Crypto Critic Charlie Munger Sides with China

I'm a bitcoin fan I admit, but if you arent that's honestly fine. I do understand some of the arguments on the other side (such as it's too volatile to be a currency). While I think the arguments miss some bigger picture points, that's fine. I get where people are coming from when they say these things and Im not all knowing, maybe they will be right. Time will tell.

Munger, on the other hand, I don't understand. What the actual fuck? Siding with China, a communist nation with a lifelong dictator that disappears people that don't agree with them (amongst many other human rights tragedies, such as the current genocide going on regarding Chinese Muslim community)

You don't have to like crypto, but this Munger take is horrid. No excuse for it. STFU Charlie you are siding with a dictator, you sound like a fuckin fool.
 
Pekelo said:
You have the freedom to create a crypto, the governments have the freedom to shut them down. :)
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The government wishes it could! At this stage, the horse has left the stable. With futures ETF's already trading, and spot ETFs coming to the US (already in other countries), its fair to say that for BTC at least, there will be no regulation that brings it down. Its an asset, simple as that.

US currency is clearly on a consistent decline, and accelerating as per the chart below.

US-CPI-2021-07-13-dollar-purchasing-power.png


Now granted, BTC is highly volatile, but holding USD for us poor saps is about as dumb as it can get. I'm also sure that there are enough officials that are holding crypto that they themselves aren't going to try and impose any drastic restrictions and hence shoot themselves in the foot.

I do agree that the price of BTC has perhaps been inflated with stablecoin shenanigans, but the FED is just as guilty of this practice. If the definition of a ponzi scheme is paying out from new money entering the scheme, then the entire US debt is a ponzi scheme. It will never reverse direction, always growing, and in order to pay out the obligations of the government, new money has to be printed. Heck, at least with BTC, you have actual money coming in, both people and institutions buying. But with the government, they are just printing, heaven forbid they slow down spending or try and tax people more to make up for the difference.
 
JSOP said:
I agree with Warren Buffett on this one. So far crypto's haven't achieved any of the goals that they were purported to achieve; namely storage of value and stability of currency as a medium of exchange. So far all it has become is just another commodity to be played creating bubbles in the economy creating a potential risk of inflation. And if the cryptocurrency is not traceable or registered, then it becomes a tool for criminals in conducting criminal activities increasing public security risk and even national security risk, doing more harm than good.

And so far cryptocurrency really has no value. Just like Warren Buffett said, it's a method of payment like cheques. So if cheques have no value, then cryptocurrency should have no value either. The only reason why it's gaining in value is because governments across the world except for China and other few countries have not banned it. Once it's banned across the world, its value will be zero.
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I agree with China and billionaires. Crypto is total Bullshit. Made up monopoly money for gangsters. Zero redeeming value. Shocking anyone has anything to do with it.

 
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KCalhoun said:
I agree with China and billionaires. Crypto is total Bullshit. Made up monopoly money for gangsters. Zero redeeming value. Shocking anyone has anything to do with it.
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And fiat is not bullshit? JPow says BRRRRRRRRRRRRRRR
 
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