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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 8:58 pm to fallguy_1978
Posted on 4/30/22 at 8:58 pm to fallguy_1978
quote:
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.
We have made it all the way down to this level of financial "value logic".
0
Posted on 4/30/22 at 9:00 pm to rickgrimes
Maybe he’s right. Maybe he’s not. I’ll take the not.
Posted on 4/30/22 at 9:02 pm to WhereisAtlanta
quote:
None of the worlds top 100 largest financial institutions own a single bit of crypto.
Dude. Go do some internet searching lol
Posted on 4/30/22 at 9:03 pm to rickgrimes
I don't know jackshit about bitcoin and block chains or any shite like that.
But I do know this. Before the next depression hits, I'm loading up on coffee, tampons, makeup and ammo. When shite hits the fan, we'll all be bartering and those are the goods people will want.
But I do know this. Before the next depression hits, I'm loading up on coffee, tampons, makeup and ammo. When shite hits the fan, we'll all be bartering and those are the goods people will want.
Posted on 4/30/22 at 9:04 pm to Pandy Fackler
quote:
But I do know this. Before the next depression hits, I'm loading up on coffee, tampons, makeup and ammo. When shite hits the fan, we'll all be bartering and those are the goods people will want.
Toilet paper seemed pretty hot in 2020 but it's bulky.
Posted on 4/30/22 at 9:05 pm to rickgrimes
The man who sold the world thinking…
Posted on 4/30/22 at 9:06 pm to fallguy_1978
quote:
Toilet paper seemed pretty hot in 2020 but it's bulky.
Yeah that's hard to store. I'll just do what the mooslems do and wipe with my left hand.
Posted on 4/30/22 at 9:44 pm to rickgrimes
Warren Buffett had some good strategies and made cutthroat business moves but he is a dumb as a brick sometime.
Posted on 4/30/22 at 9:48 pm to Ponchy Tiger
quote:
The thing about investing in real physical stuff is that even if it does crash it will bounce back at some point bitcoin won't.
Are you talking about the actual paper that US dollars are made of?
Or the computers that most "Dollars" are kept on?
Posted on 4/30/22 at 9:48 pm to upgrayedd
quote:
What a shock. He'd rather enslave a society than own crypto
So, owning property is now "enslaving society"?
Posted on 4/30/22 at 9:50 pm to rickgrimes
I'm sure he'd feel a hell of a lot differently if the government wanted to confiscate all of his money including all of his assets and gold in the name of equity.
Posted on 4/30/22 at 9:51 pm to Scruffy
quote:
Technically, that’s all money.
It exists and functions solely because we accept it as a concept.
The US dollar has value because of what people deem it’s worth to be, not because it produces something.
Buffett is trying to describe it as something it isn’t. Bitcoin isn’t going to “produce” anything.
Warren Buffet didn’t make his billions day trading FOREX, though.
Let’s say it is primarily a currency, not an investment. Someone like Buffet holds cash to stay liquid. Berkshire has mountains of cash on hand so that they can react to opportunities when they arise.
Bitcoin isn’t exactly the currency of choice for M&A deals, so for Berkshire to spend $50B in BTC they would have to sell the BTC first, then use the proceeds for the actual purchase. That’s inefficient and introduces extra costs. There’s not really any reason for Berkshire to be holding BTC instead of USD as “cash.” At least, not today.
If Bitcoin is an investment, OTOH, everything he said starts to make sense. Especially when you consider that Warren Buffet is (and has always been) a “value investor” focused on the fundamentals of his investments. He has spoken at length about holding “productive assets” rather than unproductive/speculative assets. To him, holding cash is more of a necessary evil than a hedge.
In fact he’s so well known for his stance on unproductive assets that pundits made a huge deal out of Berkshire’s decision to “bet on gold” a few years ago - not because they bought gold, but because they bought a stake in a gold mining company.
Less than a year later they had completely exited the position anyway. Given all of that, his stance on BTC shouldn’t be terribly surprising.
Posted on 4/30/22 at 9:51 pm to Smeg
quote:
So, owning property is now "enslaving society"?
People like Mung and Buffet don't like crypto for one reason only. They can't control it as easily.
Posted on 4/30/22 at 9:54 pm to Smeg
quote:
So, owning property is now "enslaving society"?
You think its a coincidence that two of the richest people right now are just trying to aquire as much farmland as possible? One being a guy that obviously doesnt have the best intentions doing it
Posted on 4/30/22 at 9:55 pm to Ancient Astronaut
quote:
I agree with him
+1
You can't bury it in jars in the yard or stuff a mattress with it. Can't trade it for food without technology, internet, electricity or battery.
Plus I wouldn't want this Administration having control of electronic currency. That's scary...
This post was edited on 4/30/22 at 9:56 pm
Posted on 4/30/22 at 9:55 pm to go_tigres
quote:
Warren Buffet is anything but overrated.
Investing genius whiffed on Google and Amazon, misses out on crypto as well. Berkshire Hathaway has performed incredibly well since the early 60s but he has missed out on a lot of tech stocks.
In a February 2017 interview with “Squawk Box,” Buffett was asked why he’d never bought stock in Amazon. He admitted he didn’t have a good answer.
Posted on 4/30/22 at 10:02 pm to Ponchy Tiger
My bitcoin may be worthless but good luck getting my private keys. As long as we live in a country where they can confiscate everything you own and throw you in jail if you don't comply - Bitcoin will be valuable as a store of wealth.
In the 30s they offered a 'reasonable price' for everyone's gold, and then after they got it they immediately raised the price of gold effectively devaluing the frick out of the money they paid everyone with. They could do it on the gold standard, but there are a few shenanigans they can pull nowadays even off of it.
Governments always pull some bullshite when they can't keep their money train going anymore. Sure, nowadays they print to oblivion, but it's going to hit a wall and we all know it. And when it does, they'll start confiscating from private citizens. People's rights and the Constitution didn't stop them back when 'men were men' it sure as frick won't stop them now.
This post was edited on 4/30/22 at 10:10 pm
Posted on 4/30/22 at 10:12 pm to rickgrimes
I get why he would say that. He doesn't understand it so he doesn't want to just do it because everyone else is.
Posted on 4/30/22 at 10:14 pm to BeepNode
quote:
I get why he would say that. He doesn't understand it so he doesn't want to just do it because everyone else is.
That line of thinking is what has led Berkshire Hathaway to miss out on so many tech stocks.
Posted on 4/30/22 at 10:25 pm to Scruffy
[quote Buffett is trying to describe it as something it isn’t. Bitcoin isn’t going to “produce” anything.[/quote]
That is his entire point, people are buying it as an investment vehicle when it doesn’t produce a product, or service. Bitcoin and other crypto currency’s are useful as a medium of exchange, just like the US dollar or other currency as you correctly state. As Buffet implied a company increasing its sales, or marketing a new product resulting in more demand for its shares, and a higher stock price, Bitcoin price is driven strictly by someone wanting the coin more than you do.
That is his entire point, people are buying it as an investment vehicle when it doesn’t produce a product, or service. Bitcoin and other crypto currency’s are useful as a medium of exchange, just like the US dollar or other currency as you correctly state. As Buffet implied a company increasing its sales, or marketing a new product resulting in more demand for its shares, and a higher stock price, Bitcoin price is driven strictly by someone wanting the coin more than you do.
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