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Warren Buffett: Bitcoin Is Pure FOMO

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Re: Warren Buffett: Bitcoin Is Pure FOMO

#11

Post by mholmes680 »

"Rather, dollars are a temporary store of value, a means of transmitting that value from one person to another. As Buffett says, valuing bitcoin is like trying to value a paper check drawn on a bank. Pointless."

I agree with the premise of the article, but isn't this quote a jump from that? Whats preventing bitcoin from being a temporary store of value to transmit from one person to another; Isn't there a second argument to be made on why its a bad _currency_ or not? I think something like this article: https://www.bloomberg.com/view/articles/2017-12-27/bitcoin-i...

Re: Warren Buffett: Bitcoin Is Pure FOMO

#12

Post by aviv »

Kinnard wrote: post #6

Does Warren Buffett understand digital signatures?

He understands that the global banking cartel already has a plan in place to crash bitcoin one way or another. And there are several ways. LOL you guys downvote fast. I say this as a hodler, but a realistic one.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#14

Post by BoorishBears »

bcherny wrote: post #4
adamnemecek wrote: post #3

Warren Buffet has previously vowed not to invest in tech b/c he said he doesn't understand it. I think it changed in the last ~5 years. But I still don't think that he "understands" tech. The Beanie Babies comparison is straight up stupid. I can go to Africa right now and I can imagine that even some of the remoter parts will be aware of bitcoin.

> I can go to Africa right now and I can imagine that even some of the remoter parts will be aware of bitcoin. The Bay Area, ladies and gentlemen. In all seriousness, I doubt people in most of the world have heard of either.

As a person from (West) Africa, I can tell you they've not only heard of Bitcoin but they're mining it, even in villages.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#15

Post by nugi »

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 bitcoin also pays for murders, launders money, etc. I feel, just as cash, it is quite ethics agnostic. Not knocking cryptocoin, just don't pretend it is a singular force for good. It is representation of capitol, albeit in a unique way.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#16

Post by byte1918 »

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.

https://en.wikipedia.org/wiki/Appeal_to_emotion

Appeal to emotion or argumentum ad passiones is a logical fallacy characterized by the manipulation of the recipient's emotions in order to win an argument, especially in the absence of factual evidence.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#17

Post by smnrchrds »

bcherny wrote: post #4
adamnemecek wrote: post #3

Warren Buffet has previously vowed not to invest in tech b/c he said he doesn't understand it. I think it changed in the last ~5 years. But I still don't think that he "understands" tech. The Beanie Babies comparison is straight up stupid. I can go to Africa right now and I can imagine that even some of the remoter parts will be aware of bitcoin.

> I can go to Africa right now and I can imagine that even some of the remoter parts will be aware of bitcoin. The Bay Area, ladies and gentlemen. In all seriousness, I doubt people in most of the world have heard of either.

> The Bay Area, ladies and gentlemen.

Hear, hear. Meanwhile in remote areas of Africa, this is more like what functions as currency:

"If you're in South Sudan and something big happens in your life — you get married, you buy property or pay a penalty for a crime — cows are most likely involved. Cows are currency and credit card and bank account rolled into one. In South Sudan, banks can go bankrupt — cows are more reliable. At least that's how it used to be."

From Planet Money: https://www.npr.org/sections/money/2017/11/15/563788464/epis...

Re: Warren Buffett: Bitcoin Is Pure FOMO

#18

Post by adamnemecek »

BoorishBears wrote: post #14
bcherny wrote: post #4

Earlier quoted context omitted.

> I can go to Africa right now and I can imagine that even some of the remoter parts will be aware of bitcoin. The Bay Area, ladies and gentlemen. In all seriousness, I doubt people in most of the world have heard of either.

As a person from (West) Africa, I can tell you they've not only heard of Bitcoin but they're mining it, even in villages.

I feel like some people really misunderstand developing countries. People living there are very much looking to participating in the world economy, because the local one isn't great.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#19

Post by Cacti »

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?

Your argument is that one of the most successful investors in the history of mankind is physically incapable of understanding Bitcoin investment (or anything, for that matter) just because he's old?

Re: Warren Buffett: Bitcoin Is Pure FOMO

#20

Post by billmalarky »

mholmes680 wrote: post #11

"Rather, dollars are a temporary store of value, a means of transmitting that value from one person to another. As Buffett says, valuing bitcoin is like trying to value a paper check drawn on a bank. Pointless." I agree with the premise of the article, but isn't this quote a jump from that? Whats preventing bitcoin from being a temporary store of value to transmit from one person to another; Isn't there a second argu…

The author sort of covers that in this line:

>I counter that just about nobody thinks of American cash as an investment, except for perhaps currency speculators.

Of course that sort of ignores the fact that bitcoin investors are currency speculators...

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