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 (26)   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   anon_4f6ac   ignore (0)   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   anon_69258   ignore (0)   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   BorderPatrol   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.

Comment as anon_66d5f or log in at top of page: