Bitcoin...Warren Buffett's take

Status
Not open for further replies.
Joined
Nov 29, 2021
Messages
4,298
I’m going to exit stage left now. I didn’t know there were Bitcoin fans at Bitog and I don’t want to hurt anyone’s feelings. Bye.

There's another Bitcoin thread active here..

My CashApp tells me that Bitcoin is sitting at $21,439.94 at the time of this post. Maybe $21,449.10. I do not own any Bitcoin.

A couple to few weeks ago, I was getting daily notifications of its value, I only half looked, it was around, what, $3000? Again I only half looked.

I dont have $3000, I dont have $21,000.. does not seem to make logical sense that something that trades in value so high can be sold in units of one. A fast food would be what .001% if it was $21.49.. it does not seem real.

At the same time, talk has been around of a digital dollar, or the previously referenced ISO20022 I believe, for some time. I do not want to believe it but if that happens, that is another transformational shift.

But there are many questions...

Bitcoin vs. DUSD?
Bitcoin is still transacted into by traditional banks, so, what is backing it?
If Bitcoin were to win out. Why so many other digital formats?

If you have Bitcoin right now.. I'm not sure I would trust it. It is now more than $21,000 a coin so you'd probably cash out in digital form.....

Let's re-shape the conversation past the first page and a half of this thread to here, I dont know, maybe merge with other thread, but quoted poster makes a great point, Bitcoin seems to be frowned upon.

As mentioned, Robinhood app users can buy it. I can buy it with "CashApp." And I don't...
 
Joined
Mar 23, 2003
Messages
1,662
Location
Hopewell, Virginia, USA
Bitcoin and blockchain go hand in hand. I am not buying the idea that blockchain is totally impenetrable and unchangeable. Some people have far too much faith in the tech. Anything computerized can be hacked with the will and the right tools. There are sites online now claiming that blockchain has been successfully hacked.

And even if governments weren't involved in creating Bitcoin, you'd best believe that they have created back doors to the technology for ease of access.

Bitcoin is a trap. We don't know who created it; could be terrorist groups for all we know. We don't know what their plans are. Look into the Mt. Gox stolen–Bitcoin scandal in Japan for a scary possibility. And let's face it: "Bitcoin mining" requiring ever increasing gobs of electric and computer power is not sustainable long-term, and the very idea of Bitcoin mining is not something you would associate with a legitimate investment activity.

Warren Buffett will be proven correct.
 
Joined
Apr 19, 2014
Messages
2,196
Location
WV
Keep in mind that the stock market is a house of cards being held up by huge infusions of printed cash each month....Quantitative easing.
 
Joined
Jul 26, 2020
Messages
2,924
Location
FL
Keep in mind that the stock market is a house of cards being held up by huge infusions of printed cash each month....Quantitative easing.

Stock market is a house of cards that will come crashing down within a year. I’m looking forward to the implosion.
 
Status
Not open for further replies.
Top