Crypto Community is Lit

[pawanjain]

Charlie Munger the vice chairman of Berkshire Hathaway is yelling that it would have been better if cryptocurrencies had never existed.
The 97 year old man says China made a right decision on banning bitcoin.

Well I was shocked to see him speaking ill about cryptocurrencies but the response he got for his tweet was very surprising.
The crypto community gave him solid replies which proves that the crypto community is growing stronger than ever.

Has the revolution begun ?

Source : Crypto community responds to Charlie Munger yelling at Bitcoin again

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[amishmanish]

His statement here:

"“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves [...] ​​I want to make my money by selling people things that are good for them, not things that are bad for them.”

purports a genuine concern for the customer's interest that is supposedly absent in most of crypto. I don't think this can be disagreed to. Most crypto is indeed about making money at the expense of your buyers. This doesn't mean that people aren't genuinely trying to make useful products. Its just that the speed with which crypto is getting adopted by children and young-adults working on their cheap computers in every part of the world, is unlike anything that the business community or investor community has seen.

It is almost sacrilege for them to see crypto minting millionaires and 20-somethings making the kind of money that earlier used to take an Ivy league education and a place at the topmost investment banks.

Whether this is sustainable is the question. I don't think these concerns are completely unjustified. Crypto really doesn't have much of a soul right now. Its a winner takes all race to the bottom.

[DooMAD]

Well I was shocked to see him speaking ill about cryptocurrencies

How is it shocking?  I mean... he kinda has a track record for doing exactly that.

​​I want to make my money by selling people things that are good for them, not things that are bad for them.

Is that why Berkshire Hathaway play with derivatives and junk bonds?  If Banksters want to tar all crypto users with the same brush, I can assure him crypto users are happy to do the same with banksters.

[DarkDays]

His statement here:

"“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves [...] ​​I want to make my money by selling people things that are good for them, not things that are bad for them.”

purports a genuine concern for the customer's interest that is supposedly absent in most of crypto. I don't think this can be disagreed to. Most crypto is indeed about making money at the expense of your buyers. This doesn't mean that people aren't genuinely trying to make useful products.

I agree that the above is not entirely inaccurate. There are many people who use crypto as a way to scam others, with a token without an utility and relies much on community support - sure you can't deny that. But there are also so many good projects out there that are a real breakthrough all the way from finance (i.e. Orion Money, Anchor etc) to NFTs which are still maturing into something of real value.

While there are concerns about the feasibility of most of these new coins popping out from anywhere, there are also though on the minority part that truly bring power, utility and transparency to the user in way never thought before.

[buwaytress]

His statement here:

"“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves [...] ​​I want to make my money by selling people things that are good for them, not things that are bad for them.”

purports a genuine concern for the customer's interest that is supposedly absent in most of crypto. I don't think this can be disagreed to. Most crypto is indeed about making money at the expense of your buyers. This doesn't mean that people aren't genuinely trying to make useful products.

I agree that the above is not entirely inaccurate.

Not agreeing with much of Berkshire but what he's saying actually applies outside of crypto -- making money is about making money for most of people in finance (traditional or otherwise). Everyone sells it as something that's good for them, but not really interested about the truth of it.

Which is why I find, the people generally really concerned about making something good for others aren't actually selling anything. The early Bitcoin evangelists were giving away Bitcoin and knowledge without thought for profit.

Everything almost, sold in crypto today, is supposed to be good for you. NFTs are good for artists. Defi is good for the unbanked. IDOs and ICOs are good for democratisation, etc.

[Fortify]

Charlie Munger the vice chairman of Berkshire Hathaway is yelling that it would have been better if cryptocurrencies had never existed.
The 97 year old man says China made a right decision on banning bitcoin.

Well I was shocked to see him speaking ill about cryptocurrencies but the response he got for his tweet was very surprising.
The crypto community gave him solid replies which proves that the crypto community is growing stronger than ever.

Has the revolution begun ?

Source : Crypto community responds to Charlie Munger yelling at Bitcoin again

It's interesting to see everyone latch on to the fact he's 97 years old and imply so many negatives about it, pure ageism. He has a remarkable mind and fitness level for that late in life. He has achieved more in his lifetime, both business-wise and charity related than many people will ever do collectively. He's welcome to his views about cryptocurrency and don't be so eager to ridicule him for it - bubbles can take a very long time to pop. He is from the era of the early stock market, he made many mistakes but has persevered throughout and invests in businesses that pay him a portion of profits every year. Cryptocurrency however is a fixed asset (ignoring staking) that purely relies on the market moving up from the point you buy it for you to make any profit at all.

[Yogee]

His concerns about customers abuse is legitimate but to wish crypto should have never been invented is another matter. He sounded like a politician talking in public about the welfare of the people while attacking others that's affecting his business interests.

[Oilacris]

His concerns about customers abuse is legitimate but to wish crypto should have never been invented is another matter. He sounded like a politician talking in public about the welfare of the people while attacking others that's affecting his business interests.

They would really come into that certain extent which it isnt surprising that they would really go above those borders or simply talking about on general aspect which turns out to be that not right and the community will really be that highly reactive on what those people been saying
specially if it wasnt right.

You would really expect that those impressions would be bad whenever we do see people who do go against the thing that we've been supporting.

Yeah it does have cons but it do really outweighs by its pros.

[hatshepsut93]

How does some random people tweeting to an old guy who will never read or care about those posts really means anything? Cointelegraph as always produces garbage articles because their business model is spewing out as much quantity as possible, disregarding all quality.

[Gyfts]

The 97 year old man says China made a right decision on banning bitcoin.

Never heard of this guy, but doesn't it say something that many of the anti-Bitcoiners are elderly folks, frail, and on the verge of dying from old age?

I don't have much hope for the newer generation given their politics, but for some, the only thing I have faith in is they share a common distrust of government, and have animus towards the establishment . It's generally the establishment that likes to fiscal control and wants regulate bitcoin because they see it as threat. It's the common people against the government that make up the "true" crypto community.

[michellee]

Well, it is better to react neutrally if we read the news like that and not panic or think bad about the news or what will happen later because that can affect our analysis in the market. We already so much bad news that wants to make crypto drops too deep and do not have a chance to rise but that was not works because crypto finally can increase higher, and even crypto reach the highest price.

Many people do not like bitcoin, and we admit that those people still want to spread bad news about bitcoin. Maybe that is because they feel too late to jump into bitcoin so they make bad news and hope that when the price drops deeper, they can enter crypto at a low price.

[worle1bm]

Well added one more to the list who doesn't understand crypto market and we should not listen to their fake talks at all as there are so many along with him.Is Berkshire doing charity work and not making profits for themselves? Has he done anything for the social cause and has not taken salary? They will act like they are experts on these topics but inside they all fear btc mainly and provide such statements on which we should not give our attention.

[pooya87]

Why do people think "crypto" is the same as "bitcoin"? For the love of god crypto is not equal to bitcoin... As a matter of fact mostly cryptocurrency means altcoins.

So with that in mind the following statement

“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves [...] ​​I want to make my money by selling people things that are good for them, not things that are bad for them.”

is 100% correct. In fact I have said this at least a thousand times that altcoin creators are creating cryptocurrencies to make money by selling people vaporware.
Take this token trend that has been going on ever since the biggest shitcoin of all time ethereum was created. From 2017 ICO scams to 2018 and 2019 IEO, STO scams to 2020 DeFi scam and finally 2021 NFT scams; They are all creating garbage and selling to to any idiot who buys them. They all think about one thing only: "to rip people off and fill their own pockets".

The only absurdity about statements like this coming from these ancient people is that this is exactly what they have been doing for decades

[Mpamaegbu]

Well I was shocked to see him speaking ill about cryptocurrencies but the response he got for his tweet was very surprising.

But of course, what do we expect from the Warren Buffet and Peter Schiff's generation in respect to a paradigm shift in economics? For crying out loud, the man will be 98 years old on January 1st. It's less than 30 days now. I ain't in anyway surprised he has that mindset. It's expected of old folks on Bitcoin, except those who listen to their grandchildren that have a different mindset.

The crypto community gave him solid replies which proves that the crypto community is growing stronger than ever.

Yes, he got more than he bargained for. A lot of people lashed out at him, calling his line of business ignoble. They literally ate him up. Here are some of the retorts as captured in tweets:



Kindly find source in the pix.

[Obito]

You shouldn't be shocked that much, of course the crypto community will try to fight back and they know we are on the right side of things so it's an expected response actually that they do this, remember that people on the Internet will defend what they love and have their interests. Also, it's not like this Munger is a great person that has a great argument about why crypto shouldn't exist, it's the rambling of an old man that thinks that 20 years ago is still 1960s and they have a different thinking back then as we have right now.

[dothebeats]

It's just the crypto community protecting their interests as well, nothing new there. The words used by Charlie might mean well, but the way Berkshire Hathaway meddles with other derivatives and assets that indirectly hurts customers conveys his duality on the matter. Both sides don't really care for the customer that much, most especially if profit is already realized. They will just give out products that sells, and once sale is done, they could care less about what their customers complaints are.

[syedakhlaque]

There is a strong and huge community presenting cryptocurrency. They love to do business in cryptocurrency. They are eager for it and feel at ease in the crypto business. They are ready to fight, face, and reply to any objection, hurdle, and difficulty about this trade.
You have seen the replies on Twitter about the objections to cryptocurrency. The number of person of cryptocurrency users is increasing day by day. Its legal position is also getting better.
In fact, It is a unique business.

[Coyster]

One thing we need to do more as Bitcoin users is to ignore people's erroneous opinion about the network, I know this individual is actually prominent, and his attack or endorsement of Bitcoin would definitely have an impact, but the thing is, I think the people now know better, they now know they really should not believe whatever wrong portrayal of Bitcoin that can be found on the media, and should always do their own research, because it has become so obvious that quite a lot of people and governments will go an extra mile to discredit Bitcoin and encourage their citizens not to use it.

Having said that, the crypto community has definitely grown larger in the past one year, especially after the pandemic began, and I'm pretty sure it'll continue to expand till we get to mass adoption stage, but one thing to note is that no amount of propaganda spread can actually stop Bitcoin from going mainstream.

[amishmanish]

His statement here:

"“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves [...] ​​I want to make my money by selling people things that are good for them, not things that are bad for them.”

purports a genuine concern for the customer's interest that is supposedly absent in most of crypto. I don't think this can be disagreed to. Most crypto is indeed about making money at the expense of your buyers. This doesn't mean that people aren't genuinely trying to make useful products.

Not agreeing with much of Berkshire but what he's saying actually applies outside of crypto -- making money is about making money for most of people in finance (traditional or otherwise). Everyone sells it as something that's good for them, but not really interested about the truth of it.

I think what he means is the traditional entrepreneurial rallying cry about putting the "consumer first". This is where most cryptocurrencies, not Bitcoin, like @pooya87 pointed out, fail. There are 11000+ listed coins and most are about making money through scams.

Everything almost, sold in crypto today, is supposed to be good for you. NFTs are good for artists. Defi is good for the unbanked. IDOs and ICOs are good for democratisation, etc.

DeFi isn't good for the unbanked. It is good if you want your crypto or your cash to perform better than inflation, albeit with a lot of risk. It is also for those who can afford to make transactions worth 10s of thousands because the fee itself would cost you almost 100 USD in gas. DeFi is mostly just an experiment when it comes to mass adoption. It is a happy coincidence that a lot of people benefit from these experiments because of retrospective airdrops like the one Uniswap and DYDX did.

IDOs and ICOs being good for democratization is a bit of a far cry. These money raises generally have private sales which they are ultimately meant to benefit. Its all running on a hype cycle with almost no real products coming out. I do think though that the DAO models are indeed a good example of the democratization of benefits from a new market, which until now have been sole purvey of VCs and "accredited investors". That is good, definitely good.

[SFR10]

The crypto community gave him solid replies which proves that the crypto community is growing stronger than ever.

Despite finding an "inactive Twitter account" that might belong to Munger, I agree with what @hatshepsut93 said about those responses being meaningless!
^{- Having said that, I did enjoy reading a few of them.}

“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves [...]

Says the man who judges the whole community by what the majority are ^{[it's not fair to those that belong to a different category]}! It would've made more sense if he referred to those cryptocurrencies as "shitcoins" instead!
^{- This may sound silly, but I never thought a 97-year-old guy could/would have ulterior motives, by generalizing cryptocurrencies [I have a strong feeling that, this is nothing but a way to defame BTCitcoin]!}