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Posted: 1/10/2018 12:18:41 PM EDT
[#1]
If I had a couple billion and I was hedged all over the place (stocks, bonds, metals, cash, businesses, etc.) to insure my fortune, it almost seems criminally irresponsible not to further hedge your holdings with crypto. Especially considering how cheap that insurance really would be.
That said, it's hard to argue economic matter with Buffett. |
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Posted: 1/10/2018 12:19:16 PM EDT
[#2]
Will you be at the head of the line when the sell off panic begins?
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Posted: 1/10/2018 12:20:17 PM EDT
[#3]
Quote HistoryQuoted:
But what "problem" is crypto currently looking to solve? My life is already pretty easy with cash and credit/debit cards. You're examples of computers and the internet solved critical problems and/or improved life somehow. Quote HistoryQuoted:
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Our own US dollar is fiat currency but it's accepted by everybody and that is its stability right there. There is no REAL currency anymore. Nothing that can be traded in on demand for precious metals. "The internet will never be a big thing." "The CD will be with us forever, it gives us perfect sound." "Nobody needs more than 640K of RAM in their computer." (Bill Gates said that once upon a time.) Things change. Cryptocurrency, well, the truth is we're in the dawn of a new era and NO it's not some idiot with a flashlight hiding behind a rock. Cryptocurrency is not going to go away, it is going to grow and expand and there will be a natural selection process that will kill off the weakest currencies and leave the stronger ones to continue to battle for dominance until there are finally just a couple. Of course those who are most heavily invested in the old system of money will denigrate the competition. That's to be expected. My life is already pretty easy with cash and credit/debit cards. You're examples of computers and the internet solved critical problems and/or improved life somehow. Take online gambling. We need a "house" to manage bets and payouts. To do that they need a lot of overhead- employees, property, servers, exposure to risk, etc. They can do it pretty efficiently and you can trust them to pay out, but at a significant cost to the consumer. Some crypto currency projects can have entire businesses built on top of them. This distributes the overhead across an extremely large network that is trustworthy, efficient, and very low cost to the consumer. |
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Posted: 1/10/2018 12:21:58 PM EDT
[#4]
Quote HistoryQuoted: Quicker and cheaper than money. Also no bank account necessary. More secure than your Credit card. Everyone is taking about crypto currency. What about all the other block chain coins? The ones based on loans or storage. Forget about Bitcoin. Learn about Blockchain. Bitcoin may go away but Blockchain is here to stay. Seriously, what's the benefit of no bank account? Are people looking to hide their millions? I've never been charged for purchases on my credit card that I didn't make. I know everyone is talking about crypto currency but all I ever hear is about how they're trying to make money off of it. That alone makes it a crappy currency. They see it as an investment, not a legitimate currency. |
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Posted: 1/10/2018 12:25:09 PM EDT
[#5]
Quote HistoryQuoted: It gives us decentralization and trust at varying levels of efficiency. Sort of like bit torrent for whatever you can dream up. Take online gambling. We need a "house" to manage bets and payouts. To do that they need a lot of overhead- employees, property, servers, exposure to risk, etc. They can do it pretty efficiently and you can trust them to pay out, but at a significant cost to the consumer. Some crypto currency projects can have entire businesses built on top of them. This distributes the overhead across an extremely large network that is trustworthy, efficient, and very low cost to the consumer. |
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Posted: 1/10/2018 12:25:18 PM EDT
[#6]
Quote HistoryQuoted:
Quicker and cheaper than what? Handing over some paper or writing a check or swiping a card? Seriously, what's the benefit of no bank account? Are people looking to hide their millions? I've never been charged for purchases on my credit card that I didn't make. I know everyone is talking about crypto currency but all I ever hear is about how they're trying to make money off of it. That alone makes it a crappy currency. They see it as an investment, not a legitimate currency. Quote HistoryQuoted:
Quoted: Quicker and cheaper than money. Also no bank account necessary. More secure than your Credit card. Everyone is taking about crypto currency. What about all the other block chain coins? The ones based on loans or storage. Forget about Bitcoin. Learn about Blockchain. Bitcoin may go away but Blockchain is here to stay. Seriously, what's the benefit of no bank account? Are people looking to hide their millions? I've never been charged for purchases on my credit card that I didn't make. I know everyone is talking about crypto currency but all I ever hear is about how they're trying to make money off of it. That alone makes it a crappy currency. They see it as an investment, not a legitimate currency. |
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Posted: 1/10/2018 12:25:19 PM EDT
[#7]
Quote HistoryQuoted: It gives us decentralization and trust at varying levels of efficiency. Sort of like bit torrent for whatever you can dream up. Take online gambling. We need a "house" to manage bets and payouts. To do that they need a lot of overhead- employees, property, servers, exposure to risk, etc. They can do it pretty efficiently and you can trust them to pay out, but at a significant cost to the consumer. Some crypto currency projects can have entire businesses built on top of them. This distributes the overhead across an extremely large network that is trustworthy, efficient, and very low cost to the consumer. |
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Posted: 1/10/2018 12:26:15 PM EDT
[#8]
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A 'currency' made up out of thin air, backed by and based on absolutely nothing other than the belief that if I buy it for $1 today I can sell it for $10 later. Anyone who DOESN'T see that this will come to a bad ending is delusional. I'll admit that the thought to dabble with a small amount of seed money has crossed my mind, and I like many others probably COULD make significant money by playing the short game. But then I realized if I did it successfully, all I've really done is effectively stolen money from some poor moron down the line who thought this was a real, legitimate thing. I'm not okay with that. But if investors feel its too volatile, or speculative to invest in that's their right. But make no mistake many people will become wealthy investing in these coins. It's not for everyone though. You gotta know your limits or you could go bust. That's true in any bubble: tech, stock, RE, beanie babies, whatever. |
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Posted: 1/10/2018 12:28:51 PM EDT
[#9]
Quote HistoryQuoted:
So one of these currencies will take off as a legitimate currency because of online gambling? What percentage of the country gambles online? Quote HistoryQuoted:
Quoted: It gives us decentralization and trust at varying levels of efficiency. Sort of like bit torrent for whatever you can dream up. Take online gambling. We need a "house" to manage bets and payouts. To do that they need a lot of overhead- employees, property, servers, exposure to risk, etc. They can do it pretty efficiently and you can trust them to pay out, but at a significant cost to the consumer. Some crypto currency projects can have entire businesses built on top of them. This distributes the overhead across an extremely large network that is trustworthy, efficient, and very low cost to the consumer. What percentage of the country listens to streaming music? How about a decentralized network with no overhead like pandora or spotify? In theory, the consumer could pay less and the artist compensated proportional to the amount of play time during the billing cycle. |
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Posted: 1/10/2018 12:29:52 PM EDT
[#10]
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Isn't he famous for this? He knows his opinion will shift markets and has been known to buy the dips he creates. Quote HistoryQuoted:
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I guess that means he's finally about to buy in. |
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Posted: 1/10/2018 12:32:32 PM EDT
[#11]
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Yeah, like the tech bubble from the 90s is still going strong. 
Classic "this money train will never stop rolling! Wooooo!", deeply flawed mentality. 
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Posted: 1/10/2018 12:33:05 PM EDT
[#12]
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It is following the same path of every other Ponzi Scheme in history........except this time unlike Madoff, and Ponzi no one is sure where it comes from. no one knows for sure who invented it. There are some suspicions, but no one knows for sure. That in itself makes it a good investment. Quote HistoryQuoted:
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Yup, but it appears we are in the minority around here. Yea, some people made a lot of money off bitcoin, A LOT of money. People see this and gravitate towards it which inflates the bubble even more. Those early people who made a shit ton were also very lucky, it could have also gone the other way. Now no one really knows what will happen with bitcoin. Personally I don't see the point in it. It seems too unstable for an actual currency, seems open to hackers, transactions take a long time, it is trackable, so what is it? The only real value is what a smallish group of people say it is. Sure our currency is also kinda like that but the group is much larger, making it more stable. Right now people are seeing it as an investment because people before them got rich, hence the bubble. I think it will pop when people trying to strike it rich move on to the next latest and greatest. no one knows for sure who invented it. There are some suspicions, but no one knows for sure. That in itself makes it a good investment. Sounds like a great investment
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Posted: 1/10/2018 12:35:31 PM EDT
[#13]
I mined a bunch of altcoins years ago that already are worth way more than I ever expected. I probably should cash out now but fuck it I'm riding it out to see where it goes. Even if it all goes to zero I'm not really out anything.
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Posted: 1/10/2018 12:36:05 PM EDT
[#14]
Quote HistoryQuoted: Merchant services are a (fairly significant) business expense that consumers pay for. So whatever crypto currency that emerges won't have a fee for transactions? |
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Posted: 1/10/2018 12:39:54 PM EDT
[#15]
Quote HistoryQuoted: Its just one example. What percentage of the country listens to streaming music? How about a decentralized network with no overhead like pandora or spotify? In theory, the consumer could pay less and the artist compensated proportional to the amount of play time during the billing cycle. What else? If something will actually make life better I'm all for it. But I'm just not seeing it yet... |
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Posted: 1/10/2018 12:40:38 PM EDT
[#16]
Besides the historical boom/bust pattern of "new" commodities, what is going to happen when blockchain meets up with a quantum computer?
Just how far away is our NSA, or the Japanese, Chinese, Russians, ect, from fielding one? |
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Posted: 1/10/2018 12:41:29 PM EDT
[#17]
Everyone over sixty doesn’t even understand it. I keep hearing this notion “It’s created out of nothing!”
$$$$ are created out of nothing. My mother tried to tell me that no, it’s the full faith and credit, Yada yada. I said that the USAs credit has been taxed away by fiat currency. The Federal Reserve prints a dollar, so they can steal your fraction of a cent, and it’s been that way since 1916. |
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Posted: 1/10/2018 12:42:17 PM EDT
[#18]
Quote HistoryQuoted:
Quicker and cheaper than what? Handing over some paper or writing a check or swiping a card? Seriously, what's the benefit of no bank account? Are people looking to hide their millions? I've never been charged for purchases on my credit card that I didn't make. I know everyone is talking about crypto currency but all I ever hear is about how they're trying to make money off of it. That alone makes it a crappy currency. They see it as an investment, not a legitimate currency. Just keep yelling at clouds on the internet. You know that place that had a huge bubble in the 90s. |
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Posted: 1/10/2018 12:45:51 PM EDT
[#19]
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I wouldn't call a couple percent fairly significant. It's not like you're not going to buy that $100 item over $2. So whatever crypto currency that emerges won't have a fee for transactions? Quote HistoryQuoted:
Quoted: Merchant services are a (fairly significant) business expense that consumers pay for. So whatever crypto currency that emerges won't have a fee for transactions? |
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Posted: 1/10/2018 12:47:35 PM EDT
[#20]
Quote HistoryQuoted: You didn't read anything I wrote. Just keep yelling at clouds on the internet. You know that place that had a huge bubble in the 90s. |
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Posted: 1/10/2018 12:54:38 PM EDT
[#21]
Quote HistoryQuoted:
Everyone over sixty doesn’t even understand it. I keep hearing this notion “It’s created out of nothing!” $$$$ are created out of nothing. My mother tried to tell me that no, it’s the full faith and credit, Yada yada. I said that the USAs credit has been taxed away by fiat currency. The Federal Reserve prints a dollar, so they can steal your fraction of a cent, and it’s been that way since 1916. |
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Posted: 1/10/2018 12:56:35 PM EDT
[#22]
https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html
"I get into enough trouble with things I think I know something about," he added. "Why in the world should I take a long or short position in something I don't know anything about." |
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Posted: 1/10/2018 12:57:04 PM EDT
[#23]
Cryptocurrency is the equivalent to the Beanie Baby surge in the late 90s. You all are fools. Have fun losing money.
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Posted: 1/10/2018 1:00:05 PM EDT
[#24]
Quote HistoryQuoted: A highly volatile, purely electronic currency that is extremely vulnerable to theft and hacking, whose origins are unknown and which is subject to zero regulation. Oh and there's a fixed total quantity of it so it could be very easily manipulated by those who hold the biggest amounts of it. Sounds like a great investment |
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Posted: 1/10/2018 1:26:35 PM EDT
[#25]
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As opposed to a currency with no fixed amount and can drop in value to zero because the government decides to run the printing presses non-stop? Enjoy wiping your ass with Franklins. Quote HistoryQuoted:
Quoted: A highly volatile, purely electronic currency that is extremely vulnerable to theft and hacking, whose origins are unknown and which is subject to zero regulation. Oh and there's a fixed total quantity of it so it could be very easily manipulated by those who hold the biggest amounts of it. Sounds like a great investment I predict it will do exactly that. Sell now. |
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Posted: 1/10/2018 1:36:18 PM EDT
[#26]
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Same here, I've already written that money off. It's probably gone forever, but perhaps it could become a nice surprise. I'm concerned about the people who are cashing out 401ks and buying crypto on credit cards. Quote HistoryQuoted:
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I have around $300 "invested" in some alt coins. It's down huge from last week, but still up 300% plus from when I bought in three weeks ago. It's play money, and I wouldn't put anything but play money into it. If it grows 100% per year in the short term, I'll be happy. I'm not in the crowd that thinks a few hundred bucks will buy a Lamborghini or a house in a year. I'm concerned about the people who are cashing out 401ks and buying crypto on credit cards. |
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Posted: 1/10/2018 1:37:55 PM EDT
[#27]
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It isn't investing, it is speculating. Quote HistoryQuoted:
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Cryptocurrency I believe will be one of the biggest scams exposed of all time. The currency has nothing backing it like US currency which we have all the asset of America. The currency is artificially bloated by the more and more people buy into it. To risky of an investment in my opinion and I am not going to touch it. Also I am not old I am a smart investor and made lots of money doing it by not taking stupid risky chances with my money. |
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Posted: 1/10/2018 1:38:11 PM EDT
[#28]
Quote HistoryQuoted: News Flash: the value of cryptocurrency can drop to zero. I predict it will do exactly that. Sell now. |
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Posted: 1/10/2018 1:44:05 PM EDT
[#29]
Quote HistoryQuoted:
The only ones getting a bad deal will be who ever is standing when the music stops. I don’t really see crypto being used widespread as currency, just as a 24/7/365 global stock market with its own movers and shakers. It’s no different than gambling on stocks in that regard. There will be booms and busts. If you can’t afford to lose that money then you shouldn’t be playing in either. |
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Posted: 1/10/2018 1:47:28 PM EDT
[#30]
Quote HistoryQuoted:
I predict you will choke on a pretzel this week. Buy life insurance. Quote HistoryQuoted:
Quoted: News Flash: the value of cryptocurrency can drop to zero. I predict it will do exactly that. Sell now. |
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Posted: 1/10/2018 1:50:18 PM EDT
[#31]
Quote HistoryQuoted:
Cryptocurrency is the equivalent to the Beanie Baby surge in the late 90s. You all are fools. Have fun losing money. |
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Posted: 1/10/2018 1:50:43 PM EDT
[#32]
News flash: No one gives a fuck what you predict.
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Posted: 1/10/2018 1:58:03 PM EDT
[#33]
Quote HistoryQuoted: A highly volatile, purely electronic currency that is extremely vulnerable to theft and hacking, whose origins are unknown and which is subject to zero regulation. Oh and there's a fixed total quantity of it so it could be very easily manipulated by those who hold the biggest amounts of it. Sounds like a great investment |
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Posted: 1/10/2018 1:58:06 PM EDT
[#34]
#fakenews
Here is one headline I just saw from MSNBC "If you own bitcoin, Buffett's cryptocurrency predictions are scary. How to cope"
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Posted: 1/10/2018 2:07:09 PM EDT
[#35]
Quote HistoryQuoted:
Everyone over sixty doesn’t even understand it. I keep hearing this notion “It’s created out of nothing!” $$$$ are created out of nothing. My mother tried to tell me that no, it’s the full faith and credit, Yada yada. I said that the USAs credit has been taxed away by fiat currency. The Federal Reserve prints a dollar, so they can steal your fraction of a cent, and it’s been that way since 1916. |
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Posted: 1/10/2018 2:10:45 PM EDT
[#36]
Quote HistoryQuoted:
Bingo. Quote HistoryQuoted:
Quoted:
Quoted:
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Cryptocurrency I believe will be one of the biggest scams exposed of all time. The currency has nothing backing it like US currency which we have all the asset of America. The currency is artificially bloated by the more and more people buy into it. To risky of an investment in my opinion and I am not going to touch it. Also I am not old I am a smart investor and made lots of money doing it by not taking stupid risky chances with my money. |
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Posted: 1/10/2018 2:13:39 PM EDT
[#37]
“You know it's time to sell when shoeshine boys give you investment tips.”
Sums it up pretty well, regardless of what the investment is. |
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Posted: 1/10/2018 2:15:11 PM EDT
[#38]
While Bitcoin is the first and number one. It will drop to a reasonable price against the new competition.
Those who bought it high will feel it the hardest. |
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Posted: 1/10/2018 2:15:17 PM EDT
[#39]
Quote HistoryQuoted:
Will you be at the head of the line when the sell off panic begins? If you're under 40, taking a 10% high risk investment is money you can always make back in the future. Or don't and tell the rest of us told you so when it goes to zero. I, at least, with adoption, see real use utility and merit in cryptocurrency as a whole. Willing to take that risk/reward profile. |
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Posted: 1/10/2018 2:19:31 PM EDT
[#40]
Quote HistoryQuoted: News Flash: Life insurance won't save my life. |
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Posted: 1/10/2018 2:23:28 PM EDT
[#41]
Quote HistoryQuoted:
I wouldn't call a couple percent fairly significant. It's not like you're not going to buy that $100 item over $2. So whatever crypto currency that emerges won't have a fee for transactions? Quote HistoryQuoted:
Quoted: Merchant services are a (fairly significant) business expense that consumers pay for. So whatever crypto currency that emerges won't have a fee for transactions? |
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Posted: 1/10/2018 2:24:05 PM EDT
[#42]
Quote HistoryQuoted:
Yes, let the 90 yr old guy inform me on cutting edge technology.  He's where he's at for a reason.
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Posted: 1/10/2018 2:24:19 PM EDT
[#43]
He must be loading up he's trying to scare out the suckers
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Posted: 1/10/2018 2:25:05 PM EDT
[#44]
Quote HistoryQuoted:
Nope, and the Secret Service won’t heimlich you either. Quote HistoryQuoted:
Quoted: News Flash: Life insurance won't save my life. |
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Posted: 1/10/2018 2:29:44 PM EDT
[#45]
Quote HistoryQuoted: It's a bunch of people rushing to get rich off something that is perceived to be rare and new. In reality it is speculators paying real world money to own a piece of a math problem that the overwhelming majority of retailers do not accept as currency for transactions. What a wonderful asset to possess. I saw it's value amongst the dark web types where the value of it was honored by that group. It was accepted and it had it's benefits. All this rediculous gambling that these things are going to be universally accepted and used for transactions is laughable. There will be a correction coming for 90% of this crap. If one or two should survive it will probably be a rediculous gold mine for those that got in at the right time. Depends on if any major corporations wind up backing it. I get that some companies accept payment with various coins now but I am not going to buy in high and have my value drop while trying to use the coins to pay when I have cash. Too risky for me. Would have been nice if I had been mining 10 years ago when I first heard of them. That would have been acceptable risk to me mining or buying when it was about as free as water. |
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Posted: 1/10/2018 2:30:52 PM EDT
[#46]
Quote HistoryQuoted:
Cryptocurrency I believe will be one of the biggest scams exposed of all time. The currency has nothing backing it like US currency which we have all the asset of America. The currency is artificially bloated by the more and more people buy into it. To risky of an investment in my opinion and I am not going to touch it. Also I am not old I am a smart investor and made lots of money doing it by not taking stupid risky chances with my money. |
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Posted: 1/10/2018 2:34:42 PM EDT
[#47]
Quote HistoryQuoted:
#fakenews Here is one headline I just saw from MSNBC "If you own bitcoin, Buffett's cryptocurrency predictions are scary. How to cope"
Are you shitting me? |
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Posted: 1/10/2018 2:36:17 PM EDT
[#48]
Quote HistoryQuoted:
Cryptocurrency is the equivalent to the Beanie Baby surge in the late 90s. You all are fools. Have fun losing money. |
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Posted: 1/10/2018 2:38:32 PM EDT
[#49]
Eventually, he is right. Bitcoin isn't close to the end-all, be-all for crypto.
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Posted: 1/10/2018 2:43:58 PM EDT
[#50]
Quote HistoryQuoted:
Eventually, he is right. Bitcoin isn't close to the end-all, be-all for crypto. |
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