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What I Think of Bitcoin

bridgewater.com

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Re: What I Think of Bitcoin

#11

Post by hjek »

Nathan Robinson did a great piece[0] on Ray Dalio's principles and Bridgewater's culture, which looks extremely toxic:

> Make sure, of course, that you always make specific people feel bad about mistakes: “Instead of the passive generalization or the royal ‘we,’ attribute specific actions to specific people: ‘Harry didn’t handle this well.’” And make sure everyone knows it: “Use ‘public hangings’ to deter bad behavior,” he says, by which he means making sure to belittle (I’m sorry, accurately explain the failings of) employees in front of their coworkers so that the lesson is learned widely.

[0]: https://www.currentaffairs.org/2018/06/how-to-make-everyone-...

Re: What I Think of Bitcoin

#12

Post by loceng »

learnstats2 wrote: post #6

Here Ray Dalio says he views Bitcoin as a gold-like asset. This is the first time I have felt that Bitcoin has some value: as a commodity that wealthy people put their wealth into when they have nothing better to do with it. People are not buying gold because they ever plan to use the gold.

The only, and it is a major problem with unavoidable pitfalls that shouldn't - can't be in our systems - is that Bitcoin is an MLM scheme and thus it is aligning people through financial gain, creating a religion of "HODLers" who are already a mob of varying levels of self-control and critical thinking. And as Dalio says, those who speak a counter-narrative to Bitcoin are rightfully "a few scared souls cowering in a corner;" so he's in fact acknowledging this mob without actually directly stating it. He's being very careful with his words to avoid being a target.

Re: What I Think of Bitcoin

#14

Post by colincooke »

learnstats2 wrote: post #6

Here Ray Dalio says he views Bitcoin as a gold-like asset. This is the first time I have felt that Bitcoin has some value: as a commodity that wealthy people put their wealth into when they have nothing better to do with it. People are not buying gold because they ever plan to use the gold.

I agree, there was a nice article in the economist about this concept (bitcoin as a store of value) [0]. More specialized than gold, investors have realized that bitcoin acts as a great hedge on uncertainty. When the market is uncertain to it's future (initial lockdowns for example) bitcoin goes up. It also goes up for less direct reasons (at least that I'm aware of). This makes it a less than ideal traditional store of value, but as a slice of a portfolio it is a nice asset due to the potential upside.

[0] https://www.economist.com/leaders/2021/01/09/what-explains-b...

Re: What I Think of Bitcoin

#15

Post by marcrosoft »

learnstats2 wrote: post #6

Here Ray Dalio says he views Bitcoin as a gold-like asset. This is the first time I have felt that Bitcoin has some value: as a commodity that wealthy people put their wealth into when they have nothing better to do with it. People are not buying gold because they ever plan to use the gold.

Wealthy people hold gold as a hedge against hyper inflation and currency risk. Ray wrote in his outlook that currency risk is the biggest risk at this time due to low interest rates and government spending.

Re: What I Think of Bitcoin

#16

Post by learnstats2 »

loceng wrote: post #12
learnstats2 wrote: post #6

Here Ray Dalio says he views Bitcoin as a gold-like asset. This is the first time I have felt that Bitcoin has some value: as a commodity that wealthy people put their wealth into when they have nothing better to do with it. People are not buying gold because they ever plan to use the gold.

The only, and it is a major problem with unavoidable pitfalls that shouldn't - can't be in our systems - is that Bitcoin is an MLM scheme and thus it is aligning people through financial gain, creating a religion of "HODLers" who are already a mob of varying levels of self-control and critical thinking. And as Dalio says, those who speak a counter-narrative to Bitcoin are rightfully "a few scared souls cowering in a…

I would agree, and this matches it to gold, also from Ray Dalio's perspective.

Ray Dalio invested heavily into gold, and has since repeatedly press released that he had done so. It's the same characteristics as an MLM scheme.

Re: What I Think of Bitcoin

#18

Post by [deleted] »

learnstats2 wrote: post #6

Here Ray Dalio says he views Bitcoin as a gold-like asset. This is the first time I have felt that Bitcoin has some value: as a commodity that wealthy people put their wealth into when they have nothing better to do with it. People are not buying gold because they ever plan to use the gold.

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