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Irrelevant old buffett calling end of cryptos

  • Last Updated:
  • Feb 17th, 2018 3:03 am
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Jr. Member
Feb 1, 2017
123 posts
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officerjimlahey31 wrote:
Feb 13th, 2018 3:15 pm
And what is really hilarious, is that bitcoin is a pile of crap as far as cryptos go. Banks provide more privacy than bitcoin wallets.

Satoshi could never remain anonymous if he spent even one of his one million bitcoins.
Seems pretty anonymous to me.

https://bitcointalk.org/index.php?topic=1898754.0

However your friendly bank customer service rep can access all your info (personal, money, etc).

If you're talking about speed of transactions and cost then yes bitcoin is crap. But we also have to keep in mind the settlement time, not what we see but the actual processing time in the back end for financial institutions, if we compare speed of transactions vs current mainstream money transfers.
Jr. Member
Mar 1, 2011
108 posts
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phisherman wrote:
Feb 13th, 2018 3:28 pm
Seems pretty anonymous to me.

https://bitcointalk.org/index.php?topic=1898754.0

However your friendly bank customer service rep can access all your info (personal, money, etc).

If you're talking about speed of transactions and cost then yes bitcoin is crap. But we also have to keep in mind the settlement time, not what we see but the actual processing time in the back end for financial institutions, if we compare speed of transactions vs current mainstream money transfers.
Did you know that they were able to trace the transactions on the blockchain that tied ross ulbricht's personal wallet to silk roads, and this was used to help convict him?

If satoshi bought a coffee with bitcoin, you could trace the transaction back to his wallet and see that he has one million bitcoins. Right now you don't know who is a millionaire and who isn't. Because banks protect that information.

Speed/cost are two huge and hilarious problems, but fixing those won't fix bitcoin.
Jr. Member
Feb 1, 2017
123 posts
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officerjimlahey31 wrote:
Feb 13th, 2018 3:35 pm
Did you know that they were able to trace the transactions on the blockchain that tied ross ulbricht's personal wallet to silk roads, and this was used to help convict him?

If satoshi bought a coffee with bitcoin, you could trace the transaction back to his wallet and see that he has one million bitcoins. Right now you don't know who is a millionaire and who isn't. Because banks protect that information.
Yes I'm aware of that. It's also how they were able to track pedophiles through transactions.

Your argument was Satoshi's anonymity specifically :)

And if he bought a cup of coffee no one would know it was Satoshi because no one knows who he is. There's no name attached to a bitcoin wallet like a name is attached to a bank account. You don't KYC your own personal bitcoin wallet(s).

Then again bitcoin has never really claimed to be fully private. It's the people that were spreading fake fearful news that spread that myth.

And banks protect that information based on rules and regulations. But it doesn't prevent a person from accessing that information. Like a bank employee.
Jr. Member
Mar 1, 2011
108 posts
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There was a fella claiming to be satoshi a while back. It would have been easy to prove - just move a bitcoin from his (satoshis) account. Of course the bitcoins stayed put.

I assume people watch this wallet daily for any transactoins. If he moved a bitcoin to another wallet and or used it for a transaction, his identity could be reverse engineered from that transaction.

It's one of the ways a currency like monero for example is better for privacy. Not that it's anything more than a niche product for illicit online transactions either, but if i was ordering weapons online, id use monero(tm)
Deal Expert
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Apr 21, 2004
42939 posts
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If BTC sinks below $50, I'm going to buy $10k worth for trading.
Jr. Member
Feb 1, 2017
123 posts
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officerjimlahey31 wrote:
Feb 13th, 2018 3:51 pm
There was a fella claiming to be satoshi a while back. It would have been easy to prove - just move a bitcoin from his (satoshis) account. Of course the bitcoins stayed put.

I assume people watch this wallet daily for any transactoins. If he moved a bitcoin to another wallet and or used it for a transaction, his identity could be reverse engineered from that transaction.

It's one of the ways a currency like monero for example is better for privacy. Not that it's anything more than a niche product for illicit online transactions either, but if i was ordering weapons online, id use monero(tm)
You'd have to reverse engineer who knows how many wallets.

And let's not pretend privacy is only for illegal purposes. I'm sure business to business transactions would rather be kept private, especially considering the large amounts involved.
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Feb 1, 2017
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alanbrenton wrote:
Feb 13th, 2018 3:52 pm
If BTC sinks below $50, I'm going to buy $10k worth for trading.
If you do that you're probably not seeing your $10k again.
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Apr 21, 2004
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It's going to trade like a penny stock, believe me.
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phisherman wrote:
Feb 13th, 2018 3:56 pm
If you do that you're probably not seeing your $10k again.
Why? Won't there be live cat bounces?
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Feb 1, 2017
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alanbrenton wrote:
Feb 13th, 2018 3:57 pm
Why? Won't there be live cat bounces?
I guess you want to be part of the HODL club.
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Apr 23, 2009
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officerjimlahey31 wrote:
Feb 13th, 2018 3:08 pm
He's not a fool.

He is a salesman.


Selling crypto makes him rich.

Just like the winkle twins. They sell the idea of crypto not only because they own massive amounts of bitcoin, but because they want to bring business to their exchanges.

It's a win win for these guys. For the kids buying their bill of goods, probably not so much.
This just reminds me of the guy on radio that sells his magical 'day-trading' platform that will make people rich. People dream while he gets rich.
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Mar 1, 2011
108 posts
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ruchir wrote:
Feb 13th, 2018 3:59 pm
This just reminds me of the guy on radio that sells his magical 'day-trading' platform that will make people rich. People dream while he gets rich.
exactly! Same thing.

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