Berkshire: Bitcoin is ‘contrary to the interest of civilization.’ • Hacker News Board

Re: Berkshire: Bitcoin is ‘contrary to the interest of civilization.’

#61

Post by Qluxzz » Mon, May 10, 2021, 12:10 PM UTC

guerrilla wrote: post #17

sschueller wrote: post #5

"And I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth" You mean like cash? I'm sorry, I'm sure Warren is a nice guy but that picture reminds me of the Dukes in the movie Trading Places [1] with Eddie Murphy and Dan Aykroyd. [1] https://en.wikipedia.org/wiki/Trading_Places

He probably does. In Sweden, everything is going cashless in the name of convenience and cracking down on tax avoidance.

Swede here. I cant even remember the last time I used cash.

Used to get it from my grandmother for christmas but now they send it to me digitally as well.

It was always a pain to get cash since you needed to find a place to deposit them into your account, and most banks don't even handle cash today.

Most of all I hate getting change, people look at you funny here if you say keep the change in a regular store.

Re: Berkshire: Bitcoin is ‘contrary to the interest of civilization.’

#62

Post by kebman » Mon, May 10, 2021, 12:10 PM UTC

maxqin1 wrote: post #9

Working together is in the best interest of humans. Humans require trust to operate. A system designed around mistrust is inherently against our nature.

I'm not sure I understand what you mean. Do you consider the middleman banking system a sign of trust? How about the invasion of privacy required by the state in order to collect taxes?

It used to be that humans could exchange value without third parties. The third party was introduced exactly because of mistrust, and eventually this practice grew so widespread and big that it became a new industry all on its own. Cryptocurrency cuts out that third party, and makes business a one-to-one interaction again, where contracts can even be fully automated.

Of course all third parties out there dislike this, but there might still be a silver lining for them. For the state, all Bitcoin transactions are visible on the blockchain, for instance. This makes Bitcoin inherently less useful to kidnappers and extortionists and so forth... And for the banks it makes the transfer of big amounts of value extremely safe (contrast this to what's going on in South Africa at the moment, where value transports are being violently targeted by cutthroat bandits). It also opens up a wholly new business opportunity for them if they start exchanges and on- and offramps for crypto. Already new organizations are being made that grant interest on loaning out or staking crypto, for instance.

Re: Berkshire: Bitcoin is ‘contrary to the interest of civilization.’

#63

Post by sschueller » Mon, May 10, 2021, 12:11 PM UTC

maxqin1 wrote: post #25

sschueller wrote: post #5

"And I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth" You mean like cash? I'm sorry, I'm sure Warren is a nice guy but that picture reminds me of the Dukes in the movie Trading Places [1] with Eddie Murphy and Dan Aykroyd. [1] https://en.wikipedia.org/wiki/Trading_Places

When was the last time you tried to move a million in cash? It's not that easy...

1 bundle of 1,000 CHF (1,112.51 USD) notes is 100,000 CHF which is only 1cm thick [1]. So 10 would be 10cm which easily fits in a small bag.

[1] https://www.bielertagblatt.ch/nachrichten/wirtschaft/eine-mi...

Re: Berkshire: Bitcoin is ‘contrary to the interest of civilization.’

#64

Post by pydry » Mon, May 10, 2021, 12:11 PM UTC

mmahut wrote: post #33

maxqin1 wrote: post #16

Earlier quoted context omitted.

Except the primary use of the dollar is good. The same can't be said about the primary use for Bitcoin (which is, at best, speculation).

I feel the same argument can be make about Tor. While it primary uses are probably illegal (doesn't necessary mean immoral) activity, it helps a lot free press in oppressed regimes (also illegal, but by western standards moral).

>I feel the same argument can be make about Tor. While it primary uses are probably illegal

I very much doubt that. Its primary uses are probably porn and researching embarrassing medical conditions.

Re: Berkshire: Bitcoin is ‘contrary to the interest of civilization.’

#65

Post by read_if_gay_ » Mon, May 10, 2021, 12:11 PM UTC

maxqin1 wrote: post #37

read_if_gay_ wrote: post #15

> Warren Buffett: "I knew there’d be a question on bitcoin or crypto and I thought to myself, well, I watch these politicians dodge questions all the time … The truth is, I’m going to dodge that question. Because the truth is, we’ve probably got hundreds of thousands of people that are watching this that own bitcoin. And we’ve probably got two people that are short. So, we’ve got a choice of making 400,000 people mad…

It's very interesting, actually. I interpreted as "Bitcoin is bad but the cult of Bitcoin is nuts so we have to be careful about what we say." What's more interesting is how the Bitcoin investor club is managing to delude themselves even with inputs from real proven financiers.

> the cult of Bitcoin is nuts

This is "very interesting" to you? It's completely obvious, is it not?

Same for the other (non-)criticisms they leveled. I just don't see the newsworthiness, even if everyone's just circlejerking against BTC.

Re: Berkshire: Bitcoin is ‘contrary to the interest of civilization.’

#66

Post by apples_oranges » Mon, May 10, 2021, 12:11 PM UTC

DSingularity wrote: post #48

maxqin1 wrote: post #9

Working together is in the best interest of humans. Humans require trust to operate. A system designed around mistrust is inherently against our nature.

Designed around mistrust? Surely you mean motivated by distrust in the financial system? You know, the same financial system that launders cartel money, rigs interest markets against the poor, and crashes housing markets to make pensioners go broke?

That's why there are control systems in place. Institutions. Their effectiveness may be debatable, but by embracing Bitcoin (imho) we are throwing the baby out with the bathwater for not a good enough reason.

But what do I know. For me this whole Coin-Thing looks like Online Poker did 20 years ago. People like to gamble and they like Robin Hood type of stories..

Re: Berkshire: Bitcoin is ‘contrary to the interest of civilization.’

#67

Post by betterunix2 » Mon, May 10, 2021, 12:11 PM UTC

read_if_gay_ wrote: post #15

> Warren Buffett: "I knew there’d be a question on bitcoin or crypto and I thought to myself, well, I watch these politicians dodge questions all the time … The truth is, I’m going to dodge that question. Because the truth is, we’ve probably got hundreds of thousands of people that are watching this that own bitcoin. And we’ve probably got two people that are short. So, we’ve got a choice of making 400,000 people mad…

In the past they have called it useless digital gold. Why do you think they should have significant comments to make on Bitcoin? They are experts are evaluating corporate balance sheets, and by his own admission Warren Buffet does not understand technology (which is why he mostly stays away from tech companies).

Re: Berkshire: Bitcoin is ‘contrary to the interest of civilization.’

#68

Post by didericis » Mon, May 10, 2021, 12:11 PM UTC

maxqin1 wrote: post #9

Working together is in the best interest of humans. Humans require trust to operate. A system designed around mistrust is inherently against our nature.

Trustless systems expand who you can cooperate with. Systems which require trust limit you to cooperating with those you trust.

Furthermore, systems which are manipulable by a central group that you are supposed to trust are often used not because they are trusted, but because there are not good alternatives. The trust element is only a factor if there are options. Decentralized systems are about moving control to a protocol all participants agree to rather than a small group of people.

Re: Berkshire: Bitcoin is ‘contrary to the interest of civilization.’

#69

Post by SXX » Mon, May 10, 2021, 12:12 PM UTC

maxqin1 wrote: post #22

KingOfCoders wrote: post #14

I'm not a fan of Bitcoin, but often "contrary to the interest of civilization" means "contrary to the interest of me".

Yes, and yes. But, if Berkshire wanted to they could pump BTC to new heights and undoubtedly make a profit.

They are not Tesla. This would be very much against their risk profile.

Re: Berkshire: Bitcoin is ‘contrary to the interest of civilization.’

#70

Post by antidaily » Mon, May 10, 2021, 12:12 PM UTC

sschueller wrote: post #5

"And I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth" You mean like cash? I'm sorry, I'm sure Warren is a nice guy but that picture reminds me of the Dukes in the movie Trading Places [1] with Eddie Murphy and Dan Aykroyd. [1] https://en.wikipedia.org/wiki/Trading_Places

A nice guy! The Dukes! You disrespectful shit.