Topic: Buffet Right, Altcoins=Scam!!! (Read 1068 times)

51% like  checkpointing with peercoin ? That makes a coin centralized.  No thanks

Thinning the herd, and cleaning carcasses like Crypto Buzzards.  

Well, if you're a chemist - cook meth

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.

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/

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.

El Dude has more Litecoin.

buffet could make a fortune in these markets, he is a dinosaur

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.

-MarkM-

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.

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..

Let me stop you right there.

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 .

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.

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.

Buffet said stay away from bitcoins its a scam, the word scam gets thrown around often that the whole world is scam

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.

Why is the thread title altcoins? Buffet didnt even say anything about alts. He was talking about bitcoin

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!