Warren Buffett on Bitcoin

[Hoi]

ALL Bitcoin discussions and transactions revolves around its value in USD.

USD > Bitcoin > Product > Bitcoin > USD
which is the same as:
USD > Product > USD

First: So what?. if that is cheaper, faster and more secure: then Great !

Second: it's not true that all discussions are around USD.. You, forget that 3600 coins are mined each day, and miners use these to buy things in BTC (there are btc-only shops and website) or things in USD. Further: there are shops (Overstock.com for instance) who keep some BTC and don't convert them at all. Overstock even wants to use these BTC to buy the goods from its suppliers.
You may not be aware, but there is a BTC-only economy, slowly but surely, arising.

 

[FXforex]

I think Warren Buffet is right about Bitcoin but it does have some intrinsic value.

Bitcoin can be used for tax evasion and buying illegal drugs.

What happens if Bitcoin plummets before the drug dealers exchange it for USD? Will they expect the buyer to come up with the difference? Things could get nasty.

Best to stick with USD.

 

[FXforex]

You may not be aware, but there is a BTC-only economy, slowly but surely, arising.

Fad

"A fad is any form of behavior that develops among a large population and is collectively followed enthusiastically for a period of time, generally as a result of the behavior being perceived as popular by one's peers or being deemed "cool" by social media.A fad is said to "catch on" when the number of people adopting it begins to increase rapidly. The behavior will normally fade quickly once the perception of novelty is gone."

 

[Hoi]

Fad

"A fad is any form of behavior that develops among a large population and is collectively followed enthusiastically for a period of time, generally as a result of the behavior being perceived as popular by one's peers or being deemed "cool" by social media.A fad is said to "catch on" when the number of people adopting it begins to increase rapidly. The behavior will normally fade quickly once the perception of novelty is gone."

TROLL

"One who posts a deliberately provocative message to a newsgroup or message board with the intention of causing maximum disruption and argument "

 

[TGregg]

"The idea that it has some huge intrinsic value is just a joke in my view"

LOL. Yeah, as compared to the US Dollar. All that intrinsic value there. LOL. I'm no Bit Coin Lunatic, but that was a pretty silly statement.

 

[Pekelo]

LOL. Yeah, as compared to the US Dollar. All that intrinsic value there. LOL. I'm no Bit Coin Lunatic, but that was a pretty silly statement.

I think he meant no HUGE intrinsic value, and he was correct...

The freaking thing can be copied in 4 hours*, where is that huge value??? **

*That is how much it took to create Litecoin, what accidentally took over in 24H trading trading volume today

** and don't even come with the network effect, that can be copied/achieved in one day

 

[ElCubano]

ALL Bitcoin discussions and transactions revolves around its value in USD.

USD > Bitcoin > Product > Bitcoin > USD
which is the same as:
USD > Product > USD

you can always keep doing the:

Credit card/Money order/ 3.5% transaction fee > Product

I had my credit card number stolen and saw $120 in charges which were immediately reversed. Who the fuck pays for that?

 

[spacewiz]

Bitcoin has outperformed Berkshire Hathaway. Warren Buffett bought BRK at $8 in 1962 by 2013 it peaked at $178,900, an increase of 2,236,250%. Bitcoin went from $0.01 to $1243, a 12,430,000% move in 4 years.

So, BRK has been around for 46 years, growing... do you honestly think Bitcoin will be around in 46 years? In 5 years?

 

[spacewiz]

First: So what?. if that is cheaper, faster and more secure: then Great !

Second: it's not true that all discussions are around USD.. You, forget that 3600 coins are mined each day, and miners use these to buy things in BTC (there are btc-only shops and website) or things in USD. Further: there are shops (Overstock.com for instance) who keep some BTC and don't convert them at all. Overstock even wants to use these BTC to buy the goods from its suppliers.
You may not be aware, but there is a BTC-only economy, slowly but surely, arising.

Can you buy a car in BTC? Pay an electricity bill? Or only by condoms and iPhone cases?

 

[Hoi]

Can you buy a car in BTC? Pay an electricity bill? Or only by condoms and iPhone cases?

Man...what an Ignorance..

Yes you can buy Cars with BTC, even yachts and Houses. And yes also your electricity bill (there is a Service-provider for this, I read some where).

And have you ever visited www.overstock.com ? Or www.tigerdirect.com ? just to name a few.