Bitcoin is like a venereal disease-- Charlie Munger

[Majestic-milf]

 Amongst the crowd of Bitcoin nay-sayers, Berkshire Hathaway's vice chairman, Charlie Munger has come out and vocalised his strong dislike of the digital currency.
 In an interview with The Australian Financial review, the executive belted out insults on the coin and also believes crypto engagement is a mass folly. Previously likening BTC to a rat poison, he further advised that investors run from it like they will do from an "open sewer full of malicious organisms" as he feels the best investment to make are from stocks generating real cash. I see this as a mere sentiment and he may have a change of heart.
 It's sad that there are still individuals who are content to been victimized by govt policies on finance than embracing digital freedom in the form of Bitcoin. Although, inspire of his negative impressions of BTC, it has proven to be a hedge against inflation and an alternative payment source that operates without government interference. https://news.bitcoin.com/charlie-munger-everybody-should-avoid-crypto-as-if-it-were-an-open-sewer-full-of-malicious-organisms/

[mk4]

Although, inspire of his negative impressions of BTC, it has proven to be a hedge against inflation and an alternative payment source that operates without government interference.

Yes to the latter, but the former? Eh.. probably try looking at the current charts.

BTC is currently still a risk asset. It could be an inflation hedge in the future, but definitely not today.

[spectre71]

Although, inspire of his negative impressions of BTC, it has proven to be a hedge against inflation and an alternative payment source that operates without government interference.

Yes to the latter, but the former? Eh.. probably try looking at the current charts.

BTC is currently still a risk asset. It could be an inflation hedge in the future, but definitely not today.

I wanted it to be a hedge against inflation and track against the stock market (tech).  So far it has done neither.

So between old school Munger and Buffet and tech/bitcoin probably is a middle ground of a balanced and managed portfolio.

People get hyped up in moms basement and make to the moon youtubes by looking at candlesticks, absurdity. Sure we all want it to the magic elixir and certain "200,000" bitcoin this year the pumpers say. But lets keep our expectations and exposures reasonable.

I think it's tough for a 90 year old to embrace the new. Get off my lawn kid.

PS If I was 90yo billionaire the last thing I would be doing is chasing money

[Rruchi man]

Berkshire Hathaway's vice chairman, Charlie Munger has come out and vocalised his strong dislike of the digital currency.

You know everyone is entitled to their opinion of something, and while some of these opinions may not settle well with us who love and understand bitcoin for what it is, we must not use abusive words on them but respect their opinions and hope for the better that their opinions change soonest.

Like I always say, I don't have pity for these people who are financially secure enough and aged to Voice and hold their opinions, the people i pity for the most are the ones who are young and  have taken these individuals with such opinions as role models/mentors, because the opinions of your role models/mentors have a huge effect on you and your decisions, you a bitcoiner have to pick carefully with scrutiny your role models/mentors.

[Fortify]

Amongst the crowd of Bitcoin nay-sayers, Berkshire Hathaway's vice chairman, Charlie Munger has come out and vocalised his strong dislike of the digital currency.
 In an interview with The Australian Financial review, the executive belted out insults on the coin and also believes crypto engagement is a mass folly. Previously likening BTC to a rat poison, he further advised that investors run from it like they will do from an "open sewer full of malicious organisms" as he feels the best investment to make are from stocks generating real cash. I see this as a mere sentiment and he may have a change of heart.
 It's sad that there are still individuals who are content to been victimized by govt policies on finance than embracing digital freedom in the form of Bitcoin. Although, inspire of his negative impressions of BTC, it has proven to be a hedge against inflation and an alternative payment source that operates without government interference. https://news.bitcoin.com/charlie-munger-everybody-should-avoid-crypto-as-if-it-were-an-open-sewer-full-of-malicious-organisms/

They've said it time and again in different forms - they are clearly against the idea of cryptocurrency but they've missed many great ideas in their time. They might well be right, Bitcoin might not turn out to be the best cryptocurrency - it is a very successful proof of concept in connection with the transparent blockchain ledger, but that does not mean it will stay number one forever. Telephones started out as switchboards, then morphed into ring dial land lines, then morphed into brick-type mobile phones, then you had tiny but rugged Nokia type dumb phones and now we have super advanced smart phones. Technology can develop and morph over time, do not assume that Bitcoin is the best just because it arrived first. It's worth remembering that Charlie and Warren are heavily invested in a credit card companies like American Express and Visa, so they have ulterior motives in undermining rival payment systems.

[teosanru]

Amongst the crowd of Bitcoin nay-sayers, Berkshire Hathaway's vice chairman, Charlie Munger has come out and vocalised his strong dislike of the digital currency.
 In an interview with The Australian Financial review, the executive belted out insults on the coin and also believes crypto engagement is a mass folly. Previously likening BTC to a rat poison, he further advised that investors run from it like they will do from an "open sewer full of malicious organisms" as he feels the best investment to make are from stocks generating real cash. I see this as a mere sentiment and he may have a change of heart.
 It's sad that there are still individuals who are content to been victimized by govt policies on finance than embracing digital freedom in the form of Bitcoin. Although, inspire of his negative impressions of BTC, it has proven to be a hedge against inflation and an alternative payment source that operates without government interference. https://news.bitcoin.com/charlie-munger-everybody-should-avoid-crypto-as-if-it-were-an-open-sewer-full-of-malicious-organisms/

Ok so what is stock markets then? It is also the very same thing people are just running behind stocks without even looking at the actual businesses just following what the news is and what the buzz in the market is. It's actually pretty hypocritic of people to say all this despite being in the crypto markets themselves.

[AmoreJaz]

Berkshire Hathaway's vice chairman, Charlie Munger has come out and vocalised his strong dislike of the digital currency.

You know everyone is entitled to their opinion of something, and while some of these opinions may not settle well with us who love and understand bitcoin for what it is, we must not use abusive words on them but respect their opinions and hope for the better that their opinions change soonest.

Like I always say, I don't have pity for these people who are financially secure enough and aged to Voice and hold their opinions, the people i pity for the most are the ones who are young and  have taken these individuals with such opinions as role models/mentors, because the opinions of your role models/mentors have a huge effect on you and your decisions, you a bitcoiner have to pick carefully with scrutiny your role models/mentors.

very well-said, these people have nothing to lose as they pretty established their financials already. but for the younger generation, they still need to make a living on their own. listening to these people is not wrong, but when it comes to actual assessment of the situation, you need to consider all angles. he may not be seeing the other side because he is busy pointing out all the negative aspect of the crypto market, and that he failed to see the positive side because he doesn't have first-hand experience in this market.

[ChiBitCTy]

I’ve said time and time again on here that most of this crap is due to the fact that both Charlie Munger and Warren Buffett simply do not understand bitcoin and it’s underlying technologies and it goes against their old timey ways and traditional viewpoints. I don’t take any of this to heart or matter and nor should anyone else. They’ve admitted to not understanding it. Lol. What more do you need.

[Zlantann]

They know that Bitcoin is threat to their strategies of manipulating the global financial market. No competitor would ever speak good of another competitor. But my question is that if Charlie Munger, Warren Buffet, Bill Gate and other prophets of doom know much about economics and the financial market why haven't they solve the issue of inflation and the stock market losses. Bitcoin has proved to be an outstanding alternative to fiat and the stock market and these anti-Bitcoin forces would do everything to discourage investors and cause massive selloff. But regardless of how much they try, the truth would always overtake lies and manipulations. 

[adaseb]

Those 2 old dudes still are using flip phones. They are very old school. Most people that old don't do well with digital technology. They generally stay away from it. So its no surprise they think its a scam.

Honestly back in 2012 when I first heard about Bitcoin, I also assumed it was some scam. However when I learnt more about it I discovered it has potential. I am fairly good with computers and code, so I can see how it works. For someone like Buffet I just don't think they can understand it to invest billions of their money into it.

I just think they should stay neutral on the subject instead of being negative however.

[bittraffic]

BTC may not be a hedge for now but still is more than useful when governments are confiscating wealth from individuals.
I'm not aware of the term "venereal disease" so I googled and it means commonly referred to as sexually-transmitted diseases (STDs).  I did laugh a bit because I don't want to think like we're fucking each other to make sure we infect all.

Those 2 old dudes still are using flip phones. They are very old school. Most people that old don't do well with digital technology. They generally stay away from it. So its no surprise they think its a scam.

Honestly back in 2012 when I first heard about Bitcoin, I also assumed it was some scam. However when I learnt more about it I discovered it has potential. I am fairly good with computers and code, so I can see how it works. For someone like Buffet I just don't think they can understand it to invest billions of their money into it.

I just think they should stay neutral on the subject instead of being negative however.

They stop learning at certain age and their legacy might just be left in the old books.

[Gyfts]

Traditionalist in the financial sectors are pretty resistant to change. I don't understand why folks take the stock guys' opinions seriously. Bitcoin's a direct competitor and they wouldn't be tarnishing Bitcoin if they had been able to profit from it what they did with stocks.

Doesn't even make sense for these stock guys to be treating crypto the same as a speculative asset anyways. I understand Bitcoin can be speculative, but it's inherent design is as a currency. They're making an apples to oranges comparison.

[mindrust]

It would take years to make bitcoin an inflation hedge.  It may never ever even happen. Bitcoiners should focus on one thing, it is the real world adoption of bitcoin. Replacing the USD and gold are pretty hard targets. You can’t run before you walk.

As for Charlie… he says what he believes. I can’t discredit him right out of the bat because he is a legendary investor. Time will tell who was right.

[so98nn]

Well we do have Elon Musk, so im not afraid of any more threat speeches from some random guys. Elon has already took breath out of us with his tweet act and shown that how crypto is easy to manipulate and inflate with artificial stance.

Whatever is happening right now is just the result of current market situation. With the real world inflation, war and economic crisis in many countries has led to worst economic circle of the decade and thus crypto currencies also suffering from it.

I don’t think that the guy is putting straight forward implications here.

[The Sceptical Chymist]

It's sad that there are still individuals who are content to been victimized by govt policies on finance than embracing digital freedom in the form of Bitcoin.

Not sure if you're referring to Munger here, but if so he's definitely not been a victim of the US government or of the traditional banking system.  In any case, he's entitled to his opinion of bitcoin--and he probably wouldn't keep giving it if he wasn't being asked for it by the media.  And believe me, the media knows what his and Buffett's thoughts on crypto are and are just trying to drum up some harsh criticism of it at the behest of whoever their overlords are.

Hell, I read an article in the MIT Technology Review recently entitled Crypto's confusing consumer promises (it's in print, so I can't quote excerpts easily enough), and I was baffled as to how they'd allow such inaccurate claims as bitcoin can't be used to buy things and so on to be published, but they're in that article.  The media loves to call things a scam--and sometimes they're quite right--because it makes for a juicier story than heaping praise on something.

In any case, Munger isn't an idiot and is right to be a skeptic of bitcoin.  We all should question something with the seductive power it has, but I do think he's being overly harsh on it.  Buffett probably would be (and actually has been) a little bit more diplomatic with his language regarding it.  Lol.

[amishmanish]

When there is blood bath on street people go berserk.  charlie munger is no exception he is one such case. I am sure silently he must be buying bitcoin for himself for future..Fiat is a illusion with no real value in long run. But one bitcoin will always be one bitcoin.

[tabas]

We've seen people like him telling this and that negativity about bitcoin and spreading it to the other investors. But, it won't work for us, we've been here for a long time and we know what's up with bitcoin.
He may or not understand the technology and bitcoin but he's a guy that knows about money, he may not express it publicly that he likes it as we've seen folks that have been telling bad words against bitcoin and then suddenly, turned to a neighbor and friendly bitcoin investor.

[edgycorner]

open sewer full of malicious organisms

Spot on.

Except for monero,bitcoin and ETH, everything else = S C A M =being run by incompetent people with no moral or ethical code. Unless a coin has "real" utility, it will be a scam in my book.

The guy used to be a  securities analyst. He knows what's real  

[Oceat]

We've seen people like him telling this and that negativity about bitcoin and spreading it to the other investors. But, it won't work for us, we've been here for a long time and we know what's up with bitcoin.
He may or not understand the technology and bitcoin but he's a guy that knows about money, he may not express it publicly that he likes it as we've seen folks that have been telling bad words against bitcoin and then suddenly, turned to a neighbor and friendly bitcoin investor.

So basically, what you mean is he's just manipulating the market with his words or the guy just want to express his feelings because he knows what Bitcoin is or don't want people to get suspicious about him if ever he invested Bitcoin secretly? I think I've seen someone like that who keeps giving a bad vibes about Bitcoin yet secretly investing/holding Bitcoin himself but I just forgot who he was.

[2stout]

Old folks and old money talk at play.  And as we have seen, old money looks down on new money but once new money has established itself by showing longevity and value, new money eventually accepts it.  IMHO, there will be a day that their firm accepts and deals with bitcoin.