Munger says Bitcoin is trash

[FXbeachbum]

Governments around the world couldn’t even stand Swiss banking secrecy laws. Eventually they pressured/black maled Swiss in to getting rid of them. What makes ppl think governments would be ok with even a more secret replacement? It’s not the banks placing the controls but the governments using the banks.

I’m not a bank apologist but there’s a big reason for banks, probably more complex of an explanation than a crypto investor could understand.

To me crypto seems like the largest pump and dump we will ever see. Only reason it’s gone this far is because it’s unregulated. Valuations of over 20 trillion for BTC. I mean the people that eat this up can’t know much about economics. You’re talking about valuations higher than the entire GDP of the US, valuations pushing a large portion of global money supplies etc.

 

[John9999]

I got tired of saying this was trash and gave up.. the Crypto fans are very very convinced otherwise. I said about a year ago that the end would be government's outlawing it, citing that it is used for money laundering and paying/receiving $$ for illegal activity. just like the USA said with online gambling and shut it down years ago. They did not say the gambling was illegal, but utilizing banks and such to fund/withdraw money was.

When the big guy (USA) outlaws it,,, it will be all over

 

[DaveV]

Valuations of over 20 trillion for BTC.

The number of Bitcoins is limited to 21 million. To exceed 20 trillion, each bitcoin would have to sell for nearly $1 million.

 

[John9999]

Governments around the world couldn’t even stand Swiss banking secrecy laws. Eventually they pressured/black maled Swiss in to getting rid of them. What makes ppl think governments would be ok with even a more secret replacement? It’s not the banks placing the controls but the governments using the banks.

I’m not a bank apologist but there’s a big reason for banks, probably more complex of an explanation than a crypto investor could understand.

To me crypto seems like the largest pump and dump we will ever see. Only reason it’s gone this far is because it’s unregulated. Valuations of over 20 trillion for BTC. I mean the people that eat this up can’t know much about economics. You’re talking about valuations higher than the entire GDP of the US, valuations pushing a large portion of global money supplies etc.

Thank you... finally someone who has reasonable things to say...but watch out buddy,,, the Crypto fans do not like for Crypto to be criticized by anyone. It is almost like a cult.

 

[DaveV]

IMO, cryptocurrencies aren't trash because significant utility exists, e.g lower transaction fees and faster processing of financial transfers/payments.

There is no way that cryptocurrencies can have either lower transaction costs (not fees) or faster processing than traditional methods. Every crypto transcation requires recalculating the entire blockchain, hence the need for so much computing power and electricity to process a single transaction.

 

[SoesWasBetter]

How is that any different than a bunch of digits when I log into my internet banking? Or a bunch of "shares" in my brokerage account.

If you have to ask that, nothing I say will help you. Good luck

 

[SoesWasBetter]

Bitcoin is trash, but is a tradeable trash. Traders make money from bagholders.

And about as classy as playing in a floating crap game in the back alley.

 

[GloriaBrown]

BTC and other cryptos are valuable for two reasons, afict:

1) deflationary (can't print/limited supply)
2) ease of transfer outside traditional banking system/capital controls (open-source blockchain verifies transaction integrity).

Point#2 can't be overstated enough. To transfer millions in wealth by means of an electronic password, to anywhere in the world in minutes, is vastly superior to the Gov-controlled/heavily-policed/heavily-restrictive fiat system we have today....

Bitcoin and other digital currencies fill that niche where fiat fails (heavily restrictive transactions).

2 is not true since anyone can create new coin amd there are tons of alt coin.
Only real function is for illegal trading for deep web that kind of stuff

 

[NeoTrader]

He would say that, he's got major interests in US Banks. Whenever someone gives their opinion you should ask yourself whether a conflict of interest exists, especially when they use colourful language like "trash".

That would be classified as being logic and thinking... And god forbid if someone does that... It's just better to select opinions that agree with what one wants to believe and simply ignore the ones that disagree with it and then use these selected opinions to "prove" one is right.

 

[FXbeachbum]

The number of Bitcoins is limited to 21 million. To exceed 20 trillion, each bitcoin would have to sell for nearly $1 million.

Yes people have been calling for bitcoin to reach one million, there’s a lot of investors that believe Six figures is shortly around the corner.