Quote from: Adrian-x on May 08, 2013, 07:05:40 PM

Quote from: crazy_rabbit on May 08, 2013, 01:38:21 PM

Interesting quote,"I think Bitcoin is Rat Poison".

Charlie Munger, from Berkshire Hathaway, strikes me as sharp in the interview, ( I wish I could see the whole thing) I tend to agree with everything he says. Given the speed at which he answers he has obviously given Bitcoin some thought.

Someone in his position, overseeing an empire of companies and investments has to look after them, so his response is appropriate. Given my understanding of the Austrian business cycle theory it seems obvious that the economic growth we have to date is a result of managing an economy through Monetarism and perverted Kenyan ideals.

So naturally Bitcoin is "poison" to the companies whose growth and viability depend on Monetarist policies and the resulting liquidity made possible through the banks.
Warren Buffet's response "Put him down as undecided." Is huge, implying they haven't finished exploring the ramifications.

And Charlie Munger, admitting he doesn't understand it fully has in my opinion, the perfect amount of scepticism when he replies "No, but I regard it as deeply flaky."

All things said, I would like Charlie Munger's opinion on money and the effect of having a monastery system that is not controlled from the top down, (and more robust then the gold standard) than his opinion on the ins and outs of the Bitcoin protocol.

Monasteries work best when not controlled from the top down. Unless you count God as the top. Then top-down control is pretty unavoidable.