Topic: Is Buffet right or wrong? - page 8. (Read 10986 times)

You all walked right into a trap.

The people who designed Bitcoin obviously knew that all those who are against central banking would create a ponzi speculation bubble and ignore the facts that the masses don't share their enthusiasm for killing fiat, central banking, theft protection, consumer protections, etc..

So those people who the governments wanted to trap have walked right into the trap!

And so now all of you have mixed your funds with drug dealers and all sorts of other illegal activity.

The masses are not coming in. Those stupid enough to buy into this bubble are going to not only lose all their money, but you are also going to be in criminal trouble.

Bitcoin is a trap. Period.

Enjoy.

Mark my words. I am 100% sure I am correct.


P.S. Buffet knows the plan. And he knows what is going to happen to you. Don't you know these people have been quoted as saying, "they will burn the fingers of the gold bugs up to their armpits".

Did the salient point just fly over your damn head?

The masses will never adopt Bitcoin because it will require them to keep records on every acquisition and disposal of Bitcoin, because Bitcoin is classified as a commodity by most all governments.

Legal tender fiat does not have this requirement. When you buy goods and services with legal tender, such as a hamburger, you have no obligation to keep a log for tax purposes.

And the other salient point which flew right over your head is that only merchants want the nonrefundable quality of Bitcoin. The consumers want protections such as the ability to dispute a charge, the insurance that their funds can't be stolen, etc..

Thus merchants can't exclusively accept Bitcoin, because the masses are NEVER going to use Bitcoin.

Duh!

Buffet's point is that Bitcoin can't become a unit-of-account where everyone transacts in it, thus no need to convert to and from fiat. And he is correct!

However, there is a way we could make him incorrect, but you all don't want to hear it, so just go on your fucking merry-go-round way... I am done with you morons.



WTF are you hallucinating about? Did I announce any altcoin? No!



The masses don't care about your complaints about central banking! They want debt, insurance, protection, convenience, and free handouts! Only you high tech merchants and gold bugs care.



The masses have no need for that feature.

Duh.

You morons either don't have a brain stem or you don't use it.

Exactly.  He's said in the past he doesn't invest in anything he doesn't understand which is mostly tech stuff.  He sticks with the likes of Coca-cola or International Paper or insurance companies like Geico.  Now, all of a sudden, he understands enough about bitcoin to recommend to stay away from it?   Yeah right...  he should just STFU about it because he has no idea WTF he's talking about regarding BTC.  Something different comes along and the financial guru dinosaurs all have a hissy fit.

I'm still disappointed that Buffett dissed Bitcoin just for the sake of doing it. I mean a guy like him should understand what value is.

A check or money order has no value..... what gives it value is the banks or institution issuing it and the clearing house.

I'm sure no1 here would accept a check issued by a no name bank (Cosmofly bank for ex.) So thats alone must have some value. Bitcoin has a public ledger that takes care of that.

Now tell me, how much a bank like Citigroup is worth?

Can moneygram quickly send money to people in over 180 countries who normally use only one of over 50 different currencies?

EDIT: I just checked:
moneygram = Lots of countries but only USD, no other currency.
BTC can be converted into a large and growing list of different currencies (sometimes with very low fees)

Bitcoin is much > moneygram.

Of course he's wrong. He is just a spokesman for the international bankers who are threatened by cryptocurrencies. He does NOT want bitcoin to succeed because it might threaten his own portfolio.

You do realize that money is essentially paper (or coin) that represents the right to buy a product or service. But that all forms of fiat money are controlled by the fed or something similar, which is not part of the government (Altough it is above the law and it's protected by the government and influencing the government, even enslaving the government to a degree) and is only there to make profit for the shareholders by inflating the currency, stealing away value from your fiat, while also increasing national debt by the second?

If you realize that, holding bitcoin doesn't seem all that bad now does it?

It does not matter what my age is. Your argument is full of holes that you ignored to cover.

How does your proposal prevent speculators? Do you even know everything thats being traded on market has speculators? Gold, oil, rice....you name it. Having speculators isnt a flaw of bitcoin.

Somehow, if banks "endorse" a newcoin (not released as you later "backpedal it"), would prevent it being speculative.

What a pipe of nonsense, if you gave this 5 sec thought, dont expect me to take you seriously.

Bitcoin is not perfect, it does have flaw/setbacks. I'm far from being a fanboy, i'm tired of the idiots who think they found something better.

Oh.... AnonyMint is here....

Everyone knows what he would post right?


Let me guess..... Rambling about flaw of bitcoins mining.... lol
I guess hes working hard to pump his altcoin. Too bad hes ignored by most members on here.

Thanks for adding intelligent inputs in the discussion.
I had not thought about the hashrate oligopoly.

He is missing the point that bitcoin is the sum of two parts; the payment network  and the BTC currency. So if the payment network has value and only BTC is accepted then neccessarily it follows that the BTC currency must have value. Because his analysis begins and ends with the first part he is simply wrong.

Are you more than 13 years old?? The forum is in need of a underaged section.

bananas is correct, he just doesn't know how to defend his point well.

Bitcoin isn't decentralized, it is controlled by a few pools which have more than 50% of the hashrate.

Bitcoin is taxed as a commodity, and normal people aren't going to want to keep tax records for every small transaction they make. This is why Bitcoin can never advance as currency.

Because of this Bitcoin is already controlled by the governments. When they are ready to bless their bankster fiat patented solution, they will simply increase the taxes to unbearable levels.

The masses will readily jump to the fiat solution which has theft protection, chargeback protection, don't have to jump through hoops to use it and get it. Instant transaction times, etc, etc.

Bitcoin is a joke. It is for speculators only, not for serious uses.

If you were really serious, you'd have an anonymous coin that can't be taxed, with cpu-only mining that can't be centralized in pools. But you aren't serious. You are just n00bs.

Get off my lawn kiddies. Bye.

(and fuck you too, all you fucking idiots who berated me)

It sure sounds like he got no clue.
First he said if banks release something like bitcoin, then bitcoin is over.....

After being pointed out, thats not possible because of fundamentals of bitcoin is decentralized, hes just rambling nonsense  " no no, banks can just release a newcoin that let ppl in control of the network...., they just need to handle financial services "

  where have i seen this dumb talk b4? ..... oh right, 2011.... after the first run up to $31

The point is that they are not shinny angels that will make bitcoin speculators rich. If bitcoin is still reversible they would rather do it with a non volatile speculative "currency"(which just works much better) or a speculative one that they will profit themselves since day one. I'm trying to be polite with you, but it is becoming increasingly difficult, your "fanboy-ism" is making you an unpleasant person in denial.

Then why don't they start providing & selling such services for Bitcoin right now. There's HUGE opportunities waiting for the first bank that adopts Bitcoins and launches some new, innovative, customer friendly Bitcoin-related services.

Why the hell would they develop + launch some alternative altcoin instead, that is either:
(a) controlled by them, thus it would actually be a copy of fiat money, not of Bitcoin
or
(b) controlled by nobody, thus it would be a copy of Bitcoin that is 5 years behind and has no advantage for the bank (or for anyone) whatsoever

Please dont make me laugh.... Whats the point of them releasing their bitcoin copy?

why cant they run those services with bitcoins?

You cant even stick to your goddamn opinion. Its time for me to stop wasting my time discussing this further.

Banks don't need to necessarily profit from transaction fees, processing can be descentralized and they still profit. The average joe, that joe from the mainstream will always demand bank services. By the way trusty bank-like services are a requirement for bitcoin going mainstream.

You realize its not just about " having resource to go quickly" right?

If only banks that secure the network, then its nothing but the same old banking system that we've got.

Stop making nonsense and use your brain once in a while will ya? who will supply those bankcoins?

But then if nodes don't agree, you get a split or in the worst case the whole network stop working. There is no good scenario in such situation. I don't think such thing would ever happen, but factually it is based on centralized decisions regardless of users or nodes, they agreeeing is a secondary issue.