Buffett says Bitcoin is FOMO
« prev   random   next »
1   Patrick   ignore (0)   2017 Dec 27, 5:42pm   ↑ like (1)   ↓ dislike (0)   quote        

Had to look up FOMO:

Buffett is having none of it. "You can't value bitcoin, because it's not a value-producing asset," he said recently. Earlier, in 2014, when bitcoin was worth much, much less, Buffett said, "Stay away from it. It's a mirage, basically,” adding, “The idea that it has some huge intrinsic value is just a joke, in my view."

So what drives the value of an essentially value-free asset? FOMO — fear of missing out.
2   APOCALYPSEFUCKisShostikovitch   ignore (27)   2017 Dec 27, 5:53pm   ↑ like (0)   ↓ dislike (0)   quote        

Everyone in the universe desperately needs a currency backed by mania that can halve its value in an instant for any reason or no reason because only ASSHOLES! don't understand innovation!
3   anonymous   ignore (null)   2017 Dec 27, 6:41pm   ↑ like (0)   ↓ dislike (0)   quote        

Bitcoin is a Fiat money stimulus. Last article that I saw said that Bitcoin miners added 5 percent to Nvidia's bottom line. Hmmm... Could be a shorting opportunity, but you know the saying...
4   anonymous   ignore (null)   2017 Dec 27, 6:41pm   ↑ like (1)   ↓ dislike (0)   quote        

Patrick says
You can't value bitcoin, because it's not a value-producing asset


Says the guy who once bought 130 million ounces of silver
5   Patrick   ignore (0)   2017 Dec 27, 6:44pm   ↑ like (0)   ↓ dislike (0)   quote        

anon_69258 says
Says the guy who once bought 130 million ounces of silver


Lol, good point. Silver also produces nothing on its own.

It makes sense that Warren would not be a fan, because the dollar has done just fine for him, and because he's all about calculating return based on fundamentals, like p/e. What is the p/e of bitcoin?
6   Strategist   ignore (1)   2017 Dec 27, 6:53pm   ↑ like (2)   ↓ dislike (0)   quote        

Patrick says
anon_69258 says
Says the guy who once bought 130 million ounces of silver


Lol, good point. Silver also produces nothing on its own.

It makes sense that Warren would not be a fan, because the dollar has done just fine for him, and because he's all about calculating return based on fundamentals, like p/e. What is the p/e of bitcoin?


Siver has lots of industrial uses. Therefore it has intrinsic value.
Bitcoin has zero intrinsic value. Therefore it's a speculative tool and nothing else.
The dollar is backed by the production capacity of the United States of America, the largest economy ever. Therefore it has tremendous value.
7   WineHorror   ignore (0)   2017 Dec 27, 7:51pm   ↑ like (0)   ↓ dislike (0)   quote        

anon_69258 says
Patrick says
You can't value bitcoin, because it's not a value-producing asset


Says the guy who once bought 130 million ounces of silver

Not sure that's true. Silver has value as a commodity. Electronics rely on silver.
8   WatermelonUniversity   ignore (1)   2017 Dec 27, 8:17pm   ↑ like (0)   ↓ dislike (0)   quote        

This is a Ponzi scheme where early adopters get rich. Satoshi himself mined millions of coins for before everyone else even had the chance. So he’s a multi billionaire now hiding in a private island somewhere slowing cashing out.




The Housing Trap
You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
115 pages, $12.50

Kindle version available


about   best comments   contact   one year ago   suggestions