Some guy thinks the dollar is the only currency and bitcoin doesn’t fork - page 3.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18748

Quote from: fasdorcas on November 15, 2018, 12:55:38 AM

You know what makes me laugh the most, it is obvious these guys want to talk, but the funniest part is that they keep making big fools out of themselves without having a single clue at all what they are even talking about and that makes it a whole lot absurd as to why someone would come to the public eye to just embarrass themselves.

I wouldn't go as far as saying Warren Buffet is ignorant or making a fool of himself. He knows exactly the pros and cons of fiat, and I'm sure he knows the pros and cons of cryptocurrency as well. The fact is his companies and his wealth are entirely based on fiat. Of course he is going to talk down anything that is a risk to that.

Fiat definitely has many drawbacks, and as I showed in my previous post, is completely unstable and has lost >95% of its purchasing power in the last 100 years. Warren Buffet is well aware of that, but his entire existence is based on using fiat, so of course he isn't going to admit that. It's just the same as the years the tobacco industry spent trying to hide the research that smoking is awful for you.

zacad

member

Activity: 396

Merit: 10

This is obviously wrong. The US dollar will quickly depreciate in the next 1-2 years. Americans should not be so selfish. Now it is a peaceful era. There is no need to control the global economy. It should be fairer and more free.

fasdorcas

hero member

Activity: 798

Merit: 527

Quote from: jackg on November 11, 2018, 10:54:33 AM

https://m.youtube.com/watch?v=uP6ATdAxuZw

This amuses me, watch him between 2-6 minutes on this video.
He clearly has no idea as to what bitcoin is or what a bitcoin fork is.

He compares bitcoin to say it keeps following the dollar based on the price people set things at, however, that’s just funny because it’s like saying the Euro, yen and pound sterling don’t exist as a real currency because our price also gets translate for things like oil from the American price of the dollar and even the place it was originally mined in Grin

.

You know what makes me laugh the most, it is obvious these guys want to talk, but the funniest part is that they keep making big fools out of themselves without having a single clue at all what they are even talking about and that makes it a whole lot absurd as to why someone would come to the public eye to just embarrass themselves.

At least, if you want to talk, have some decency to at least be well knowledgeable enough to have an idea what you are talking about and not come out to just display an act of ignorance. Maybe he should really know that the same fiat system has been f'd up over the years, so he really has nothing to say than trash.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

@vlad, the value of the pound sterling has depreciated by 90%+ and it’s one0&the highest values now so it clearly hasn’t retained its value in that time.

My point is he’s commenting on stuff without any of the facts, that’s clear to see. He’s clearly either wanting to make the currency fall so he can buy it up or wanting to make the currency fall so he’s not so sad he didn’t invest at the start...

Quote from: tosmartak on November 12, 2018, 07:34:21 AM

Quote from: ClockworkTrader on November 11, 2018, 03:05:48 PM

Quote

And many of the viewers will believe him, just in the way many still believe in 2018 that the Earth is flat.
You'd be surprised what people believe or what they chose to believe...

This if not just fake news, this is complete misinformation right here. Spreading uneducated opinion only multiplies the overall lack of knowledge.
Learn the stuff you`re going to make video about, it seems so self-evident - I wonder why people still ignore this simple rule, I guess the urge to get as much YouTube views as possible on Bitcoin hype is still strong.

Uneducated opinion! I think that is just the best word for it right there. At least these guys should have some dignity to try as much as possible to keep themselves informed before coming out to talk trash. Apparently, just looking for recognition, but in this aspect, in a stupid way. We are simply in a world where people talk trash and care less about it, people do not even want to learn anymore, and they just non-intelligently and ignorantly say whatever comes to mind. No one is forcing him, as he can remain in fiat when others are wise enough to realize that fiat system is rubbish.

Elon musk’s section and research into it did look to be quite interesting (though I only watched about the first 10 minutes of that video)...

Probably an argument in support of him owning some but, why wouldn’t you if you have a lot of money spare? Buy a bitcoin or two and just store them away. He’s suggesting it will increase by 200x so putting a small amount of his wealth into it (1%) will have a good return for him.

And uneducated opinion is a bad thing along with biased opinions. He hasn’t researched it because he doesn’t want to know and therefore shouldn’t be talking about it.

@eoleo, exactly. Soon more people will start to realise this and we’ll go back to what it used to be with people either trading in gold or in bitcoin (I know which one is easier for me Grin

).

tosmartak

sr. member

Activity: 630

Merit: 250

Quote from: ClockworkTrader on November 11, 2018, 03:05:48 PM

Quote

And many of the viewers will believe him, just in the way many still believe in 2018 that the Earth is flat.
You'd be surprised what people believe or what they chose to believe...

This if not just fake news, this is complete misinformation right here. Spreading uneducated opinion only multiplies the overall lack of knowledge.
Learn the stuff you`re going to make video about, it seems so self-evident - I wonder why people still ignore this simple rule, I guess the urge to get as much YouTube views as possible on Bitcoin hype is still strong.

Uneducated opinion! I think that is just the best word for it right there. At least these guys should have some dignity to try as much as possible to keep themselves informed before coming out to talk trash. Apparently, just looking for recognition, but in this aspect, in a stupid way. We are simply in a world where people talk trash and care less about it, people do not even want to learn anymore, and they just non-intelligently and ignorantly say whatever comes to mind. No one is forcing him, as he can remain in fiat when others are wise enough to realize that fiat system is rubbish.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18748

Quote

People say 'Well, I'll sell you goods in bitcoins, but they change the price of those every time the price of the dollar changes in relation to the bitcoin - they're pricing off the dollar.'

So his argument seems to be bitcoin can't be a currency because the amount of bitcoin per dollar is constantly changing? So are we just ignoring how unstable the dollar is? In 1990, there was around $300 billion in circulation. Today there is over $3.5 trillion. The government can and do create more currency at will. The dollar is guaranteed by a government that is $21 trillion in debt. The US dollar has lost over 95% of its purchasing power in the last 100 years.

You maybe don't want to talk trash about bitcoin being unstable when your favored currency is worse.

vlad230

sr. member

Activity: 616

Merit: 279

Quote from: jackg on November 11, 2018, 10:54:33 AM

https://m.youtube.com/watch?v=uP6ATdAxuZw

This amuses me, watch him between 2-6 minutes on this video.
He clearly has no idea as to what bitcoin is or what a bitcoin fork is.

He compares bitcoin to say it keeps following the dollar based on the price people set things at, however, that’s just funny because it’s like saying the Euro, yen and pound sterling don’t exist as a real currency because our price also gets translate for things like oil from the American price of the dollar and even the place it was originally mined in Grin

.

I don't think you should take Warren Buffett's thoughts on Bitcoin or crypto currency in general, in vain. I bet he has a lot of advisors that know more about bitcoin than we all do and no, I'm not talking about the technical aspects of it here but the financial ones.

Remember he's been a billionaire for a long time and has made a huge amount of money during the economic crisis and off of it.

I think that Buffett is saying that Bitcoin doesn't have the characteristics to be considered a currency yet and I agree.

Here are some characteristics that define a currency:

Quote

1. Generally Accepted - Many people must accept the money as a settlement of debt or as a discharge of obligation.
2. Durable - Its quality/value does not deteriorate over time, which is why we do not tend to use food products as money.
3. Divisible - If you divide the money in half, each half should be worth 50% of the whole. This is why we tend not to use diamonds or artwork as money.
4. Stable/Consistent - The value does not fluctuate substantially with time.
5. Transportable - It is easy to move from one place to another.
6. Scarce - It is difficult to acquire.
7. Easily recognizable - It needs to be obvious what it is, mostly for the purposes of #1.
8. Difficult to Counterfeit - This mostly has to do with #6.

As you can see, BTC does not fit all of them yet but there still is hope and BTC has not reached maturity yet.

Going back to what he was saying in relation to the prince of things changing based on BTC's value that can be easily observed in our Services forum. Everything is compared to its value in FIAT. There are very few services that are paying/charging fixed amounts of BTC disregarding the FIAT amounts BTC is traded for.

On top of that, need I remind all of you that earlier this year there was a Bitcoin conference that you couldn't pay for in BTC?
What are we talking about here?

ClockworkTrader

newbie

Activity: 213

Merit: 0

Quote

And many of the viewers will believe him, just in the way many still believe in 2018 that the Earth is flat.
You'd be surprised what people believe or what they chose to believe...

This if not just fake news, this is complete misinformation right here. Spreading uneducated opinion only multiplies the overall lack of knowledge.
Learn the stuff you`re going to make video about, it seems so self-evident - I wonder why people still ignore this simple rule, I guess the urge to get as much YouTube views as possible on Bitcoin hype is still strong.

3acaga

member

Activity: 462

Merit: 12

In fiat money, the dollar is the alpha currency in the world at the moment.
As soon as the dollar collapses - much more people will start to believe in Bitcoin, and then we will get a rise.

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: jackg on November 11, 2018, 10:54:33 AM

He compares bitcoin to say it keeps following the dollar based on the price people set things at, however, that’s just funny because it’s like saying the Euro, yen and pound sterling don’t exist as a real currency because our price also gets translate for things like oil from the American price of the dollar and even the place it was originally mined in Grin

.

And many of the viewers will believe him, just in the way many still believe in 2018 that the Earth is flat.
You'd be surprised what people believe or what they chose to believe...

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

https://m.youtube.com/watch?v=uP6ATdAxuZw

This amuses me, watch him between 2-6 minutes on this video.
He clearly has no idea as to what bitcoin is or what a bitcoin fork is.

He compares bitcoin to say it keeps following the dollar based on the price people set things at, however, that’s just funny because it’s like saying the Euro, yen and pound sterling don’t exist as a real currency because our price also gets translate for things like oil from the American price of the dollar and even the place it was originally mined in Grin

.

Topic: Some guy thinks the dollar is the only currency and bitcoin doesn’t fork - page 3. (Read 673 times)