BITCOIN

Scottex99

Ask people from Venezuela, Argentina, Zimbabwe if it's nonsense when the local gov either stops you getting access to your bank and all your savings or hyperinflation erodes your savings so badly that they become worthless anyway.

Not a 1st world problem of course, but that's the need.

Not worth your money fine, it is worth mine. Could be part of something revolutionary even outside of the potential personal profit. I like risk, I'd rather throw a chunk of my incomings at it, be proven wrong and take the hit than scramble around for 1% in some bs savings account. Or 5% a year in some equity fund. Personal choice obviously 

Michael121

adindas said:

Michael121 said:

adindas said:

tranquility1 said:

adindas said:

tranquility1 said:

Tulips, dot.com bubble...  but crypto could be the Daddy of them all.

It is inappropriate to compare the tulip with Bitcoin (and other Alt Coin). Did you watch the video posted on  26 July at 12:20PM and 27 July at 6:31PM  on this thread ??

Do you know who Michael Saylor, Cathie Wood, Elon Musk, Jack Dorsey. Do you think they are stupid ???

Also what about these billionaires who store their wealth in Bitcoin. Do you think they are stupid ....

https://www.forbes.com/sites/johnhyatt/2021/04/06/the-cryptocurrency-tycoons-on-forbes-2021-billionaires-list/?sh=37e0e9725e2a

I don't believe that billionaires "store their wealth" in Bitcoin.  Or any particular asset class, for that matter.

Their wealth will be spread far and wide.

Well, you are free of what you want to believe and not to believe.

But it is higly insensible and it is an insult to these billionaires:

To ever think that they do not know diversification

They do not understand the importance of diversification in various asset classes.

If you were a billionaire obviously you would own a bit of as much as you can unless you were stone cold sure something wasn't worthy of your hard earned cash. So when someone like WB and munger say bitcoin is trash that says a lot more to me. 

Personally i hope BTC goes well for you, but i just don't see what's all the fuss with it when banks are in the process of making digital currency themselves. 

@Scott

Not sure what world i would have to be living in to need to be able to carry my net worth around in my head. Even if their was such a time when i would need that its digital, it can easily be lost, either by forgetting your pass or maybe i just have no access to the net or a gun to my head. Its just complete nonsense to need to be able to do that.

Either BTC is the new gold or world currencies get hyper inflated and BTC/crypto at least maintains its worth, it goes sideway/down or becomes worthless. Maybe its a coinflip and i should take a punt on it but definitely isn't worthy of a huge amounts of my money.

Warren Buffet & Charlie Munger are too old to understand the AI, Block Chain and disruptive innovation and Technologies. But you should not be expecting your grandpas to understand or to have interest on this sort of things.

Just look at how they sold their Airlines During the COVID pandemic and how many billions money did they lose. Did they get it right ?? Just look at how their funds are performing now ??

Maybe your right or maybe they will have the last laugh over the years. I can't comment on them selling airlines because I'm just a novice but i think we can all agree stock returns and soaring house prices since last year isn't normal and WB is thinking long term not short term. 

I just can't agree with you when you say they are to old, it has nothing to do with age, clearly they are a lot more intelligent than a lot of youngsters looking into things on the net. I can look into all these things with interest and still be baffled I'm just not as smart as some people are regardless of age. I'm sure if WB and munger are just as baffled as me they will know someone who isn't. That someone is going to be more in the know than anyone talking on this forum.

tranquility1

Scottex99 said:

Lol, I’ll come back and apologise when it happens in Feb.

Doesn’t matter when, long term it’s UpOnly. One of the best YouTube channels actually for those that are pro financial democracy 

Long term crypto will be regulated and taxed out of existence.

adindas

Michael121 said:

Warren Buffet & Charlie Munger are too old to understand the AI, Block Chain and disruptive innovation and Technologies. But you should not be expecting your grandpas to understand or to have interest on this sort of things.

Just look at how they sold their Airlines During the COVID pandemic and how many billions money did they lose. Did they get it right ?? Just look at how their funds are performing now ??

Maybe your right or maybe they will have the last laugh over the years. I can't comment on them selling airlines because I'm just a novice but i think we can all agree stock returns and soaring house prices since last year isn't normal and WB is thinking long term not short term. 

I just can't agree with you when you say they are to old, it has nothing to do with age, clearly they are a lot more intelligent than a lot of youngsters looking into things on the net. I can look into all these things with interest and still be baffled I'm just not as smart as some people are regardless of age. I'm sure if WB and munger are just as baffled as me they will know someone who isn't. That someone is going to be more in the know than anyone talking on this forum.

Well, I never said that people like WB, CM are not intelligent. In fact it is just the opposite; You have got to be among the most intelligent people on earth to built such wealth and such reputation.

But in order to understand something you will need to have the interest to start with. It is generally accepted those Grandpas of 90yo+ are less likely to have interest to learn or want to know a bit deeper about AI, Block Chain, Genesis Technologies and other disruptive innovation and Technologies.

There is very little evidence (if any), that WB & CM have a good understanding of what BTC and Altcoins could do, the netwotk and technology behind them. thus be able to see and make a good judgement of what BTC and Altcoin could do in the future. Where BTC and Altcoin will go in the future. They do however know well of how to value the companies like Coca-Cola Company, Kraft Heinz, American Express, Apple, Bank of America.

About selling Airlines Stocks and some of Banking Stocks Amid Coronavirus. There are tons of infos on the Internet. Here is just one Example:

Warren Buffett Sells Airline Stocks Amid Coronavirus: ‘I Made A Mistake’

https://www.forbes.com/sites/sergeiklebnikov/2020/05/02/warren-buffett-sells-airline-stocks-amid-coronavirus-i-made-a-mistake/?sh=629a4b845c74

WB & CM is the thing in the past. Robots or even ordinary Investors like you and I could do better than them by doing almost nothing just by throwing money into S&P 500 and forget it.

Scottex99

tranquility1 said:

Scottex99 said:

Lol, I’ll come back and apologise when it happens in Feb.

Doesn’t matter when, long term it’s UpOnly. One of the best YouTube channels actually for those that are pro financial democracy 

Long term crypto will be regulated and taxed out of existence.

Nah. That's the whole point. You gonna tax a decentralised smart contract? 

My firm is already fully regulated as we're crypto/fiat, plenty of EU countries looking at how to do it too. If the regulators crack down super hard people/firms will just go full crypto and avoid them

Eco_Miser

Scottex99 said:

Nah. That's the whole point. You gonna tax a decentralised smart contract? 

A contract on a public ledger readable by everyone, including the taxman?

Linton

Scottex99 said:

tranquility1 said:

Scottex99 said:

Lol, I’ll come back and apologise when it happens in Feb.

Doesn’t matter when, long term it’s UpOnly. One of the best YouTube channels actually for those that are pro financial democracy 

Long term crypto will be regulated and taxed out of existence.

Nah. That's the whole point. You gonna tax a decentralised smart contract? 

My firm is already fully regulated as we're crypto/fiat, plenty of EU countries looking at how to do it too. If the regulators crack down super hard people/firms will just go full crypto and avoid them

How do you enforce a decentralised smart contract other than by the "hard" people sending their mates round for a little chat?  In a civilised economy both consumers and compabies need the protection of the law if they want to be paid for services or goods provided and not charged for work and services not provided.  If you want the protection of the law you have to operate in a way approved by goverments and be open to investigation by the authorities.  

Of course the "hard" people dont care.

Thrugelmir

adindas said:

tranquility1 said:

Tulips, dot.com bubble...  but crypto could be the Daddy of them all.

Do you know who Michael Saylor, Cathie Wood, Elon Musk, Jack Dorsey. Do you think they are stupid ???

Certainly not stupid. Though making them icons reflects the money driven culture that exists today. Rather than their contribution to wider society. 

Malthusian

Scottex99 said:

Nah. That's the whole point. You gonna tax a decentralised smart contract?

They already are. If I sell a decentralised smart contract for more than I paid for it CGT is payable.

tranquility1

It's endearing that crypto enthusiasts believe they are out of reach of the IMF, central bank and governments.  That they think they will be allowed to have their own money.