Bitcoin Forum

http://video.foxbusiness.com/v/2359385547001/ (http://video.foxbusiness.com/v/2359385547001/)

Does Bill Gates owns some bitcoins?  :-*

Interesting quote,"I think Bitcoin is Rat Poison".

I agree. The banks are the Rats.

I don't know about Bill but that guy Charlie Munger certainly doesn't

For those not familiar with the term



tour de force
[toor duh fawrs, -fohrs; French toor duh fawrs] Show IPA
noun, plural tours de force [toorz duh fawrs, -fohrs; French toor duh fawrs] Show IPA .
1. an exceptional achievement by an artist, author, or the like, that is unlikely to be equaled by that person or anyone else; stroke of genius: Herman Melville's Moby Dick was a tour de force.
2. a particularly adroit maneuver or technique in handling a difficult situation: The way the president got his bill through the Senate was a tour de force.
3. a feat requiring unusual strength, skill, or ingenuity.


That's a pretty bold statement from Bill F'ing Gates

It is bank poison, yes indeed!!!  :)

Could someone please transcribe the whole discussion about Bitcoin? I'm not native and could only understand 70% of it

Really freaky that he used the exact same phrase that his rival Eric Schmidt used a month ago:

https://bitcointalk.org/index.php?topic=185147.0 (https://bitcointalk.org/index.php?topic=185147.0)

inb4 Bilderberg, NLP, tinfoil...

nice find  :o

I thought Gates came off as quite complimentary with that little statement.  Pretty cool.

Edit:  Shit!  For some reason I thought this thread was only in "Economics" and not the spec forum.  I'm outta here.

Lol for some reason you can not keep out dude.

Your heart is here.

That was painful to watch. How many times has the bloke in the middle flatlined in the past year do you think?

Dinosaurs. If you've made billions on the old, corrupt financial system, why would you have anything positive to say about this "new-fangled internet money"?

Bill Gates looks (and talks) like a sprightly teenager amongst that lot!

indeed, lol. At least Warren Buffett was smart enough to say he didn't know.

Bwahahaha! Mungers response is maybe the best endorsement of Bitcoin I have seen this year. Gates is playing it pretty smart, he clearly recognizes the potential but does not want to make any definitive statements that he may regret someday (his 640k comment will haunt him to his death), and it does not serve him to either endorse or criticize Bitcoin.

I'm sure he's pushing MS to get their own altcoin out there.  Given their penchant for ambiguous names that co-opt standard definitions, they'll probably name it something like MSbitcoin, bitcoin.dollars, or MSBucks.

Bill Gates will convert 50% of his wealth into bitcoins soon. What price should we expect?

+1
“First they ignore you, then they laugh at you, then they fight you, then you win.” (Gandhi)

That's very interesting indeed! Love it what Bill Gates said :)

It was also my first reaction 'governments will never allow this'.

But here too we must go with the facts. Governments are up until now allowing it, and as long as they do, it will grow rapidly and will change the world. (no this is not bull talk! I'm still short term bearish;) )

Not really that strange, they were both geeks, and they both offered compliments as geeks, it goes like " Very 1337 Satoshi, it's one great system you have designed."

Watch out for the next Windows update it might contain a miner trojan  :o

At least then they would have an excuse for computers on Windows running slow...

Thanks I appreciate it as I'm a non-native speaker and was unable to find some quick definition.

Btw. it's great news!

we need you, come back!

The full quote is even funnier. Gotta love when people admit they have no clue but still go on to share their opinion.

Interviewer: Do you understand what they're trying to do with it?

Charlie Munger: No.

Interviewer: What do you think of it?

Charlie Munger: I think it's rat poison.

Yeah, that was pretty great. Munger can only offer dismissive insults because he is obviously incapable of understanding Bitcoin and thus developing an informed opposition. This question clearly struck a nerve with him, probably because something in his lizard brain detects a threat but his inability to understand the issue is frustrating him. I think that his reaction betrays underlying fears that his understanding of the world and his legacy are in jeopardy. Gates on the other hand understands technology and is not threatened by it, his legacy is well established, he is both a hero and a villain but he has definitely helped to shape the future.

Charlie Munger, from Berkshire Hathaway, strikes me as sharp in the interview, ( I wish I could see the whole thing) I tend to agree with everything he says. Given the speed at which he answers he has obviously given Bitcoin some thought.

Someone in his position, overseeing an empire of companies and investments has to look after them, so his response is appropriate. Given my understanding of the Austrian business cycle theory it seems obvious that the economic growth we have to date is a result of managing an economy through Monetarism and perverted Kenyan ideals.  

So naturally Bitcoin is "poison" to the companies whose growth and viability depend on Monetarist policies and the resulting liquidity made possible through the banks.
Warren Buffet's response "Put him down as undecided." Is huge, implying they haven't finished exploring the ramifications.

And Charlie Munger, admitting he doesn't understand it fully has in my opinion, the perfect amount of scepticism when he replies "No, but I regard it as deeply flaky."

All things said, I would like Charlie Munger's opinion on money and the effect of having a Monetarist system that is not controlled from the top down, (and more robust then the gold standard) than his opinion on the in's and out's of the Bitcoin protocol.

+1

lulz @ running of the bears

Monasteries work best when not controlled from the top down.  Unless you count God as the top.  Then top-down control is pretty unavoidable.

“First they ignore you, then they laugh at you, then they fight you.  Then it turns out they can keep cycling through these three activities, without you ever winning.” (not Gandhi)

If he bought every bitcoin, along with Satoshi coming back and putting his coins up for sell, we could expect 2800 a coin at least. That rpietila guy says 1 million are spec coins, in that case 33,000 USD each.  BRING IT BILL, BRING IT!  Although if he had all the coins they wouldn't matter much, unless you are a miner  ;)

RESISTANCE IS FUTILE

Come back! We need you!

ZINGGG!

HOW??????? He is joking, it doesn't imply this at all

They *are* both limited in their views by their positions, agree. But i think they are being honest

Let's be honest now amongst ourselves

It IS highly risky, and in a normal world it WOULD be illegalized pretty quickly and die out. In a normal world these guys are right: rat poison.

But, this is not a normal world we are living in. We are living in a world that's in some serious s*** . For example , read Bill Gross's last 2 reports (twitter: PIMCO). To say that we could be due another financial catastrophe in the medium term future is not controversial. I think most investors expect that at least when the fed raises rates, there is going to be a huge financial disaster (but that could be a long time away). If they carry on printing money , perhaps there will be more trouble before then. The question is not, will there be a financial collapse, it's when will it happen. Nobody knows: this is not a normal economic situation; it is unprecedented. It could continue like this for a decade or more, or the shit could hit the fan tomorrow. IMO, the key to the bitcoin investment story is context, something which is not mentioned in this interview.

Lets not also forget, the likes of Charlie Munger, Warren Buffett, Bill Gates - they have built their fortunes in 'normal economies' ; they are not accustomed to the current economic situation.

Thanks for posting. All super smart guys.

I find it encouraging that they don't seem to agree on bitcoin.

This is a very important observation. During times like these there are two choices offered: repression or regeneration.

When the Continental collapsed there was the American Revolution and regeneration with gold and silver only as legal tender.

On the other side of the Atlantic, John Law got gold and silver outlawed as mediums of exchange punishable by death; repression. The natural backlash was the Reign of Terror with the guillotining of tens of thousands of French aristocracy.

During the 1920's in Germany the Mark collapsed in hyperinflation which set the stage for supreme repression with Hitler.

But in 1694 Isaac Newton was Master of the Mint and invented the gold standard; regeneration.

History is being played out and it seems that the US, China, Bafin and most other regulators are choosing the path of regeneration instead of repression (only the Canadians it seems). It will be interesting to see how this plays out.

Wauw, what a post, you know your stuff, thumbs up! :)

awesome post about context of bitcoin. Can you elaborate a bit on why you think the bolded part is true? What are these indications? And what's up with Canada?

Host: We need to talk about Bitcoin in a minute, I can't wait to hear what Charlie Munger has to say about this.

Warren Buffet: Neither can I.

Host: Let's bring in Charlie Munger the vice chair of Berkshire Hathaway. Bill's gonna mover over so you can come sit in.  Good morning Charlie.

Charlie Munger: Good morning.

Host: I just had to get your thought on Bitcoin, this digital currency that's out there.  That people say"oh it might be the next big thing".  What do you think?

Charlie Munger: I think it's rat poison.

Warren Buffet: Put him down as undecided.

Host: Do you understand what their trying to do with it?

Charlie Munger: No, but i regard it as deeply flaky.

Host: Deeply flaky ok. Bill what do you think?

Bill Gates: Ah I think it's a technical "tour de force".  But that's an area where governments are going to maintain a dominant role.

Host: Mmhmm, Warren?

Warren Buffet:I think either charlie or bill is right.

Host: Either on of those guys.

Then they go on to talk about corporate tax rates and other issues like the federal reserve etc.  

Munger has ALWAYS annoyed me. Ffs

He even admitted he doesn't know what the hell he's talking about. XD

the US is following regeneration?  you saw Chilton, right?  and Gates' warning?  it remains to be seen...

stay vigilant.

I'll just leave this here...


https://i.imgur.com/ypN4djO.png

i think Bill was playing nice to the gov knowing full well the implications....just did not want to say

so if bill gates went into bitcoins in a big way he could, with his fortune alone, drive the price to 10,000 per coin.  :P

He would have to sell everything he has to do so. Rich people might own lots of land, businesses, condos but... liquidity is the secret.

~5,000 dollars per coin

still, i think you get my point  :P

+1

This is it.. Like this short intro about BTC in this program, with those guys sitting there !

It looks like Canada is allowing for economic regeneration, so long as you register as a money transmitter as is the case with www.cavirtex.com. Looking at the latest actions of the US regulators it seems to be leaning towards repression. 

On second read I understand what you say. Good idea.

Maybe first in the video introduce bankers rat-like behaviour ("have you ever felt like you'd been robbed of your purchasing power?") and depict them as rats (image of rat with tie or something), then THE QUOTE: "I think bitcoin is Rat Poison"

Ah, rat poison...


Sounds like just what the doctor ordered.

is the Munger guy dead :-[ ?! looks like...

$3125 (injecting that amount of $$ into the Bitcoin market would result in this price)

How do you calculate that number?

So Bill Gates his wealth is 50 billion, 25 billion injection and then?

Right now, someone with about $10 million could push the price above $1000 on Mtgox.

Yea right - someone in other thread just calculated with $8M we went up $40 or so. And your math is from Mars?

Read the post above mine first. Reality is smth different.

Maybe he's mining all the windows computers around the world! Yes! ;D

Maybe BIll Gates is really Satoshi  :o

Bill Gates was Steve Jobs without megalomania

MS altcoin. Oh dear. Bet it would be proprietary closed source.