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This is like two old investors in buggy whips talking scaring people off of internal combustion engines. They have no idea what they're looking at but they'll m
by hapnin 8y ago
This is like two old investors in buggy whips talking scaring people off of internal combustion engines. They have no idea what they're looking at but they'll make pronouncements anyway.
Bitcoin etc are currencies native to the network environment just as cash is native to the meatspace. Both have their advantages and shortcomings.
Wisdom is found in using things if they serve you and leaving them alone if they don't. Cash serves its purpose in the meatspace, cryptos serve their purpose on the network. Use them as they're useful.
I don't find it wise for anyone, Buffett or otherwise, to expound on things they don't know anything about. It's even less wise to take advice from those who speak from ignorance.
- s73v3r_ 8y ago"I don't find it wise for anyone, Buffett or otherwise, to expound on things they don't know anything about." He's talking about investment vehicles. I would say he knows more about those than most of us here on this board.
- hapnin 8y agoEveryone that listened to him 20 years ago missed Amazon, Google, etc.
- s73v3r_ 8y agoYes, they had a couple of misses. But I'd say his hits have more than made up for it.
- tim333 8y agoNot really. He said he wasn't buying tech because he didn't understand it, not that others shouldn't buy. Indeed here's a quote from the 1998 letter > Despite the pathetic technical skills of your Chairman, I'm delighted to report that GEICO, Borsheim's, See's, and The Buffalo News are now doing substantial business via the Internet.
- bdcravens 8y ago> It's even less wise to take advice from those who speak from ignorance. Being in Bitcoin since 2011, I've found most Bitcoin advocates tend to be of the ignorant sort with regard to both the technology and the economics. They tend to gather their information from what they're told to think on places like Reddit, and are quicker to communicate via memes than have an actual real conversation.
- hapnin 8y agoWe've been in it about the same length of time. I agree with your assessment. A lot of trade in the stock markets is based on similar dynamics: lack of clue on the investor's part, just go with what someone told you.