Warren Buffett: Bitcoin Is Pure FOMO • Hacker News Board

Re: Warren Buffett: Bitcoin Is Pure FOMO

#21

Post by realusername » Wed, Dec 27, 2017, 4:57 PM UTC

nugi wrote: post #15

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.

I highly doubt Bitcoin is much used for laundering money, transactions are all happening in clear and if you try to hide traces by creating multiple addresses you are going destroy your capital in transfer fees (which are very high right now). It's clearly not the best currency to hide untraceable money.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#22

Post by aphextron » Wed, Dec 27, 2017, 4:57 PM UTC

As someone completerly uninvested in this whole mania, I still see Bitcoin as something with an inherent value. The real problem right now is that nobody knows what that inherent value really is. Even if the price were to crash 100x tomorrow, Bitcoin would still have some value because of the energy expenditure involved with Proof of Work. Of course people that are "investing" in it now are simply gambling. But Bitcoin itself will pretty much always have some worth because it will be impossible to recreate the amount of effort that went into mining it.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#23

Post by cptskippy » Wed, Dec 27, 2017, 4:57 PM UTC

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?

Couldn't it also be that he does "get it" and all the young and inexperienced investors/speculators don't?

Re: Warren Buffett: Bitcoin Is Pure FOMO

#24

Post by jameslk » Wed, Dec 27, 2017, 4:58 PM UTC

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?

> It's interesting to note that most of the people who are pro-Bitcoin were born after 1980 or so.

Citation?

Re: Warren Buffett: Bitcoin Is Pure FOMO

#25

Post by the_gastropod » Wed, Dec 27, 2017, 4:58 PM UTC

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?

I hear this argument a lot, and don't understand it. It's entirely possible Warren doesn't understand the technical details about how Bitcoin functions. But I don't understand how that's relevant to how it functions as an investment. Mind elaborating about why the technical details are relevant to how it performs as an investment?

Re: Warren Buffett: Bitcoin Is Pure FOMO

#26

Post by Cacti » Wed, Dec 27, 2017, 4:58 PM UTC

adamnemecek wrote: post #8

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.

I don't live in the bay area. idk if you saw this but UN has previously used Ethereum to send aid to refugees. https://www.coindesk.com/united-nations-sends-aid-to-10000-s... You have to realize that in the US you have the luxury of stable (corrupt, but stable) government. A lot of other countries dont have that luxury. An international standard is a lot more enticing to someone from such a country than it is for you…

Using a blockchain as a ledger device is far, far different from investing in a cryptocurrency.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#27

Post by juanmirocks » Wed, Dec 27, 2017, 4:58 PM UTC

Sending small to large quantities of wealth worldwide quasi instantly and with small fees does have a tremendous value. Ask families of immigrants.

Buffet hasn’t even invested in digital tech stocks. IMO, even after all the huge respect he deserves, he doesn’t get this technology. Other than that, I don’t doubt that many current “investors” are only FOMO movers

Re: Warren Buffett: Bitcoin Is Pure FOMO

#28

Post by JumpCrisscross » Wed, Dec 27, 2017, 4:59 PM UTC

adamnemecek wrote: post #8

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.

I don't live in the bay area. idk if you saw this but UN has previously used Ethereum to send aid to refugees. https://www.coindesk.com/united-nations-sends-aid-to-10000-s... You have to realize that in the US you have the luxury of stable (corrupt, but stable) government. A lot of other countries dont have that luxury. An international standard is a lot more enticing to someone from such a country than it is for you…

> A lot of other countries dont have that luxury

The intersection of (a) countries with reliable Internet access and broadly-available Internet-connected devices, (b) a useless national currency and (c) effective controls on the use of cash hard currency is small. The GDP of that intersection certainly doesn't support anything close to Bitcoin's price.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#29

Post by the_gastropod » Wed, Dec 27, 2017, 5:01 PM UTC

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 destroys lives by contributing heavily to CO2 emissions which, funny enough, have an outsized impact on the citizens of third world countries.

Re: Warren Buffett: Bitcoin Is Pure FOMO

#30

Post by davidw » Wed, Dec 27, 2017, 5:01 PM UTC

juanmirocks wrote: post #27

Sending small to large quantities of wealth worldwide quasi instantly and with small fees does have a tremendous value. Ask families of immigrants. Buffet hasn’t even invested in digital tech stocks. IMO, even after all the huge respect he deserves, he doesn’t get this technology. Other than that, I don’t doubt that many current “investors” are only FOMO movers

> he doesn’t get this technology

I'm sure he'd agree with you, but even people who 'get it', might think the tech may find a home someday, while steering well clear of Bitcoin itself.