Earlier quoted context omitted.
Look up energy consumption of other worldwide services, like gold mining. Then get back to me.
Look up whataboutism [1], then get back to me ;-) [1] https://en.wikipedia.org/wiki/Whataboutism
lol, touche
Warren Buffett: Bitcoin Is Pure FOMO
71–80 of 196 posts
Re: Warren Buffett: Bitcoin Is Pure FOMO
#72It'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?
Not sure why everyone's go-to after someone talks negatively about Bitcoin is "he/she doesn't get it." Exactly what is there to get?
I'm curious about this too. Bitcoin is now essentially an investment venture, no? What is there to get about making money from bitcoin price going up?
Re: Warren Buffett: Bitcoin Is Pure FOMO
#73Earlier quoted context omitted.
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.
Wouldn't it be possible to temporarily switch to an intermediary altcoin (eg. ethereum, btc) ? I'm not invested nor an expert in any crytocurrency, so please correct me if I'm wrong.
Monero I think can be used for this, other main coins have a public ledger.
Re: Warren Buffett: Bitcoin Is Pure FOMO
#74Sending 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
> Sending small to large quantities of wealth worldwide quasi instantly and with small fees does have a tremendous value. Ask families of immigrants.
I live in a foreign country, and I do pretty easily & regularly with TransferWise, with less fees than Bitcoin (another thread today mentioned $30 fee for $100 tx). Don’t see the value of bitcoin here.
> 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
Stop changing the goal posts. Bitcoin is not a tech stock. Originally, proponents called BTC a currency, and now they call it a store of value. That’s what Buffet was commenting on with his analogy.
Re: Warren Buffett: Bitcoin Is Pure FOMO
#75Earlier 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.
> The Bay Area, ladies and gentlemen. Hear, hear. Meanwhile in remote areas of Africa, this is more like what functions as currency: "If you're in South Sudan and something big happens in your life — you get married, you buy property or pay a penalty for a crime — cows are most likely involved. Cows are currency and credit card and bank account rolled into one. In South Sudan, banks can go bankrupt — cows are more re…
South Sudan is hardly typical of Africa, though. In 2017, it had the single highest score on the Fragile States Index (formerly called the Failed States Index) of any country in the world.
Re: Warren Buffett: Bitcoin Is Pure FOMO
#76Earlier quoted context omitted.
Sure. But it seems faaar more likely that Buffet has seen this before and those who are pro-Bitcoin and haven't watched similar commodity/equity rushes are not getting it.
What? Bitcoin has never existed before it was created, and it wasn't possible before the Internet, so I don't think Warren Buffett has seen it before unless he's a time traveler.
Ah yes, something that's never existed before. While true in the technological particulars, it's dead wrong economically. There are all sorts of "never seen before" tradable things that show up in the economy. That people think that cryptocurrencies are so different is evidence that Buffet is right, not the economic newbs.
See also the efforts to force "blockchain" into all sorts of round holes where it doesn't fit, such as energy.
Re: Warren Buffett: Bitcoin Is Pure FOMO
#77Earlier 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 know cryptoppl active in Africa and ppl in remote parts of Africa who have heard of Bitcoin.
I don't think that's the point. Of course people on Hacker News are likely to know people in remote places or barely 3rd world places who know about things like crypto[currency]
Re: Warren Buffett: Bitcoin Is Pure FOMO
#78Earlier quoted context omitted.
And destroys lives by contributing heavily to CO2 emissions which, funny enough, have an outsized impact on the citizens of third world countries.
It is not fault of bitcoin you are burning oil/etc for mining it. Use renewable energy.
I'd love for that to happen! But as it stands, when you use electricity, you're using whatever the grid supplies. And for Bitcoin miners especially, this power largely comes from burning coal.
Re: Warren Buffett: Bitcoin Is Pure FOMO
#79Earlier quoted context omitted.
And destroys lives by contributing heavily to CO2 emissions which, funny enough, have an outsized impact on the citizens of third world countries.
It is not fault of bitcoin you are burning oil/etc for mining it. Use renewable energy.
...which could have been used to replace productive fossil fuel expenditures. It doesn't matter how you fuel egregious waste; its still a pointless thing to do?
Re: Warren Buffett: Bitcoin Is Pure FOMO
#80Earlier quoted context omitted.
What? Bitcoin has never existed before it was created, and it wasn't possible before the Internet, so I don't think Warren Buffett has seen it before unless he's a time traveler.
OP talking about other phenoms. [S]he says that. IE the dot com bubble and some of the insane stock prices.
Last I checked Bitcoin wasn't a stock.