The arrogence of broke kids thinking they know more about investing than a multi billionaire. LOL
Buffetts point is that there's no intrinsic value in the aartificial scarcity because the code can be created ad infinitum. Anyone can create a currency. The hard part is to get others to accept it as money
that applies to every currency
for the most part fiat currency comes in two forms paper or metal, yet far more money is moved electronically than via paper or metal currency so clearly electronic currency is the big winner here.
Many around the world pay big money to order international wires for the ability to move large sums of money from point 'a' to point 'b', where is the "scarcity" or "intrinsic value" in a wire transfer?
Cryptocurrency solves a real problem in the world of electronic money and electronic money transfers, once the system is safe it will produce many trillionaires and quadrillionaires -- well beyond Buffet bucks.
You miss his point entirely. So what if you can use bitcoin to transmit money digitally? That in itself doesn't make it valuable.
Clearly you are missing the same point Buffet was also missing, value is found everywhere.
What is the "intrinsic value" of a paper dollar, what is the "intrinsic value" of a check, what is the intrinsic value of a credit card? The value of a currency is derived by the faith in that currency to do as you expect it to do. That's it, there is otherwise no intrinsic value in it.
Given that there are tons of counterfeit money, tons of stolen credit cards, tons of wire fraud, and trillions in various kinds of fiat money scams each year the simple fact is electronic money transfers are better than cash transactions, and crypto currency transfers faster and less expensive than fiat based electronic transfers.
SWIFT's whole business model is based on electronic transfer of fiat based funds, there no reason that whole system could not be based on a crypto funds based system.
Swift, mastercard and visa make money based on the ease of moving money not of the "intrinsic value" of an electronic transaction.
Like I said, once the TRUST AND SAFETY is properly set in the system, it will be the norm and quads will form.
Obviously you don't know squat about fundamental analysis. Buffetts point is that you cant derive bitcoins price from anything other than speculation.
I don't understand what you trying to say with regards to intrinsic value. Doesn't apply to ehat hes saying