And Wikipedia is not an encyclopedia.
So what?
Word games don't change what Bitcoin is.
Buffett: Bitcoin not a currency [video]
11–20 of 66 posts
Re: Buffett: Bitcoin not a currency [video]
#12Buffet IMO gets way too much credit for what he achieved.
AFAIK his holdings in 2008 got bailed out, saving his financial empire from destruction.
Frankly, I don't care what Buffet or Soros say and I don't see how they could have earned the money if not with corruption, insider trading, you name it ...
Very unlike start-up founders where you exactly know why they got the money...
Re: Buffett: Bitcoin not a currency [video]
#13His argument (that articles priced in bitcoin change their priced based on the value of a fiat currency such as USD) is valid as a qualitative judgement of bitcoin's utility as a currency, but isn't really a valid test of what is or isn't a currency. Case in point: The Zimbabwean dollar remained a currency through its hyperinflation period, and is still considered a currency (however useless) even though it is no lon…
Bitcoin isn't legal tender anywhere. One could argue that a currency is something which is legal tender somewhere in the world.
Re: Buffett: Bitcoin not a currency [video]
#14Earlier quoted context omitted.
How do you establish a new currency? Well it is easy, you take control over some area of land, by military force or by treaty with the present occupiers of it, then you declare that the people living there need to pay you taxes, then you decide what to accept those taxes in. And that's what it means for a government to "back" a currency.
Considering all of the uproar caused by the Newsweek article, if people knowing you have bitcoins puts you in danger, then I'd say it's not a currency I want anything to do with.
Yeah, if everyone knew I had £1,000,000,000.00 hidden under my mattress (and some mattress that would be), then I imagine my life might be under a little more threat than otherwise too.
Re: Buffett: Bitcoin not a currency [video]
#15Earlier quoted context omitted.
How do you establish a new currency? Well it is easy, you take control over some area of land, by military force or by treaty with the present occupiers of it, then you declare that the people living there need to pay you taxes, then you decide what to accept those taxes in. And that's what it means for a government to "back" a currency.
Considering all of the uproar caused by the Newsweek article, if people knowing you have bitcoins puts you in danger, then I'd say it's not a currency I want anything to do with.
Let's say you have 400 MUSD, or a ton of gold, and it becomes widely known.
Re: Buffett: Bitcoin not a currency [video]
#16The concept of a cryptocurrency subsumes traditional currency. You cannot just say, "bitcoin is not a currency". Well of course it isn't! It's an entirely different animal.
It would be like saying the Internet is not a phone system.
Re: Buffett: Bitcoin not a currency [video]
#17Earlier quoted context omitted.
How do you establish a new currency? Well it is easy, you take control over some area of land, by military force or by treaty with the present occupiers of it, then you declare that the people living there need to pay you taxes, then you decide what to accept those taxes in. And that's what it means for a government to "back" a currency.
Considering all of the uproar caused by the Newsweek article, if people knowing you have bitcoins puts you in danger, then I'd say it's not a currency I want anything to do with.
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Re: Buffett: Bitcoin not a currency [video]
#18Buffet IMO gets way too much credit for what he achieved. AFAIK his holdings in 2008 got bailed out, saving his financial empire from destruction. Frankly, I don't care what Buffet or Soros say and I don't see how they could have earned the money if not with corruption, insider trading, you name it ... Very unlike start-up founders where you exactly know why they got the money...
Exactly. Let's all give up bitcoin, the financial lord sayeth so.
Re: Buffett: Bitcoin not a currency [video]
#19Buffet IMO gets way too much credit for what he achieved. AFAIK his holdings in 2008 got bailed out, saving his financial empire from destruction. Frankly, I don't care what Buffet or Soros say and I don't see how they could have earned the money if not with corruption, insider trading, you name it ... Very unlike start-up founders where you exactly know why they got the money...
specifically buffet has made a career of acquistions of medium and small family businesses which are being sold at distressed prices because of estate taxes.
Moreover Berkshire Hathaway is in the insurance business, and life insurance is a way of circumventing the estate tax.
Not surprisingly, buffet is an advocate of estate taxes.
As for Soros, he is well known for manipulating the price of the pound. It's often lauded as a 'brilliant move' but the net effect of what he did was to screw over poor and middle-class britons.
Re: Buffett: Bitcoin not a currency [video]
#20The concept of a cryptocurrency subsumes traditional currency. You cannot just say, "bitcoin is not a currency". Well of course it isn't! It's an entirely different animal. It would be like saying the Internet is not a phone system.
I think the main thing is that he's unsure what the value of bitcoin is. The value of a currency is pretty well understood at this point.
There is still a lot of uncertainty in assessing the value of bitcoin. Is it more like bullion? Currency? Tulip bulbs? The answer is like you said, it's something new, but it's not clear yet how to properly value that. If you don't fully understand where the value comes from, then it's safest to not invest.