pm to HangmanPage1
quote:
Exactly. I don’t understand crypto at all. How do you buy it? And how do you use it? If I want to buy a house, do I transfer them some crypto? Do I deposit it in my bank? Can I use it at the grocery store or other retail outlets? Everyone says it’s the wave of the future, but how do I use it in my everyday life? Can it be broken down. If I have one crypto coin worth a $1000 but I want a $10 steak at the meat market, how does that work?
Can’t the same things be said about investing in gold? Especially those who don’t own physical gold? This is the silliest of the anti crypto rants.
Posted on 5/1/22 at 3:08 pm to rickgrimes
He also said his secretary paid a higher tax rate than he did... This set off a progressive push to "soak those earning more than 100K". Turns out his secretary was making 450k with no deductions. He was collecting income passively at the capital gains rate taking multiple deductions.
He is such a fraud. I can't believe people still listen to this guy.
He is such a fraud. I can't believe people still listen to this guy.
Posted on 5/1/22 at 3:11 pm to rickgrimes
This is the same guy that bought buttloads of airline stock right before the pandemic then sold off at a massive loss right before they rebounded.
Posted on 5/1/22 at 3:47 pm to jamiegla1
quote:
Explain this to me like I’m 5 and you’re convincing me to invest in it
One of the big narratives right now is play-to-earn where you can play a crypto game (like Axie Infinity) and be compensated for it. That's a unique use case for crypto.
Basically, I'm looking at the problem that the project is addressing. In the case of play-to-earn, it provides an additional revenue stream to people who live in poorer countries.
That said, I'm not trying to convince anyone to invest in crypto. It's very volatile and you can easily lose money.
Posted on 5/1/22 at 4:57 pm to Grievous Angel
quote:This thread is about bitcoin, not crypto. You either don’t know the difference or are intentionally broadening the scope to make a point.
Are we comparing gold to crypto? Gold is definitely a finite/scarce resource. Any tool can create another cryptocurrency.
Posted on 5/1/22 at 5:04 pm to rickgrimes
I guess he is smarter than all the major institutions that are folding in bitcoin to their platforms.
I respect Buffett but it’s now time for him to go spend his days yelling at clouds.
I respect Buffett but it’s now time for him to go spend his days yelling at clouds.
Posted on 5/1/22 at 5:14 pm to MSTiger33
quote:
I respect Buffett but it’s now time for him to go spend his days yelling at clouds.
perfect OT response
Posted on 5/1/22 at 5:36 pm to Ricardo
quote:
IMO, it's just a way to launder money
You have literally picked the dumbest of the anti-crypto arguments to use. It's more traceable than any currency on the planet.
Posted on 5/1/22 at 6:03 pm to rickgrimes
quote:
What would I do with it?"
Uhh, sell it for 40k per coin and be the richest man on the planet.
That right there is how you know he'd a lying pos.
Posted on 5/1/22 at 6:13 pm to MSTiger33
quote:
I guess he is smarter than all the major institutions that are folding in bitcoin to their platforms.
Buffet was smarter than Lehman Brothers, and Bear Sterns, they are gone, bankrupted from their investments in derivatives which Buffet had warned investors about as early as 2003. He ultimately made $ 10 billion by proping up Goldman Sachs. AIG and many others only survived due to federal bailouts.
This post was edited on 5/1/22 at 6:23 pm
Posted on 5/1/22 at 6:17 pm to rickgrimes
I agree with them
For those that love bitcoin, I ask- if you had $100,000 worth of bitcoin, what would you buy with it?
For those that love bitcoin, I ask- if you had $100,000 worth of bitcoin, what would you buy with it?
Posted on 5/1/22 at 6:20 pm to SlidellCajun
quote:
For those that love bitcoin, I ask- if you had $100,000 worth of bitcoin, what would you buy with it?
$$$$
Posted on 5/1/22 at 6:26 pm to TigerintheNO
quote:
$$$$
So you’d trade your bitcoin for cash!
Lol
My point exactly
Posted on 5/1/22 at 6:27 pm to SlidellCajun
The Government hates competition. Therefore, I stay away.
Posted on 5/1/22 at 6:43 pm to SlidellCajun
quote:
So you’d trade your bitcoin for cash!
Lol
Uh, yeah. I treat it like property, not currency.
Posted on 5/1/22 at 6:43 pm to TDTOM
quote:
The Government hates competition.
But they love tax revenue more.
Posted on 5/1/22 at 7:22 pm to fallguy_1978
quote:
And as 2008 showed us, any stock can go to zero as well.
Buffett would probably say “great, I can buy more stocks.” I’m not being facetious, either - that’s basically his position on downturns. Warren Buffett is a value investor. He buys and sells shares of companies based on whether he thinks those companies are overpriced or underpriced compared to their intrinsic value.
Buffett views stock ownership as a way to own businesses that generate value as revenue. He doesn’t trade in speculative assets like gold or other commodities, and he only trades forex as a necessary evil - Berkshire needs to have cash/liquidity to take advantage of buying opportunities, and forex gives him a hedge against swings in the US dollar.
quote:
He's a big Verizon investor and they could have some shite on the books that makes the company worthless to the common shareholder. I'm not arguing that will happen but his stance has little merit.
1. During a market crash, companies still have assets. They still have revenue. Those things have quantifiable value.
2. When companies do become truly worthless, it’s usually due to mismanagement and/or fraud. It’s very rarely due to unforeseen external factors. Being able to gauge the C-suite of a potential acquisition is a pretty key requirement for big institutional investors.
Regardless, the back-and-forth in this thread does a pretty good job of highlighting Bitcoin’s identity crisis. You have half of the posters reading Buffett’s criticism and saying “no shite, it’s currency.” Then the other half are saying he’s just too old/stupid to see the investment opportunity that he’s missing.
High volatility and low adoption (relatively speaking) make it a poor currency. If it’s truly a currency, there shouldn’t be much reason to see it as an “investment” vehicle in the first place.
Meanwhile, the lack of fundamental value/production makes it a highly speculative investment vehicle. True crypto “investments,” in the Warren Buffett sense, would be in companies that run mining operations, GPU manufacturers, etc. - those companies provide an actual product/service and this have assets and revenues.
That’s not to say that Bitcoin (or another cryptocurrency) won’t eventually take over as the world’s dominant currencies. It might. But that doesn’t make it any less speculative.
Posted on 5/1/22 at 7:36 pm to go_tigres
quote:
If there ever a more asinine thing said on here, I’ve not heard it.
Saying you wouldn't take all the bitcoin for $25 is almost certainly the dumbest thing anyone has ever heard in their lives on any media in existence. Regardless of how you feel about it in the long term, it's impossible not to recognize the lunacy in that.
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