Buffets right hand man calls Bitcoin rat poison

[bubbagumpshrimp]

"In any event, Munger called Bitcoin “rat poison” (watch the interview here) and I found his choice of words quite telling. After all, rat poison is used to eliminate dangerous and unsanitary pests, namely rodents. So if Bitcoin is “rat poison,” who are the rats? I’d say the financial system itself. So if Bitcoin is the poison to eliminate the hopelessly corrupt and parasitic financial system I have to agree with Munger. Bitcoin is indeed rat poison."
From Michael Kriegers blog: http://libertyblitzkrieg.com/2014/05/07/as-wall-street-looks-to-copy-bitcoin-the-department-of-defense-studies-it-as-a-terrorist-threat/

[glendall]

Who cares what he thinks?  The senior very likely has no idea what bitcoin even is, and likely just figured out how to use email for the first time.

They can keep there massive semi-existent funny-money fiat. In fact I'd prefer if they don't buy any bitcoin at all.

[Bit_Happy]

"In any event, Munger called Bitcoin “rat poison” (watch the interview here) and I found his choice of words quite telling. After all, rat poison is used to eliminate dangerous and unsanitary pests, namely rodents. So if Bitcoin is “rat poison,” who are the rats? I’d say the financial system itself. So if Bitcoin is the poison to eliminate the hopelessly corrupt and parasitic financial system I have to agree with Munger. Bitcoin is indeed rat poison."
From Michael Kriegers blog: http://libertyblitzkrieg.com/2014/05/07/as-wall-street-looks-to-copy-bitcoin-the-department-of-defense-studies-it-as-a-terrorist-threat/

What if he considers us the rats? 

[franky1]

What if he considers us the rats? 

fiat is the rat.. he finally admits bitcoin will kill off fiat

[ParsnipCommander]

Quite irrelevant as he admitted he didn't understand it in the video and simply dismissed it as 'flaky'

[greenlion]

I always find statements like expressed in the title of that link curious.

The competitive advantage of the underlying bitcoin tech is the fact that it functions like directly holding and transferring an asset itself without any underlying counterparty risk.

Wall St / banks / whoever can't just go and imitate that technology for their own benefit. The utility itself arises from the open nature and resultant network effects. You don't get the cost benefits of no counterparties or a free market for voluntary counterparties (i.e. multisig escrow, professional opsec for storage, etc.) by some centralized corporate entity or entities just boostrapping their own blockchain and securing funds via ecdsa keypairs.

[jc01480]

Kind of makes you wonder what the left-hand man is doing?!?!?  Wink-wink....

[Elwar]

[nextgencoin]

I'm pretty sure we know who the rat is in this analogy...





Crony capitalists like Munger can't control it, why would they like it...

[Catmoonglow]

World's Richest Selfie: Combined net worth of $143B http://imgur.com/emOesOB

Brazzers edition https://i.imgur.com/1Zndrex.jpg

[bitcasino]

Berkshire Hathaway, Inc is a major holder of American Express company
http://finance.yahoo.com/q/mh?s=AXP+Major+Holders
and a large owner of MasterCard Inc
http://www.dataroma.com/m/stock.php?sym=MA

Bitcoin is not a rat poison, it's a threat to bank card 

[Dipt]

World's Richest Selfie: Combined net worth of $143B http://imgur.com/emOesOB

Brazzers edition https://i.imgur.com/1Zndrex.jpg

That brazzers edition is probably grandpa's on young blonde 

[boumalo]

Quite irrelevant as he admitted he didn't understand it in the video and simply dismissed it as 'flaky'

Exactly, if you say I don't know much about it and I am 90 years old but it is dangerous, you are just trying to show you know something about when you admittedly don't

[bryant.coleman]

Well... I think it will be okay to post what Warren Buffet thinks about Bitcoin here. But his right hand men? Why we should publish some misinformation from a virtual nobody? I don't care whether he is the right-hand man or the left-hand man, in this case he is completely wrong.

[BADecker]

If Munger meant that Bitcoin users are the rats, and that Bitcoin is going to kill them, consider this.

In the event of an Internet shutdown, or a grid failure, or an EMP attack, Bitcoin holders just might lose everything Bitcoin that they have. What about people who use dollars? If they don't hold at least a little cash in reserve, such disasters as listed might be just as bad for them.

Keep a protected copy of your wallets, on a drive that is protected from EMP. Keep a paper copy of all your wallets.

If the disasters occurred, which would have a better chance of coming back online when things were fixed, the banks or Bitcoin?

[leopard2]

I guess we all well know who the rats are. Thinking it is the filthy rich, is an insult to rats actually, because rats don't use fiat money and others peoples labor to become rich. There is no rat king and no rat oligarch.

Connecting BTC to terrorism? Doesn't the childporn meme work anymore?

Remember that in the case of the liberty dollar, US justice actually called silver coins "domestic terrorism"!!!!!!! Which is awkward because US constitution says silver and gold is money.

http://en.wikipedia.org/wiki/Liberty_Dollar

Attorney for the Western District of North Carolina, Anne M. Tompkins, described the Liberty Dollar as "a unique form of domestic terrorism" that is trying "to undermine the legitimate currency of this country"

http://www.constitution.org/constit_.htm

"Section. 10. No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility. "

So, is the US constitution also supporting terrorism? It must be outlawed then.

[FeedbackLoop]

http://en.wikipedia.org/wiki/Liberty_Dollar

Attorney for the Western District of North Carolina, Anne M. Tompkins, described the Liberty Dollar as "a unique form of domestic terrorism" that is trying "to undermine the legitimate currency of this country"

Scary stuff... had no idea.

"Attorney for the Western District of North Carolina, Anne M. Tompkins, described the Liberty Dollar as "a unique form of domestic terrorism" that is trying "to undermine the legitimate currency of this country".[28] The Justice Department press release quotes her as saying: "While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country.""

 

[BittBurger]

Have any of you yet envisioned the movie that will come out in 5-10 years which will include clips of Buffet calling it a Mirage, and his right hand guy calling it Rat Poison?

It will be a movie about how Bitcoin literally transformed the world economies, and these two guys will be made to look like idiots when those clips are re-played.

Showing how people talked trash in the beginning.  So looking forward to it.

-B-

[leopard2]

Scary that a government official calls real honest money with intrinsic value, silver, a clear and present danger to the economic stability of this country isnt it?

So the "stability" depends on the unfettered flow of inflationary fiat money, obviously.

Pretty sure slavery was advocated with similar arguments. 

[Phinnaeus Gage]

World's Richest Selfie: Combined net worth of $143B http://imgur.com/emOesOB

Brazzers edition https://i.imgur.com/1Zndrex.jpg

"Mr. Buffet, how about a selfie?

"I haven't been able to bend over and reach it in years but, not to further disappoint you, I notice you have a camera, so how about a groupie?"

"I'm in for a selfie!"

"That wouldn't be advised, Bill. Notice Becky has a camera? BTW, what year did this "selfie" start playing out in public and am I making money with it in one of my portfolios, for this is surely one thing I understand and am able to get my head - no pun intended - around?"