[jimjamuser]

Originally Posted by ithos

Bitcoin has created fortunes for many. Like all pyramid schemes those who know how to trade it or get in early often make a profit. But there have been many losers as well but their stories are rarely told.

Keep in mind that even though it has some practical applications, it was created out of thin air so there is nothing exclusive to Bitcoin as it can be replicated many times over as it has been. Bitcoin is now only about 50% of the total crypto market cap when at one time it was 99%. Yes it was the first mover and widely adopted but that is no guarantee that it will not be replaced by a better engineered crypto coin in the future. Also the use of so called "stable coins" in trading such as tether which have extremely low audit standards makes it even more suspect.

I do not think the government should attempt to regulate private sector economic activity but the the insane decision to infect the futures and derivative markets with this illusionary industry that has no physical value increases the likelihood of making its collapse to be a systemic risk to our economy.

Yes, that is one risk to economic stability, but there are several greater risks out there in the world today.

[jimjamuser]

Originally Posted by tophcfa

OP here. Lots of false assumptions in the above quoted post. The motivation for starting the thread was to share with fellow Villagers what a very well respected investor had to say about Bitcoin. Your jumping to a lot of conclusions. Just like dogs, golf, pickle-ball, types of music, etc…, everyone has an opinion about the pros and cons of various things. I get that a lot of people have both made and lost lots of $$$ on crypto. People have also made money on snake oil. As a retired investment professional, what bothers me about crypto is that I like to invest in assets that have some intrinsic underlying fundamental value, which crypto doesn’t! What frustrates me about crypto is that many of the smart minds of our society are spending their time, effort, and brain power buying and selling a digital token that adds no value to society. The efficient allocation of capital is a critical element of a productive society. Crypto is consuming valuable capital with no productive benefits. Wouldn’t it be great if those efforts were instead geared toward real investments/businesses that actually provide needed goods and services?

Agreed, good post!

[ThirdOfFive]

Originally Posted by jimjamuser

Good post, I agree. And civilization itself could come apart by wars or diseases. At which time people would go back to barter as in, "I will give you 2 fish for 1 rabbit".

Don't take that deal. A rabbit is worth five fish. Easy.

[coralway]

Originally Posted by jimjamuser

Agreed, good post!

Many businesses accept BTC as a form of payment. You can purchase a new car with BTC from several dealers .

People are afraid of things they don't understand. How does that Lennon song go ..... living is easy with eyes closed misunderstanding all you see.

[Boston-Sean]

This thread should be forwarded to our new ministry of truth. Several posters would be indicted for misinformation.

I'll add one more thing ... BTC has been trading since 2011. It's currently at $38K. It's only traded above $38K for a little over a year. So every purchase made for the first 10 years was at a price below what it's trading at today. Pretty much all the HODL'ers are ahead of the game. Some of us by a LOT.

OK, 2 more things. Bitcoin IS exclusive. Only about 2 million more will ever be mined. Unlike those green pieces of paper in your wallets which get created out of thin air daily. The exclusivity is what sets BTC apart from Fiat currencies.

Ethereum is the only other significant crypto and serves a different purpose than Bitcoin. If you want to compare 99% of the rest of crypto's to tulips go ahead. But not Bitcoin.

[Boston-Sean]

Originally Posted by coralway

Many businesses accept BTC as a form of payment. You can purchase a new car with BTC from several dealers .

People are afraid of things they don't understand. How does that Lennon song go ..... living is easy with eyes closed misunderstanding all you see.

I bought a gun with Bitcoin.

:: completely legally ::

[Fastskiguy]

Originally Posted by Boston-Sean

This thread should be forwarded to our new ministry of truth. Several posters would be indicted for misinformation.

I'll add one more thing ... BTC has been trading since 2011. It's currently at $38K. It's only traded above $38K for a little over a year. So every purchase made for the first 10 years was at a price below what it's trading at today. Pretty much all the HODL'ers are ahead of the game. Some of us by a LOT.

OK, 2 more things. Bitcoin IS exclusive. Only about 2 million more will ever be mined. Unlike those green pieces of paper in your wallets which get created out of thin air daily. The exclusivity is what sets BTC apart from Fiat currencies.

Ethereum is the only other significant crypto and serves a different purpose than Bitcoin. If you want to compare 99% of the rest of crypto's to tulips go ahead. But not Bitcoin.

^^ Agreed.

There are strict rules on how many Bitcoin will ever be mined/produced. Which is not the same with the dollar. Do you realize that your government increased the total number of dollars by 1/3rd in the last 2 years? They have been doing it and will keep doing it....making the dollars in your wallet worth less and less.

Dollars are only worth something because we all agree they are worth something. Not unlike Bitcoin. Dollars have been around longer and have the "full faith of the US Government" (which...what does that even mean anyway??) but they are both currencies. One can be manipulated, one cannot.

Obviously you might want to think twice about putting it all on Bitcoin. But if it goes to $500K per in a few years you might look back and wish you picked one up somewhere along the way.

Joe

[Boston-Sean]

Bentley to accept cryptocurrency for tuition payments - The Boston Globe

[Boston-Sean]

Originally Posted by Boston-Sean

Bentley to accept cryptocurrency for tuition payments - The Boston Globe

Can one of the posters here contact Bentley and explain that Bitcoin is a ponzi scheme to them? Hopefully, next year they won't do so well in the rankings.

Rankings & Recognition | Graduate Admission | Bentley University

[collie1228]

Buffet has always invested under the mantle of (rough quote) "if you don't understand it, don't invest in it". I've always followed that advice, and have no regrets. I have researched bitcoin and other crypto currencies, and simply do not understand how high speed powerful computers doing calculations to solve complex math problems creates any value. It just doesn't make any sense to me, so I avoid crypto completely. Great products, dividends and strong balance sheets I understand. Call me old fashioned.

[Boston-Sean]

Originally Posted by collie1228

Buffet has always invested under the mantle of (rough quote) "if you don't understand it, don't invest in it". I've always followed that advice, and have no regrets. I have researched bitcoin and other crypto currencies, and simply do not understand how high speed powerful computers doing calculations to solve complex math problems creates any value. It just doesn't make any sense to me, so I avoid crypto completely. Great products, dividends and strong balance sheets I understand. Call me old fashioned.

That's perfectly reasonable.

It's the people who go out of their way to scream about how awful bitcoin is like on this thread that I have a problem with. Especially when most don't understand it.

Buffet famously didn't buy Apple for decades. Until he did. Thankfully I ignored him on that as well.

[manaboutown]

This I found interesting. Warren Buffett acquired 90 to 95% of his net worth since age 65. He has also given away billions along the way.

Buffett made 95% of his wealth after the age of 65 | Cambridge House International

Warren Buffett Has Amassed Over 90% of His Wealth Since He Turned 65 | Barron's

Bill Gates is now big in farmland. Bill Gates is the biggest private owner of farmland in the United States. Why? | Nick Estes | The Guardian

[Boston-Sean]

Buffet vs another famous investor

[MorTech]

Originally Posted by ThirdOfFive

Don't take that deal. A rabbit is worth five fish. Easy.

At least you won't have 2 fish stolen from you in taxes.

[dewilson58]

Originally Posted by Boston-Sean

Buffet vs another famous investor

Who?? Oh, flash in the pan.