Posted on 12/04/2022 3:46:10 AM PST by Krosan
Good advice from 2018!
A good lesson learned.
He has spoken negatively about gold too…
I lost a bunch of $$$ in my IRA when the .com market crashed in the 90s so me investing in electronic money ....NO WAY
There is no intrinsic value with crypto. That it has the illusion of being out of the governments reach, but nothing is really out of the government's reach. It appears now, that the government allowed it to flourish because they wanted the cover of crypto for their own nefarious reason, to launder their graft & corruption.
I do kind of regret not getting into the scam early though, but I would have gotten out of it when I had amassed my first 10s of millions, because I always felt it would end badly. Not knowing when that end would come, was probably the reason I never took the step to actually enter. My timing with investments has always been poorly timed, and it always seem to come when one of these great investments was nearing the peak of its ascent, and its descent was a quick one with no return to its peak. In other words, I always lost. 😋
Dream on Alice, Wonderland is just around the corner.
Name me one thing that is real about it. It is intangible not tangible and there is a lot of difference between tangible and intangible.
He speaks that way about gold because he does not get a return on his investment like he does in operating companies.
However not all operating companies provide a return on their investment when they go belly up like the Delorean Motor Car Company did.
It did not take a genius. However the less obvious lesson from this is that it took 13 years for crypto to blow up. In the meantime, a lot of investors became wealthy. In the end, more lost their shirts.
Buffett has historically invested in undervalued companies with a long history of profitability, positive return on investment, intrinsic value, and excellent management. Neither crypto nor gold meet these parameters. In addition, Buffett only invests in businesses that he understands (i.e., can explain to an eleven year old), which is why he had historically focused on razor blades, insurance, soft drinks, oil, and banking -- basic products that people use every day.
I've never understood the concept of crypto mining. What does it produce? Even if I understood it, I wouldn't be able to mine squat on my 10 year old Mac Mini. I'd also be nervous as hell storing supposed substantial crypto purchases on the computer.
YOUR BITCOIN is possibly only existing on PAPER.
I can buy a ream of paper for just over $5. That is a penny a sheet....
But yes, I too did not have the desire to mine it myself. I would have bought it had I decided to get involved. 🙂
By the time I even bothered to read about it, it was way over priced anyway for me to invest in it.
Giving someone you DO KNOW KNOW control over something YOU OWN and expecting them to take good care of it comes to a bad end.
Reminds me of the ads for ‘a CERTIFICATE’ for the GOLD you own.
A single gold bar can have 5,000 “CERTIFICATES” out in the wind. YOU ONLY OWN A SHEET OF PAPER-—about 1 cent worth of paper.
I assume that the “market price” of bitcoin is made by a few holders agreeing to buy and sell to each other during the day to keep the price propped up.
I remember some of the earlier days of crypto mining. When energy prices increased, racks of computers were sent to auction markets to do something more productive.
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