https://bitcointalk.org/index.php?topic=515414.msg5710458#msg5710458Buffet was relevant when we required factories, retail distribution, and a tangible world.
But the world has changed. We are moving towards a virtual economy and Buffet's capitalism is just a middle man that needs to be routed around in order to the make the economy more efficient.
This is his swan song, supporting Obama and Gneithner in order to prop up the global debt for another decade past 2007, in order to double the global debt from $100 trillion to the now $223 trillion (plus China's shadow economy debt, plus $1000 trillion in "weapons of mass destruction", plus $1000 trillion of unfunded actuarial liabilities/promises to the public in the form of social welfare and retirement).
He helped make everything worse and he is going to pay dearly for it.
Stop looking up this man. That form of capitalism is dying. The new form of capitalism is high tech. It is mostly what it is your brain. The $ is becoming a smaller and smaller portion of what is needed to develop a high tech project.
This is his swan song, predicting there won't be another major financial crash soon, when in fact the NYSE will double by 2015, then we will have global collapse 2016ish.
This is his swan song, not understanding the new money of the world and how that new money will propel the high tech knowledge age.
The industrial age is dying. China has massive overcapacity.
The future is about making unique things that people really need (such as this new technology that can predict if you will get Alzheimers by studying you eye twitching), not all this Wallstuff crap imported from Chinky land.
Stop admiring $billionaires. They are by definition dumber than when they were poorer. Do you not understand mathematically why that must be so?
It is a mathematical fact that smaller capital can grow faster because it able to chase smaller investments. Early Bitcoin investors made 1000X return on investment. That low hanging fruit is gone now. You will be lucky to make 10 to 100X from here. There will be competition for Bitcoin, because Bitcoin is flawed and will be easily regulated by the government.
Some altcoin has to fulfill that unregulated market demand, because the knowledge age will demand to be unregulated. That will be a smaller market for a decade, but then in the end it will be the larger market and surpass Bitcoin in the long run.
https://bitcointalk.org/index.php?topic=515414.msg5710868#msg5710868While i obviously don't agree with warren buffet's comments calling him an idiot for them is ignorant and just makes you look like an idiot. He's made BILLIONS from investing - he knows what he's talking about. The reason he made such comments about BTC, I believe, Is because he doesn't fully understand the technology.
Idolatry much.
I stand by my comments upthread.
He is dumber now. He was super smart when his capital was small and the industrial+tangible+socialism age was still young. Now it is peaking and dying with him too.
I don't hate him, but I sure don't idolize him. I don't want to follow him into his coming massive failure.
Perhaps his underlings and managers of his businesses are savvy enough to adjust to the knowledge age. We will see.
As I wrote upthread, he is correct that Bitcoin is not yet treated as a unit-of-account.
And I do think he might end up being correct about Bitcoin and wrong about an altcoin.
Because I think the government is going to tax BTC as a commodity, which will insure it can't be a unit-of-account because legal tender is not taxed on VAT and capital gains. And then merge Bitcoin into some digital fiat plan (the mining is already centralized in few pools so easily to force those owners to sell to Goldman Sachs, JP Morgan, etc). I believe this is why those banks have been patenting designs for the coming plan.
So that is why I don't think you will get 1000X gains that you BTC holders are extrapolating.
As I said in my first post upthread, he is somewhat correct, but only because Bitcoin is not designed to resist government regulation.
I think the government is going to tax BTC as a commodity, which will insure it can't be a unit-of-account because legal tender is not taxed on VAT and capital gains. And then merge Bitcoin into some digital fiat plan...
I think you are out of your mind if you believe any such government-bankster hijacking of Bitcoin will be even remotely successful or tolerated by the cryptocurrency community.
World governments will have no more success taxing Bitcoin than the US government has had stopping the spread of piracy or winning the insane war on drugs.
And proper decentralized exchanges are coming sooner than you think.
Decentralized exchange won't help you. Because your IP address is still visible to the government, and Tor+VPN can't help you.
And the block chain is fully traceable and the available mixers won't really help you.
And CoinJoin is DOS-attackable in decentralized mode.
Sorry I speak the facts.
Eventually it will hit you like a brick. Then you will realize what the real future of Bitcoin is and that is going to be depressing realization for you.
I am not happy about, which is why I have been investigating potential solutions.