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9 minutes ago, GiddyUp said:

Just to clarify, I'm not appalled that Charlie Munger is opposed to Bitcoin, I found the comparison that he drew to be shocking and out-of bounds. I've never in my life thought I'd hear a phrase such as "freshly-harvested baby brains" and it pains me to even type it...

Now I'm going to go try to forget it again. :shock:

Totally agree lol. His analogy was absurd

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At what age do you stop taking people seriously??  I generally regard the statements of anyone over the age of 75 much in the way I view the statements of a 5 year old, they might be correct but they

I agree. However plenty of men under the age of 50 who say the same nonsense. It’s part of mansplaining. They think they know everything because of the success they had. Most men who make tons of mone

Honestly I've seen plenty of very successful business people in my life who are only successful because they began back when their current mind and skill sets were great for that time period. If they

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5 hours ago, ThomTheRipplier said:

What did buffet say about amazon and google then? The sudden fomo into Apple ? 

 

They may be smart but even smart people arent perfect. 

I went to the top UK University, and it was full of increadably smart, but at the same time simultaneously thick people who couldn’t tie their shoes.

Sometimes people are just very good at one thing. Other times, particularly in finance, they get lucky and then attribute it to smartness.

(Fooled by Randomness is a Good Read on this last point)

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13 hours ago, Scott said:

This thread cracks me up. To start, any individual making a statement of surety in a field you're interested in should have it investigated regardless of being 5 or 75; a blanket dismissing because of age is a foolish reaction with the stink of not wanting to hear a contradictory assessment. Then there is the fact that Buffett is famously averse to throwing money into businesses or assets he can't sufficiently dissect, there was a time he completely avoided tech companies most people consider mundane now. I can say from experience that there is a significant number of people working in the blockchain arena across technical to financial that don't truly understand it. Go to a blockchain conference sometime, they're a zoo of hucksters and charlatans selling buzzwords out of their messenger bags. That said it doesn't surprise me he's not currently sold on the space. Then to some degree you should give the guy credit on the longevity of his success. Being able to build and continuously grow an empire from relatively nothing for six decades tells me that he likely has some idea of what he is doing and isn't just some crusty old crank shaking his fist at the sky.

Specifically on Bitcoin, I'm very much not a fan of it. It was designed as a utopian replacement of the financial establishment for fiat transactions with no additional underlying utility to it. That is a problem in places like the US where finance laws and asset classification make it wholly impractical for that purpose. Unless you're willing to track hundreds or thousands of transactions due to tax law as an individual, or exponentially more as a business with a whole accounting team behind it, you're left with "money" you can't readily spend and no other underlying utility to make it worth the hassle. That leaves coins designed for this sole purpose in the position of being at the whim of popularity and marketing. This is where things like XRP, Ethereum, EOS, and Stellar come out far ahead; they're built with utility as the core principal to incentivize dealing with any financial implications, at least as far as business goes.

Finally, on the point of them pooping on Bitcoin because it would interrupt their revenue model, that's crazy. If these guys thought they had a plan to sufficiently leverage Bitcoin or any other blockchain asset into a reliable revenue stream they'd be all over it.

Much respect to Buffett for his enormous success over the decades. But the point is he should have kept quiet about stuff he's not sure of.

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12 hours ago, GiddyUp said:

Just to clarify, I'm not appalled that Charlie Munger is opposed to Bitcoin, I found the comparison that he drew to be shocking and out-of bounds. I've never in my life thought I'd hear a phrase such as "freshly-harvested baby brains" and it pains me to even type it...

Now I'm going to go try to forget it again. :shock:

It couldn't have been said better than you did... It goes to show the horrible state of his heart.

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Some of the posts here ale fine examples of what constitutes severe cognitive deficiencies I was talking about in TRX's topic. PoW is the worst idea ever, I urge you do do the math on power consumption required to send your useless "SoV" coins. I urge you to check how most of this space is run and by whom. You would have to be immensely stupid or corrupted to disagree with Buffet/Munger statements.

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@IdzieWojnaIdzieWojna You realize to survive humans and every other animal has to live off the Earth ,right? Is it a crime to cut down a tree to use lumber to build a house?  Is it crime to eat the seeds of a plant for nourishment?   Is it a crime to kill and eat an animal?  I imagine you'd say yes to most of these questions.  If so how do you justify your own existence?

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Bitcoin at its current form is useless, doesn't even approach replacing current system etc - therefore your argument is invalid.

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Your argument goes like this

Humans have to use available resources in order to survive therefore wasting said resources on sending bits from peer to peer is necessary for human survival.

 

That's lousy reasoning.

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