Crypto Community is Lit - page 2. | Bitcointalksearch.org

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legendary

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Quote from: pawanjain on December 03, 2021, 12:15:23 PM

Charlie Munger the vice chairman of Berkshire Hathaway is yelling that it would have been better if cryptocurrencies had never existed.
The 97 year old man says China made a right decision on banning bitcoin.

Well I was shocked to see him speaking ill about cryptocurrencies but the response he got for his tweet was very surprising.
The crypto community gave him solid replies which proves that the crypto community is growing stronger than ever.

Has the revolution begun ?

Source : Crypto community responds to Charlie Munger yelling at Bitcoin again

It's interesting to see everyone latch on to the fact he's 97 years old and imply so many negatives about it, pure ageism. He has a remarkable mind and fitness level for that late in life. He has achieved more in his lifetime, both business-wise and charity related than many people will ever do collectively. He's welcome to his views about cryptocurrency and don't be so eager to ridicule him for it - bubbles can take a very long time to pop. He is from the era of the early stock market, he made many mistakes but has persevered throughout and invests in businesses that pay him a portion of profits every year. Cryptocurrency however is a fixed asset (ignoring staking) that purely relies on the market moving up from the point you buy it for you to make any profit at all.

buwaytress

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Join the world-leading crypto sportsbook NOW!

Quote from: DarkDays on December 03, 2021, 02:32:39 PM

Quote from: amishmanish on December 03, 2021, 01:40:34 PM

His statement here:

Quote

"“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves [...] I want to make my money by selling people things that are good for them, not things that are bad for them.”

purports a genuine concern for the customer's interest that is supposedly absent in most of crypto. I don't think this can be disagreed to. Most crypto is indeed about making money at the expense of your buyers. This doesn't mean that people aren't genuinely trying to make useful products.

I agree that the above is not entirely inaccurate.

Not agreeing with much of Berkshire but what he's saying actually applies outside of crypto -- making money is about making money for most of people in finance (traditional or otherwise). Everyone sells it as something that's good for them, but not really interested about the truth of it.

Which is why I find, the people generally really concerned about making something good for others aren't actually selling anything. The early Bitcoin evangelists were giving away Bitcoin and knowledge without thought for profit.

Everything almost, sold in crypto today, is supposed to be good for you. NFTs are good for artists. Defi is good for the unbanked. IDOs and ICOs are good for democratisation, etc.

DarkDays

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Quote from: amishmanish on December 03, 2021, 01:40:34 PM

His statement here:

Quote

"“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves [...] I want to make my money by selling people things that are good for them, not things that are bad for them.”

purports a genuine concern for the customer's interest that is supposedly absent in most of crypto. I don't think this can be disagreed to. Most crypto is indeed about making money at the expense of your buyers. This doesn't mean that people aren't genuinely trying to make useful products.

I agree that the above is not entirely inaccurate. There are many people who use crypto as a way to scam others, with a token without an utility and relies much on community support - sure you can't deny that. But there are also so many good projects out there that are a real breakthrough all the way from finance (i.e. Orion Money, Anchor etc) to NFTs which are still maturing into something of real value.

While there are concerns about the feasibility of most of these new coins popping out from anywhere, there are also though on the minority part that truly bring power, utility and transparency to the user in way never thought before.

DooMAD

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Leave no FUD unchallenged

Quote from: pawanjain on December 03, 2021, 12:15:23 PM

Well I was shocked to see him speaking ill about cryptocurrencies

How is it shocking? I mean... he kinda has a track record for doing exactly that.

Quote from: Charlie Munger

I want to make my money by selling people things that are good for them, not things that are bad for them.

Is that why Berkshire Hathaway play with derivatives and junk bonds? If Banksters want to tar all crypto users with the same brush, I can assure him crypto users are happy to do the same with banksters.

amishmanish

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His statement here:

Quote

"“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves [...] I want to make my money by selling people things that are good for them, not things that are bad for them.”

purports a genuine concern for the customer's interest that is supposedly absent in most of crypto. I don't think this can be disagreed to. Most crypto is indeed about making money at the expense of your buyers. This doesn't mean that people aren't genuinely trying to make useful products. Its just that the speed with which crypto is getting adopted by children and young-adults working on their cheap computers in every part of the world, is unlike anything that the business community or investor community has seen.

It is almost sacrilege for them to see crypto minting millionaires and 20-somethings making the kind of money that earlier used to take an Ivy league education and a place at the topmost investment banks.

Whether this is sustainable is the question. I don't think these concerns are completely unjustified. Crypto really doesn't have much of a soul right now. Its a winner takes all race to the bottom.

pawanjain

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Nothing lasts forever

Charlie Munger the vice chairman of Berkshire Hathaway is yelling that it would have been better if cryptocurrencies had never existed.
The 97 year old man says China made a right decision on banning bitcoin.

Well I was shocked to see him speaking ill about cryptocurrencies but the response he got for his tweet was very surprising.
The crypto community gave him solid replies which proves that the crypto community is growing stronger than ever.

Has the revolution begun ?

Source : Crypto community responds to Charlie Munger yelling at Bitcoin again

Topic: Crypto Community is Lit - page 2. (Read 185 times)