Quote from: smoothie on January 03, 2015, 12:14:38 AM

Why would one think that Warren Buffet would actually save them heart ache in investments?

If Warren sees a opportunity to make money, do you really think he will tell you to buy in to something? Moreso it seems to me that he would tell you not to buy it so he could at some point.

Since when is his agenda for the greater good of the rest of the population?....exactly....never.

sounds like you didn't read the article

Quote from: twiifm on January 02, 2015, 08:51:28 PM

Quote from: Armis on January 02, 2015, 05:42:40 AM

Quote from: twiifm on December 31, 2014, 07:45:38 AM

Quote from: Armis on December 31, 2014, 07:26:37 AM

Quote from: twiifm on December 31, 2014, 06:20:02 AM

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

I may not know the price of tea in China but I do know that's not the subject of discussion here.

As for intrinsic value, Buffet said:

Quote

Stay away from it. Its a mirage, basically. Its a method of transmitting money. Its a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope Bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways and it will be. The idea that it has some huge intrinsic value is just a joke in my view.

There's no intrinsic value in fiat, yet you don't see him bashing USD. If he doesn't buy currency then he should say that, but as for comparing btc to checks and the lot, that goes back to my previous comparative analysis to show you that the value is in the ability to move money quickly, easily, and safely. BTC's system allows for money to move quickly and easily, individual transactions are safe however the system (or culture) is not safe -- yet.

It doesn't matter how you define 'intrinsic value' btc is a currency that includes a method of moving money quickly, easily, and at extremely low costs. There is no fiat that does that. All fiats need other systems to provide for the movement of their currency. Fiat's electronic money is moved in various ways, via wire or ACH, there's no intrinsic value in the electronic wire, however the business of electronic wire transfers is worth trillions; likewise the intrinsic value of connecting fiat to plastic credit/debit cards is also a big money maker, if the value is not in the electronic nature of the currency why would anyone spend more for one electronic service over another -- speed and ease of use that's why. As such even if you discount BTC's currency as worthless, it's ability to move money quickly and easily makes it worth billions by any reasonable standard.