Quote: "If you said... for a 1% interest in all the farmland in the United States, pay our group $25B, I'll write you a check this afternoon. For $25B, I now own 1% of the farmland. If you tell me you own 1% of all the apartment houses in the United States and you want another $25B, I'll write you a check, it's very simple. Now if you told me you own all of the Bitcoin (BTC-USD) in the world and you offered it to me for $25 I wouldn't take it because what would I do with it? I'd have to sell it back to you one way or another. It isn't going to do anything. The apartments are going to produce rental and the farms are going to produce food. That explains the difference between productive assets and something that depends on the next guy paying you more than the last guy got."
"Assets, to have value, have to deliver something to somebody. And there's only one currency that's accepted. You can come up with all kinds of things - we can put up Berkshire coins... but in the end, this is money," he announced, holding up a dollar bill. "Anyone that thinks the United States government is going to change the way they let Berkshire money replace theirs is out of their minds. Whether it goes up or down in the next year, or five or 10 years, I don't know. But the one thing I'm pretty sure of is that it doesn't multiply, it doesn't produce anything. It's got a magic to it and people have attached magic to lots of things."
Munger chimes in: "In my life, I try and avoid things that are stupid, and evil, and make me look bad in comparison to somebody else - and Bitcoin (BTC-USD) does all three. In the first place, it's stupid because it's very likely to go to zero. In the second place, it's evil because it undermines the Federal Reserve system that we desperately need to maintain its integrity and government control... and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China, and with all of our presumed advantages in civilization, we are a lot dumber than the Communist leader in China."
…it's evil because it undermines the Federal Reserve system that we desperately need to maintain its integrity and government control...
This is the only positive I see in bitcoin. The Federal Reserve system needs to be undermined at every turn. The only thing that will stabilize this countries economy is going back to the gold standard.
@Rdp77 said:
…it's evil because it undermines the Federal Reserve system that we desperately need to maintain its integrity and government control...
This is the only positive I see in bitcoin. The Federal Reserve system needs to be undermined at every turn. The only thing that will stabilize this countries economy is going back to the gold standard.
Deep in my heart I wish this to be true. Mostly for the reasons outlined by Mr. Buffet above, which apply to paper currency of all sorts in my own estimate of things. Truly I wish that all spending money was in metal form, silver and nickel and gold and copper. Heck, aluminum and brass, too. Something with intrinsic value. Sadly, I'm not sure it's still possible.
WARNING: The above post may contain thoughts or ideas known to the State of Caliphornia to cause seething rage, confusion, distemper, nausea, perspiration, sphincter release, or cranial implosion to persons who implicitly trust only one news source, or find themselves at either the left or right political extreme. Proceed at your own risk.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
@Rdp77 said:
…it's evil because it undermines the Federal Reserve system that we desperately need to maintain its integrity and government control...
This is the only positive I see in bitcoin. The Federal Reserve system needs to be undermined at every turn. The only thing that will stabilize this countries economy is going back to the gold standard.
We can't go back to the gold standard. It's all gone, the politicians spent or stole all of it.
Trapped in the People's Communist Republic of Massachusetts.
Any investing I've done, and will do in the future, is going to be in tangible assets. I just can't get over the fact that a dollar is just as fake as a bitcoin. Yes, the horse has already left the barn in terms of the dollar being backed by something, but I'm not going to participate in it voluntarily when I can buy real things instead, that have actual value to people lives in the event I need to sell them or rent them.
@CalvinAndHobo said:
Any investing I've done, and will do in the future, is going to be in tangible assets. I just can't get over the fact that a dollar is just as fake as a bitcoin. Yes, the horse has already left the barn in terms of the dollar being backed by something, but I'm not going to participate in it voluntarily when I can buy real things instead, that have actual value to people lives in the event I need to sell them or rent them.
Backed with the full faith and all the credit the government can manage...
Don't let the wife know what you spend on guns, ammo or cigars.
Coinbase, the largest crypto trading platform in the United States, said that if it went bankrupt, its users would lose all the cryptocurrency stored in their accounts. Excuse me? This is from Nicholas Gordon’s report in Fortune:
Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.
@silvermouse said:
Coinbase, the largest crypto trading platform in the United States, said that if it went bankrupt, its users would lose all the cryptocurrency stored in their accounts. Excuse me? This is from Nicholas Gordon’s report in Fortune:
Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.
Coinbase is hot garbage. I used it for a throw away purchase and when I tried to cash out during a spike their servers weren't working. by the time the "fixed" it I was 40% below the point I tried to cash out.
"Cooking isn't about struggling; It's about pleasure. It's like sǝx, with a wider variety of sauces."
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...
I put $100 into crypto 2 years ago just to inspire me to keep an eye on it. Well, that didn't work, I checked it a while back it was $50 but 2 years later it's a little over $200.
Comments
--Buffet:
Quote: "If you said... for a 1% interest in all the farmland in the United States, pay our group $25B, I'll write you a check this afternoon. For $25B, I now own 1% of the farmland. If you tell me you own 1% of all the apartment houses in the United States and you want another $25B, I'll write you a check, it's very simple. Now if you told me you own all of the Bitcoin (BTC-USD) in the world and you offered it to me for $25 I wouldn't take it because what would I do with it? I'd have to sell it back to you one way or another. It isn't going to do anything. The apartments are going to produce rental and the farms are going to produce food. That explains the difference between productive assets and something that depends on the next guy paying you more than the last guy got."
"Assets, to have value, have to deliver something to somebody. And there's only one currency that's accepted. You can come up with all kinds of things - we can put up Berkshire coins... but in the end, this is money," he announced, holding up a dollar bill. "Anyone that thinks the United States government is going to change the way they let Berkshire money replace theirs is out of their minds. Whether it goes up or down in the next year, or five or 10 years, I don't know. But the one thing I'm pretty sure of is that it doesn't multiply, it doesn't produce anything. It's got a magic to it and people have attached magic to lots of things."
Munger chimes in: "In my life, I try and avoid things that are stupid, and evil, and make me look bad in comparison to somebody else - and Bitcoin (BTC-USD) does all three. In the first place, it's stupid because it's very likely to go to zero. In the second place, it's evil because it undermines the Federal Reserve system that we desperately need to maintain its integrity and government control... and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China, and with all of our presumed advantages in civilization, we are a lot dumber than the Communist leader in China."
…it's evil because it undermines the Federal Reserve system that we desperately need to maintain its integrity and government control...
This is the only positive I see in bitcoin. The Federal Reserve system needs to be undermined at every turn. The only thing that will stabilize this countries economy is going back to the gold standard.
Deep in my heart I wish this to be true. Mostly for the reasons outlined by Mr. Buffet above, which apply to paper currency of all sorts in my own estimate of things. Truly I wish that all spending money was in metal form, silver and nickel and gold and copper. Heck, aluminum and brass, too. Something with intrinsic value. Sadly, I'm not sure it's still possible.
"If you do not read the newspapers you're uninformed. If you do read the newspapers, you're misinformed." -- Mark Twain
We can't go back to the gold standard. It's all gone, the politicians spent or stole all of it.
Trapped in the People's Communist Republic of Massachusetts.
Yeah I know. Which also means we will never have a stable economy for any substantial amount of time.
Any investing I've done, and will do in the future, is going to be in tangible assets. I just can't get over the fact that a dollar is just as fake as a bitcoin. Yes, the horse has already left the barn in terms of the dollar being backed by something, but I'm not going to participate in it voluntarily when I can buy real things instead, that have actual value to people lives in the event I need to sell them or rent them.
Backed with the full faith and all the credit the government can manage...
Don't let the wife know what you spend on guns, ammo or cigars.
Coinbase, the largest crypto trading platform in the United States, said that if it went bankrupt, its users would lose all the cryptocurrency stored in their accounts. Excuse me? This is from Nicholas Gordon’s report in Fortune:
Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.
Coinbase is hot garbage. I used it for a throw away purchase and when I tried to cash out during a spike their servers weren't working. by the time the "fixed" it I was 40% below the point I tried to cash out.
At any given time the urge to sing "In The Jungle" is just a whim away... A whim away... A whim away...
My wtf, sounds sleazy and intentional. Crypto is the wild frontier.
FJB coin FTW
HODL
I’m ready to get out
I put $100 into crypto 2 years ago just to inspire me to keep an eye on it. Well, that didn't work, I checked it a while back it was $50 but 2 years later it's a little over $200.