Posted on 11/24/2021 4:20:06 PM PST by libertasbella
"If you buy something like Bitcoin or some cryptocurrency, you don't have anything that is producing anything. You’re just hoping the next guy pays more. And you only feel you'll find the next guy to pay more if he thinks he's going to find someone that's going to pay more." – One of Warren Buffett’s characteristically negative cryptocurrency quotes
In 2010, a Florida man paid 10,000 Bitcoins for two pizzas from a local delivery joint. As of mid-September, 2021, those pizzas would cost the equivalent of $4.8 billion. That’s roughly the gross domestic product of Montenegro.
Yikes.
The establishment still looks down on cryptocurrency as some sort of goofy novelty that will eventually run its course. They might point out that some unseemly people helped to give crypto its start, or that its technology makes it inaccessible to many investors. (We don’t doubt that Buffett’s disdain for crypto stems at least in part from his advanced age. Anyone who has tried teaching a nonagenarian how to use a remote control would rather jump off a cliff than explain blockchain to one. They’d probably land next to the body of the guy who dropped 10,000 Bitcoins on pizza.)
In many talking heads’ books, the biggest strike against crypto is that it’s not backed by any government. But from a philosophical standpoint, this is in fact crypto’s greatest strength. What business has a government really got when it comes to your wealth? Outside of taxing it, that is, a goal which the U.S. government is currently fixing its beady eyes on. What you buy and sell should really be none of Senator Bedfellow’s concern – he only sticks his nose into your money so he can forcibly redistribute it to himself and his constituents.
For all its blessings, crypto is not for the weak of heart. If the average schlub lost 30% of his portfolio in a single day, he too would join the pizza guy’s cliffside cadaver. But fortune favors the bold, and in crypto’s case so does time. Tuck a little more of your dough into crypto every day, and soon you might be able to afford whatever Buffett rides around town in. (And I’m not talking about a hearse).
"The great thing about Bitcoin is they can’t stop it. They can’t even find out where it is." – Jeff Berwick
"The same people who thought Bitcoin at $100 was expensive, now think it is fairly valued at $30,000." – J.R. Rim
"If 1% of all gold hoarders bought Bitcoin, you’d see a Bitcoin price of over a million dollars a coin." – Charlie Shrem
"Cryptocurrency is absolutely here to stay. If you can't see that at this point, it's time to learn more about it." – Joel McLeod
"The divine line "Bitcoin/Cryptocurrency is for criminals" is a cunning defensive strategy created by so called traditional financial services sector." – Mohith Agadi
"An intelligent investor sees an opportunity in dip than risk." – Mohith Agadi
"Cryptocurrency is freedom, Banking is slavery" – Arif Naseem
"Those who believe in Bitcoin also believe in cleverness." – Arif Naseem
"By 2030, some form of Crypto will become the global reserve currency but it will not be based on what exists today. Existing cryptos need to transform or will disappear. Also around 2030 or so, the first Nobel Prize in Economics will be awarded to a Cryptoeconomist." – Tom Golway
"Bitcoin is the most stellar and most useful system of mutual trust ever devised." – Santosh Kalwar
"Currency is like God, it exists as long as people believe in it." – Abhijit Naskar
"Bitcoin is the biggest opportunity set we can think of over the next decade." – Bob Garfield
"Fiat dominated banks refusing to work with cryptocurrency are like bookstores refusing to work with the internet. Only time will tell." – Olawale Daniel
"Bitcoin has no physical form – it technically exists online as a complete digital asset. If you do see it, it is in the form of lines of code in an alphanumeric string. But the bottom line is, it is a store of value void of manipulation by government." – Olawale Daniel
"At this crucial time, telling someone about Bitcoin is not financial advice by all factors. It is life advice." – Olawale Daniel
"In cryptocurrency investment, long term thinkers are less stressed." – Olawale Daniel
"The government wants to fool its people by doubling the minimum wage but at the same time printing more than enough money into circulation. We can't solve problems by creating more problem for generations to come which is why Bitcoin and some other decentralized finance applications powered by blockchain technology looks to be our only hope of creating a better future." – Olawale Daniel
"Only smart people understand Bitcoin and Ethereum, and that’s why most of the people in the world don't understand it, thus not involved in it." – Olawale Daniel
"Bitcoin cannot be acquired for free, neither is it too costly to acquire today, which is precisely why it is setting humanity free." – Olawale Daniel
"Bitcoin is a digital gold - it is harder, stronger, faster and smarter than any money that has preceded it." – Olawale Daniel
"Bitcoin is rapidly becoming the global reserve cryptocurrency just like the dollar is to fiat currency." – Olawale Daniel
"The banker has unlimited supply of fiat to buy limited supply of commodities." – Gun Gun Febrianza
"Cryptocurrency mark the era to the end of money counterfeiting." – Gun Gun Febrianza
"We have elected to put our money and faith in a mathematical framework that is free of politics." – Tyler Winklevoss
"Bitcoin is starting to resonate with the world. If you can pay attention, you can feel it." – Tyler Winklevoss
"If you like gold, there are many reasons you should like Bitcoin." – Cameron Winklevoss
"Right now Bitcoin feels like the internet before the browser." – Wences Casares
"Blockchain is the tech. Bitcoin is merely the first manifestation of its potential." – Marc Kenigsberg
"You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust." – John McAfee
"Bitcoin is the most advanced form of money ever created." –Saifedean Ammous
"Bitcoin and the ideas behind it will be a disruptor to the traditional notions of currency. In the end, the currency will be better for it." – Edmund C. Moy
"Any time a country transitioned to a fiat currency, they collapsed. That’s just world history; you don’t have to know about crypto currency to know that." – Nipsey Hussle
"Bitcoin was created to serve a highly political intent, a free and uncensored network where all can participate with equal access." – Amir Toaki
"The relative success of the Bitcoin proves that money first and foremost depends on trust. Neither gold nor bonds are needed to back up a currency." – Arnon Grunberg
"Gold is a great wat to preserve wealth, but is hard to move around. You do need some kind of alternative and Bitcoin fits the bill. I’m not surprised to see that happening." – Jim Rickards
"Blockchain technology could change our world more than people imagine." – Jack Ma
The term “tulip mania” is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values.
Essentially what is being sold is a promise to pay, and nothing of its own value. In the language of IT, bitcoin and similar cryptocurrencies are vaporware.
You buy in, you are relying on the kindness of total and faceless strangers.
They sure are paying attention to the blockchain tech though.
“If you buy any stock, you’re just hoping the next guy pays more”
not me ... i bought 12,000 shares of royal dutch shell for $24.00 (WAY below book value) during the big panic and will hold it til death do me part ... i bought it for the dividend and it’s paying me $22,000/yr, and have every expectation that will go up quite a bit ...
“Libertas Bella –
the internet’s only source for fine apparel
and accessories designed for those who truly cherish liberty.”
You buy in, you are relying on the kindness of total and faceless strangers.
I got into crypto (not Bitcoin) in April. I have doubled my initial investment.
Nicely done, libertasbella.
What we have in bitcoin is a bunch of Millennials who made a fortune in cryptocurrency speculation - enough to retire after four years in the bitcoin market
vs a bunch of vapid, bitter old goats who spent 40 years investing to realize the same gains. And the bitter old goats are mad and jealous as hell.
Thus, they want to see the bitcoin market destroyed by the communist and fascist governments. The problem is that the old boomer goats don’t have the manpower or strength to destroy Bitcoin or the Millennials.
Buffet can afford to take a hostile stance toward Bitcoin.
In today’s episode, Dr. Jordan Peterson sits down with four vocal members of the #Bitcoin community for an introduction to the world of #cryptocurrencies. Together, they cover a variety of topics ranging from the intricacies of Bitcoin, other cryptocurrencies and #blockchain security, to philosophical opinions on the utility of money, ideal economics, and mapping value . . .The Cliff Notes version is that bitcoin is basically digital gold. Theoretically the value of gold equally depends on "the kindness of total and faceless strangers.”
You may object that gold has a history of being money, and that’s true - but bitcoin has advantages of its own.
Bitcoin has competitors, but it is the original, and subsequent competitors lack that first mover advantage. And the participants claimed that the “market capitalization” of bitcoin is a cool trillion dollars.
And the ephemeral nature of bitcoin could have an advantage of its own when it comes to government intrusion. You could hide gold somewhere on your property, but technology would enable the government to find it provided only that it knows it’s there somewhere and is willing to break walls, and so forth. In principle, it could be a lot harder finding the password for your cryptocurrency.
In the language of IT, bitcoin and similar cryptocurrencies are vaporware. You buy in, you are relying on the kindness of total and faceless strangers.
* * * *
Yes, and whereas banks have strict protections and fraud control measures to protect us from thieves, the crypto farms have no such protections.
If your password is compromised, tough luck, you lose $35,000 or whatever you had in your crypto “account”.
But in terms of criminal communications, crypto is a marvelous means of hiding illegal activity, and paying off partners in crime.
At another level, crypto is a scheme for the so-called crypto-miners — those who store and validate the transactions via massive calculations in their data centers — to skim money off the top of crypto transactions.
The U.S. dollar is already “crypto” in the sense of being mostly digital (non-paper and non-coins) in its use. Only 10% of money in the economy is U.S. dollar paper bills and coins.
The big difference is that the U.S. dollar has a government, banks, and financial institutions backing it with a vested interest in protecting their customers and guarding their reputation as honest brokers of the public trust.
Brandon and friends, of course, not so much.
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