jackg (OP)
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https://bit.ly/387FXHi lightning theory
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November 11, 2018, 03:54:33 PM |
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https://m.youtube.com/watch?v=uP6ATdAxuZwThis amuses me, watch him between 2-6 minutes on this video. He clearly has no idea as to what bitcoin is or what a bitcoin fork is. He compares bitcoin to say it keeps following the dollar based on the price people set things at, however, that’s just funny because it’s like saying the Euro, yen and pound sterling don’t exist as a real currency because our price also gets translate for things like oil from the American price of the dollar and even the place it was originally mined in  .
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NeuroticFish
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Looking for campaign manager? Contact icopress!
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November 11, 2018, 07:21:19 PM |
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He compares bitcoin to say it keeps following the dollar based on the price people set things at, however, that’s just funny because it’s like saying the Euro, yen and pound sterling don’t exist as a real currency because our price also gets translate for things like oil from the American price of the dollar and even the place it was originally mined in . And many of the viewers will believe him, just in the way many still believe in 2018 that the Earth is flat. You'd be surprised what people believe or what they chose to believe... |
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3acaga
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November 11, 2018, 07:45:12 PM |
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In fiat money, the dollar is the alpha currency in the world at the moment.
As soon as the dollar collapses - much more people will start to believe in Bitcoin, and then we will get a rise.
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ClockworkTrader
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November 11, 2018, 08:05:48 PM |
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And many of the viewers will believe him, just in the way many still believe in 2018 that the Earth is flat.
You'd be surprised what people believe or what they chose to believe... This if not just fake news, this is complete misinformation right here. Spreading uneducated opinion only multiplies the overall lack of knowledge. Learn the stuff you`re going to make video about, it seems so self-evident - I wonder why people still ignore this simple rule, I guess the urge to get as much YouTube views as possible on Bitcoin hype is still strong. |
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vlad230
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November 11, 2018, 09:35:55 PM |
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https://m.youtube.com/watch?v=uP6ATdAxuZwThis amuses me, watch him between 2-6 minutes on this video. He clearly has no idea as to what bitcoin is or what a bitcoin fork is. He compares bitcoin to say it keeps following the dollar based on the price people set things at, however, that’s just funny because it’s like saying the Euro, yen and pound sterling don’t exist as a real currency because our price also gets translate for things like oil from the American price of the dollar and even the place it was originally mined in . I don't think you should take Warren Buffett's thoughts on Bitcoin or crypto currency in general, in vain. I bet he has a lot of advisors that know more about bitcoin than we all do and no, I'm not talking about the technical aspects of it here but the financial ones. Remember he's been a billionaire for a long time and has made a huge amount of money during the economic crisis and off of it. I think that Buffett is saying that Bitcoin doesn't have the characteristics to be considered a currency yet and I agree. Here are some characteristics that define a currency: 1. Generally Accepted - Many people must accept the money as a settlement of debt or as a discharge of obligation.
2. Durable - Its quality/value does not deteriorate over time, which is why we do not tend to use food products as money.
3. Divisible - If you divide the money in half, each half should be worth 50% of the whole. This is why we tend not to use diamonds or artwork as money.
4. Stable/Consistent - The value does not fluctuate substantially with time.
5. Transportable - It is easy to move from one place to another.
6. Scarce - It is difficult to acquire.
7. Easily recognizable - It needs to be obvious what it is, mostly for the purposes of #1.
8. Difficult to Counterfeit - This mostly has to do with #6.
As you can see, BTC does not fit all of them yet but there still is hope and BTC has not reached maturity yet. Going back to what he was saying in relation to the prince of things changing based on BTC's value that can be easily observed in our Services forum. Everything is compared to its value in FIAT. There are very few services that are paying/charging fixed amounts of BTC disregarding the FIAT amounts BTC is traded for. On top of that, need I remind all of you that earlier this year there was a Bitcoin conference that you couldn't pay for in BTC? What are we talking about here? |
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o_e_l_e_o
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November 11, 2018, 09:43:16 PM |
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People say 'Well, I'll sell you goods in bitcoins, but they change the price of those every time the price of the dollar changes in relation to the bitcoin - they're pricing off the dollar.' So his argument seems to be bitcoin can't be a currency because the amount of bitcoin per dollar is constantly changing? So are we just ignoring how unstable the dollar is? In 1990, there was around $300 billion in circulation. Today there is over $3.5 trillion. The government can and do create more currency at will. The dollar is guaranteed by a government that is $21 trillion in debt. The US dollar has lost over 95% of its purchasing power in the last 100 years.  You maybe don't want to talk trash about bitcoin being unstable when your favored currency is worse. |
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tosmartak
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November 12, 2018, 12:34:21 PM |
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And many of the viewers will believe him, just in the way many still believe in 2018 that the Earth is flat.
You'd be surprised what people believe or what they chose to believe... This if not just fake news, this is complete misinformation right here. Spreading uneducated opinion only multiplies the overall lack of knowledge. Learn the stuff you`re going to make video about, it seems so self-evident - I wonder why people still ignore this simple rule, I guess the urge to get as much YouTube views as possible on Bitcoin hype is still strong. Uneducated opinion! I think that is just the best word for it right there. At least these guys should have some dignity to try as much as possible to keep themselves informed before coming out to talk trash. Apparently, just looking for recognition, but in this aspect, in a stupid way. We are simply in a world where people talk trash and care less about it, people do not even want to learn anymore, and they just non-intelligently and ignorantly say whatever comes to mind. No one is forcing him, as he can remain in fiat when others are wise enough to realize that fiat system is rubbish. |
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jackg (OP)
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https://bit.ly/387FXHi lightning theory
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November 12, 2018, 03:45:15 PM |
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@vlad, the value of the pound sterling has depreciated by 90%+ and it’s one0&the highest values now so it clearly hasn’t retained its value in that time.
My point is he’s commenting on stuff without any of the facts, that’s clear to see. He’s clearly either wanting to make the currency fall so he can buy it up or wanting to make the currency fall so he’s not so sad he didn’t invest at the start... And many of the viewers will believe him, just in the way many still believe in 2018 that the Earth is flat.
You'd be surprised what people believe or what they chose to believe... This if not just fake news, this is complete misinformation right here. Spreading uneducated opinion only multiplies the overall lack of knowledge. Learn the stuff you`re going to make video about, it seems so self-evident - I wonder why people still ignore this simple rule, I guess the urge to get as much YouTube views as possible on Bitcoin hype is still strong. Uneducated opinion! I think that is just the best word for it right there. At least these guys should have some dignity to try as much as possible to keep themselves informed before coming out to talk trash. Apparently, just looking for recognition, but in this aspect, in a stupid way. We are simply in a world where people talk trash and care less about it, people do not even want to learn anymore, and they just non-intelligently and ignorantly say whatever comes to mind. No one is forcing him, as he can remain in fiat when others are wise enough to realize that fiat system is rubbish. Elon musk’s section and research into it did look to be quite interesting (though I only watched about the first 10 minutes of that video)... Probably an argument in support of him owning some but, why wouldn’t you if you have a lot of money spare? Buy a bitcoin or two and just store them away. He’s suggesting it will increase by 200x so putting a small amount of his wealth into it (1%) will have a good return for him. And uneducated opinion is a bad thing along with biased opinions. He hasn’t researched it because he doesn’t want to know and therefore shouldn’t be talking about it. @eoleo, exactly. Soon more people will start to realise this and we’ll go back to what it used to be with people either trading in gold or in bitcoin (I know which one is easier for me ). |
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fasdorcas
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November 15, 2018, 05:55:38 AM |
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https://m.youtube.com/watch?v=uP6ATdAxuZwThis amuses me, watch him between 2-6 minutes on this video. He clearly has no idea as to what bitcoin is or what a bitcoin fork is. He compares bitcoin to say it keeps following the dollar based on the price people set things at, however, that’s just funny because it’s like saying the Euro, yen and pound sterling don’t exist as a real currency because our price also gets translate for things like oil from the American price of the dollar and even the place it was originally mined in . You know what makes me laugh the most, it is obvious these guys want to talk, but the funniest part is that they keep making big fools out of themselves without having a single clue at all what they are even talking about and that makes it a whole lot absurd as to why someone would come to the public eye to just embarrass themselves. At least, if you want to talk, have some decency to at least be well knowledgeable enough to have an idea what you are talking about and not come out to just display an act of ignorance. Maybe he should really know that the same fiat system has been f'd up over the years, so he really has nothing to say than trash. |
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zacad
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November 15, 2018, 08:17:51 AM |
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This is obviously wrong. The US dollar will quickly depreciate in the next 1-2 years. Americans should not be so selfish. Now it is a peaceful era. There is no need to control the global economy. It should be fairer and more free.
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o_e_l_e_o
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November 15, 2018, 08:46:31 PM |
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You know what makes me laugh the most, it is obvious these guys want to talk, but the funniest part is that they keep making big fools out of themselves without having a single clue at all what they are even talking about and that makes it a whole lot absurd as to why someone would come to the public eye to just embarrass themselves. I wouldn't go as far as saying Warren Buffet is ignorant or making a fool of himself. He knows exactly the pros and cons of fiat, and I'm sure he knows the pros and cons of cryptocurrency as well. The fact is his companies and his wealth are entirely based on fiat. Of course he is going to talk down anything that is a risk to that. Fiat definitely has many drawbacks, and as I showed in my previous post, is completely unstable and has lost >95% of its purchasing power in the last 100 years. Warren Buffet is well aware of that, but his entire existence is based on using fiat, so of course he isn't going to admit that. It's just the same as the years the tobacco industry spent trying to hide the research that smoking is awful for you. |
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timerland
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November 16, 2018, 06:58:38 AM |
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Warren Buffet has been historically very critical of bitcoin. There is absolutely nothing surprising here.
He claims that bitcoin is not an investment, and investments are only things that produce a dividend. Well, if the global accepted definition of an investment was indeed that then it would be true. But most people in my opinion do not have such rigid definitions of an investment.
He also goes onto talk about how bitcoin is not a currency because it is traded against the USD. That's just completely nonsensical to me. Bitcoin's traded against the USD and various other fiat currencies, and also other cryptos because that's what people demand and that's why there is volume in these markets. It has nothing to do with bitcoin being tied to dollars or whatnot, in fact, it is completely independent.
I don't think that he appreciates the advantages that bitcoin offers in terms of controlling supply, decentralization, etc. His statement about bitcoin not being around in 10-20 years just shows that he probably hasn't done as much research as he should have before commenting - even if adoption does not pick up like we expect it to as a form of currency, the blockchain of bitcoin will still be functional as long as someone uses it.
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davis196
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November 16, 2018, 07:15:03 AM |
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https://m.youtube.com/watch?v=uP6ATdAxuZwThis amuses me, watch him between 2-6 minutes on this video. He clearly has no idea as to what bitcoin is or what a bitcoin fork is. He compares bitcoin to say it keeps following the dollar based on the price people set things at, however, that’s just funny because it’s like saying the Euro, yen and pound sterling don’t exist as a real currency because our price also gets translate for things like oil from the American price of the dollar and even the place it was originally mined in . I like the first comment under the video.'Warren Buffet doesn't know how to send an email,so his opinion is irrelevant.'Right in the target. What is this Youtube channel?The video description is full with tags and keywords.This is NOT who you do proper Youtube SEO. |
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Beerwizzard
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November 16, 2018, 07:59:50 AM |
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People say 'Well, I'll sell you goods in bitcoins, but they change the price of those every time the price of the dollar changes in relation to the bitcoin - they're pricing off the dollar.' So his argument seems to be bitcoin can't be a currency because the amount of bitcoin per dollar is constantly changing? So are we just ignoring how unstable the dollar is? In 1990, there was around $300 billion in circulation. Today there is over $3.5 trillion. The government can and do create more currency at will. The dollar is guaranteed by a government that is $21 trillion in debt. The US dollar has lost over 95% of its purchasing power in the last 100 years. You maybe don't want to talk trash about bitcoin being unstable when your favored currency is worse. Slow inflation is required to provide stronger economic growth for the country while deflation will make the country uncompetitive on the world market. It is not painful for people because they can always invest their money with interest rates bigger than inflation. USD would never become what it is if its amount was fixed. Comparing today's USD purchasing power with USD from 100 years ago is not showing anything. |
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jackg (OP)
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https://bit.ly/387FXHi lightning theory
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November 16, 2018, 08:07:05 PM |
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Slow inflation is required to provide stronger economic growth for the country while deflation will make the country uncompetitive on the world market. It is not painful for people because they can always invest their money with interest rates bigger than inflation. USD would never become what it is if its amount was fixed.
Comparing today's USD purchasing power with USD from 100 years ago is not showing anything.
I'd argue that slow inflation is difficult to come accross based on the name "slow"? Are we talking a really small amount that it is almost stagnant, the 2-3% we have at the momvent or 0.1-1% as being slow? Either can be determined to be slow. Bitcoin's inflation rate seems to be about 4% also for annual inflation. Taking the total number of bitcoins to be 17 million. (365.25*24*6*12)/17000000 for annual inflation. I'm not trying to offend by saying this so apologies if it comes off this way: If we have our block reward continuing beyond 21 million, we're still at 3.1% inflation (this obviously won't happen but for annual inflation it seems quite large in comparison to normal currencies at the moemnt which I think are between 2 and 2.5 % for USD and GBP. |
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timerland
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November 16, 2018, 11:58:51 PM |
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Just my thoughts here. A lot of the mainstream media seems to be intentionally confusing the terms 'bubble' and 'ponzi scheme'. Bitcoin itself is definitely not a ponzi scheme, but you could definitely argue that unnatural and unsustainable price rises like last year can be attributed to a bubble for sure.
But returning to the video in question, Warren Buffet is simply wrong about bitcoin here. I don't think that he understands the problem that bitcoin is tackling, potentially because that his involvement in the traditional fiat banking system has a significant conflict of interest with the development of bitcoin, and he simply does not understand how bitcoin works or the technological side behind it.
I simply don't understand how anyone could think that bitcoin is not a currency. It is, and potentially even more compared to fiat in a global sense. I also don't understand how some of these people think that fiat is something that is completely benign to hold in the long term but somehow, bitcoin is going to disappear and go to zero despite it being a much better store of value fundamentally than fiat due to decentralization and its capped emission curve. The dollar's purchasing power has consistently depreciated even without any major hyperinflationary crises in the US.
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Renaldi blackspadeteam
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November 17, 2018, 12:09:51 AM |
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this looks funny, he said about bitcoin and dollars with superficial knowledge about crypto and funny again he dared to broadcast it on youtube, oh isn't this really embarrassing,
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vila_is_will
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November 17, 2018, 12:22:06 AM |
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think deeply and will know that dollar is not the one
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gelinshidong
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November 17, 2018, 08:14:02 AM |
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This is the signal of blind followers, which is the malicious message of the capitalist. Only stupid people will believe this. In the next year or two, the dollar will lose its global dominance. The world does not need such coins to promote world cooperation. Goodbye to the dollar, I wish you a break. Goodbye to the Fed.
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fangbian
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November 17, 2018, 09:16:44 AM |
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This is obviously wrong. The US dollar will quickly depreciate in the next 1-2 years. Americans should not be so selfish. Now it is a peaceful era. There is no need to control the global economy. It should be fairer and more free.
That’s just what I was thinking. To what I know, the US dollar will no longer dominate the world. |
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