Crypto Community is Lit | Bitcointalksearch.org

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

Do we really care about an old fart of 97 year old ...who became filthy rich, because he has a circle jerk of friends with insider information that keep them rich? The "Fiat" slaves with their old financial investment strategies will always be profitable for them, because they have a small group of top business men and women (but mostly men) that get together and share information that other people do not get. Roll Eyes

They will talk down on things that that they do not understand and they will criticize it, because it takes investment capital away from the investment options that they invest in. (Can you imagine what will happen with the value of their shares, if investors start selling their shares in Berkshire Hathaway to invest in Crypto currencies) Grin

andriarto

sr. member

Activity: 1344

Merit: 253

Quote from: wajik-tempe on December 05, 2021, 12:29:25 AM

Old rich people usually againts bitcoin i don't know why, maybe it's because the old model of gaining returns of their era is so much different with this digital and agile era right now.
They will feel something wrong when the price of a crypto gaining it's growth really fast but they are forgot how fast the transmision between informations spreading compared to the old era. So i think cryptocurrency is the representation of how fast this world evolving and it will be faster in the future, only people who can adapt the agility will survive.

old people, usually old people. With the age that is no longer young, most of them have limitations in thinking, including the development of the times. they only rely on experience while their minds are still productive, on the other hand of course they have reduced their aspirations to collect more wealth, especially with a risky investment, of course this is what makes them dislike it

davis196

hero member

Activity: 3164

Merit: 937

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.”

Cryptocurrencies are NOT a product.They are financial assets/currencies.
Cryptocurrency users are NOT customers.They are investors and traders.
He wants to make money by selling things that are good to people?What about the alcohol,tobacco,gambling and porn industries?What about the gaming industry?Are those industries making money by selling things that are good for the people?Why doesn't he shit on these industries?Why does only the cryptocurrency industry made him butthurt?
Every person,who is creating a business is thinking about making a profit.
Since when building a business is supposed to be totally altruistic?

Henrobakkara

full member

Activity: 1512

Merit: 115

Quote from: amishmanish on December 03, 2021, 12:40:34 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. 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.

I see where he is coming from with that statement which is almost true in a way because some of the cryptocurrency projects actually designed these projects like the next best thing but all in a bid to take your money and leave hence the reason we see so much scam projects around but this is not to say that the genuine ones are not there, obviously we've seen most of them. I saw a project that still hasn't launched its original purpose shifting ground because they think they can get more adoption from their take a new dimension. Here's part of their statement "...so we are restructuring staff and our expertise a little bit, and the mission of PROJECT is focusing more on crypto assets and the metaverse, please bear with us while we work to present to you much more innovative products than what we started out with"

wajik-tempe

sr. member

Activity: 1022

Merit: 252

Old rich people usually againts bitcoin i don't know why, maybe it's because the old model of gaining returns of their era is so much different with this digital and agile era right now.
They will feel something wrong when the price of a crypto gaining it's growth really fast but they are forgot how fast the transmision between informations spreading compared to the old era. So i think cryptocurrency is the representation of how fast this world evolving and it will be faster in the future, only people who can adapt the agility will survive.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Majority of the community on twitter is made of altcoin fanatics. The discussions there are rarely coming from bitcoin old timers. To a great extent the altcoins that have been created have been junk and only made money for their creators and not the investors by their hype induced rise. With that context, the tweet done is on the right track - but to bitcoin maximals, this might seem off and rude.

So what you are seeing as a "leet" community may just be shills for the next shittyinu coin. Roll Eyes

It is best to disregard such discussions and follow what you believe as the future of crypto. Personal choices and all.

SFR10

legendary

Activity: 2968

Merit: 3406

Crypto Swap Exchange

Quote from: pawanjain on December 03, 2021, 11:15:23 AM

The crypto community gave him solid replies which proves that the crypto community is growing stronger than ever.

Despite finding an "inactive Twitter account" that might belong to Munger, I agree with what @hatshepsut93 said about those responses being meaningless!
^{- Having said that, I did enjoy reading a few of them.}

Quote from: https://cointelegraph.com/news/crypto-community-responds-to-charlie-munger-yelling-at-bitcoin-again

“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves [...]

Says the man who judges the whole community by what the majority are ^{[it's not fair to those that belong to a different category]}! It would've made more sense if he referred to those cryptocurrencies as "shitcoins" instead!
^{- This may sound silly, but I never thought a 97-year-old guy could/would have ulterior motives, by generalizing cryptocurrencies ^{[I have a strong feeling that, this is nothing but a way to defame BTCitcoin]}!}

amishmanish

legendary

Activity: 1904

Merit: 1159

Quote from: buwaytress on December 03, 2021, 02:13:10 PM

Quote from: amishmanish on December 03, 2021, 12:40:34 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.

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.

I think what he means is the traditional entrepreneurial rallying cry about putting the "consumer first". This is where most cryptocurrencies, not Bitcoin, like @pooya87 pointed out, fail. There are 11000+ listed coins and most are about making money through scams.

Quote from: buwaytress on December 03, 2021, 02:13:10 PM

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.

DeFi isn't good for the unbanked. It is good if you want your crypto or your cash to perform better than inflation, albeit with a lot of risk. It is also for those who can afford to make transactions worth 10s of thousands because the fee itself would cost you almost 100 USD in gas. DeFi is mostly just an experiment when it comes to mass adoption. It is a happy coincidence that a lot of people benefit from these experiments because of retrospective airdrops like the one Uniswap and DYDX did.

IDOs and ICOs being good for democratization is a bit of a far cry. These money raises generally have private sales which they are ultimately meant to benefit. Its all running on a hype cycle with almost no real products coming out. I do think though that the DAO models are indeed a good example of the democratization of benefits from a new market, which until now have been sole purvey of VCs and "accredited investors". That is good, definitely good.

Coyster

legendary

Activity: 2184

Merit: 1302

One thing we need to do more as Bitcoin users is to ignore people's erroneous opinion about the network, I know this individual is actually prominent, and his attack or endorsement of Bitcoin would definitely have an impact, but the thing is, I think the people now know better, they now know they really should not believe whatever wrong portrayal of Bitcoin that can be found on the media, and should always do their own research, because it has become so obvious that quite a lot of people and governments will go an extra mile to discredit Bitcoin and encourage their citizens not to use it.

Having said that, the crypto community has definitely grown larger in the past one year, especially after the pandemic began, and I'm pretty sure it'll continue to expand till we get to mass adoption stage, but one thing to note is that no amount of propaganda spread can actually stop Bitcoin from going mainstream.

syedakhlaque

member

Activity: 416

Merit: 30

There is a strong and huge community presenting cryptocurrency. They love to do business in cryptocurrency. They are eager for it and feel at ease in the crypto business. They are ready to fight, face, and reply to any objection, hurdle, and difficulty about this trade.
You have seen the replies on Twitter about the objections to cryptocurrency. The number of person of cryptocurrency users is increasing day by day. Its legal position is also getting better.
In fact, It is a unique business.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

It's just the crypto community protecting their interests as well, nothing new there. The words used by Charlie might mean well, but the way Berkshire Hathaway meddles with other derivatives and assets that indirectly hurts customers conveys his duality on the matter. Both sides don't really care for the customer that much, most especially if profit is already realized. They will just give out products that sells, and once sale is done, they could care less about what their customers complaints are.

Obito

sr. member

Activity: 1274

Merit: 293

You shouldn't be shocked that much, of course the crypto community will try to fight back and they know we are on the right side of things so it's an expected response actually that they do this, remember that people on the Internet will defend what they love and have their interests. Also, it's not like this Munger is a great person that has a great argument about why crypto shouldn't exist, it's the rambling of an old man that thinks that 20 years ago is still 1960s and they have a different thinking back then as we have right now.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

Quote from: pawanjain on December 03, 2021, 11:15:23 AM

Well I was shocked to see him speaking ill about cryptocurrencies but the response he got for his tweet was very surprising.

But of course, what do we expect from the Warren Buffet and Peter Schiff's generation in respect to a paradigm shift in economics? For crying out loud, the man will be 98 years old on January 1st. It's less than 30 days now. I ain't in anyway surprised he has that mindset. It's expected of old folks on Bitcoin, except those who listen to their grandchildren that have a different mindset.

Quote from: pawanjain on December 03, 2021, 11:15:23 AM

The crypto community gave him solid replies which proves that the crypto community is growing stronger than ever.

Yes, he got more than he bargained for. A lot of people lashed out at him, calling his line of business ignoble. They literally ate him up. Here are some of the retorts as captured in tweets:

Kindly find source in the pix.

pooya87

legendary

Activity: 3472

Merit: 10611

Why do people think "crypto" is the same as "bitcoin"? For the love of god crypto is not equal to bitcoin... As a matter of fact mostly cryptocurrency means altcoins.

So with that in mind the following statement

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.”

is 100% correct. In fact I have said this at least a thousand times that altcoin creators are creating cryptocurrencies to make money by selling people vaporware.
Take this token trend that has been going on ever since the biggest shitcoin of all time ethereum was created. From 2017 ICO scams to 2018 and 2019 IEO, STO scams to 2020 DeFi scam and finally 2021 NFT scams; They are all creating garbage and selling to to any idiot who buys them. They all think about one thing only: "to rip people off and fill their own pockets".

The only absurdity about statements like this coming from these ancient people is that this is exactly what they have been doing for decades Tongue

worle1bm

full member

Activity: 1834

Merit: 166

Well added one more to the list who doesn't understand crypto market and we should not listen to their fake talks at all as there are so many along with him.Is Berkshire doing charity work and not making profits for themselves? Has he done anything for the social cause and has not taken salary? They will act like they are experts on these topics but inside they all fear btc mainly and provide such statements on which we should not give our attention.

michellee

hero member

Activity: 2604

Merit: 816

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Well, it is better to react neutrally if we read the news like that and not panic or think bad about the news or what will happen later because that can affect our analysis in the market. We already so much bad news that wants to make crypto drops too deep and do not have a chance to rise but that was not works because crypto finally can increase higher, and even crypto reach the highest price.

Many people do not like bitcoin, and we admit that those people still want to spread bad news about bitcoin. Maybe that is because they feel too late to jump into bitcoin so they make bad news and hope that when the price drops deeper, they can enter crypto at a low price.

Gyfts

legendary

Activity: 2828

Merit: 1515

Quote from: pawanjain on December 03, 2021, 11:15:23 AM

The 97 year old man says China made a right decision on banning bitcoin.

Never heard of this guy, but doesn't it say something that many of the anti-Bitcoiners are elderly folks, frail, and on the verge of dying from old age?

I don't have much hope for the newer generation given their politics, but for some, the only thing I have faith in is they share a common distrust of government, and have animus towards the establishment . It's generally the establishment that likes to fiscal control and wants regulate bitcoin because they see it as threat. It's the common people against the government that make up the "true" crypto community.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

How does some random people tweeting to an old guy who will never read or care about those posts really means anything? Cointelegraph as always produces garbage articles because their business model is spewing out as much quantity as possible, disregarding all quality.

Oilacris

hero member

Activity: 2996

Merit: 609

Quote from: Yogee on December 03, 2021, 06:36:49 PM

His concerns about customers abuse is legitimate but to wish crypto should have never been invented is another matter. He sounded like a politician talking in public about the welfare of the people while attacking others that's affecting his business interests.

They would really come into that certain extent which it isnt surprising that they would really go above those borders or simply talking about on general aspect which turns out to be that not right and the community will really be that highly reactive on what those people been saying
specially if it wasnt right.

You would really expect that those impressions would be bad whenever we do see people who do go against the thing that we've been supporting.

Yeah it does have cons but it do really outweighs by its pros.

Yogee

sr. member

Activity: 1554

Merit: 413

His concerns about customers abuse is legitimate but to wish crypto should have never been invented is another matter. He sounded like a politician talking in public about the welfare of the people while attacking others that's affecting his business interests.

Fortify

legendary

Activity: 2688

Merit: 1192

Quote from: pawanjain on December 03, 2021, 11:15:23 AM

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, 01:32:39 PM

Quote from: amishmanish on December 03, 2021, 12:40:34 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

legendary

Activity: 2030

Merit: 1189

Quote from: amishmanish on December 03, 2021, 12:40:34 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

legendary

Activity: 3948

Merit: 3191

Leave no FUD unchallenged

Quote from: pawanjain on December 03, 2021, 11:15:23 AM

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

legendary

Activity: 1904

Merit: 1159

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

hero member

Activity: 2702

Merit: 716

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 (Read 217 times)