Buffett and Gates are becoming frightened of Bitcoin. Tell people to stay away.

[NeoTrader]

Nothing to be learned from others?

No... Those who know something, do it. Those who don't, teach it. One can see what other people did, read books and son on, but it doesn't matter who said something or not. What matters is one's own analysis of the situation/idea and if it makes sense, assimilate it.

But saying "this famous guy said this and because he is rich/famous/whatever, I'll do as he says..." This is simply idiotic behavior. A lot of people say cryptocurrencies are a bad thing and nobody gives a fuck about most of these opinions, but when WB and/or BG says it, people are supposed to accept it as true? That's just stupid.

Make your own analysis and draw your own conclusions. Period.

Knowledge is power and nobody gives away power for free. If you accept this so called "free knowledge" written on an internet article, the quality of the information you get is proportional to the price you paid for it: ZERO.

 

[sss12]

I'm sorry at what point did I mention credit card transactions I said wire transfers.

Wire transfers = 1-3+ day turnaround time.
Bitcoin = 1 hour and cheaper fees, no banks needed.

Bitcoin might be a waste of electricity but other cryptos aren't and can handle more transactions a second.

You need a new bank/broker....wire transfers are immediate.
BTC is a fail as a currency, it is nothing other than a speculative asset. Blockchain tec is a whole other story.

 

[rolando87]

You need a new bank/broker....wire transfers are immediate.
BTC is a fail as a currency, it is nothing other than a speculative asset. Blockchain tec is a whole other story.

Actually theyre not... try initiating a wire at midnight. Also the recieving bank could take their sweet ass time processing it which is out of your bank's control. I pay 20 bucks a wire transfer which is cheap compared to other banks. Not to mention their bank charges probably another 10. Bitcoin can be a few bucks total for both recieving and sending and I can initiate it at 3am and have the recover get it by 4am or in the case of Litecoin 15 mins later. Great for paying out ransom kidnapping money.

 

[DaveV]

Actually theyre not... try initiating a wire at midnight. Also the recieving bank could take their sweet ass time processing it which is out of your bank's control. I pay 20 bucks a wire transfer which is cheap compared to other banks. Not to mention their bank charges probably another 10. Bitcoin can be a few bucks total for both recieving and sending and I can initiate it at 3am and have the recover get it by 4am or in the case of Litecoin 15 mins later. Great for paying out ransom kidnapping money.

Or you could use PayPal, where the transfers are instantaneous, and, for person to person transfers, free.

 

[bone]

It's easy to criticize the more senior ambassadors of financial markets as being too old to appreciate the technology aspect of cryptocurrenies. And that is a fair point.

By the same token, we've seen some serious fungibility limitations and security issues with crypto that should not be dismissed out of hand or taken lightly. And until those problems are resolved or to a significant extent minimized it's possible that crypto has a bounded upside in terms of acceptance and participation.

Just my 2 cents, FWIW.

 

[rolando87]

Or you could use PayPal, where the transfers are instantaneous, and, for person to person transfers, free.

Ok PayPal is such an inferior product that it just shows you don't know what youre talking about. PayPal is controlled by 1 company, funds are reversible (chargebacks), there's probably all sorts of limits and restrictions, and it's not as cheap some transactions cost like 2% for recieving money in the case of a business. Imagine losing 2% for just recieving money. Bitcoin is free. Also you still have to transfer to PayPal first which again could take a day or more depending on method of transfer used.

Anyway the point you guys are missing is that it's not just Bitcoin but cryptocurrency as a whole that has the potential to turn tear a new one for the established banks/infrastructure.

As far as I'm concerned the cats out of the bag. I predict that in 10 years or less crypto is going to be an established method of payment worldwide much in the same way visa is accepted virtually worldwide. It probably won't be Bitcoin though.

 

[Illini Trader]

The absurdity of btc is beyond words.


- Decentralized? Bull shit.. 4% of addresses own more than 90% of the coins;

- Don’t trust the government? Yeah right, rather trust a faceless nameless ‘Satoshi’?

- Proof of Work? Complete waste of resources. Fed can issue fed coins tomorrow and blow BTC and doggie coins and the like away… Fed coins issued 1 for 1 to replace the USD.

- Top 1% owning too much of world’s wealth? How much does top 1% of the bitcoin whales own? And this faceless Satoshi, he deserves 5% of the world’s wealth if bitcoin ever becomes a mainstream currency?

- And who gave the rights to the early miners to get coins for pennies per, while today you have to spend $1000s?

- And 21 million is a good thing? If the entire world’s wealth is 21 million gadgets, priced at 1 btc per gadget… and in the future the wealth increases to 42 million gadgets, now the price drops to 0.5 btc…. That is called DEFLATION! This means people will just hoard coins, all commerce and investments will die…. There is a reason that the Fed has a 2% inflation target.

- Wake up people! Think for yourself for a minute. The absurdity behind bitcoin is beyond words. Most of you folks didn’t experience the 2000 bubble and therefore have no idea and you can’t see a bubble in point blank range… open your eyes!

So, the Fed and its 2% inflation target is a good thing huh? My first new car I bought (1971 Ford) cost me $2,000, now what will 2K buy me. So, give me BTC any day for a long term parking of funds. If, when, we get a world wide systemic economic collapse, then the "absurdity of BTC" won't be so absurd.

 

[bone]

If, when, we get a world wide systemic economic collapse, then the "absurdity of BTC" won't be so absurd.

If I might be allowed to kick it old school - IMO your scenario of world wide systemic economic collapse makes a better case for precious metals based upon a premium for liquidity, fungibilty, and more universal acceptance. Just an opinion.

 

[Illini Trader]

If I might be allowed to kick it old school - IMO your scenario of world wide systemic economic collapse makes a better case for precious metals based upon a premium for liquidity, fungibilty, and more universal acceptance. Just an opinion.

Agreed, PM would soar as well but BTC has advantages of storability, transferablity, divisibility, and a known total supply. And it also is recognized and accepted in all countries. (except in the nation of ET )

Also, I do keep wondering why Buffet feels the need to bad mouth BTC and ole Charlie side kick is even worse. Why doesn't he just keep doing his thing, buying Pepsi because it tastes good and he can understand it. He doesn't bad mouth tech stocks, he just says he does not buy them because he can't understand them.

But yet the guy who does not know a blockchain from a chain link fence is telling everyone that BTC will cause instant death if one dares to touch it.

 

[bone]

And it also is recognized and accepted in all countries.

Even the traders on the DRW desk just might think that’s an embellishment