Bitcoin is a moneygram...a mirage - Warren Buffet

lol

But the USA is the richest nation on the planet...by quite some way. This will have a negative effect on Bitcoin.

We keep getting told that the purpose of the Bitcoin foundation is to lobby governments and push for adoption.
If there was ever a time when a decision needed the voice of the community to protest this would be it.

Is there a member of the bitcoin foundation willing to detail their plans for countering this new development?

Then this thread is redundant.
Thanks.

Mod: Remove this thread pls.

I hold some Bitcoins and some litecoins in order to minimise/maximise my exposure. I win either way. I suggest those who have put all their eggs into bitcoins basket seriously consider diversifying.

Bitcoin is about to die. I know it but can't bring myself to admit it.

The recent ruling on Bitcoin by the IRS has effectively killed Bitcoin in the United States. It can no longer be used a currency in that country as compliance with new tax obligations will render far more expensive than fiat.

Bitcoins future is in serious doubt.

Unless this decision is revisited then expect a huge drop in the price of bitcoin. Its currency trading at $540 and will go in free fall when the true implications of this become known. I expect it to be worth $200 by the end of april.

Will this lead to a rise in the price of litecoin? Most likely. Remember..there are enough alternative crypto's out there to effectively keep moving funds from one to the other to avoid irs tax claims. This ruling by the irs is not on cryptos..it is purely on bitcoin.

Thus I believe the natural cause of events will propogate a second generation coin to the fore sooner than many think.

Expect a switch of capital from Bitcoin to Litecoin...and then to the another yet to be known coin

Please pm with offer if interested.

The quote is accurate. You can see his interview here http://www.coindesk.com/warren-buffett-investors-stay-away-bitcoin/

He talks about Bitcoin for only 10 seconds of the interview.

That doesn't make sense if you think about it.
Warren Buffet made enough last year to buy every single Bitcoin that has ever been mined. If he truly thought this what would stop him buying up some Bitcoin?

I think he is being honest with his interpretation. Whether that interpretation is correct is open to debate.

Can you please explain why he is wrong

Bitcoin is essentially a modern  moneygram.


This example is based on bitcoin maintaining price stability which is likely to occur when widely adopted.


example1
Person A pays x for a £100 money gram to which is sent to Person B. Person B trades the money gram to  x  and receives £100. The money gram is now worthless and disgarded. Person x charged £2.50 for holding and releasing the fiat currency.

example 2
Person a pays x for £100 worth of Bitcoin to which is sent to person b.Person B trades the bitcoin with person x  and receives  £100.  Person x retains the bitcoin and is free to trade again.

The only difference between the two is that in example 2 the transfer method is reused in other transaction. i.e the bitcoin continues to be used and owned by new people. Wheras in example 1 the moneygram is destroyed at the end of the transaction. A new one is printed for a new transaction.

So despite the obvious advantage in speed and it being free...what gives the bitcoin any more value than a single money gram? i.e why would anyone pay £350just to hold what is essentially the right to send a transfer.

Any comments?

Granted he oversaw the biggest catastrophe in Bitcoin history, but describing him as a fugitive? He is on the run from whom exactly?

Mr Karpeles duped noone. The problems with Mt. Gox were prevalent for months and whilst its sad that some people lost their money they too have to take some accountability for their actions.

The question some need to ask is, "why did I decide to continue investing in Gox when there were numerous warning on this board for months prior to its collapse"?

Its an easy thing to make Karpeles a scapegoat as it deviates from the realisation....that greed overcame sense for many.

I recall reading on here last week about a member continuing to pump 1000's into Gox, buying the coins cheap despite the warning signals. To whom should the loss of that money be attributed to? Karpeles or the greedy investor?

At the end of the day Mr Karpeles is an incompetent person..and not a wretch like o'l Vlad Putin.

By all means pursue your lost money..but some need to consider the humanity in constant vilification of mr karpeles

What do you believe will be the main driver of that price crash?

With the Gox debacle out of the way the prices are going to rise steadily now. You wont EVER see the price this low again. Time to buy

Out of curiosity - the logo they are using for the new site, is that their official logo or a placeholder?

A new foundation should focus on furthering  Bitcoin's integration into the mainstream. Its difference between the old model would be that: Members are chosen by the majority and each seat is on a temporary basis;  not self appointed. Accounts are public and with expenditure being properly scrutinised. It is a NON PROFIT organisation. It would engage with the community on a  frequent basis and consult on projects that would be a sensible use of funds. i.e marketing and facilities; new atms, bitcoin banners and logos being put in shop stores that accept it...

I feel right now, that Bitcoin is not being served correctly. It is a fanstastic concept that needs coordinated activity so that it can succeed. It is being pressured from all sides; incompetent exchange managers, fraudsters exploiting it, hackers seeking to disrupt it and the media attempting to destroy it.

My thoughts exactly

Just consider this a lesson learnt. It could have been much worse - count your blessing you didnt have more stored on there. Always use paper wallets.

Absolutely. The notion that one needs to be here for a set time to have a sense of entitlement is exactly what should be discouraged

I had an idea - What bitcoin needs right now is some good press.

The general public seem to have the perception  that bitcoin is 'heavily regulated and used by criminals for money laundering'.

Why not set up 'bitstarter' a spin off from kickstarter where donations are only made via bitcoin and only on charitable causes such as the aforementioned.
I think if we can get a few projects funded we can really make a difference to people's lives and put Bitcoin out there in the process.