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re: Warren Buffett says he wouldn't pay $25 for all the bitcoin in the world
Posted on 4/30/22 at 8:10 pm to Scruffy
Posted on 4/30/22 at 8:10 pm to Scruffy
So is Bitcoin an investment or a currency? You can't play both worlds forever, which is his general point. If it's an investment it is doomed to fail as it doesn't produce anything, like all past useless speculations. If it is a currency then it's wild fluctuations in value make it wholly untenable.
1
Posted on 4/30/22 at 8:11 pm to Meauxjeaux
quote:
My entire retirement account is a stamp collection
It's most likely virtual pieces of ownership in a company that could go to zero in a worst case scenario type of situation. I owned a stock or two that went to zero in 2008.
Posted on 4/30/22 at 8:15 pm to Scruffy
quote:
exists and functions solely because we accept it as a concept.
Nope… exists solely to satisfy tax burden
Posted on 4/30/22 at 8:17 pm to Obtuse1
Blockchain needs the computing power to authenticate transactions. I am by no means an expert but seems basic to me. If you diversify your portfolio why not throw in 5% or so in crypto?
Posted on 4/30/22 at 8:18 pm to rickgrimes
Kinda dumb, seems like he could turn right around and sell it for a pretty substantial profit. Guess the oracle has lost his powers.
Posted on 4/30/22 at 8:30 pm to Vamos Brandonos
quote:what does a brick of gold produce? A Pokémon card collection? A piece of precious art? What do those investments produce?
If it's an investment it is doomed to fail as it doesn't produce anything
Posted on 4/30/22 at 8:31 pm to fallguy_1978
quote:
Isn't this how the stock market grows?
Some of it is speculative, but at its core, the stock market is about how much a company is worth. If the company grows, your shares become more valuable. Price to earnings, revenue, cash flow, balance sheets, outlook, etc etc etc.
Bitcoin is instead a currency. A very bad currency.
Posted on 4/30/22 at 8:32 pm to TigerTatorTots
quote:
what does a brick of gold produce?
Are we comparing gold to crypto? Gold is definitely a finite/scarce resource.
Any tool can create another cryptocurrency.
Posted on 4/30/22 at 8:34 pm to Grievous Angel
quote:
Bitcoin is instead a currency. A very bad currency.
Is it though? BTC doesn't need a board of old men deciding policy to keep it afloat. It just is.
Posted on 4/30/22 at 8:35 pm to rickgrimes
Bitcoin is an intangible asset, it's value determined by trading within a large group of globally distributed people. Put another way, the wisdom of crowds or if you like, folly.
What I'm curious about and don't know is this:
What guarantees a $10k (or any amount) bitcoin investment today holds it's value and appreciates with time? What's the risk it depreciates 50% or even to zero? Pick any time horizon you'd like.
If that dreary scenario isn't valid, why not?
Perhaps I need to read a bitcoin for dummies book, but so far can't see the long term value.
What I'm curious about and don't know is this:
What guarantees a $10k (or any amount) bitcoin investment today holds it's value and appreciates with time? What's the risk it depreciates 50% or even to zero? Pick any time horizon you'd like.
If that dreary scenario isn't valid, why not?
Perhaps I need to read a bitcoin for dummies book, but so far can't see the long term value.
Posted on 4/30/22 at 8:37 pm to Grievous Angel
quote:
Any tool can create another cryptocurrency.
True and the Fed can create money from thin air.
Posted on 4/30/22 at 8:44 pm to TigerTatorTots
quote:
what does a brick of gold produce?
Precious metal jewelry? Conductors? It's a resource that has tangible use depending on your place and desire.
quote:
A Pokémon card collection? A piece of precious art
Fun? Entertainment? Again, tangible use in places and for certain desires.
Posted on 4/30/22 at 8:45 pm to Vamos Brandonos
quote:
Fun? Entertainment? Again, tangible use in places and for certain desires.
Is a network not tangible?
It would be better for those ANTI crypto to just view it as software to wrap your brain around the value people place in it if you aren't going to take any time whatsoever to learn anything.
That is probably the easiest way to put it.
The internet, when 1st built was just a network. Web1.
Blockchain is Web3.
We are currently on Web2.
You guys figure it out or not.
This post was edited on 4/30/22 at 8:48 pm
Posted on 4/30/22 at 8:48 pm to TigerTatorTots
quote:
What a take
He is correct, when the music stops anyone holding BTC will have a big fat pile of .
You can make plenty playing bounces till then but its true value is zero in the end and it will be the butt of party jokes.
Posted on 4/30/22 at 8:49 pm to JayDeerTay84
quote:
Is a network not tangible?
Technically, no.
The computers running them are.
But the bigger point is that you are saying blockchain has value (to which I agree), not necessarily Bitcoin (one blockchain implementation among potentially millions)
Posted on 4/30/22 at 8:50 pm to WhereisAtlanta
Is that why the largest financial institutions in the world are holding billions worth of crypto in their portfolios?
Posted on 4/30/22 at 8:53 pm to JayDeerTay84
quote:
True and the Fed can create money from thin air.
The only items that are truly "worth" anything are tangible assets that can be used to sustain life. Land, shelter, food, medicine, tools etc. Everything else is a luxury, including gold in most cases.
Posted on 4/30/22 at 8:55 pm to JayDeerTay84
quote:
Is it though? BTC doesn't need a board of old men deciding policy to keep it afloat. It just is.
It's going to be so much fun when some democratic president wants to bail out, with my tax dollars, all of the people who put their life savings in crypto and it all gets hacked away to nothing.
Posted on 4/30/22 at 8:55 pm to fallguy_1978
Gold is the biggest waste of money in these people's scenarios. No one is going to be lugging around gold to barter or do anything with if that time comes
Posted on 4/30/22 at 8:57 pm to Deactived
quote:
Is that why the largest financial institutions in the world are holding billions worth of crypto in their portfolios?
None of the worlds top 100 largest financial institutions own a single bit of crypto.
Hell, I bet none of the top 250 do as they are all reserve banks of various countries.
Want to place 11 billion internet points on it?
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