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There are two types of investors. Those that don't understand cryptocurrencies and just ride the hype train; and those that do. To those that do, some rich guy

There are two types of investors. Those that don't understand cryptocurrencies and just ride the hype train; and those that do. To those that do, some rich guy's opinion doesn't mean a lot. It's just another opinion floating in the infinite opinion space. Authority means nothing to them. To all others: Sell!

ramblerman 9y ago
I was an early adopter and proponent of BTC, and have made a nice sum of it. But today I have some serious doubts: 1) What I initially found the best feature of BTC (the finite pool) has turned it into a digital gold, and unusable for real day to day transactions imo. 2) The blockchain is too slow, and too expensive. Now maybe BTC does have a future as digital gold, but not as a medium for transactions in the legal space (imo)
deadmetheny 9y ago
I would consider one of the most successful investors of all time to be a bit more than "some rich guy" hawking an opinion. He got rich by making smart long-term investments and watching market trends. Crypto is a foolish long-term investment. Even in the short-term it's akin to gambling.
- acdha 9y ago
  I don't think that was intended as a description of Buffet but rather describing how people will dismiss his experience. It's almost exactly how people trying to say that insolvient.com was a good buy because The World Has Changed™️ and only old people cared about profitability or, a decade later, that there was no way the real estate market could go down.
amsilprotag 9y ago
I'd love to see the results of the following survey given to a representative sample of cryptocurrency investors. 1) If you want to invest in cryptocurrencies, you should understand them. (true/false) 2) Most cryptocurrency investors don't understand cryptocurrencies. (true/false) 3) I understand cryptocurrencies. (true/false) I would guess each question would have 80%+ true responses.
beberlei 9y ago
Technical Understanding of cryptocurrencies has nothing to do with financial understanding. It feels to me a fallacy to think because you understand the tech, you are magically a good investor in it. Buffet is historically one of the most successful investors in assets, and that usually didn't require him to "technically" understand every detail of the inner working of the offered product.
- dmichulke 9y ago
  I know it can be read as "technical understanding" but I mean both technical and financial understanding. It helps your investment - if you are able to distinguish good code from bad (technical skill) - if you understand whether a blockchain (or tangle or whatever) is appropriate for the coin's use case (technical skill) - if you understand how fiat money works (financial skill) - how hyped and bubbly markets work (financial skill) - ... So it's good to know both and if you do, you arrive at your own opinion / take, regardless of what Dimon, Thiel or Buffet say.

ramblerman 9y ago

I was an early adopter and proponent of BTC, and have made a nice sum of it. But today I have some serious doubts: 1) What I initially found the best feature of BTC (the finite pool) has turned it into a digital gold, and unusable for real day to day transactions imo. 2) The blockchain is too slow, and too expensive. Now maybe BTC does have a future as digital gold, but not as a medium for transactions in the legal space (imo)

deadmetheny 9y ago

I would consider one of the most successful investors of all time to be a bit more than "some rich guy" hawking an opinion. He got rich by making smart long-term investments and watching market trends. Crypto is a foolish long-term investment. Even in the short-term it's akin to gambling.

acdha 9y ago
I don't think that was intended as a description of Buffet but rather describing how people will dismiss his experience. It's almost exactly how people trying to say that insolvient.com was a good buy because The World Has Changed™️ and only old people cared about profitability or, a decade later, that there was no way the real estate market could go down.

amsilprotag 9y ago

I'd love to see the results of the following survey given to a representative sample of cryptocurrency investors. 1) If you want to invest in cryptocurrencies, you should understand them. (true/false) 2) Most cryptocurrency investors don't understand cryptocurrencies. (true/false) 3) I understand cryptocurrencies. (true/false) I would guess each question would have 80%+ true responses.

beberlei 9y ago

Technical Understanding of cryptocurrencies has nothing to do with financial understanding. It feels to me a fallacy to think because you understand the tech, you are magically a good investor in it. Buffet is historically one of the most successful investors in assets, and that usually didn't require him to "technically" understand every detail of the inner working of the offered product.

dmichulke 9y ago
I know it can be read as "technical understanding" but I mean both technical and financial understanding. It helps your investment - if you are able to distinguish good code from bad (technical skill) - if you understand whether a blockchain (or tangle or whatever) is appropriate for the coin's use case (technical skill) - if you understand how fiat money works (financial skill) - how hyped and bubbly markets work (financial skill) - ... So it's good to know both and if you do, you arrive at your own opinion / take, regardless of what Dimon, Thiel or Buffet say.