“You can’t value bitcoin because it’s not a value-producing asset.”
“[Bitcoin] itself is creating nothing. When you’re buying nonproductive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along.”
> Buffett did however allude to the underlying technology of bitcoin as a payments network, comparing it to checks and money orders as a “very effective” and “anonymous” way to transmit money, adding: “It’s a very fast money order”.
> However, he also seemed to infer that were bitcoin to be used primarily for this purpose, its value would then be questionable, just as checks and money orders do not possess any value.
“I hope bitcoin becomes a better way of doing it, [but] the idea that it has intrinsic value is a joke.”
>"You can’t value bitcoin because it’s not a value-producing asset.”
maybe if you're a bootlicking cu.ck that cant imagine ever doing something the government doesnt want you to do
Robert Ramirez
What gives bitcoin value is the miners.
Caleb Bell
Diabetes peddling stinky boomer
Jack Ross
>Listening to a dinosaur that missed out on dot com If you bought BTC at .25 cents you would've done better in the last 6 years than he did in 50 by a rate of 50.
buffet is too smart for the average Jow Forums autist, just dont mention him
Thomas Lewis
you may want to read "the snowball" because it's got a chapter about how everyone made fun of him for thinking the dot com bubble was a bubble, then when it burst all the silicon valley people were poor and he was like
they're not producing anything, they're just producing bitcoins
thanks for the heads up, should probably delete this thread
there is some truth to that, but I give money to amazon for stuff, if anything silk road would be a good investment but it sadly got vanned. Silk road is the reason bitcoin took off, but without it and with the volatility scaring away even steam it has no intrinsic or extrinsic value.
Jace Young
>there is some truth to that, but I give money to amazon for stuff, if anything silk road would be a good investment but it sadly got vanned. Silk road is the reason bitcoin took off, but without it and with the volatility scaring away even steam it has no intrinsic or extrinsic value.
if you unironically believe this, I feel bad for you. You're gonna regret it. We have 20-40 years left before the information age is over, and this will lead to massive adoption of BTC whether the haters like it or not.
Yes but the fact that mining requires so many resources gives it value as it makes it more scarce.
Kayden Rivera
and how is he wrong? btc is 100% speculative with 0 tangible asset value. Even some stock you buy from a shit useless company at least has some chairs and desks that worth something
Ryan Sanders
I actually doubled my money with bitcoin so not sure what you're mad about. I got out in time sorry you didnt fren.
That's called Forced ARTificial Scarcity aka FARTS. Pouring 100 million gigawatts down the drain for monopoly money doesn't make it not monopoly money, it just makes you have a big energy bill.
I think he's right just wanted to see what other people think
BTW: You may want to add a few columns in your comparison chart btw where FIAT beats crypto. FDIC insured, bank account can be reset if you forget your password (lost key on crypto and youre fucked), can be converted to cash and spent on illegal shit (blockchain means IRS can audit the blockchain and see everything you've ever done, unless you have bitcoin to cash ATMs this will always be the case), backed by the GDP of a country / federal reserve...
They are producing consensus on a decentralized network that happens to be the most secure settlement layer in the world. Wouldn't call that nothing. You have to pay a lot of banks, accountants, server costs, etc to reproduce that.
Xavier Baker
btc is worthless and will be replaced by other legit blockchain projects. You are basically investing in MySpace
David Lee
None of the reasons you listed are good for money. The FED just prints money forever and eventually we're gonna see a collapse of the $ because of the debasement of the currency. Same thing happened with the Roman Empire. The byzantine empire lasted for so long because they used the gold standard for much longer, and shortly after they completely debased their currency, they just completely collapsed. Same thing is gonna happen to the American Empire.
This is very true. One thing I would add is that 90% of the time the pioneers of a technology don't end up profiting from it. See Edison founding GE when he stole all his ideas from Tesla. Apple/Microsoft battling over the GUI when they both stole it from Xerox. My prediction is blockchain will revolutionize the world, but it will be IBM / SAP / Cisco or some other bland beige giant that takes the technology, says "thanks", and sells it to their horde of enterprise customers already within their system. That's usually how technology products go.
Maybe to make it sound less dickheaded: blockchain technology is incredibly valuable, but a bitcoin in and of itself has no value.
absurd comparison, the table should decide whether 'dollar' is paper cash or dollar in a bank.
Joshua Edwards
>You can’t value bitcoin because it’s not a value-producing asset So just like every other financial vehicle ever? Is bundling toxic mortgages together creating a value-producing asset?
its not as bad as the debt people created that went into a tcp/ip packet. The mortgages put roofs over peoples head bitcoin put lambos in peoples dreams
Jack Moore
Who on earth has paper dollars.
Toxic mortgages are a bundling of shitty mortgages, which is bad, but every mortgage is a guaranteed return over 30 years backed by a human being wagecucking at amazon to pay off their mortgage or lose their house and have their credit wrecked for life. It's a combination of guaranteed income and a forcing factor to keep that income. For example chinese miners bail at 3.5k, there is nothing forcing them to keep mining as soon as it's unprofitable. A mortgage you have to pay no matter what, they dont care if your dog died or you die, you pay that shit. I know since I have one and IDGAF if they repo my BMW if I run out of money, I'm paying my mortage.
Then create a better one. It just shows you're not paying attention to details, you're better than this.
>Dreams are the seeds of reality though ;) investing in actual seeds would have created a better reality
Nathaniel Robinson
They put roofs over people's heads until everyone defaulted and got foreclosed on. Bankers defrauded each other and fucked over the rest of America, just for the government to print more bills to bail them out and dilute everyone else's savings. Bitcoin didn't defraud anyone. It simply exists and will continue to exist as long as someone is mining blocks. Read the fucking whitepaper.
Robert Cooper
You are missing the point. Everything is a scam. Stocks are also overvalued scams. Any tradeable asset can be bought with the intention of flipping it for a higher price. This includes physical product in supply chains.
