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

blog.evergreengavekal.com

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

#131

Post by banbanbang »

bronzeage wrote: post #75

The real issue with Bitcoin is tether. Tether printing is practically responsible for almost all the gains in Bitcoin. Just look at Tether volume versus Bitcoin volume and tell me you trust bitcoins valuation when it's backed by make belief tethers. When you can print make belief dollars, in volumes that were never proven to exist, and pretend trading them for Bitcoin is the same as trading dollars, then of course Bi…

It is far worse than this. The complex is leverage on top of leverage. They’re pledging btc/eth as collateral to buy other cryptos. And in tether’s case it’s quite literally a circlejerk. Shitcoins exist to feed btc and btc exists to feed shitcoins.

You can’t make this up. The greatest ponzi in human history.

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

#132

Post by maxqin1 »

Applejinx wrote: post #119
pydry wrote: post #74

Earlier quoted context omitted.

As Upton Sinclair once said, it is difficult to get a man to understand something if the value of his crypto stash depends upon him not understanding it.

I would clarify that just a bit. It's difficult to get a man to understand something if the value of his crypto stash depends on OTHER PEOPLE not understanding it. This is what bitcoin is. It's not a mass delusion: it's a will TO delude masses. I suppose some manage to fool themselves but I consider it a lot more likely that the majority are fully aware of what they're doing. But it depends on deluding another level…

Yeah, that's makes it even more insidious.

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

#133

Post by Applejinx »

AegirLeet wrote: post #96

Of course it is. Bitcoin is just capitalism evolved, and capitalism is, of course, contrary to the interest of civilization.

True for a particularly dark interpretation of capitalism.

I think it'd be a good idea for capitalism to evolve in different ways than this. Not sure if it's a foregone conclusion, but if you end up able to say 'I told you so' then I won't argue :)

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

#134

Post by roofwellhams »

shlant wrote: post #116
bob33212 wrote: post #108

Earlier quoted context omitted.

I'm the furthest thing from a technical analysis expert of price movement, but the BTC chart looks manipulated to me. I assumed at first that it was just people trading BTC between themselves to move the market, but this theory makes more sense. BTC miners are extracting USD from their mining, while the price is controlled by other coins printing and buying BTC. New buyers of BTC are providing the cashflow into the s…

What does "manipulated" mean to you? What does a "manipulated" chart look like? (I'm not being cheeky, I am just trying to get a grasp on your perspective)

That's what I always ask when someone claims manipulation

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

#136

Post by jsiepkes »

keiferski wrote: post #124

How does the saying go? First they ignore you. Then they laugh at you. After that, they fight you. Finally, you win. When a significant portion of established powers start claiming that new threat to power is (insert hyperbolic word here), I’d say we are on step 3 of the above process. Bitcoin has a lot of issues, but cryptocurrency/blockchain in general are real, useful technologies. Don’t let the prevalence of scam…

> but cryptocurrency/blockchain in general are real, useful technologies.

Whats the last time you bought anything (besides other coins) with cryptocurrency?

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

#137

Post by sschueller »

SideburnsOfDoom wrote: post #103
sschueller wrote: post #63

Earlier quoted context omitted.

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...

But you would not be able to collect the cash from a bank without all kinds of due diligence, or process alarms going off.

In Switzerland it used to be quite easy as the money belongs to you and you can do with it what you want. The only issue should be depositing large sums.

If the banks make it harder and harder to get your money out then of course things like bitcoin are getting more popular.

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

#138

Post by shlant »

bronzeage wrote: post #75

The real issue with Bitcoin is tether. Tether printing is practically responsible for almost all the gains in Bitcoin. Just look at Tether volume versus Bitcoin volume and tell me you trust bitcoins valuation when it's backed by make belief tethers. When you can print make belief dollars, in volumes that were never proven to exist, and pretend trading them for Bitcoin is the same as trading dollars, then of course Bi…

> "Tether printing is practically responsible for almost all the gains in Bitcoin"

It was a meme in the crypto community that when you see tether being printed, you long. Maybe it was true at some point that tether was propping up the market or maybe not fully backed[0], but AFAIK they are now doing audits[1] and transparency reports[2].

> "The day regulators finally ban tether"

I'm not sure how you would go about banning a cryptocurrency (it's been tried 100's of times) but, again, people have been saying something like this about tether forever. Every time someone tries and fails, it just gains more legitimacy (and is no longer the only stablecoin).

FYI I am in no way a BTC maxi/fanboi, but this kind of narrative has been the same since the beginning of tether and everyone so far has been wrong and the chance of a "spectacular crash" has become more and more unlikely

0. https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settle...

1. https://www.coindesk.com/tether-first-attestation

2. https://wallet.tether.to/transparency

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

#139

Post by boomboomsubban »

I don't get why we care what these random people say who clearly have very little knowledge on the topic. Munger demonstrates an amount of expertise one could have gained from watching a 60 Minutes segment about bitcoin. Buffet at least dodges the issue rather than discuss something he doesn't necessarily know that much about.

I can understand why many people don't like bitcoin. The argument against it is not stronger because of these soundbytes.

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

#140

Post by 248ff »

bronzeage wrote: post #75

The real issue with Bitcoin is tether. Tether printing is practically responsible for almost all the gains in Bitcoin. Just look at Tether volume versus Bitcoin volume and tell me you trust bitcoins valuation when it's backed by make belief tethers. When you can print make belief dollars, in volumes that were never proven to exist, and pretend trading them for Bitcoin is the same as trading dollars, then of course Bi…

If they printed more Tether than there is demand for tether wouldn't the price for Tether-to-USD tank ?
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