Bitcoin below 31K - how far will this go?

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JohnnyDoe

Mentor Group Gold
His main point is indisputable: "the difference between productive assets and something that depends on the next guy paying you more than the last guy got." Of course, you could make the same argument about gold, but gold has had intrinsic value for all of human history.
Warren Buffett didn’t make his money with dividends rof/% His money was generated exactly by the next guy who paid more for his stocks.

From “Fooled by Randomness”:

“Construct a population of 10,000 fictional investment managers […]. Assume that they each have a perfectly fair game; each one has a 50% probability of making $10,000 at the end of the year, and a 50% probability of losing $10,000. Let us introduce an additional restriction; once a manager has a single bad year, he is thrown out of the sample. […]

Toss a coin; heads and the manager will make $10,000 over the year, tails and he will lose $10,000. We run it for the first year. At the end of the year, we expect 5,000 managers to be up $10,000 each, and 5,000 to be down $10,000. Now we run the game a second year. Again, we can expect 2,500 managers to be up two years in a row; another year, 1,250; a fourth one, 625; a fifth, 313.

We have now, simply in a fair game, 313 managers who made money for five years in a row. Out of pure luck.

Meanwhile if we throw one of these successful traders into the real world we would get very interesting and helpful comments on his remarkable style, his incisive mind, and the influences that helped him achieve such success. Some analysts may attribute his achievement to precise elements among his childhood experiences. His biographer will dwell on the wonderful role models provided by his parents; we would be supplied with black-and-white pictures in the middle of the book of a great mind in the making.”
 
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ih8socialism

Active Member
Experts? One of those so-called experts predicted $307,000 by October 2021 (time now passed).

On the other hand, what does one of the greatest all-time investors in the world say about crypto?

When Buffett was asked about cryptocurrency at Berkshire Hathaway’s shareholder meeting Saturday, his answer was sure to be interesting. And the 91-year-old investor, whose personal net worth runs around $124 billion, delivered.

“Whether it goes up or down in the next year, or 5 or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t multiply, it doesn’t produce anything,” he said. “It’s got a magic to it, and people have attached magic to lots of things.”

Buffett further illustrated that if he was offered a 1% stake in all the farmland or apartments in the United States for $25 billion, he’d write the check immediately. His logic? These assets both produce gains – rent from the apartments and food from the farms.

But Buffett said he wouldn’t do the same for Bitcoin, despite its current valuation of $38,000 per coin. He described his views as “the difference between productive assets and something that depends on the next guy paying you more than the last guy got.”


Just to be clear, Buffet is not opposed to technology that can actually turn a profit and produce income. In June 2021, Berkshire Hathaway invested $500 million in “Bitcoin-friendly bank” Nubank in a Series G IPO funding round.
As much as I respect Warren, but this just shows he doesn't understand crypto and or DLT and Blockchain technology at all lol
 

JohnnyDoe

Mentor Group Gold
Since 1 btc will always be = 1 btc, I don’t see why you should worry about converting it into other exotic assets, especially those that are inflationary by nature.
 

fortunespeculator

Entrepreneur
As much as I respect Warren, but this just shows he doesn't understand crypto and or DLT and Blockchain technology at all lol
He absolutely understands crypto and anything caught in a speculative bubble,his quote "markets behave like a voting machine in the short term and a weighing machine in the long term is correct".I have seen enough of his plays in which he exits at the top.He doesnt say it explicitly but he is also a speculator no matter how much he says that he is investing and not speculating.In all his plays he is trying to keep odds in his favour ( his businesses having a moat theory) and then punting or wagering on them( One must remember he is a good poker player so he certainly knows how to keep odds in his favour).He once had a huge silver position which again does not produce anything. It is possible that a fundamentally sound asset can also be caught up in a speculative bubble.Crypto is digital Gold period.And buffet is investing in crypto banks as much as i have heard,actions speak louder than words.He doesn't have to advertise his play - the hallmark of an intelligent speculator .Obviously he didnt understand crypto in its infancy neither did he understand Microsoft or Amazon in its infancy.You cant be right all the time.But as long as you are right even 50% of the time and cut your losses you will make billions.
 

fortunespeculator

Entrepreneur
Ya actually after going through the definitions of speculating and investing of buffet from one of his books i was having a laugh.Because livermore was speculating about 50 years before buffet and he told us that you have to keep the odds in your favour while speculating and while buffet was doing the same by keeping odds in his favour and speculating he was against speculation .Either he is not showing his hand or he is deliberately misleading( bluffing as in poker) both of which are required to win in poker.Only his way of putting odds in his favour is different than others.He is looking for some competitive advantage in the company he buys,he is looking for dividends from the strong stock he wants to buy and he wants to wait till there is blood on the streets to invest. So who knows buffet maybe will load up in crypto once the bottom is reached after making all those statements hearing which most crypto enthusiasts will give up their crypto right at the bottom of the bear market( transfer of asset from weak hands to strong hands).
 

JackAlabama

Entrepreneur
Ya actually after going through the definitions of speculating and investing of buffet from one of his books i was having a laugh.Because livermore was speculating about 50 years before buffet and he told us that you have to keep the odds in your favour while speculating and while buffet was doing the same by keeping odds in his favour and speculating he was against speculation .Either he is not showing his hand or he is deliberately misleading( bluffing as in poker) both of which are required to win in poker.Only his way of putting odds in his favour is different than others.He is looking for some competitive advantage in the company he buys,he is looking for dividends from the strong stock he wants to buy and he wants to wait till there is blood on the streets to invest. So who knows buffet maybe will load up in crypto once the bottom is reached after making all those statements hearing which most crypto enthusiasts will give up their crypto right at the bottom of the bear market( transfer of asset from weak hands to strong hands).
Buffet only invests as insider into deals. So it is not actually not just buying a stock on IBKR after having read all company reports.
Furthermore, he portrays himself as the small farmer from Nebraska while flying private jet and hence qualifies as a Hypocrite in its best form.
 

azb1

Mentor Group Gold
Buffet only invests as insider into deals. So it is not actually not just buying a stock on IBKR after having read all company reports.
Furthermore, he portrays himself as the small farmer from Nebraska while flying private jet and hence qualifies as a Hypocrite in its best form.
True, Do not believe this BS from any famous people. Their word and action never match.
 

fortunespeculator

Entrepreneur
Buffet only invests as insider into deals. So it is not actually not just buying a stock on IBKR after having read all company reports.
Furthermore, he portrays himself as the small farmer from Nebraska while flying private jet and hence qualifies as a Hypocrite in its best form.
I wont say hypocrite ,but i would definitely say that he plays a good hand of poker with his bluffs.Well when everyone is following you 24 by 7,you have to do things different than what you say its self preservation.Also he maybe doing insider deals now but he sure didnt start that way in the fifties and sixties.Being a biggie now qualifies him to do such insider deals and any person will utilize his advantages whatever he can get in the market.I wont be one bit surprised if he were to acquire a majority stake in binance or any crypto bank right at the bottom of this bear market and negotiate such a deal with them where he can get a dollar for pennies.Even Jesse livermore used to use his advantage of swinging a big line by cornering the market whenever he could.
 
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JackAlabama

Entrepreneur
I wont say hypocrite ,but i would definitely say that he plays a good hand of poker with his bluffs.Well when everyone is following you 24 by 7,you have to do things different than what you say its self preservation.Also he maybe doing insider deals now but he sure didnt start that way in the fifties and sixties.Being a biggie now qualifies him to do such insider deals and any person will utilize his advantages whatever he can get in the market.I wont be one bit surprised if he were to acquire a majority stake in binance or any crypto bank right at the bottom of this bear market and negotiate such a deal with them where he can get a dollar for pennies.
You can just be quiet as well and do your insider deals, no problem ;) otherwise he is prime candidate for Hypocrisy - Wikipedia

He portrays things in a way to make his fanboys luster after him.

From that point of view hes basically the same as the average moonboy youtube shill pushing some cryptocrap and cashing in on insider deals.
Being close to the printing press is all what is needed to make his investments succeed.
 

fortunespeculator

Entrepreneur
You can just be quiet as well and do your insider deals, no problem ;) otherwise he is prime candidate for Hypocrisy - Wikipedia

He portrays things in a way to make his fanboys luster after him.

From that point of view hes basically the same as the average moonboy youtube shill pushing some cryptocrap and cashing in on insider deals.
Being close to the printing press is all what is needed to make his investments succeed.
And why do i have to be quiet i'm not as big as buffet yet , although i do share my birthday with him.But yes he is using every trick in the book to make money.Using news to either enter or exit a trade is done by almost all successful speculators.Buffet is doing it at another level he has bought the printing press for putting out to the public whatever he wants and then copperring the public's bets( Reference Reminiscences of a Stock Operator).
 
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JackAlabama

Entrepreneur
And why do i have to be quiet i'm not as big as buffet yet , although i do share my birthday with him.But yes he is using every trick in the book to make money.Using news to either enter or exit a trade is done by almost all successful speculators.
You asked why hypocrite. There you had the answer.
It is not using news, it is creating them ;) which the gerontocracy exploits.
 

fortunespeculator

Entrepreneur
You asked why hypocrite. There you had the answer.
It is not using news, it is creating them ;) which the gerontocracy exploits.
Well if you say so,but even speculators of old did the same by planting news items.They knew how the public would react to such an item of news and then they took opposite positions- its very well documented in " Reminiscences...

Nothing new ,people of power will utilise the power whether it is use or misuse is a different story.

Coperring the publics bets is an old trick.

I have never researched hypocrisy but i did research buffets trades and read Livermore's books so i concluded the way i have.
 
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JackAlabama

Entrepreneur
Well if you say so,but even speculators of old did the same by planting news items.They knew how the public would react to such an item of news and then they took opposite positions- its very well documented in " Reminiscences...

Nothing new ,people of power will utilise the power whether it is use or misuse is a different story.

Coperring the publics bets is an old trick.

I have never researched hypocrisy but i did research buffets trades and read Livermore's books so i concluded the way i have.
In short this is:
Uncle W flying private jets while trying to convince Joe Sixpack hes an equally poor schmuck like him bc he is living in a small house in Nebraska while hes flying in private jet and is *** him from behind by manipulating the "lamestream" news.
He fits the definition of despicable human being very well.

There are other investors who are equally famous but way less distasteful.
 

JohnnyDoe

Mentor Group Gold
Guys, you don’t need to hate uncle Buffett. There is no morality in making money, whatever he does worked well for him and that’s enough. For sure we can’t replicate it.
 

fortunespeculator

Entrepreneur
In short this is:
Uncle W flying private jets while trying to convince Joe Sixpack hes an equally poor schmuck like him bc he is living in a small house in Nebraska while hes flying in private jet and is *** him from behind by manipulating the "lamestream" news.
He fits the definition of despicable human being very well.

There are other investors who are equally famous but way less distasteful.
Ha ha ha

Guys, you don’t need to hate uncle Buffett. There is no morality in making money, whatever he does worked well for him and that’s enough. For sure we can’t replicate it.
Yes i agree although jack is Hilarious in his last post.I cant stop laughing.

Guys, you don’t need to hate uncle Buffett. There is no morality in making money, whatever he does worked well for him and that’s enough. For sure we can’t replicate i
 

mad1max

New member
conservation of value LOL

Bitcoin is a PONZI run by bankers to promote and implement virtual money.
It has nothing to do with store of value.Today it can be 100k tomorrow 1k if the institutions wish this way.
Bitcoins price movements depends on people buying bitcoin for fiat/stablecoins.
As more people buys bitcoin as higher the price CAN go
which means people leaving bitcoin make the value fall
the worst part is that institutions control and dictate the price.
You are just a sheep they try to educate on virtual money and to milk and nothing more.
The only advantage you have is being early in that ponzi and nothing more.
You couldn't be more wrong Bankers actually hate it because it's transparent and can't be used to rob people, via inflation. Of course I am talking about Proof of Work Coins held in your own Wallet. If you use a Bank you don't own your Crypto, in the same way as if you use a bank to hold stock. Most don't owe you the stock you hold there either.Same with Metalls, JP Morgan just sells you Options for Metalls that don't even exist to keep the price low.
 

369

Entrepreneur
You couldn't be more wrong Bankers actually hate it because it's transparent and can't be used to rob people, via inflation. Of course I am talking about Proof of Work Coins held in your own Wallet. If you use a Bank you don't own your Crypto, in the same way as if you use a bank to hold stock. Most don't owe you the stock you hold there either.Same with Metalls, JP Morgan just sells you Options for Metalls that don't even exist to keep the price low.
lol crypto noob beliving in the jada jada of bitcoin morons
 

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