6 ms·

Yet he doesn’t invest in Bitcoin. Why?

by randomopining 5y ago

permalac 5y ago
Same reason took him years to invest in tech, he only invest where his understanding makes him confortable.
- taberiand 5y ago
  Seems to me he understands Bitcoin, and thinks it is hot garbage
  - cbozeman 5y ago
    I've been mining Bitcoin since the early 2010s. It is hot garbage... but it's hot garbage people will pay for, and I see no reason to sell now. I legitimately think BTC will hit $1m per coin, although I couldn't say when, and I definitely cannot say why. I myself don't understand the attraction to it. I understand the arguments on a logical level, and even an emotional level, but they're not good arguments, imo.
    - randomopining 5y ago
      Have you hodl’ed the whole time? Tbh it makes sense on an individual level but on a societal level it’ll lead to inefficiencies.
      - brtkdotse 5y ago
        On a societal level it would lead to a burning planet. (Yea, yes, I know NOT A CRYPTO Spews out a months worth of car riding per transaction)
    - valuearb 5y ago
      You expect BTC to reach $20 trillion market cap, nearly the size of the US GDP?
brtkdotse 5y ago
Same reason he never invested in Beanie Babies.
- twiddling 5y ago
  I am long in Pet Rocks
  - toomuchtodo 5y ago
    Have you heard of gourd futures?
    - Infinitesimus 5y ago
      The intersection of HN and WSB is both amusing and horrifying. I like it.
      - deleted 5y ago
        [deleted]
yks 5y ago
Because contrary to popular belief, Bitcoin is not any more a "hedge against inflation" than any speculative stock?
2OEH8eoCRo0 5y ago
>"Cryptocurrencies basically have no value and they don't produce anything. 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. In terms of value: zero." - Warren Buffett
- Salgat 5y ago
  I hold 6 figures in cryptocurrencies but it's really hard to argue with Buffet on this. After over a decade they're still almost entirely used for speculation. The only major real world use outside trading is on the black market. Unfortunately there's no signs of that changing anytime soon. How many more decades do we have to wait for cryptocurrencies to revolutionize how we transact?
  - sennight 5y ago
    Having been in it from the beginning, I can tell you that it isn't crypto that is failing to "revolutionize how we transact" - it is the existing system both moving at a slow pace and actively fighting the loss of control. The slow roll is understandable in one regard, but the delaying tactics are pretty transparent at this point. What is more frustrating are the instances of regulators killing exciting developments. I'd written Forex related software years before bitcoin, and I was very familiar with the way trading data is sold in tiers for stupid prices, so when I saw bitcoin exchanges dumping live - full order books through websockets... I was totally blown away. Then we started seeing really clever implementations of decentralized lending for margin accounts with market set interest rates... it was an amazing couple of years. Obviously such freedom is not to be tolerated, and what remains is a marginal improvement to the preexisting system.
    - cwillu 5y ago
      How is that not "failing to revolutionize how we transact"? A promise of cryptocurrency was precisely that regulators and entrenched interests wouldn't be able to fight it effectively. Finding out that they in fact can do so, and that the result is only incremental/marginal improvements to the system, is a falsification of that premise.

Yet he doesn’t invest in Bitcoin. Why?

permalac 5y ago

Same reason took him years to invest in tech, he only invest where his understanding makes him confortable.

taberiand 5y ago
Seems to me he understands Bitcoin, and thinks it is hot garbage
- cbozeman 5y ago
  I've been mining Bitcoin since the early 2010s. It is hot garbage... but it's hot garbage people will pay for, and I see no reason to sell now. I legitimately think BTC will hit $1m per coin, although I couldn't say when, and I definitely cannot say why. I myself don't understand the attraction to it. I understand the arguments on a logical level, and even an emotional level, but they're not good arguments, imo.
  - randomopining 5y ago
    Have you hodl’ed the whole time? Tbh it makes sense on an individual level but on a societal level it’ll lead to inefficiencies.
    - brtkdotse 5y ago
      On a societal level it would lead to a burning planet. (Yea, yes, I know NOT A CRYPTO Spews out a months worth of car riding per transaction)
  - valuearb 5y ago
    You expect BTC to reach $20 trillion market cap, nearly the size of the US GDP?

brtkdotse 5y ago

Same reason he never invested in Beanie Babies.

twiddling 5y ago
I am long in Pet Rocks
- toomuchtodo 5y ago
  Have you heard of gourd futures?
  - Infinitesimus 5y ago
    The intersection of HN and WSB is both amusing and horrifying. I like it.
    - deleted 5y ago
      [deleted]

yks 5y ago

Because contrary to popular belief, Bitcoin is not any more a "hedge against inflation" than any speculative stock?

2OEH8eoCRo0 5y ago

>"Cryptocurrencies basically have no value and they don't produce anything. 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. In terms of value: zero." - Warren Buffett

Salgat 5y ago
I hold 6 figures in cryptocurrencies but it's really hard to argue with Buffet on this. After over a decade they're still almost entirely used for speculation. The only major real world use outside trading is on the black market. Unfortunately there's no signs of that changing anytime soon. How many more decades do we have to wait for cryptocurrencies to revolutionize how we transact?
- sennight 5y ago
  Having been in it from the beginning, I can tell you that it isn't crypto that is failing to "revolutionize how we transact" - it is the existing system both moving at a slow pace and actively fighting the loss of control. The slow roll is understandable in one regard, but the delaying tactics are pretty transparent at this point. What is more frustrating are the instances of regulators killing exciting developments. I'd written Forex related software years before bitcoin, and I was very familiar with the way trading data is sold in tiers for stupid prices, so when I saw bitcoin exchanges dumping live - full order books through websockets... I was totally blown away. Then we started seeing really clever implementations of decentralized lending for margin accounts with market set interest rates... it was an amazing couple of years. Obviously such freedom is not to be tolerated, and what remains is a marginal improvement to the preexisting system.
  - cwillu 5y ago
    How is that not "failing to revolutionize how we transact"? A promise of cryptocurrency was precisely that regulators and entrenched interests wouldn't be able to fight it effectively. Finding out that they in fact can do so, and that the result is only incremental/marginal improvements to the system, is a falsification of that premise.