I personally don't own any Bitcoin, but would you have bought it in 2018 you'd still be up approx. ~370% at the current dip, while you would have been profitable a whopping ~1700% at ATH. I find their contrarian takes rather regressive and self-serving.
Warren Buffet and Charlie Munger on crypto in 2018
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Re: Warren Buffet and Charlie Munger on crypto in 2018
#12Exactly. They sure 'nailed it' alright. [0] /s
[0] https://www.cnbc.com/2022/10/19/buffett-backed-digital-bank-...
Re: Warren Buffet and Charlie Munger on crypto in 2018
#13Sorry but these two are not that great and their track record for the past decade is also not that great. They basically missed out on 10x type of opportunity just from 2018. They are in the money making business right? Last I checked, BTC is still 5x from 2018 low. Money is money. Return is return.
Edit: from a purely financial point of view, you can make the same argument for companies that do not pay dividends/share repo. Until they actually pay you for your shares, you’re effectively invested in a ponzi scheme.
Re: Warren Buffet and Charlie Munger on crypto in 2018
#14Too bad that what they are talking about is not crypto just regular tradfi ponzi schemers who happen to have chosen crypto for their next scam.
Unfortunately if you take away ponzi schemes and money laundering there's not much left of the crypto market.
Re: Warren Buffet and Charlie Munger on crypto in 2018
#15> There is nothing being produced of value from the assets. A guy like Warren Buffet can clearly appreciate value in the sense of institutions, after all he made his fortune largely in the insurance sector. We are still in the early stages of Crypto, only now we see serious DAO structures start to emerge. There is also a good chance that he will see his entire industry disrupted in some years as more efficient ways t…
Is an insurance DAO fundamentally any different from mutual insurance? What benefit does the blockchain provide?
Re: Warren Buffet and Charlie Munger on crypto in 2018
#16I'm not sure that the statements that a) there are bad actors in the space, and b) there will be a crash, are particularly insightful here. Both of these were predicted/expected by many, including many crypto supporters. The key question is whether crypto will rebound. I would expect it to, particularly as governments move more into digital currencies.
> The key question is whether crypto will rebound. I would expect it to, particularly as governments move more into digital currencies. The “when” and the “what” matter immensely though. A rebound after a couple years of global recession is much different than one early next year. A rebound of the existing big names (e.g. BTC and ETH) is much different than the rise of “fed coin” or some other chain. An investment st…
It will when it actually start delivering value. It might be cross national digital money or somekind nft Ticketmaster competitor or some kinda cross game NFT items.
Re: Warren Buffet and Charlie Munger on crypto in 2018
#17Regardless of how you feel about crypto - and I admit to seeing some valuable use-cases, while being highly skeptical of the speculation - you gotta admit that these comments are prescient and also very funny. I sincerely hope I have that presence of mind at that age.
>I admit to seeing some valuable use-cases
Could you write them here? Genuinely curious.
Re: Warren Buffet and Charlie Munger on crypto in 2018
#18I personally don't own any Bitcoin, but would you have bought it in 2018 you'd still be up approx. ~370% at the current dip, while you would have been profitable a whopping ~1700% at ATH. I find their contrarian takes rather regressive and self-serving.
A lot of people have already lost a lot of money speculating on crypto since 2018, because of volatility, fraud, and exchanges that turned out to have spent all their customers money.
Cherry picking a specific period where you would have made a lot of money is easy in hindsight, especially since I'm pretty sure the big crash is yet to come. (I'm not sure enough to bet on a crash, but sure enough to go nowhere close to crypto)
Re: Warren Buffet and Charlie Munger on crypto in 2018
#19I'm not sure that the statements that a) there are bad actors in the space, and b) there will be a crash, are particularly insightful here. Both of these were predicted/expected by many, including many crypto supporters. The key question is whether crypto will rebound. I would expect it to, particularly as governments move more into digital currencies.
What kind of "government digital currencies" are you referring to?
Re: Warren Buffet and Charlie Munger on crypto in 2018
#20Too bad that what they are talking about is not crypto just regular tradfi ponzi schemers who happen to have chosen crypto for their next scam.
Eh, I feel like you are being intellectually lazy and are falling into the "No True Scotsman" fallacy.