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Bitcoins - about to hit $5,000 per coin today!
obsidian:
--- Quote from: IroNat on March 30, 2023, 03:48:05 AM ---Warren Buffett believes crypto 'will come to a very bad ending'
https://finance.yahoo.com/news/come-bad-ending-just-over-120000862.html
“If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Warren Buffett told CNBC earlier this year.
“They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem.”
Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today.
Called the "greater fool theory".
Find a bigger fool than yourself to buy your bitcoin for more than you paid for it.
It's been done with various things over the years including tulips.
--- End quote ---
What Buffett forgets is there are many BTC holders that will never offer Bitcoin to him for $25. They simply won't sell. Does he not understand the basics of how these assets are priced?
obsidian:
--- Quote from: IroNat on March 30, 2023, 03:48:05 AM ---Warren Buffett believes crypto 'will come to a very bad ending'
https://finance.yahoo.com/news/come-bad-ending-just-over-120000862.html
“If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Warren Buffett told CNBC earlier this year.
“They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem.”
Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today.
Called the "greater fool theory".
Find a bigger fool than yourself to buy your bitcoin for more than you paid for it.
It's been done with various things over the years including tulips.
--- End quote ---
Buffett made his money precisely because he bought stocks based on optimism that someone else will be paying more for it in the future than he paid for it when he acquire the stock. He is a fucking hypocrite.
Mayday:
--- Quote from: Flexacon on March 30, 2023, 06:06:32 AM ---You get to feel what it's like to be in a cult
--- End quote ---
CEO of Bitcoin himself.
gib:
--- Quote from: IroNat on March 30, 2023, 03:48:05 AM ---Warren Buffett believes crypto 'will come to a very bad ending'
https://finance.yahoo.com/news/come-bad-ending-just-over-120000862.html
“If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Warren Buffett told CNBC earlier this year.
“They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem.”
Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today.
Called the "greater fool theory".
Find a bigger fool than yourself to buy your bitcoin for more than you paid for it.
It's been done with various things over the years including tulips.
--- End quote ---
WB calls it the "greater fool theory". A better phrase might be the "more enlightened theory". In other words, the more other people "get it" and understand the utility of Bitcoin, the more Bitcoin (perfectly limited in demand) will be desired, and the more its price will rise.
So, what any investor will need to figure out is simple. Over time, will we see more enlightened people, who start to understand and desire Bitcoin? Or less such people. Once you have a view on that, you can decide whether to invest or not.
Flexacon:
--- Quote from: gib on March 31, 2023, 03:37:33 PM ---WB calls it the "greater fool theory". A better phrase might be the "more enlightened theory". In other words, the more other people "get it" and understand the utility of Bitcoin, the more Bitcoin (perfectly limited in demand) will be desired, and the more its price will rise.
So, what any investor will need to figure out is simple. Over time, will we see more enlightened people, who start to understand and desire Bitcoin? Or less such people. Once you have a view on that, you can decide whether to invest or not.
--- End quote ---
It's not gonna replace anything or change the world, that's just a maxi narrative. It's just gonna be another tool used in finance. You'll have various players in finance buying (through etfs) when they want to go super risk on and it will be the first thing they'll dump when they smell any trouble. No different really from what's been happening for a while.
Anyway a bunch of institutions are buying BTC big right now (US government is also selling silk rd BTC) but they don't plan on holding for long. The face ripper both up and then down should be fun. I'm on Link.
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