Investing

Irrelevant old buffett calling end of cryptos

  • Last Updated:
  • Feb 26th, 2018 10:31 pm
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Deal Fanatic
Feb 9, 2009
6213 posts
3417 upvotes
Imagine a Starbucks guy trying to insult the greatest investor to ever live lol I’ve seen some horrible trolling but this takes the cake !
Deal Expert
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Apr 21, 2004
44848 posts
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Serving coffee or a patron at SB or neither?
Sr. Member
Feb 17, 2012
628 posts
120 upvotes
Toronto
Let me say this once more... Buffet has 10s of billions invested in banks. Look it up.
[OP]
Banned
Aug 18, 2017
48 posts
14 upvotes
Frank2029 wrote:
Feb 12th, 2018 12:48 pm
Let me say this once more... Buffet has 10s of billions invested in banks. Look it up.
exactly. Buffett has a vested interest in cryptos failing. He wants the banks to stay afloat. Bitcoin will undermine and put banks out of business.
Jr. Member
Feb 1, 2017
129 posts
22 upvotes
starbucksguy wrote:
Feb 12th, 2018 1:53 pm
exactly. Buffett has a vested interest in cryptos failing. He wants the banks to stay afloat. Bitcoin will undermine and put banks out of business.
I think there will always be a market for banks. It's not an either or situation. Some people are more comfortable having money held safely by others than themselves.
Member
Apr 23, 2017
221 posts
126 upvotes
How much have you lost so far on cryptos, OP? Face With Tears Of Joy
Jr. Member
Mar 1, 2011
137 posts
65 upvotes
phisherman wrote:
Feb 12th, 2018 2:32 pm
I think there will always be a market for banks. It's not an either or situation. Some people are more comfortable having money held safely by others than themselves.
Thats a sensible way of looking at it. Probably >99% of the population prefers the security of government insurance on their savings/investments, and the protection that credit card companies provide against fraud. There is a small percentage of the population that doesn't trust anyone, especially the government, and for them bitcoin is an alternative.

If banks were truly afraid of Bitcoin, they could basically shut it down tomorrow. Once the bubble pops and price stabilizes, it will go back to being the niche product it was intended to be, for cash transactions over the internet. (Assuming the cash over the internet users don't use the superior alternatives available to them, like Monero for example) The idea that it will somehow integrate into the worlds economy as anything other than a speculative asset is niave, to put it politely.
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Apr 21, 2004
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starbucksguy wrote:
Feb 12th, 2018 1:53 pm
exactly. Buffett has a vested interest in cryptos failing. He wants the banks to stay afloat. Bitcoin will undermine and put banks out of business.
yet you started a thread on how much people lost on cryptocurrency.

Are you Dr. Jeckle or Mr Hyde today?
Member
Dec 7, 2007
246 posts
117 upvotes
starbucksguy wrote:
Feb 12th, 2018 1:53 pm
exactly. Buffett has a vested interest in cryptos failing. He wants the banks to stay afloat. Bitcoin will undermine and put banks out of business.
Jr. Member
Jan 13, 2008
102 posts
47 upvotes
Money (fiat) is a horrible asset. I do not disagree with the OP.

The brilliance of money (fiat) is that it can be used as a medium of exchange.

I exchange money (fiat) as quickly as possible for long life assets, hello CNR, BAM, BRK. Whatever you use to value these companies (fiat, bitcoin, gold) they will be worth a fortune in 20 years.

Why hold onto money (fiat)? Why hold on to Bitcoin? Warren Buffett just gave you the best advice you will ever get in your life in that minute and half long clip.
Jr. Member
Mar 1, 2011
137 posts
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cdgnfr wrote:
Feb 12th, 2018 7:27 pm
Money (fiat) is a horrible asset. I do not disagree with the OP.

The brilliance of money (fiat) is that it can be used as a medium of exchange.

I exchange money (fiat) as quickly as possible for long life assets, hello CNR, BAM, BRK. Whatever you use to value these companies (fiat, bitcoin, gold) they will be worth a fortune in 20 years.

Why hold onto money (fiat)? Why hold on to Bitcoin? Warren Buffett just gave you the best advice you will ever get in your life in that minute and half long clip.
Exactly. If you make 25 bucks an hour all currency does is allow you to exchange your hour of work for a case of beer. Just like it did back in 1966 when a case of beer was $2.50 and you made $2.50 an hour.

Currency isn't supposed to be valuable. It's supposed to be exchangeable.
[OP]
Banned
Aug 18, 2017
48 posts
14 upvotes
cdgnfr wrote:
Feb 12th, 2018 7:27 pm
Money (fiat) is a horrible asset. I do not disagree with the OP.

The brilliance of money (fiat) is that it can be used as a medium of exchange.

I exchange money (fiat) as quickly as possible for long life assets, hello CNR, BAM, BRK. Whatever you use to value these companies (fiat, bitcoin, gold) they will be worth a fortune in 20 years.

Why hold onto money (fiat)? Why hold on to Bitcoin? Warren Buffett just gave you the best advice you will ever get in your life in that minute and half long clip.
What advice was that? Buffett basically admitted he doesn't know anything about the bitcoin revolution
Member
User avatar
May 7, 2017
336 posts
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starbucksguy wrote: Ha ha. This old guy doesn't knownwhat he is talking about. If he bought bitcoin when it was for pennies, he would be a trillionaire. Bitcoin is coming in waves and is going to make fiat money irrelevant. I suspect in 10 years, we will be using fiat to fuel our fireplaces.

I had a good laugh watching this. Bitcoin to the moon!

All he said was that he invests in businesses and knows what to do with them. That’s about it. He’s a value investor like Benjamin graham.

Where are the fundamentals of bitcoin or income statements or any independent valuation that a person can look up and invest on? Where is the ombudsman that gets your money out if things go wrong?

Sure I’d gamble with it but I will never call the whole transaction _investing_

Leaving this here: https://www.reddit.com/r/bitgrailexchange
Jr. Member
Mar 1, 2011
137 posts
65 upvotes
I can't get the idea of Michael Scott from the office investing heavily in bitcoin at $16,500 and spending the rest of the episode telling people to buy the dip and about the bitcoin revolution.

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