Bitcoin Forum

Is it such a terrible idea to own an oz of gold, if nothing more than for nostalgia… Than why not own 1 bitcoin, if bitcoin fails who cares you loose $250….. if it doesnt fail.. well… i think you guys know how that story goes.

It isn't wrong, that's the whole point.

Everyone should have a choice if that want to own, use, or invest in a new technology that could either be ground-breaking or just another idea that's brilliant in theory.

Whether it's the next Zune or Ipod, whether it's the next Atari Jaguar or the Sony Playstation, whether it's the next Myspace or Facebook, the masses will ultimately decide if it's worthwhile.

I've been suggesting that most people should buy 1 BTC "just in case" for a while. I'm somewhere in between "we'll muddle through" and "fiat apocalypse is coming" in my thinking; if the latter happens then anyone holding just 1 BTC could be well off in the resulting turmoil. It's a small investment for peace of mind.

Anyone can do whatever he wants , but it's better to own at least 1 BTC because it's the less amount you can use to make some decent profit . Basically the more you own , the more you earn (If the prise goes up of course) .

~ Madness

People are free to choice what form of my money they hold, at least in theory. I don't see anything wrong with this at all.

Anyone that doesn't own 1BTC by 2015 if you can afford it just wants to be poor.

I have the Zune HD  :D

It's only big profit if you tend to hold it for like 5 years atleast and think positively, some other cryptocurrency will probably overtake it meanwhile. I see max horizont of 10k let's say if it surrives.

I created this post because warren buffet says to stay away from bitcoin, but I present this question… why is it sooo wrong to own 1 bitcoin…  And I wanted to counter it,

Because when enough people own 1 bitcoin, the price will tell ya, warren was dead wrong… When 1 btc is worth $10,000 perhaps it may not be too wise for everyone to own 1 bitcoin.. There is a lot more to lose. However at that point, a lot of people will have taken a place in the bitcoin, and it will be well on its way to becoming a global currency where you will be able to earn and spend bitcoin without being soo concerned of its value halving or doubling overnight. If you lose some or get hacked you will be able to earn more, increasing the value of the coin and increasing the strength of security…. Its a win win… It might suck getting hacked and being completely broke… but… there is a bonus down the road. Its better to get hacked and create better security than to give hundred of thousands or millions of lives to escape the king…

Think of the trade off I explaining here. If the next war is fought financially and getting hacked is the closest thing to death without actually taking a bullet, I'd say we've already won the war without a single bullet being fired.

he's a dinosaur .. ignore buffett, an old man who knows nothing

And that makes you a single celled organism… No offense… He does have quite the influence. He is no idiot, i also do not think he understands bitcoin. I still love that fox news segment that fox has tried relentlessly to pull off the web with munger, buffet, and gates where gates says its a 'techno tour de force that the government are going to have trouble wrangling with" fast forward about 12-18 month(forgot when interview was) Microsoft has since adopted bitcoin as a form of payment….

Who said it was wrong?

...

Warren Buffett usually and typically "talks his book."  For him, what's good for Warren is good for the rest of us.

Of course, he does not talk about what he is interested in buying.  He surprised Wall Street when he snapped up the BNSF railroad, probably the best long-haul railroad company in the USA.  I did not get that memo beforehand.

He is a great stock-picker.

He poo-poos Bitcoin and gold because he does not own any (or much).  But he did have a huge position in physical silver for awhile (which he lost money on IIRC).  WB is also very "Establishment", pro-banks (Goldman-Sachs), pro-Wall Street, pro-Obama.

if you are in his position yes, owning stock and entities that have revenues and profits is much more beneficial for him than for him to own gold, however if you are worth anything less than 50million, which is most people, gold, bitcoin, silver, etc if you are in his position you can have your face ripped off owning gold as it prevents you from investing in other fiat generating ventures.

Just how you or I do not have an entire billion dollar office filled with little rats crunching numbers looking at every businesses books with a fine toothed comb, so for any of us to see an opportunity in railroads is soooo far from what can even be able to do…

The best advice I think I have every seen regarding investing in the markets is to stick to INDEX funds, they can't be manipulated in any meaningful way and you invest for the long term 1-10years+

Other wise things like bitcoin, gold, silver, other 'things' that just cannot be replicated like fiat money as former bank CEO said last week.

I'm sure a lot of people can afford 1btc at current price but the problem lies mainly on how to convince people to accept bitcoin. If we can break this barrier, we are already on the way to the moon.

WB does not fully grasp the concept or the technology. I doubt if he has ever transacted with Bitcoin or know how many other groundbreaking features Bitcoin has, other than the currency use.

People like him, needs something physical to invest in... eg. silver and gold. {They have also backed the banks and have been getting backing from the banks, so it's natural that his obligation will be with the banks}

It takes me roughly 1 hour to convince a skeptic or a person, who has never heard of Bitcoin, that this will be the money of the future.

Someone like WB most probably fear the volatility of Bitcoin and miss the opportunities it offer.. If you tell someone that a commodity can go from $1 to $1000 and then back to $200 within a space of 1 to 2 years, they will doubt it. {To someone who trades in silver and gold, this must be his worst nightmare}

You have to look outside the box with BTC or you will miss the point completely.  ;)

i think it is a great idea but for common people, they do not want to go into the hassle of learning, securing, buying,.... of bitcoin and buy gold instead which is going to be easier and most probable to profit from

how do you define a profit if profits in fiat are designed to be spent(on beer of course) or reinvested into a non depreciating asset, money is the new car… lol the day having money becomes equivalent to being a money bucket...

Very well said.
If average people don't accept bitcoin, we will not make breakthrough and become mainstream.
It's not question if average people can afford to buy 1 btc but if they have good reasons to do this.
Right now, I don't think that average Joe will consider buying btc as investment (because value of btc is very unstable right now) and also average Joe can't see what he can do with his btc, where to spend it.

I cant' fault your logic at all
Everybody should own some btc and a piece of the blockchain

There is nothing wrong in suggesting people should own 0.5 or 1 BTC.
There is nothing wrong in asking them to avoid BTC either. It is just his point of view the bitcoins are worthless investments.

I usually say the same to my friends, "You should own one bitcoin". :)

It's not wrong but I only suggest it to people I know and have the money to buy like friends and family. And so far I have succeeded in bringing 3 people in.

This advice could be the difference between rags and being ahead of the game of being more well off toward whomever you're telling this to. Or, you can just sit back and let your peeps be in wow of you when the time comes making you the talk of the table. It's no one's responsibility to spread the word of a bear market in a volatile situation to anyone cuz the outcome isn't a given. Yet, the market is going to reverse and make its move upward so why should the non-initiated get to cruise to victory on easy street? It'll do its thing on its own and the rest that looked at ya sideways will follow.

People should do what they want...

It's not wrong , you are just giving some advice , it's upto them to take it or not
Though i would say personally if you're thinking to buy , don't just think ;)

Hey if Famos Amos can own some Bitcoin, then everyone should have a little something something too:

https://www.youtube.com/watch?v=rAfOCqgS8gs

Warren Buffett is at the point in life that owning Bitcoins for his purposes or businesses doesn't make sense.  Guy wipes his ass with hundred dollar bills...

Well thats what they do at the end. Its not wrong, because we are only suggesting, and not forcing them to buy.