Is Buffet right or wrong? - page 3. | Bitcointalksearch.org

IrishFutbol

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Quote from: HDSolar on March 21, 2014, 10:22:51 AM

I am very happy he said what he said because he said the same thing about the internet. If BTC becomes only half of what the internet turned out to to be then we will see Buffet and Tony from Bitpay in 10 years talking about "if we only knew".

Buffet didn't have an issue with the internet, he had an issue with the way internet companies were being valued at the time. Buffet was still valuing businesses based off of cash flows, whereas many were experimenting with valuations based off of page views or searchability, and Buffet was absolutely right that that the idiots doing the latter were off the mark.

When he said this, there really werent' internet companies with proven models like Google and Amazon. You had hundreds of Pets.com sites that had no profits whatsoever, yet were being valued at insane prices. Big difference between the current internet world and 15 years ago.

HDSolar

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I am very happy he said what he said because he said the same thing about the internet. If BTC becomes only half of what the internet turned out to to be then we will see Buffet and Tony from Bitpay in 10 years talking about "if we only knew".

IrishFutbol

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Quote from: keithers on March 20, 2014, 09:47:26 PM

If you look at Buffet's track record, he has a few huge scores, and a lot of investments that did not go great. I don't think his shares have out performed the S&P 500 in the last bunch of years (I could be wrong). Obviously his big scores were astronomical, but those few investments have made the world believe that he is the investment wizard of the world.

Buffet has an absolutely amazing track record, and he absolutely is one of the few wizards that can beat the market.

And his decline in returns is due to the amount of assets that BH manages. In the old days, he could pick his top few investments, and score astronomical returns. Now that he's managing the amount of cash that he is, he needs to invest in more than a handful of companies, and can't limit himself to investments that he thinks are sure thing home runs.

BitOnyx

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Cryptocurrencies Exchange

Well at this point i don't think bitcoion should worry about USA any more. Buffet opinion is based on... what again?!

Bit_Happy

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A Great Time to Start Something!

Quote from: maxwiser on March 19, 2014, 10:10:16 AM

Asking Warren Buffett what he thinks of Bitcoin is like asking your great grandfather to help you choose a new laptop.

Gramps can you help me upgrade my Windows 98?
"Sorry sonny I'm busy repairing my Commodore 64"

keithers

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If you look at Buffet's track record, he has a few huge scores, and a lot of investments that did not go great. I don't think his shares have out performed the S&P 500 in the last bunch of years (I could be wrong). Obviously his big scores were astronomical, but those few investments have made the world believe that he is the investment wizard of the world.

jsgayo

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LOL Grin

greenlion

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Quote from: AnonyMint on March 19, 2014, 03:24:22 PM

In this thread I have learned a lot about the way people think. Explains to me about why society is impossible to organize away from banksters.

In the abstract, not much has changed since when you could give a native a mirror and he would give you his vast acreage of land in exchange.

Wasn't this high-functioning autistic supposed to be going away several pages ago?

bitjoint

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He's not right nor wrong, he's old news!

AnonyMint

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In this thread I have learned a lot about the way people think. Explains to me about why society is impossible to organize away from banksters.

In the abstract, not much has changed since when you could give a native a mirror and he would give you his vast acreage of land in exchange.

bl0ckchain

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First, I think it's important to realize that anything buffet says publicly is for his own benefit.

A mainstream bitcoin emerging to compete with traditional fiat payment systems is a direct threat to his investment empire. So of course he will denounce bitcoin in the open while most likely hedging his bets in private. He didn't get where he is by being open and transparent.

The most likely outcome to this whole bitcoin experiment is that a handful of currencies (altcoins) will rise to compete with bitcoin for consumer attention. This is a win-win for consumers as they will have available many choices for making payments. It will be a win-win for merchants as they will have a variety of means for accepting payment.

In the early days of credit cards, merchants would post signs on their doors and windows with visa, mastercard, discover, etc., to let customers know which payment methods were available.

Now alongside those signs will be stickers for bitcoin (BTC), goldcoin (GLD), and perhaps many others.

ryanmnercer

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The only government agency that will ultimately care (in the U.S.) is the IRS. They can easily be made happy by firing 95% of them, abolishing the tax code and instituting a federal sales tax.

AnonyMint

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If the government tried to buyout the market of coins (the user market), the market would say "thank you, let's do that again on a new altcoin".

The government's goal here has to be protect its power over taxation and creation of money. It can get both with Bitcoin by controlling (through regulation and eventually buyouts by the large banks) of the offchain providers such as Coinbase, etc.. That is the low hanging fruit path of least resistance. To create money from thin air it doesn't need to even control the onchain money because offchain money can be created out-of-thin-air (as Mt.Gox showed), unless we force their hand by moving to decentralized onchain services. Even then, I read that the pools are highly concentrated, so the can regulate and buyout those too. Selective regulation is a tool to force people to sell. For example, I read (but didn't verify) that Obama was using selective enforcement of carbon taxing to put his non-cronies out-of-business in coal electric generation.

If we go all the way down the rabbit hole of potentials, the bottom line is that without anonymity, onchain decentralization, and cpu-only mining with limited pool sizes, then we are vulnerable.

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Even if all your other arguments are right ( which I think they are not, the only thing I agree with that you've said , is that a financial crisis is coming).... But even if all your other arguments are right, the government will find a much easier time simply BUYING coins up with their printed paper fiat. Confiscation of coins is far from the past of least resistance and I'm confident will not happen.

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Crindon

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I disagree with Buffett. He doesn't invest in things he doesn't understand. Cryptocurrencies and altcoins are more technical.

S4VV4S

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I keep looking at the title and I can't help it. I have to say this:

Buffet is an excellent idea if you have more than 12 guests. If that is the case then Buffet is right.
Otherwise cook for them a nice meal Wink

Buffett on the other hand is not such a good idea to mix with BTC.
First of all he doesn't understand it and if he did then he would be the majority.

So it is better that he doesn't like BTC Wink

BitCoinDream

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Quote from: maxwiser on March 19, 2014, 10:10:16 AM

Asking Warren Buffett what he thinks of Bitcoin is like asking your great grandfather to help you choose a new laptop.

U have just taken away my word Wink

maxwiser

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Asking Warren Buffett what he thinks of Bitcoin is like asking your great grandfather to help you choose a new laptop.

Topic: Is Buffet right or wrong? - page 3. (Read 11034 times)