Is Buffet right or wrong?

[ryanmnercer]

Buffet is so out of touch. He and his friends are ancient dinosaurs... Buffet is 83, his second in command Munger is 90... even one of his 'lieutenants' is 58. While they all have an amazing amount of experience in business, this is the 21st century... most 50 year olds struggle wrapping their minds around new technology, my mom is in her 60's and has been working in offices since the 80's using computers and I STILL have to tell her how to attach files to her mail regularly...

We are now in a new world, I look at most of my peers and they aren't much better when it comes to technology... they talk about kik and facebook and vine, but they still hunt & peck type on their keyboards and browser security is beyond them, trying to explain cryptocurrency to them is as frustrating as teaching a dog to make a 5-course dinner. Worse, trying to tell my peers (I'm 29) the benefits of cryptocurrency and they Just. Don't. Get. It... "It's better than your debit card because the fees are so tiny" "i don't pay any fees dont no whut u meen" *cringe* "sure you do, everytime you get cash at that ATM at the gas station because you are too lazy to drive another block you are getting raped on an out of network ATM fee, when you go to that mom & pop diner you love so much and pay with your debit card the owners get raped on fees, everytime you buy another round at the bar but won't let them run a tab because you are afraid they'll steal your identity by having your card... you rape them on transaction charges ON TOP of the interest" 'yeah but i dunt pay them fees they do so whut do i cair?' *headdesk headdesk headdesk*.

So of course some dinosaurs that are bosom buddies with bankers and love fees and interest and are so out of touch with current technology are going to have poor opinions of Bitcoin.

Let's face it though, Bitcoin has been in science-fiction for ages... how many times did you see someone paying with credits in a movie or a book growing up? A TON. It was person to person digital transfer of currency... guess what WE ARE FINALLY THERE BABY!

[AnonyMint]

ryanmnercer, mostly I agree with you and I wrote similar style of comment in the first thread about Buffet's recent accusations.

However as a young, idealistic man, please check your enthusiasm with a dose of reality on impacts which would not be readily apparent to you, given the USA has never had the type of economic implosion coming 2016ish. The Great Depression was different because we were a net creditor to the world. You can review my comments on page 6 for more details.

In short, the government is going to lay its heavy hand on crypto-currency and we don't have anonymity to stop them. And we seem to be adopting offchain accounts instead of onchain transfers as you applaud.

P.S. our mothers are similar age, even through I am 20 years older than you.

[ryanmnercer]

ryanmnercer, mostly I agree with you and I wrote similar style of comment in the first thread about Buffet's recent accusations.

However as a young, idealistic man, please check your enthusiasm with a dose of reality on impacts which would not be readily apparent to you, given the USA has never had the type of economic implosion coming 2016ish. The Great Depression was different because we were a net creditor to the world. You can review my comments on page 6 for more details.

In short, the government is going to lay its heavy hand on crypto-currency and we don't have anonymity to stop them. And we seem to be adopting offchain accounts instead of onchain transfers as you applaud.

P.S. our mothers are similar age, even through I am 20 years older than you.

I don't even care to see bitcoin as a currency (it would be nice though), but as a method of exchange. As a small business owner I've had a few customers pay with bitcoin and it's been a huge savings in merchant fees, I've bought goods as well and known I've helped out the companies I've dealt with (one actually gave me a 33% discount for paying with bitcoin because they get so many chargebacks from fraudulant purchases they've had to inflate prices that much).

In fact, our first step should be embracing it as a way to carry out transactions and not as a store of value or currency, once widespread acceptance of it as a method of transaction is achieved THEN start nudging it towards a vehicle for storing wealth long-term. Realistically we could get bitcoin in widespread use if people would stop spouting about how they cashed out their retirement and dumped it all into bitcoin and instead started sharing with everyone "yeah I bought x, y and z with bitcoin" and "I sent my kid at college some bitcoin to cover an emergency expense they had" etc. Get people comfortable with transferring money and converting it to fiat or spending it on goods/services real fast THEN tackle it as a savings vehicle.

[maxwiser]

Asking Warren Buffett what he thinks of Bitcoin is like asking your great grandfather to help you choose a new laptop.

[BitCoinDream]

Asking Warren Buffett what he thinks of Bitcoin is like asking your great grandfather to help you choose a new laptop.

U have just taken away my word

[S4VV4S]

I keep looking at the title and I can't help it. I have to say this:

Buffet is an excellent idea if you have more than 12 guests. If that is the case then Buffet is right.
Otherwise cook for them a nice meal

Buffett on the other hand is not such a good idea to mix with BTC.
First of all he doesn't understand it and if he did then he would be the majority.

So it is better that he doesn't like BTC

[Crindon]

I disagree with Buffett. He doesn't invest in things he doesn't understand. Cryptocurrencies and altcoins are more technical.

[jonald_fyookball]

I will not be replying to pontiacg5 and toknormal again...

Thank the lord!

Oh, wait...

toknormal, I already explained....

pontiacg5, the issue for miners..

Well, that lasted a whole two lines of text, just like the last time you were going to finally fuck off.

Again, we are back to the mighty US government demanding anything on the internet, the same speculative bullshit you've been spewing forever. Somehow I guess that's different than my "broken arguments." Loosing badly, PM's? Whatever.

The world just lines up to do what the united states says. Especially now, after the world sees what we (US) do with control of the internet, or anything at all for that matter.

The salient point (and I am sure it will fly over your head and you will reply something off point again) is that don't expect the government to act sane as it slides into the abyss.

Bull FUCKING shit, you stupid bastard. What reason do you have to assume this will be the case? Unless EVERY FUCKING COUNTRY in the world empathetically agrees with the US, anything they attempt to do will FLOUNDER, as it does currently. Until that time, you are speculating just the same as I, except that your scenario DEMANDS impossible regulations, in both bitcoins and new currencies that may be exempt to new laws on technical points alone. How is a government going to regulate a new currency that DOESN'T EVEN EXIST YET, that possibly works in an inconceivably different way? How are bitcoins going to support the innovation in that area, if you can't move coins to an alt-chain without tainting them? Regulation on new currencies would kill them before they start, game over.

And that's just one massive hole in your "take over the world" theory. You contradict yourself, saying [your flavor of] regulation and new crypts will co-exist, it is not possible.

All the nations will be bankrupted and under severe riots and stress by 2016ish. And the FATCA is coming this year which will compel all nations to comply with USA demands. And the dollar will become incredibly strong in 2015 as all the other currencies become very weak. Every nation will be eating from the USA's hand. The emerging markets are massively short the dollar. But you don't know any of this information because you don't study as deeply the details as I do.

Tin hats, folks. Why the fuck are you here anyway, if you are so certain? Shouldn't you be digging bomb shelters, piling gold, and gathering MREs? Get the fuck outta here with your sensationalist bullshit, or at least post undeniable proof. You'll have to forgive me, but seeing your postings in the past doesn't exactly give me the utmost confidence in your "deep" research on who knows what. Can't even form a proper sentence on a regular basis, but calls the total financial seizure of the entire world by the USgovernment? Seems about right  

Bitcoin's new coinbase awards will be 1.7% in 2020, 0.8% in 2024 and 0.2% in 2032, that is not 100 years from now. I can see 6th grade math is not your strong suite.

Let me ask you a simple question, is 0.2% ZERO? No? Wow, so you mean coins will still be made? Exactly like I said, eh? According to the chart you linked to, coins will be generated till 2136. Is that not a solid 100 years? Or are you going to argue the fact that .00000001 is not a coin. I'd bet you will, because that's your style. If 6th grade math isn't my style, what does that say about you? Least I can read numbers posted in a table, RIGHT IN FRONT OF MY FACE.

Next, you'll probably say that's not enough coins to generate to sustain, like a typical know it all retard, completely missing the fact I already addressed that issue previously.

Stroke that ego buddy, it must be nice to be so old as to know everything in the world so perfectly.

USA shot themselves in the foot with NSA scandal.  Their influence is declining.  That's one more reason why governments won't act unanimously to ban cryptos.

[jonald_fyookball]

I will not be replying to pontiacg5 and toknormal again, because they repeat the same broken non-arguments again and again. I have more important things to do.

Come on guys, this silly arguing is wasting our time. You guys go with Bitcoin and I will go my own direction.

You two can have the last word. I will prefer the last action.

You guys are losing badly where it matters for me. I am receiving overwhelming support in my private messages. You two are making fools of yourselves for those who are smart enough to see. And those are precisely the people I wanted to reach. My teaching goal here is done or at least as far as I am willing to take it in this forum. My wish is for all the dumb people to stay in Bitcoin and the smart people to exit something better.

toknormal, I already explained upthread that offchain accounts lead to fractional reserves and failure. You are repeating the same nonsense. Proceed with your offchain Bitcoin plan so you can retain the status quo of fiat banking and commerce.

pontiacg5, the issue for miners is not just tax compliance, it is about forcing you to force tax compliance on all transactions you add to the block. It is all about coin taint. You can read up on this coin taint issue from the core developers such a gmaxell, mike hearn, etc..

What you fail to appreciate is history. I guess you didn't pay attention during world history or perhaps your dumbed down education there in Kansas doesn't teach you about the way socialism slides into totalitarianism over and over throughout history.

The salient point (and I'm confident it will fly over your head and you will reply something off point again) is that don't expect the government to act sane as it slides into the abyss. They will demand blood from a turnip.

All the nations will be bankrupted and under severe riots and stress by 2016ish. And the FATCA is coming this year which will compel all nations to comply with USA demands. And the dollar will become incredibly strong in 2015 as all the other currencies become very weak. Every nation will be eating from the USA's hand. The emerging markets are massively short the dollar. But you don't know any of this information because you don't study as deeply the details as I do.

Sorry that you can't understand that when I pay with a credit card, I am done and get my domain name or download product in seconds. With Bitcoin, I wait 20 - 30 minutes. When I need to do this several times per day, it makes me curse Bitcoin. And this has actually happened to me numerous times.

Bitcoin's new coinbase awards will be 1.7% in 2020, 0.8% in 2024 and 0.2% in 2032, that is not 100 years from now. I can see 6th grade math is not your strong suite.

https://en.bitcoin.it/wiki/Controlled_supply#Projected_Bitcoins_Long_Term

Your points about alt/BTC exchange entirely misses the point that without anonymity, altcoins will be subject to the same regulatory controls as Bitcoin. Period. No tinfoil hats required to do that simple analysis.

I must agree with you that the nonrefundable quality of Bitcoin can open new markets. It also closes off much larger markets. See also my reply to toknormal above. Note Bitcoin has multisig on chain, so if developers would simply use it, then Bitcoin could do refunds via escrowed third parties. At least it would be on the block chain, so no slide into fractional reserves failure.

..."overwhelming support in private messages"...

Uh huh... Sure.... Right.....Yet no one is supporting his opinions publicly.

(All this from the same joker that claimed most bitcoin transactions
will be clawed back due to theft.)

Even though I'm completely convinced you're either delusional or consciously engaging in cognitive dissonance (FUD), feel free to explain how you think the dollar will dominate given the massive deficit, the unbroken trend of us politicians continuing to raise the debt ceiling, the downtrend of us manufacturing, and the nascent move away from the dollar as the world reserve currency.

[jonald_fyookball]

Even if all your other arguments are right ( which I think they are not, the only thing I agree with that you've said , is that a financial crisis is coming).... But even if all your other arguments are right, the government will find a much easier time simply BUYING coins up with their printed paper fiat.  Confiscation of coins is far from the past of least resistance and I'm confident will not happen.

[AnonyMint]

If the government tried to buyout the market of coins (the user market), the market would say "thank you, let's do that again on a new altcoin".

The government's goal here has to be protect its power over taxation and creation of money. It can get both with Bitcoin by controlling (through regulation and eventually buyouts by the large banks) of the offchain providers such as Coinbase, etc.. That is the low hanging fruit path of least resistance. To create money from thin air it doesn't need to even control the onchain money because offchain money can be created out-of-thin-air (as Mt.Gox showed), unless we force their hand by moving to decentralized onchain services. Even then, I read that the pools are highly concentrated, so the can regulate and buyout those too. Selective regulation is a tool to force people to sell. For example, I read (but didn't verify) that Obama was using selective enforcement of carbon taxing to put his non-cronies out-of-business in coal electric generation.

If we go all the way down the rabbit hole of potentials, the bottom line is that without anonymity, onchain decentralization, and cpu-only mining with limited pool sizes, then we are vulnerable.

[ryanmnercer]

The only government agency that will ultimately care (in the U.S.) is the IRS. They can easily be made happy by firing 95% of them, abolishing the tax code and instituting a federal sales tax.

[bl0ckchain]

First, I think it's important to realize that anything buffet says publicly is for his own benefit.

A mainstream bitcoin emerging to compete with traditional fiat payment systems is a direct threat to his investment empire. So of course he will denounce bitcoin in the open while most likely hedging his bets in private. He didn't get where he is by being open and transparent.

The most likely outcome to this whole bitcoin experiment is that a handful of currencies (altcoins) will rise to compete with bitcoin for consumer attention. This is a win-win for consumers as they will have available many choices for making payments. It will be a win-win for merchants as they will have a variety of means for accepting payment.

In the early days of credit cards, merchants would post signs on their doors and windows with visa, mastercard, discover, etc., to let customers know which payment methods were available.

Now alongside those signs will be stickers for bitcoin (BTC), goldcoin (GLD), and perhaps many others.

[AnonyMint]

In this thread I have learned a lot about the way people think. Explains to me about why society is impossible to organize away from banksters.

In the abstract, not much has changed since when you could give a native a mirror and he would give you his vast acreage of land in exchange.

[bitjoint]

He's not right nor wrong, he's old news!

[greenlion]

In this thread I have learned a lot about the way people think. Explains to me about why society is impossible to organize away from banksters.

In the abstract, not much has changed since when you could give a native a mirror and he would give you his vast acreage of land in exchange.

Wasn't this high-functioning autistic supposed to be going away several pages ago?

[jsgayo]

LOL Grin

[keithers]

If you look at Buffet's track record, he has a few huge scores, and a lot of investments that did not go great.   I don't think his shares have out performed the S&P 500 in the last bunch of years (I could be wrong).  Obviously his big scores were astronomical, but those few investments have made the world believe that he is the investment wizard of the world.

[Bit_Happy]

Asking Warren Buffett what he thinks of Bitcoin is like asking your great grandfather to help you choose a new laptop.

Gramps can you help me upgrade my Windows 98?
"Sorry sonny I'm busy repairing my Commodore 64"

[BitOnyx]

Well at this point i don't think bitcoion should worry about USA any more. Buffet opinion is based on... what again?!