Buffett and Gates are becoming frightened of Bitcoin. Tell people to stay away.
- Thread starter wilburbear
- Start date
Frightened of BTC? They're billionaires. What kind of stupid are you?
"Tell people to stay away"? Why? Because they said so?
That doesn't make any sense. They got rich by doing they're own thing, not by giving away advice/opinions to people. And even they admit they were wrong several times in their lives. So instead of being a mindless zombie following advice from gurus... I prefer to think for myself and draw my own conclusions.
I read the article, and it is obvious that neither Buffett or Gates are fans of Bitcoin. However, I failed to see how you came to the conclusion that that they are frightened of Bitcoin. Buffett for years has stated that he is not a fan of US Treasuries. That doesn't mean he if frightened of Treasuries.
"Tell people to stay away"? Why? Because they said so?
That doesn't make any sense. They got rich by doing they're own thing, not by giving away advice/opinions to people. And even they admit they were wrong several times in their lives. So instead of being a mindless zombie following advice from gurus... I prefer to think for myself and draw my own conclusions.
You draw your own conclusions by listening to why others don’t like something. In this case bitcoin itself doesn’t earn anything. Your only hope to profit is by finding a greater fool. That’s a valid point.
Nothing they said invalidates the blockchain technology. But it’s likely bitcoin will go the way of pets.com (another asset that didn’t earn anything).
Visa can process 30,000 per second; Mastercard 15,000. BitCoin can process around 5 transactions per seconds., and uses an inordinate amount of electricity and CPU power to do it. Not what I would describe as efficient.
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.
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!
- 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!