Topic: Warren Buffet: "Stay away from Bitcoin" - page 3. (Read 10099 times)

Apologies but I've got a music itch today. I think Buffet lives a sheltered life. Doesn't he realize the world is a changin'.

I can't wait to finish programming so I can have some fun, haha!

Does the Warren Buffet have Prime Rib on Friday night? 

+1


Hahaha. Right on bro!

I rather hope we feel like this about the beauty of humanity.

Miguel - Adorn.

Bitcoin community warns "Stay away from Warren Buffet!" 

he loves the current government system of economic fascism (which he can easily lobby and control).!

It is a derivative of Marvin Gaye's Got To Give It Up.

Cheers  

(I was born in New Orleans, the birthplace of Jazz)

One could argue that you could transfer millions in fiat almost instantly and pay a couple cents in fees, whereas PayPal charges a percentage or a bank wire would take more time and cost more. But you are right about the confidence in exchanges, and PayPal collects more in fees so it would be a better investment. Unless you are in Bitcoin for speculation rather than collecting fees (by mining).

That sounds good Like a music for this thread readers

regards!

Bolded emphasis is mine:


Agreed except the bolded part. We are more powerful now, we just need the right technology. Stay tuned...


Correct. But as I pointed out in my first post upthread (which apparently flew over the head of most readers), rather than lowering costs to use it as a fiat money transfer tool, we will simply create new features (e.g. anonymity) which fiat no longer has (fiat cash is going away). And our new currency will support the virtual commerce knowledge age, which fiat won't.

Buffet is in the dinosaur old world economy. We are preparing to do euthanasia on that dying piece of shit industrial+retail+tangible economy.

And I feel like dancing to that!

http://www.youtube.com/watch?v=yyDUC1LUXSU
http://www.youtube.com/watch?v=TH8m6J3gPH0

I am a fan of crypto but Buffet has a valid point of view and has been a proven winner in the past. To me he is saying that until the bitcoin "industry" or any other system proves there is a "saving" to the user and/or receiver of funds ie transactions costs are less than other remittance forms it is not worth investing in.  Part of that saving (or benefit) has to be in confidence that front and back end parts (exchanges) are working well. To him  -  is bitcoin a better investment than say buying into paypal?. At present the answer is not at all clear so the answer is no.

Note he is also not going to be a buyer of bitcoin itself as it is far too volatile.

I agree with this assessment. But I will still use bitcoin or its variants for some things/uses but expect to still use a credit, debit and cheque book for some matters.  

It depends - because in few years average Joe will be more "skilled" in new technologies than it is now. So Perhaps - Bitcoin is not for people who do not know how to use a smartphone and computer.
If you know how to "use" it. You can manage to buy and storage your Bitcoins.

It is happening:

http://armstrongeconomics.com/2014/03/14/russian-capital-flows/
http://armstrongeconomics.com/2014/03/14/germany-to-throw-in-prison-people-with-swiss-accounts/
http://armstrongeconomics.com/2014/03/14/is-there-a-global-bank-run/
http://armstrongeconomics.com/2014/03/13/preliminary-capital-flows-fleeing-russia-exceed-50-billion/
http://armstrongeconomics.com/2014/03/13/bank-runs-starting-in-ukraine/

Got to agree with the old man, this is not for a regular average Joe. These kinds of things are only for the enthusiasts, hobbyists, and risk-takers!

Unfortunately the situation is very different now in some critical ways which could indeed lead to riots and martial law.

At that time the USA was still predominantly a rural and more self-sufficient society. My grandfather was walking around selling potatos during the Great Depression.

The Great Depression was caused by the network effects from the First Industrial Revolution which created mass production factories in the Second Industrial Revolution. This bankrupted the cottage industry and socialism in Europe. Which caused 76% of the world's gold to flee to the USA.

World War 1, FDR's New Deal, and WW2 were able to keep the people busy and people could survive in the semi-rural ways too. The USA was a net creditor and had much strength in industrial undercapacity and huge resources to apply to the Second Industrial Age.

Whereas, the situation we have now is that all nations are bankrupt and have irrelevance to the Knowledge Age. Thus government has no clue how to solve this debt bomb.

The only thing the socialism knows how to do at this point is tax and spend.

There is no place for capital to run to. The economy is shifting to the Knowledge Age where capital is less important than specific knowledge and small world-changing focused opportunities.

So you are going to have a very confused and pissed off society as this accelerates 2016ish.


Worse than that. Central banks have delayed for decades the correction that should have come in the 1970s so that the boomers would have learned to be programmers as the personal computer was born. Instead the debt propped up all sorts of old world economy business that is no longer relevant. So now we will have an abrupt and very painful global adjustment that may even take us into a Dark Age.

I detailed this at the following post and downwards in the thread:

https://bitcointalksearch.org/topic/m.5637503

Apologies I deleted those recordings from my thread because I was so mentally and physically exhausted yesterday and somewhat incoherent. Also I gave away too many details on my plans. There were two recordings and the second one continued where the first one got chopped off. There was a lot more to explain but I think it is not yet the right timing for me. I am also suffering from exhaustion and need to focus my efforts more.

I can't predict which computer language will be most important, but I am nearly certain it won't be C, C++, C#, nor Go. Because their typing systems are inadequate for the level of expression we need to do, and if you don't need strong typing then use Python instead.

It will either be (or probably both) a dynamically typed language (i.e. actually statically uni-typed) such as Python or a statically typed language that is not verbose due to its very powerful Higher Kinded typing system such as Scala (hopefully a version 3 that has a first-class union type, which is the main lacking feature of Scala which Ceylon has!) something Ceylon doesn't have. I was working on the latter for my Copute which is intended to be a better Scala and I will come back to that if I can finish my work in the Bitcoin space.

Are you a talented programmer? You can PM me.

I got into a discussion about languages at the following thread:

https://bitcointalksearch.org/topic/m.3003835

Some where in that thread, I explained why I think Go sucks.

it is funny how people here think they have more background than warren buffet

Which programming languages do you consider future proof, Anonymint? Obviously people will have their favourites and it depends on the job, I understand that. But I'd like to know your views.

I also listened to your recordings earlier on. Were you cut off at the end? It seemed like there was more to come. But the recording ended abruptly.

Indeed the old tangible capital world is going away folks... and Buffet will die just-in-time to fade away with it...

I also knew in 1999 that the dot.com crash was coming because I was trying to buy PPC advertising for my CoolPage.com (had million users at that time, roughly 1% of the internet) and what I saw was the ROI on advertising was negative for any profitable business, thus there was massive overinvestment driving the ad prices too high.

So when Homepage.com offered me $1 million in stock options to take over CoolPage.com, I declined. I took a couple hundred thousand instead in a non-exclusive license, and reaped another 7 years of sales ongoing.

But Buffet missed investing in numerous internet companies that have made others into $billionaires.

The model of business he invests in is dying. We are leaving the tangible capital age and entering the knowledge age, wherein you don't need large stored capital to launch a business. For example the 3D printer (which can print itself) will eventually obliterate factories, retail stores, and shipped goods. There are already 3D printers which can print multiple materials on the same object.

Also in the past knowledge was captured by industrial stored capital, because one needed physical production and distribution. Stored capital is a claim of future human labor or production. But now for example factories will be automated with robots, so the industrialists will depend on the knowledge workers.

The knowledge workers can say "fuck you" to $billions, we don't need it. All that stored capital is becoming useless and won't be able to find a home. It is what you know in your brain that becomes capital.

When the $223 trillion global debt bomb (with $1000 trillion in derivatives to hold it up, and another $1000 trillion in unfunded social liabilities promised to the boomers) implodes circa 2016ish as the marginal-utility-of-debt has become negative right about now and the BRICs are starting to collapse (with Europe and Japan to follow by next year and USA in 2016), the all those people who are useless in the Knowledge Age will be unemployable. And those $billionaires will lose their net worth relative to the capital in our brains which will grow orders-of-magnitude in value (what we can produce and buy with our efforts).

Oxford U predicts 47% of all existing jobs will be erased by automation within 19 years (20 years from last year when the research was published).

Normally I'd agree with him because he's one of the best investors/economists on the planet but...in this case he just sounds like a rambling senior citizen that doesn't understand the internet and its related technologies.

The 'tulip' that most people refer to is the tulip bulb bubble, or tulip mania, that occurred in Europe. The peak of the bubble was in March 1637, with "some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsman." The tulip bulb bubble and the potential Bitcoin bubble.

More info can be found here: http://en.wikipedia.org/wiki/Tulip_mania or http://www.investopedia.com/features/crashes/crashes2.asp