Well, the civilization’s agenda mentioned by Munger is actually something that we don’t really want.
Imagine that? Who the hell would accept their way where people can become oligarch and that is only 1% of them. Then the rest are we who serves them? Rat-poison they said? Maybe they are right, --they are the rats who are scared of it. However, Warren Buffet is old enough to adapt cryptocurrencies though, so I guess on this part we are currently outplaying/outsmarting their traditional way of living. They are just scared since they do not have time to spend mastering the craft of today. I think that is where they become irrational.
Topic: Warren Buffett Agrees That Bitcoin Is "Disgusting" (Read 439 times)
This is not new, some people still hate bitcoin it is because they are into the traditional way, they prefer the traditional way than to adapt to the changes of the world, we are now in the modern world and cryptocurrency is well known by a lot of people, those who are young are now into cryptocurrency y unlike to those old people who ate not good in technology so they might choose the traditional way or the fiat currency over crypto.
If you read books regarding finance, you would know that Munger's statement/comment regarding the success of the bitcoin is actually the same reaction the first generation traders had when Fiat has been made and successfully launched. System repeats itself they say and this applies here today. Imagine Warren spending his entire lifetime building his empire while Bitcoin made it for a very short period of time? That's an insult to him. Munger in the other hand spend all his life becoming an underwing in order to reach the corporate ladder's top then Bitcoin investors did it for just a quick snap? Hope this perspective can help.
Hate would be a natural reaction if someone feels threat. Fiat and stocks are the assets Bitcoin gives threat with. Both of these assets are the bread of Munger and Buffett so we have to understand why they feel what they feel and them being against Bitcoin. You will never be able to teach and old dog a new trick and validation from Warren is actually not a thing. His statement will never change the success we have in the Bitcoin community.
Hate would be a natural reaction if someone feels threat. Fiat and stocks are the assets Bitcoin gives threat with. Both of these assets are the bread of Munger and Buffett so we have to understand why they feel what they feel and them being against Bitcoin. You will never be able to teach and old dog a new trick and validation from Warren is actually not a thing. His statement will never change the success we have in the Bitcoin community.
The only reason Buffett & Munger hate bitcoin is because it takes a portion of investment capital away from them. Bitcoin is a new technology & people hate change. Younger people are far more likely to invest in bitcoin than Berkshire Hathaway, that’s the real & only reason they hate bitcoin because it’s taking food off their table.
Just like the dinosaurs, investors like Buffett & Munger are becoming extinct.
Bitcoin is doing to finance what email did to physical letters/mail.
Adapt or die!
Just like the dinosaurs, investors like Buffett & Munger are becoming extinct.
Bitcoin is doing to finance what email did to physical letters/mail.
Adapt or die!
I like and respect Warren Buffet a lot. On the other hand, I definitely agree with your point. Looking at the history of finance, we see that finance is always in evolution and in history, there was always some kind of resistance when getting into new phases but it didn't prevent that evolution from happening.
Hate crypto, but keep buying stocks? Very strange.
Why is that strange? It's exactly what you would expect of a crypto hater. They are either into stocks or gold. Some of them even prefer real estate, bonds and other slow moving investment assets.There are three types of investors. The first type comprises high-risk investors and this is the demographic group which is most inclined towards Bitcoin and the other cryptocurrencies. This group is mostly comprised of younger investors, who are tech savvy. Then there is the second group of investors who are mostly comprised of middle-aged people. They are not very fond of cryptocurrency, and are mostly in to stocks and real estate. And then we have the third group, which comprises of people like Warren Buffet. This group doesn't want to take much risk, and limit their investment to low-risk stocks and treasury bonds.
Hate crypto, but keep buying stocks? Very strange.
Why is that strange? It's exactly what you would expect of a crypto hater. They are either into stocks or gold. Some of them even prefer real estate, bonds and other slow moving investment assets. 
Nothing new and shocking for me,
Even if Bitcoin is doing well increasing price, Gaining popularity and investors there would always be someone who would hate it and tell this kind of things.
It is how it is there would always be an investor who would hate the new ones because they couldn't catch up to it.
Even if Bitcoin is doing well increasing price, Gaining popularity and investors there would always be someone who would hate it and tell this kind of things.
It is how it is there would always be an investor who would hate the new ones because they couldn't catch up to it.
The rich people always want the poor to remain as poor. If everyone becomes rich, then there will be no value for money and on top of that the rich people will not be able to secure cheap labor for their corporations. A perfect example is the richest Australian, a lady named Gina Rinehart. Her net worth is estimated at $36 billion and once she said that her employees should be ready to work for $2 per day (minimum wage in Australia is $20 per hour).
I haven't studied Munger much, but if he is Warren's right hand he should be a respectable person in investment management. With all the respect I have for Buffett, hate and disgust do not have a place in this game. To the objective eye, Bitcoin is a new form of money, while to Buffett and Munger looks like a threat.
I thought with all the life experience these guys possess, they are more open-minded. From my perspective they haven't been too "friendly" with anything relating to technology. I guess old age is indeed affecting flexibility of the mind. I don't know for sure, but I could bet that they haven't even done a proper due diligence of cryptocurrencies and their implications/potential.
I thought with all the life experience these guys possess, they are more open-minded. From my perspective they haven't been too "friendly" with anything relating to technology. I guess old age is indeed affecting flexibility of the mind. I don't know for sure, but I could bet that they haven't even done a proper due diligence of cryptocurrencies and their implications/potential.
Nothing new and shocking for me,
Even if Bitcoin is doing well increasing price, Gaining popularity and investors there would always be someone who would hate it and tell this kind of things.
It is how it is there would always be an investor who would hate the new ones because they couldn't catch up to it.
Even if Bitcoin is doing well increasing price, Gaining popularity and investors there would always be someone who would hate it and tell this kind of things.
It is how it is there would always be an investor who would hate the new ones because they couldn't catch up to it.
He is just a old man after all. He just cant accept the new innovation of the world. Even if bitcoin is adopted and used widele, he would be dead by then. Therefore, he does not need to give a damn about it
At least he just admit he was wrong for selling apple stock
At least he just admit he was wrong for selling apple stock
These comments inevitably came under fire from the cryptocurrency community. Cryptocurrency economist and analyst Alex Krüger tweeted that hatred of money management was unreasonable:
"Munger's approach to coping with Bitcoin's success is hate. Can't be rational when hate is involved. Money managers that don't adapt to technological changes have a hard time outperforming."
Munger tends to speak very seriously about his contempt for the field of cryptocurrency as well as theoretical stocks. According to U. Today, the 97-year-old billionaire compared bitcoin and Tesla to "a lice and a flea" at the company's annual meeting in February.
"Munger's approach to coping with Bitcoin's success is hate. Can't be rational when hate is involved. Money managers that don't adapt to technological changes have a hard time outperforming."
Munger tends to speak very seriously about his contempt for the field of cryptocurrency as well as theoretical stocks. According to U. Today, the 97-year-old billionaire compared bitcoin and Tesla to "a lice and a flea" at the company's annual meeting in February.
These two men are very intelligent people and arguably the greatest investors in history, so it is worth giving their words some credit - even if they could be a bit more delicate about describing it. In the past they have famously stated their strong aversion to technology stocks and this feels like an extension to that way of thinking. In some respects they have incentive to discourage cryptocurrency usage because it eats into the margins of their credit card companies, I think they have large holdings in American Express and possibly Visa too. In fairness to them, Bitcoin by its very nature offers a lot of anonymity and this is what they are most disheartened about. While the average honest holder of Bitcoin would not care less, their are plenty of criminals around the world who abuse that feature to the detriment of wider society and this is what they seem to be so concerned about. It feels like they also take a veiled pop at Elon Musk in one of their comments about billionaires manipulating cryptocurrencies to make easy gains and that is definitely right.
On the other hand, I see some people who insult and scold bitcoin, I think they say that because they don't hold large amounts of bitcoin when the price of bitcoin goes up.
I think they just can't digest how the Bitcoin market is processed. People tend to either hate or accept technology and sadly those who don't understand them chose to hate them than learning them. In other cases such as when they learned that they were at fault and they are mistaken, they just held on to their ego than admitting that they were wrong. I believe this is what happens to Warren Buffett.
On the other hand, I see some people who insult and scold bitcoin, I think they say that because they don't hold large amounts of bitcoin when the price of bitcoin goes up. On the other hand, I also see among those who praise bitcoin because it has helped their economy when the price of bitcoin is rising. in the crypto market who has a lot of money then they will buy bitcoin or altcoin then they can control the price of the coin they buy, if you have a lot of money then you are the ruler.
Slightly off-topic, but:
I was with you up until that point. Huh? I'm going to need a step-by-step on the thought process there. When I think of people pushing socialist agendas, I tend not to find myself instinctively including hedge fund managers, banksters and the directors of large multinational holding companies.
Is this one of those curious libertarian "anyone-who-wants-to-control-money-is-a-socialist" notions? I think you'll find it's what you choose to do with the money that determines whether you're a socialist or not.
Buffett and Munger have lost it. (...) Their goal is a socialist dictatorship
I was with you up until that point. Huh? I'm going to need a step-by-step on the thought process there. When I think of people pushing socialist agendas, I tend not to find myself instinctively including hedge fund managers, banksters and the directors of large multinational holding companies.
Is this one of those curious libertarian "anyone-who-wants-to-control-money-is-a-socialist" notions? I think you'll find it's what you choose to do with the money that determines whether you're a socialist or not.
They should change by the time they should not hate Bitcoin even there are many other critics as well. Their hatred towards BTC can not affect the BTC. I respect them and I agree they are masters in their fields and Bitcoin is based on new technology and by the time one should change and change his perception according to the technology. Nothing can be changed by their hate. Whatever they said we should not worried about it.
They just can't accept it that is why all they can do, like you mentioned on how to cope up with the success and attention that Bitcoin got, is hate.
One businessman/investor destroying another investment through words is just the way to go, cause they can't do crap.
Thing is business would destroy other businesses in order to dominate. Bitcoin ain't even some sort of business, it is a coin. Buffett couldn't just buy one because he can't entirely own Bitcoin.
One businessman/investor destroying another investment through words is just the way to go, cause they can't do crap.
Thing is business would destroy other businesses in order to dominate. Bitcoin ain't even some sort of business, it is a coin. Buffett couldn't just buy one because he can't entirely own Bitcoin.
As long as they keep discussing Bitcoin, they are doing Bitcoin a favor. I am glad to see Buffett trying to discredit Bitcoin and I'm always happy when Bitcoin is mentioned by investing celebrities, even when this is for the wrong reasons. I don't expect this asset to be seen as productive by Buffett, so I'm glad he isn't investing in it or switching sides. In fact, if he one day turns and finds Bitcoin interesting, that would be alarming.
We are somewhere near the end of the bull run, and Bitcoin can rise more and then crash. When it crashes 80% from the top, it will still be higher from previous all-time highs, and when all haters will be having a party telling us how right they were.
We are somewhere near the end of the bull run, and Bitcoin can rise more and then crash. When it crashes 80% from the top, it will still be higher from previous all-time highs, and when all haters will be having a party telling us how right they were.
One thing I don't understand is why everyone here in Bitcointalk is giving so much importance to Warren Buffet. Is it because he hates Bitcoin so much?
I think the reason is that for most he is a kind of role model for how to get rich, and people actually respect his wealth and the way he earned it. The fact that he doesn't like Bitcoin is simply incomprehensible to them, so they are still surprised that he doesn't change his mind - as if that would mean something looking at the big picture.
We realized long ago (at least some did) that it shouldn't matter to us what just one man thinks, whether his name is Buffett, Gates or Trump - Bitcoin would never succeed without the millions of individuals who support it - that's the real strength of a community that obviously bothers some - Divide et impera (divide and rule) strategy does not work the way some powerful people envisioned it. The mirage is still there, and the US dollars are worth less and less which causes great frustration for the WB and people like him.
“Stay away from it. It’s a mirage, basically
Hate crypto, but keep buying stocks? Very strange.
Warren Buffet was right when he said bitcoin is rat poison and this rat poison has been suffocating the rats that is why they are screaming their lungs out about bitcoin. Behavior of Warren the rat is expected, specially when you find out that bitcoin (something he claimed has no value) is worth more than his empire. In fact it surpassed it about 6 months ago when its price was about $30k! Now bitcoin is worth twice that 
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