Warren Buffett: Bitcoin Is Pure FOMO • Hacker News Board

Re: Warren Buffett: Bitcoin Is Pure FOMO

#41

Post by notyourwork » Wed, Dec 27, 2017, 5:04 PM UTC

juanmirocks wrote: post #27

Sending small to large quantities of wealth worldwide quasi instantly and with small fees does have a tremendous value. Ask families of immigrants. Buffet hasn’t even invested in digital tech stocks. IMO, even after all the huge respect he deserves, he doesn’t get this technology. Other than that, I don’t doubt that many current “investors” are only FOMO movers

I agree and it makes me wonder how much the current price is drive by these FOMO investors versus actual believers. If we removed the first group does the price settle somewhere lower like $10k? I don’t really know but the surge is interesting.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#42

Post by adamnemecek » Wed, Dec 27, 2017, 5:04 PM UTC

JumpCrisscross wrote: post #28

adamnemecek wrote: post #8

Earlier quoted context omitted.

I don't live in the bay area. idk if you saw this but UN has previously used Ethereum to send aid to refugees. https://www.coindesk.com/united-nations-sends-aid-to-10000-s... You have to realize that in the US you have the luxury of stable (corrupt, but stable) government. A lot of other countries dont have that luxury. An international standard is a lot more enticing to someone from such a country than it is for you…

> A lot of other countries dont have that luxury The intersection of (a) countries with reliable Internet access and broadly-available Internet-connected devices, (b) a useless national currency and (c) effective controls on the use of cash hard currency is small. The GDP of that intersection certainly doesn't support anything close to Bitcoin's price.

You don't need A. Re B, which countries have a useful currency really? Say Hungarian Forint. Do you consider that a useful currency?

Ok what do you think would be a justified price and why?

Re: Warren Buffett: Bitcoin Is Pure FOMO

#43

Post by gutnor » Wed, Dec 27, 2017, 5:05 PM UTC

brndnmtthws wrote: post #13

It's interesting to note that most of the people who are pro-Bitcoin were born after 1980 or so. Could it be that Mr Buffett just doesn't get it?

Is that a subtle version of ageism ?

Bitcoin is a financial instrument with currency aspiration. Mr Buffet is very much an expert talking about stuff he knows.

On the other side of the coin, recent history of bitcoin exchanges woes showed that "pro-bitcoin" people were not specifically enlightened, they were just inexperienced.

That does not make Mr Buffet right and pro-bitcoin wrong, but you should at least give him the benefit of the doubt and not simply dismiss his points as old people ramblings.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#44

Post by pteredactyl » Wed, Dec 27, 2017, 5:06 PM UTC

the_gastropod wrote: post #29

down wrote: post #9

Bitcoin saves lives in Venezuela, you people need to get your head from your asses, first world is not the only world.

And destroys lives by contributing heavily to CO2 emissions which, funny enough, have an outsized impact on the citizens of third world countries.

Look up energy consumption of other worldwide services, like gold mining. Then get back to me.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#45

Post by KasianFranks » Wed, Dec 27, 2017, 5:06 PM UTC

He's said in the past about technology and software that "I just don't understand it" then he gives advice to people telling them not to invest. Classic Buffett and if you think about that it makes no sense. He also famously missed out on the appreciation of technology sector from about the mid 90's onward. I wonder what he thought of Netscape giving away their product freely while also being one of the greatest IPOs of all time.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#46

Post by ec109685 » Wed, Dec 27, 2017, 5:06 PM UTC

juanmirocks wrote: post #27

Sending small to large quantities of wealth worldwide quasi instantly and with small fees does have a tremendous value. Ask families of immigrants. Buffet hasn’t even invested in digital tech stocks. IMO, even after all the huge respect he deserves, he doesn’t get this technology. Other than that, I don’t doubt that many current “investors” are only FOMO movers

What makes it so that Bitcoin will be the medium to send that wealth and not another coin if Bitcoin’s value is too volatile?

Given you can have an infinite number of crypto currencies, should one necessarily dominate indefinitely?

Re: Warren Buffett: Bitcoin Is Pure FOMO

#47

Post by brndnmtthws » Wed, Dec 27, 2017, 5:06 PM UTC

gutnor wrote: post #43

brndnmtthws wrote: post #13

It's interesting to note that most of the people who are pro-Bitcoin were born after 1980 or so. Could it be that Mr Buffett just doesn't get it?

Is that a subtle version of ageism ? Bitcoin is a financial instrument with currency aspiration. Mr Buffet is very much an expert talking about stuff he knows. On the other side of the coin, recent history of bitcoin exchanges woes showed that "pro-bitcoin" people were not specifically enlightened, they were just inexperienced. That does not make Mr Buffet right and pro-bitcoin wrong, but you should at least give him…

Not subtle, but openly. I'm saying that people who didn't grow up in the internet age probably have a more difficult time understanding why it's so valuable.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#48

Post by JumpCrisscross » Wed, Dec 27, 2017, 5:06 PM UTC

juanmirocks wrote: post #27

Sending small to large quantities of wealth worldwide quasi instantly and with small fees does have a tremendous value. Ask families of immigrants. Buffet hasn’t even invested in digital tech stocks. IMO, even after all the huge respect he deserves, he doesn’t get this technology. Other than that, I don’t doubt that many current “investors” are only FOMO movers

> Buffet hasn’t even invested in digital tech stocks

Apple is not a tech stock?

Re: Warren Buffett: Bitcoin Is Pure FOMO

#49

Post by the_gastropod » Wed, Dec 27, 2017, 5:07 PM UTC

pteredactyl wrote: post #44

the_gastropod wrote: post #29

Earlier quoted context omitted.

And destroys lives by contributing heavily to CO2 emissions which, funny enough, have an outsized impact on the citizens of third world countries.

Look up energy consumption of other worldwide services, like gold mining. Then get back to me.

Look up whataboutism [1], then get back to me ;-)

[1] https://en.wikipedia.org/wiki/Whataboutism

Re: Warren Buffett: Bitcoin Is Pure FOMO

#50

Post by aetherson » Wed, Dec 27, 2017, 5:08 PM UTC

aphextron wrote: post #22

As someone completerly uninvested in this whole mania, I still see Bitcoin as something with an inherent value. The real problem right now is that nobody knows what that inherent value really is. Even if the price were to crash 100x tomorrow, Bitcoin would still have some value because of the energy expenditure involved with Proof of Work. Of course people that are "investing" in it now are simply gambling. But Bitco…

No, that's a fundamental misunderstanding of what value is. And a manifestation of a common one!

Things don't have value because of how much it cost to create them. They have value because of how much people are willing to buy them for.

If you and I both produce spoons, and the spoons that we produce are identical in every way, but I have a more efficient manufacturing process and it costs me less to produce those spoons, that does not make your spoons worth "more." And, importantly for people who are drawn to this idea, we should not attempt to legislate that your spoons are worth "more" for fairness reasons -- this fundamental approach to value is exactly what creates incentives for me to find efficiencies in manufacturing.