I respect Warrens opinion he doesn't invest in the tech sphere because he doesn't put money in things he does not understand
Since he doesn't understand bitcoin he will miss it like the rise of the internet age
But for him it does not matter his fortune is from doing what he knows best so I would say to let him be
Normally I'd agree with him because he's one of the best investors/economists on the planet but...in this case he just sounds like a rambling senior citizen that doesn't understand the internet and its related technologies.
Indeed the old tangible capital world is going away folks... and Buffet will die just-in-time to fade away with it...
I also knew in 1999 that the dot.com crash was coming because I was trying to buy PPC advertising for my CoolPage.com (had million users at that time, roughly 1% of the internet) and what I saw was the ROI on advertising was negative for any profitable business, thus there was massive overinvestment driving the ad prices too high.
So when Homepage.com offered me $1 million in stock options to take over CoolPage.com, I declined. I took a couple hundred thousand instead in a non-exclusive license, and reaped another 7 years of sales ongoing.
But Buffet missed investing in numerous internet companies that have made others into $billionaires.
The model of business he invests in is dying. We are leaving the tangible capital age and entering the knowledge age, wherein you don't need large stored capital to launch a business. For example the 3D printer (which can print itself) will eventually obliterate factories, retail stores, and shipped goods. There are already 3D printers which can print multiple materials on the same object.
Also in the past knowledge was captured by industrial stored capital, because one needed physical production and distribution. Stored capital is a claim of future human labor or production. But now for example factories will be automated with robots, so the industrialists will depend on the knowledge workers.
The knowledge workers can say "fuck you" to $billions, we don't need it. All that stored capital is becoming useless and won't be able to find a home. It is what you know in your brain that becomes capital.
When the $223 trillion global debt bomb (with $1000 trillion in derivatives to hold it up, and another $1000 trillion in unfunded social liabilities promised to the boomers) implodes circa 2016ish as the marginal-utility-of-debt has become negative right about now and the BRICs are starting to collapse (with Europe and Japan to follow by next year and USA in 2016), the all those people who are useless in the Knowledge Age will be unemployable. And those $billionaires will lose their net worth relative to the capital in our brains which will grow orders-of-magnitude in value (what we can produce and buy with our efforts).
Oxford U predicts 47% of all existing jobs will be erased by automation within 19 years (20 years from last year when the research was published).
Which programming languages do you consider future proof, Anonymint? Obviously people will have their favourites and it depends on the job, I understand that. But I'd like to know your views.
I also listened to your recordings earlier on. Were you cut off at the end? It seemed like there was more to come. But the recording ended abruptly.
Apologies I deleted those recordings from my thread because I was so mentally and physically exhausted yesterday and somewhat incoherent. Also I gave away too many details on my plans. There were two recordings and the second one continued where the first one got chopped off. There was a lot more to explain but I think it is not yet the right timing for me. I am also suffering from exhaustion and need to focus my efforts more.
I can't predict which computer language will be most important, but I am nearly certain it won't be C, C++, C#, nor Go. Because their typing systems are inadequate for the level of expression we need to do, and if you don't need strong typing then use Python instead.
It will either be (or probably both) a dynamically typed language (i.e.
actually statically uni-typed) such as Python or a statically typed language that is not verbose due to its very powerful Higher Kinded typing system such as Scala (hopefully a version 3 that has a first-class union type, which is the main lacking feature of Scala which Ceylon has!) something Ceylon doesn't have. I was working on the latter for my Copute which is intended to be a better Scala and I will come back to that if I can finish my work in the Bitcoin space.
Are you a talented programmer? You can PM me.
I got into a discussion about languages at the following thread:
https://bitcointalk.org/index.php?topic=279771.msg3003835#msg3003835Some where in that thread, I explained why I think Go sucks.
1. Picture a complete freeze in lending, and a lack of access to cash. No one can buy cars or houses. People with no cash on hand couldn't buy anything. Stores can't stock shelves or pay employees. Forget just the banks, every company from GE to local mom and pop shops would be under within a month. Tens of millions would suddenly find themselves out of work. You'd have mass riots in every major city in the nation. If we were lucky, we would be living in a state of martial law.
This entire premise is based on the fact that new players will not enter the space that just appeared.
Riots? Martial Law? You have got to be kidding. This reeks of statist fear-mongering.
Not even the great depression brought on Martial Law.
Unfortunately the situation is very different now in some critical ways which could indeed lead to riots and martial law.
At that time the USA was still predominantly a rural and more self-sufficient society. My grandfather was walking around selling potatos during the Great Depression.
The Great Depression was
caused by the network effects from the First Industrial Revolution which created mass production factories in the Second Industrial Revolution. This bankrupted the cottage industry and socialism in Europe. Which caused 76% of the world's gold to flee to the USA.
World War 1, FDR's New Deal, and WW2 were able to keep the people busy and people could survive in the semi-rural ways too. The USA was a net creditor and had much strength in industrial undercapacity and huge resources to apply to the Second Industrial Age.
Whereas, the situation we have now is that all nations are bankrupt and have irrelevance to the Knowledge Age. Thus government has no clue how to solve this debt bomb.
The only thing the socialism knows how to do at this point is tax and spend.
There is no place for capital to run to. The economy is shifting to the Knowledge Age where capital is less important than specific knowledge and small world-changing focused opportunities.
So you are going to have a very confused and pissed off society as this accelerates 2016ish.
2. And as for your ridiculous solution, is this something you actually spent more than 2 seconds to think up? Honestly, how long do you think it would take for the government create this plan, to identify these people, and to mail them checks. A few months? A year?
As opposed to giving reward to the stupid and losers? Now that was ridiculous and down right evil.
And as for your time frame, there is this tech called a database that Dr Codd nailed for us in 1969.
As a real world example, the Australian government gave out $800 dollars to every tax payer directly into their bank account within 3 weeks. It's not hard.
It was a perfect Friedman helicopter drop. Minimal implementation cost and only a few dead people wasted it.
3. What money was spent? In the end, the banks paid the money back, so what money could have been "saved" for a better use?
The opportunity costs that the US lost by keeping the dead wood alive is immeasurable. You are currently experiencing a "long slow painful recovery" due to propping up zombie businesses.
Worse than that. Central banks have delayed
for decades the correction that should have come in the 1970s so that the boomers would have learned to be programmers as the personal computer was born. Instead the debt propped up all sorts of old world economy business that is no longer relevant. So now we will have an abrupt and very painful global adjustment that may even take us into a Dark Age.
I detailed this at the following post and downwards in the thread:
https://bitcointalk.org/index.php?topic=455141.msg5637503#msg5637503