>Stay away from it. It's a mirage basically. It's a method of transmitting money. It's a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money too. Are checks worth a whole lot of money? Just because they can transmit money?
Explain why Bitcoin has value.
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>A check is a way of transmitting money too. Are checks worth a whole lot of money?
No but the infrastructure that is required to use checks is. What a fucking retard. :)
Because millions of people think they are gonna get rich with it.
it doesn't
you can trade it for FIAT and that's what matters, people are willing to pay for it
it doesn't have any value which is why every sane person's ultimate goal is to get enough FIAT to retire
Checks aren't scarce.
>Gold coins are a mirage. A method of transmitting money. A very effective way of transmitting money and you can do it anonymously and all that. A gold coin is a way of transmitting money too. Are gold coins worth a whole lot of money? Just because they can transmit money? Because they are made of shiny, scarce, metal?
>implying they cant just print more checks
Honestly this faggot hasnt been relevant for 30 years
gold cucks are on the same retard tier as coin cucks
Seems like this old cunt fails to understand that Bitcoin is both a way of transmitting money AND the money itself.
i like this post
nocoiners eternally btfo
The old bag has enough sense not to invest in tech, because he doesn't understand it.
No need for him to pontificate about it either.
Neither is crypto
My company sells widgets. Give me your money and I'll write
1/10,000,000,000th of a widget factory on a piece of paper and sell it to you. Later on you can sell that piece of paper to someone else for more money. It doesn't entitle you to any proceeds from my factory or any voting rights.
is this cornball even a good trader? Or is he just a good (((trader)))?
Do you understand what cryptographic key signatures are Mr. Buffet? No? Ok so you don't understand why a Bitcoin and check are not equivalent concepts.
Buffett frequency acknowledges he doesn't know everything in fact he frequently says he will continually miss moon missions.
That's kinda Buffett's trademark strategy. Highly researched, value driven investing. Buffett says he doesn't understand block chain technology which is why he won't invest in it.
There are lots of things Buffett didn't invest in that mooned, classic example is Amazon. Buffett said Bezos would never pull it off, that it was too ambitious. Now Buffett admits it was stupid of him.
Thing is, almost everything Buffett does invest in wins. So if Buffett says you should buy bitcoins you should sell everything you own and buy bitcoins. But if he says no then it doesn't mean much.
you can print checks ad infinitum
Do you? I mean, really
Wrong.
very old pervis like all very old pervis doesnt get that btc is a better dollar solution. there are niche solutions better than btc.for their application. BTC value stays the same in btc, 1 btc is 1 btc. because another money usd is printed daily by the jews scam machine FORCES btc to rise faster than the funny money usd is printed. its law of natural economics. when zimbabwe printed trillions 1 usd was still 1 usd but it took alot of babwes to buy 1 dollar. its the same exact effect. btc is global money with finite supply. it will always go up compared to printed jewbux over time. so doesnt silver and gold ALWAYS go up in value compared to jewbux. you just need to llook at longer periods of time to see clear through the futile suppression attempts the jewbux swindlers use to keep up the monopoly game when (((they))) lost along time ago
Bitcoin is garbage its the dinosaur of crypto
you can print an infinite amount of checks, there are a very limited amount of bitcoins
i like the guy but that was a shitty comparison
I hate him.
I view that faggot Buffett like all other establishment puppets and muppets, poster boys.
- Buffett = good investor wow goyim look up to him
- Musk = REAL GENIUS srsly he's a BEAST he's a genius making trains in tunnels REAL PHASST wow TedX fuck my wife I'll watch dewd
and shit like that
You can't buy drugs or launder funds to ISIS with checks.
youre a stupid faggot. nobody gonna trust some 1-2 year old coin to never be hacked or messed with, bitcoin is tried and true and proven for many years now, stupid noobs dont understand this
Yes but as more coins establish themselves as secure, private stores of value and methods of transaction, (Monero) they'll become trusted and increase in value. Bitcoin maximalists are retarded. Imagine thinking Netscape was always going to be how people used the internet. That IRC what the only way people were ever going to message each other. You have no foresight and I hope you continue to lose money for being such a retard.
>nocoiners shitposting about things they don't understand yet again
It's actually a piss poor way of transmitting money (fiat) because you have to buy it and sell it.
On the other hand, it's a revolutionary store and transfer of value.
/thread
Bitcoin has value for the same reason gold does. It takes a lot of work and energy to mine a bitcoin
>USD bagholder
land >>> golds > fiat > equities > buttcoins
OMG i just realized that this board is smarter than the greatest investor of all time, I should buy some moon coin.
What bubble?
this. anyone who listens to someone as financially known as warren buffet is a fucking goy through and through.
Buffet says the same things about gold you fag. He'd rather own a profitable company than speculate in metals.
>boomers
>TCP/IP maximalists are retarded
it might be overvalued, but it certainly has value: dark web anonymous payments.
Decentralized crypto currency cares what old rich faggots and Jews typing up fake news says.
Shame this board is just altcoin (scamcoin) shilling these days, it was more fun two yrs ago when the rare Bitcoin thread was only to mock it/declare it dead.
>he thinks it's just about transferring money
Move over, old man.
Let me ask you a question. It's okay if you don't know the answer. But do you know what is the most used software of all time? Take a guess.
The most used software in the world today... is RSA encryption. RSA encryption is embedded in our society, and believe it or not, without it our modern society would be unable to function. You use RSA when you connect to wifi, when you connect to websites, when you email, when any computer terminal in the world communicates with any other computer terminal, they're using RSA. While there are many encryption methods, the shared secret key for decrypting those methods is first sent using RSA in order to establish the encrypted connection.
You see this is how society functions. You get information collecting together. Your DNA contains 150 zettabytes of information, think about how bulky your 2 TB hard drive is
Of course with RSA encryption, we aren't able to become a next-level society. We function to a certain degree, but we are coming up against a decentralization revolution. Decentralization is how we solve the safety of AI. Decentralization is how we stop rigged elections. It's how we stop centralized storage places like Equifax from being hacked and exposing 55% of everyone's social security numbers. Self-sovereign identity will replace RSA encryption.
And that's where we are headed. You literally cannot do any better than being the #1 most used software on the planet. Everything will be done with cryptographic signatures and no passwords or personal data will need to be sent ever again.
About 0.0015% of people reading this will have something "click" in their heads instantly. Something about this will ring true for them. Those people are the ones crazy enough to think that we can have a world without passwords. And those people will be the ones crazy enough to make $1 billion dollars.
buffett has said he stays away from tech because he doesn't understand it.
his comparison of BTC and checks is astoundingly stupid.
It's got value because:-
Supply is limited so inflation doesn't take place outside of tight controls (but it's very divisible)
It's relatively hard to trace
It is difficult to censor, tax and control
It's economically unsound to try and manipulate the base currency
And also that as more people realise it they fear missing out
> salty old Avi Shekelsbergstein cant touch type or log into the Google and make his jewbux must mean its a scam
always do the opposite of what Veeky Forums says but always do the opposite of what "they" say too.
30 years? Really? He's 87. Are you aware 99% of his wealth was accumulated after age 50?
It isn't money though because it isn't backed by a government (i.e. it isn't legal tender). It's value as a pseudomoney only comes from it being a way to transmit real money. Ripple is a million times better than Bitcoin for that.
If you were buying the exchanges that arguement would make sense
Explain why fiat has value rothcuck
Fuckin retards, what a load of trash these idiots sell the US public. It's not a check, it's more like SWIFT and bank wire transfers you dickhead, and last I checked the system was antiquated and a pain in the ass to use, took days for cash to get where you want it. I really hope Buffet wasn't so stupid as to state this, but then again he tried to tell the US public he didn't take any write offs himself like Trump did, meanwhile Buffet owns a c-corp which takes the write offs and would probably be in jail if it didn't take tax write offs as investors could sue him and Donald owns an S-Corp or LLC, where taxes get passed to the individual. Guy doesn't want to spook the old way of doing things, so trash talks crypto, that is all.
Read the 56 page research paper published by the Bank of Finland.
Last paragraph:
Bitcoin’s design as an economic system is revolutionary and therefore would merit
an economist’s attention and scrutiny even if it had not been functional. Its apparent
functionality and usefulness should further encourage economists to study this marvelous
structure.
bingo
btc IS the value you exchange, its just expressed in bitcoins instead of fiats
So it's like buying blue chip banking stocks? Wow sounds stupid
>Are checks worth a whole lot of money?
The checks aren't, but the banks issuing them are. Surely Buffer isn't dumb enough to not understand that.
basement fags explaining economics.
>Not understanding how economics works.
>Just because something is limited doesn't mean it has value.
When was the last time people used currency to trade rather than buy thing and actually worked?
If you can, sell everything and live a neet life.
BTC things gonna crash, 2020 at max. mark my word.
old evil nocoiner
You fucking idiots fell for it. You sold you fucking idiot. And that's exactly what they wanted. JPMorgan and other bankers are now loading up on crypto. It was a ruse. It was a coordinated attack. And you fell for it!
exchanges arent the infrastructure you pleb
The supply of cryptocurrency is limitless. The tech is open paper. Anyone can start their own cryptocurrency.
Many people did, and no one has reached the same market cap as bitcoin. You're welcome to try, though.
It's not easy to see a bubble when you're in it. But you are right. The fact that they even compare bitcoin with gold and that some here unironically don't even know who Buffet is, tells volume of how amateurish and normieish the cryptocurrency bubble truly is in nature.
Why do you believe in this? Did you know that 8000 years ago you could find gold nuggets lying on the ground? The cost of extraction was virtually zero but it was still the most priced metal in society.
No it wasn't. The Aztecs built their houses and tools with gold because they could find it anywhere, for fuck's sake. It was only valuable for the Europeans because it was scarce there. If it was so valuable for the natives they would have just used stone and other metals.
>Explain why Bitcoin has value.
It has value as long as you'll find a succer to buy it from you.
This guy gets it. But I would say wealth instead of value.
And now you're confusing scarcity with extraction cost. Proving my point that most of you are normieish plebs with little understanding of economics.
That's irrelevant. Bitcoin have gone from 100 % of cc market cap to under 50 % and is growing slower than its competitors.
I'd also like a source that they used gold for coomon tools and housing
And of course tell me what metal eas more prized than gold. Thank you in advance mr retard
dude, eldorado
yes tulips indeed, short with max leverage my boomer friends!
Ok so you're a retard
Come on man that was an easy one. But there is no way I'm going to able to make a billion off of it, unless it spikes by 100000%
this. we wont cook the books when we dindunuffin! we'z promise! we legit n sheeaat
stock fags are cancer. i am one as well but if you think this is bullshit and stocks are legit you must be so shiny and new. fagets...
He's talking about USD by the way.
so still same as bitcoin, it was easy to mine in the beginning and it gets harder and harder. Today you need a lot of electricity and expensive equipment to mine. How hard is this to understand?
Let's hypothetically speaking say that I discovered a 1kg nugget of pure gold and I wanted to sell this nugget of gold, what would I get on the market place? Would I get the value of my labor (let's say 10 dollar for taking the nugget to a gold dealer) or would it be closer to 1300-1400 dollars?
You get whatever someone is willing to pay for it, of course if you have a brain you will want as much as you can get.
Not sure what youre getting at with your comment
It's all invented, created. FIAT and Crypto are all just ideas.
The trouble is, people don't have the foresight right now to see the power of a new virtual currency because all it is right now is pre-paid gift cards to shops that haven't opened yet.
The volatile nature of crypto right now is because it is the same as a rumour. It is all a rumour that it will be taken up by the world - I say this because it isn't a set thing, it's possible that it will all fail or it gets legislated into nothing but it's possible that FIAT becomes worthless because of it.
The value it holds is the same is the same value a betting ticket, this is essentially whats in your wallets right now - a gamble on whether the world accepts it.
So you are aware that the meme you are replicating is the so called labor value theory?
high iq post
I'm not replicating shit. Value of bitcoin can be calculated from real life expenses that's all I'm saying. Not sure what you're trying to say
This.
Buffet only invests in industries that he knows like the palm of his hand and has stayed away from tech companies because he doesnt understant those sectors, he has explicitly said this several times.
Also, he likes to invest in securities with underlying assets, not speculate with currency.
not bad, but not quite righht
bitcoin is objectively better than legacy currency because (1) no counterparty risk, (2) cant be arbitrarily devalued by a third party, (3) peer to peer transfer / disintermediation of third party overhead costs / regulatory arbitrage etc
currency is a monopoly business. the best one wins, the rest are irrelevant.
if bitcoin is sufficiently better to drive an initial wave of adoption, it becomes THE currency. we're actually already past that. bitcoin as the world reserve currency is actually a foregone conclusion ... some folks just don't realize it yet.
this is the only time in your life you'll be able to pick up guaranteed 100x returns. we're at 500k / coin in 5 years