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re: Warren Buffett says he wouldn't pay $25 for all the bitcoin in the world
Posted on 5/1/22 at 7:52 pm to lostinbr
Posted on 5/1/22 at 7:52 pm to lostinbr
quote:
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.
Excellent. Your entire post required reading for everybody from the people in this thread to Elon Musk and Peter Thiel shitting kittens about why Warren Buffett isn't a crypto bro.
0
Posted on 5/1/22 at 7:55 pm to Scruffy
quote:
Bitcoin isn’t going to “produce” anything
It is protected real estate on the internet. It has inherent value.
Posted on 5/1/22 at 8:17 pm to SlidellCajun
quote:
So you’d trade your bitcoin for cash!
Lol
My point exactly
You mean like you do with every other not tangible investment, like sticks, cd, mutual funds, etc?
Please tell us where you spend your stocks to buy things...
Posted on 5/1/22 at 8:33 pm to jcaz
quote:
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.
Same guy that is the world's 5th richest, and the only one in the top five that has made money in 2022.
"Unlike the other members of the top five who have all lost money this year, Buffett’s fortune has grown by $7.8 billion in 2022. In comparison, Musk, the world’s richest man, has lost $62 billion, while Gates has lost a comparatively modest $12.5 billion."
Posted on 5/1/22 at 8:35 pm to Obtuse1
quote:
Blockchain is just a tool that facilitates crypto.
Far too many people believe they are investing in blockchain technology when they buy cryptocurrency.
Posted on 5/1/22 at 8:57 pm to Obtuse1
quote:
Blockchain is just a tool that facilitates crypto. It could exist without crypto ever existing.
I mean, in theory it could, but realistically no. You have to incentivize people to contribute their computer to the network. No one will do that for free.
Without the miners and validators getting paid in tokens, you wouldn't have a blockchain.
Posted on 5/1/22 at 9:38 pm to Addison Tiger
I didn't pick the argument. I just made it up. TBH, I don't care if you guys are in love with crypto currency. I wish you the best of luck. I really do. I just don't have a lot of faith in it. Is that okay with you?
Posted on 5/1/22 at 11:00 pm to Ghost of Colby
quote:
What does Twitter produce?
$5 Billion in annual revenue.
Any more questions?
Posted on 5/2/22 at 9:02 am to LordSaintly
quote:I’m interested in how this works. Who provides the earnings? How do they profit from giving away currency for someone to play their game? Does the game cost something? Are there in game purchases required? How is it different than using a fiat currency for the same thing?
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.
Posted on 5/2/22 at 9:03 am to Ghost of Colby
quote:a service for communicating information and a platform for marketing
What does Twitter produce?
Posted on 5/2/22 at 9:57 am to WDE24
quote:Well if thats the case, bitcoin produces the largest decentralized and most secure network in the world.
a service for communicating information and a platform for marketing
Posted on 5/2/22 at 10:00 am to JetsetNuggs
Bitcoin and Only fans are the reason the housing market won't crash. There are so many millennials sitting on millions or making millions off their arse ets
Posted on 5/2/22 at 11:28 am to the LSUSaint
quote:
Please tell us where you spend your stocks to buy things...
Stocks are not currency. Bitcoin is suppose to be currency!
So what do you purchase with bitcoin?
Posted on 5/2/22 at 11:39 am 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?
Crypto is similar to stocks in a way. I use it as a long term investment, just holding on to it and wishing its value will go up over the years.
If you have crypto holdings and wish to cash off, you need to have a crypto platform such as Coinbase to sell and deposit it to your bank account (similar to stocks, a broker in this case). You don't go to a market or restaurant and pay with crypto, unless they take crypto as payment, which is pretty unheard of to me. But that also depends on what type of crypto they are willing to take: Bitcoin, Ethereum, Avalanche, Cardano, Ape Coin, etc. For instance Elon Musk will take "Dogecoin" as form of payment for Teslas.
People who think that crypto is foolish should do their own research and see how it was 10 years ago. Calling people morons for investing in this currency leads me to believe that you have no clue.
Posted on 5/2/22 at 11:44 am to Palomitz
quote:
years. If you have crypto holdings and wish to cash off, you need to have a crypto platform such as Coinbase to sell and deposit it to your bank account (similar to stocks, a broker in this case).
technically there are fiat off ramps that don’t involve centralized exchanges. Bisq is a peer to peer exchange and comes to mind when specifically referencing Bitcoin.
Don’t necessarily disagree with your post, just wanted to throw that out there. I personally don’t view Bitcoin as a security, but as a property. More specifically, I view it as a network facilitating people to have a savings account utilizing a scarce digital asset. I think that people will one day all realize it has become a part of their day to day life and the returns in the account will slow, but over time the valuation will rise in proportion to the networks adoption and the rate of debasement of whatever you are valuing the token in.
This post was edited on 5/2/22 at 11:51 am
Posted on 5/2/22 at 11:45 am to rickgrimes
All cryptocurrency is a ponzi scheme. But so is the dollar since it lost its gold backing....
Posted on 5/2/22 at 11:46 am to Palomitz
quote:
People who think that crypto is foolish should do their own research and see how it was 10 years ago. Calling people morons for investing in this currency leads me to believe that you have no clue.
I was told the exact same thing about Enron, WorldCom , and Tyco.
Posted on 5/2/22 at 11:49 am to SlidellCajun
quote:
So what do you purchase with bitcoin?
Anything and everything. Sometimes I even save 10-20% using btc
Posted on 5/2/22 at 11:52 am to rickgrimes
Warren looks for assets that have a price (either stock price or if privately owned, what the owners will sell for) lower than the intrinsic value of the company.
Crypto has no intrinsic value.
Crypto is gambling. You can make a lot of money gambling. But you can also lose your shirt. And little of that decision is based on any intelligence or understanding of the underlying assets (because there are none).
His game always looks a lot better when the market is down. When the market is high flying like it was up until recently, his strategy absolutely causes him to leave money on the table.
Long term it seems like it works well.
A lot of smart guys say only buy stocks / companies you understand. He doesn't understand Crypto. The end.
So in that case... if he paid $25 for it... he paid $25 too much.
Crypto has no intrinsic value.
Crypto is gambling. You can make a lot of money gambling. But you can also lose your shirt. And little of that decision is based on any intelligence or understanding of the underlying assets (because there are none).
His game always looks a lot better when the market is down. When the market is high flying like it was up until recently, his strategy absolutely causes him to leave money on the table.
Long term it seems like it works well.
A lot of smart guys say only buy stocks / companies you understand. He doesn't understand Crypto. The end.
So in that case... if he paid $25 for it... he paid $25 too much.
Posted on 5/2/22 at 11:54 am to EvrybodysAllAmerican
The dollar has the backing of all the resources in the USA and the best military in the world, so no it's not the same thing - at all.
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