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> Of course, I'm probably just an idiot who doesn't "get" bitcoin Two more "idiots" who don't get Bitcoin are Warren Buffett and Charlie Munger. Munger says B
by Ologn 11y ago
> Of course, I'm probably just an idiot who doesn't "get" bitcoin
Two more "idiots" who don't get Bitcoin are Warren Buffett and Charlie Munger. Munger says Bitcoins are "rat poison". It's possible they're just old fuddy duddies who "don't get it". It's also possible that, both being born during or before Herbert Hoover's presidency, that they've had decades of experience sniffing out what's valuable and what's not.
- brianclements 11y agowhat's valuable today, perhaps. Blockchain tech might surprise us all yet. I don't think the possibilities are overblown, just the timeline. It really is a financial solution for a different world then what we currently live in, and only extreme global circumstances can even come close the momentum needed to spark a change such as that in our financial system.
- m-i-l 11y agoThe article makes an analogy with the internet in 1994, which is when experienced technology "experts" such as Bill Gates were dismissing the internet as a "fad". In my experience, the people who don't "get" it often don't distinguish between Bitcoin itself and the underlying technologies. It would be like identifying the internet in 1994 with one particular web browser, or web site, or startup. The transformative elements in this case are things like the distributed ledger for decentralised trust, the possibilities for automated micropayments by devices rather than people, and so on. For example, as per my other comment on this thread, most of the large finance companies which are investigating blockchain technologies are investigating private blockchains rather than the Bitcoin blockchain, but this distinction is often missed by the press in their reporting (indeed isn't an entirely clear distinction in this article).