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Author Topic: Buffet Right, Altcoins=Scam!!!  (Read 967 times)
Beef Supreme
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March 29, 2014, 02:09:52 PM
 #1

Warren Buffet was right.  Investing in something you don't 100% understand is incredibly risky.

And the truth is I don't totally understand cryptocoin technology.  I didn't major in computer programming, I majored in Chemistry.  My hobby was writing simple batch files and assembling computers by hand.  Didn't really delve into the type of programming that Bitcoin is built on.  So when the "experts" say this and that, I have to go off of whether I believe the source is trustworthy.  

This is not different from 400 years ago when the only person in town who could read or write was also the preacher.  You better trust that the preacher is telling you a proper interpretation of the sacred document, otherwise you might be castrating your kids, giving away your daughter at 13, or offering up animal sacrifices weekly.  I think that is what old man Buffet was rambling on about.

So, you guys have now decided, much like a dictatorial regime, to destroy people's investments/projects because you can, and it suits you.  You "fork" something or you 51% attack something.  While I have an idea on how that destroys an alt-coin, I don't know the technical details.  And those "details" keep me up at night.  Those "details" also apply to Bitcoin, where I have a significant portion of my portfolio invested.

All of the alt-coins sing the same song.  Their initial prices are up there, with a steady decrease in value.  They got a word for that, its called DEPRECIATION.  If you were to buy a car, its value curve is very similar.  Now with proactive destruction of alt-coins, those cars can now be wrecked with a total loss in value.

I am pulling my money out of alt-coins.  If I want a crappy investment, I will buy a car!







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March 29, 2014, 02:11:36 PM
 #2

Why is the thread title altcoins? Buffet didnt even say anything about alts. He was talking about bitcoin
El Dude
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March 29, 2014, 02:11:48 PM
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Besides namecoin and Litecoin every other alt coin is pretty much a scam .Only created with 1 purpose in mind to make the creators rich.

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March 29, 2014, 02:17:32 PM
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Buffet said stay away from bitcoins its a scam, the word scam gets thrown around often that the whole world is scam

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March 29, 2014, 02:17:48 PM
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Besides namecoin and Litecoin every other alt coin is pretty much a scam .Only created with 1 purpose in mind to make the creators rich.

The intentions of the creator are irrelevant, if the coin evolved to be used by a community. This applie to many, like Dogecoin, Vertcoin, even some smaller ones like Franko and Zedcoin.

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March 29, 2014, 02:19:53 PM
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Buffet said stay away from bitcoins its a scam, the word scam gets thrown around often that the whole world is scam

The same thing has always been said for all risky investments. Warren Buffet is not more intelligent than us, and it is perfectly reasonable to think that Bitcoin and alts have immense potential value.

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March 29, 2014, 02:23:22 PM
 #7

Besides namecoin and Litecoin every other alt coin is pretty much a scam .Only created with 1 purpose in mind to make the creators rich.

The intentions of the creator are irrelevant, if the coin evolved to be used by a community. This applie to many, like Dogecoin, Vertcoin, even some smaller ones like Franko and Zedcoin.

When they copy a coin and add nothing new , it's clearly a scam. It doesn't matter how people they have claiming it the next best thing .

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March 29, 2014, 02:24:16 PM
 #8

Warren Buffet was right.  Investing in something you don't 100% understand is incredibly risky.

And the truth is I don't totally understand cryptocoin technology.  I didn't major in computer programming, I majored in Chemistry.  My hobby was writing simple batch files and assembling computers by hand.  Didn't really delve into the type of programming that Bitcoin is built on.  So when the "experts" say this and that, I have to go off of whether I believe the source is trustworthy.  


Let me stop you right there.

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March 29, 2014, 02:28:41 PM
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Warren Buffet is a fucking scam... Made most of his money in one of the biggest scams going.. Insurance!!!!

Imagine a get rich quick scenario that uses scare tactics and fines to keep you as a loyal paying customer for something you generally never use and never get a return on your investment..

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March 29, 2014, 02:29:02 PM
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Besides namecoin and Litecoin every other alt coin is pretty much a scam .Only created with 1 purpose in mind to make the creators rich.

The intentions of the creator are irrelevant, if the coin evolved to be used by a community. This applie to many, like Dogecoin, Vertcoin, even some smaller ones like Franko and Zedcoin.

When they copy a coin and add nothing new , it's clearly a scam. It doesn't matter how people they have claiming it the next best thing .

What is the difference between Litecoin and Bitcoin?


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lynn_402
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March 29, 2014, 02:36:35 PM
 #11

Besides namecoin and Litecoin every other alt coin is pretty much a scam .Only created with 1 purpose in mind to make the creators rich.

The intentions of the creator are irrelevant, if the coin evolved to be used by a community. This applie to many, like Dogecoin, Vertcoin, even some smaller ones like Franko and Zedcoin.

When they copy a coin and add nothing new , it's clearly a scam. It doesn't matter how people they have claiming it the next best thing .

What is the difference between Litecoin and Bitcoin?

The way it is mined. Creating Litecoin was very relevent when ASIC miners arrived. That way, the gpu miners were not out of work.
But I disagree, that a copycat coin is necessarely a scam. All fiat currencies work pretty much the same way, and yet are all relevant.
Dogecoin did not bring anything new at launched, but because it was picked-up by an active community, it grew to become a fully legitimate crypto.

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March 29, 2014, 03:01:13 PM
 #12

When the automobile came along, the buggy whip makers were going to be put out of work.

So a clever scam was created to make work for the buggy whip makers.

That is basically the story of litecoin, except that actually tenebrix was the original makework for the buggy whip makers, then someone said it was not fair to have a pre-mine to use as virgin coins for a coin mixer to allow transactions to be anonymous, so faircoin was created that had no plan to have a mixer thus did not need a huge pile of virgin coins to enable the mixing.

Then finally instead of updating either one to newer bitcoin code, someone decided to screw both of those by making yet another different one, called litecoin, from the latest bitcoin code.

Then a while later more and more scammers made more and more scams based on the one called litecoin.

And still it goes on.

Yet buggy whip making is still not really all that awesome a thing, and certainly is not a great necessity of the modern world.

Letting them be out of work is actually probably a much better idea than spamming more and more and more scams to try to scam money out of people to give as welfare to the poor old buggy-whip makers.

Maybe ask your politicians to implement unemployment insurance and/or welfare or something instead of making yet another scam. Leave the scams to the politicians. Smiley

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March 29, 2014, 03:18:49 PM
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Besides namecoin and Litecoin every other alt coin is pretty much a scam .Only created with 1 purpose in mind to make the creators rich.

The intentions of the creator are irrelevant, if the coin evolved to be used by a community. This applie to many, like Dogecoin, Vertcoin, even some smaller ones like Franko and Zedcoin.

When they copy a coin and add nothing new , it's clearly a scam. It doesn't matter how people they have claiming it the next best thing .

What is the difference between Litecoin and Bitcoin?

The way it is mined. Creating Litecoin was very relevent when ASIC miners arrived. That way, the gpu miners were not out of work.
But I disagree, that a copycat coin is necessarely a scam. All fiat currencies work pretty much the same way, and yet are all relevant.
Dogecoin did not bring anything new at launched, but because it was picked-up by an active community, it grew to become a fully legitimate crypto.

I know, it was rhetorical. Perhaps he forgot that Litecoin is a Bitcoin clone with just more coins and change to scrypt (all of which are minor code edits). Perhaps litecoin bag holders are the most annoying when they are forcing themselves as "silver to bitcoin", "brothers unite". I even saw a post on reddit yesterday where it addressed it as a"sister currency" to bitcoin. A lot of identity crisis for a clone.

Again, plenty of money to be made in Litecoin however. The flow chart for Litecoin will be

1) KnC, FIB other powerful centralized entities buying up all LTCs from major exchanges with the money from the pre-orders.
2) Smart Litecoin bagholders with good exit strategy selling LTCs at their peak when this happens over a course of 2-3 days or a week, while posting on the forums "HODL"
3) New crypto wannabe buying $75-$100 LTCs with the hope that this is the next Bitcoin riding him to Ferraris and Lambos
4) Mining companies doubling up from all around sales and dumping at their self created peak.
5) New litecoin bagholders wanting to exit but balls deep in LTC, so will spend the rest of their time on forums with "Fuck NSA, fuck fiat", here buy my LTC. We are silver!

Bitcoin watching and laughing as it all unfolds as they have been there and done that and will keep doing that.




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atp1916
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March 29, 2014, 03:19:21 PM
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March 29, 2014, 04:00:09 PM
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buffet could make a fortune in these markets, he is a dinosaur

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March 29, 2014, 04:15:55 PM
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Besides namecoin and Litecoin every other alt coin is pretty much a scam .Only created with 1 purpose in mind to make the creators rich.

The intentions of the creator are irrelevant, if the coin evolved to be used by a community. This applie to many, like Dogecoin, Vertcoin, even some smaller ones like Franko and Zedcoin.

When they copy a coin and add nothing new , it's clearly a scam. It doesn't matter how people they have claiming it the next best thing .

What is the difference between Litecoin and Bitcoin?

El Dude has more Litecoin.
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March 29, 2014, 04:32:09 PM
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Buffet only invests in pacified, anti-competitive, or disruption-hostile markets/sectors so that he can play his long-term game (which is smart).  The lack of volatility in these types of markets/sectors gives Buffet enough time to ROI his investments at the worst and make consistently good returns that amount to big bucks at the best.

From http://www.usatoday.com/story/money/markets/2014/03/29/warren-buffetts-good-advice-applied-to-3-etfs/7032087/
Quote
1. The financial sector

During the late-2000s crisis, Buffett bet big on the U.S. financial sector — really, really big. When the financial markets seized, Buffett made white knight investments in banks like Goldman Sachs (GS) and Bank of America (BAC) as well as in financial institutions like GE Capital (GE) to the tune of $24 billion. He traded them cash for preferred stock, which typically paid enormous dividends, as well as purchased warrants for common stock.

Buffett's position in the financial industry didn't begin with the crisis, though. Berkshire first took a position in Wells Fargo (WFC) in 1990, and that position has since grown to be the company's largest holding. When asked about his stance on the financial industry, Buffett's response is generally characteristically straightforward.

"The banks will not get this country in trouble," Buffett told Bloomberg's Betty Liu early in 2013. "I guarantee it. The capital ratios are huge, the excesses on the asset side have been largely cleared out." At the time, Buffett had multibillion-dollar investments in four of the seven largest U.S. lenders by assets. "Our banking system is in the best shape in recent memory," Buffett told Bloomberg.

Taking a big bet on individual banks can be risky, but if you believe the industry as a whole is positioned for outsized returns then you can make that bet through ETFs like the Financial Select Sector SPDR Fund (XLF), which actually owns a sizable portion of Berkshire stock and runs an expense ration of 0.18%.

The Bitcoin protocol technology and its derivatives are about to obliterate Buffet's cash-cow machine.

Either way, the man is 83 years old and about to heel over.  He will most likely take most of his secrets to the grave with him.  Greedy people are like that.
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March 29, 2014, 04:48:22 PM
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So, you guys have now decided, much like a dictatorial regime, to destroy people's investments/projects because you can, and it suits you.  You "fork" something or you 51% attack something.  While I have an idea on how that destroys an alt-coin, I don't know the technical details.  And those "details" keep me up at night.

These coins are experimental in nature. The attackers that expose the weaknesses in these coins are actually providing a community service by saving people from even larger losses down the road.

There are some coins like Goldcoin (GLD) that have 51% defense. These coins are all evolving.
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March 29, 2014, 05:15:54 PM
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Well, if you're a chemist - cook meth Smiley
Beef Supreme
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March 29, 2014, 05:17:41 PM
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So, you guys have now decided, much like a dictatorial regime, to destroy people's investments/projects because you can, and it suits you.  You "fork" something or you 51% attack something.  While I have an idea on how that destroys an alt-coin, I don't know the technical details.  And those "details" keep me up at night.

These coins are experimental in nature. The attackers that expose the weaknesses in these coins are actually providing a community service by saving people from even larger losses down the road.

There are some coins like Goldcoin (GLD) that have 51% defense. These coins are all evolving.

Thinning the herd, and cleaning carcasses like Crypto Buzzards.  
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