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Dec 30th, 2023
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 Re: Cryptocurrency value
[Re: WAWI]
#12583583
01/18/18 01:25 AM
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Joined: Jan 2005
Posts: 14,657
jcarring99
TFF Guru
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TFF Guru
Joined: Jan 2005
Posts: 14,657 |
1st off, Buffet admittedly has no idea what he is talking about on the topic. This is 100% out of his wheelhouse. The man buys Coke because he likes drinking Coke.
2nd, every firm on Wall Street is giving this technology its due credance. If you think they aren't, you know little of what's going on within the investment business (not that there's anything wrong with that).  yep, Buffet surely doesn't know anything. You lied
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Re: Cryptocurrency value
[Re: jcarring99]
#12583588
01/18/18 01:27 AM
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Joined: May 2007
Posts: 45,000
WAWI
TFF Guru
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TFF Guru
Joined: May 2007
Posts: 45,000 |
1st off, Buffet admittedly has no idea what he is talking about on the topic. This is 100% out of his wheelhouse. The man buys Coke because he likes drinking Coke.
2nd, every firm on Wall Street is giving this technology its due credance. If you think they aren't, you know little of what's going on within the investment business (not that there's anything wrong with that). yep, Buffet surely doesn't know anything. You lied I'm not discussing bitcoin, I am pointing out silly statement
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Re: Cryptocurrency value
[Re: Floon Swenson]
#12583594
01/18/18 01:30 AM
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Joined: Jan 2007
Posts: 10,559
Jarrett Latta
TFF Guru
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TFF Guru
Joined: Jan 2007
Posts: 10,559 |
I saw something last week that there is a bitcoin computer/machine/server (I forgot the correct terminology) in Washington DC I think it was, and it cost 100k a month in electricity to power it. Is that true? I don't know specifically, but it could completely be true. Part of the Chinese government's disdain for bitcoin is the massive amounts of energy it takes to mine it. Just to mine 1 Bitcoin, depending on what you pay for power, costs between $4K-$5K in electricity alone here in the US. That's really not that much. I know companies that spend in excess of 10 million a month in electricity just to make concrete...
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Re: Cryptocurrency value
[Re: WAWI]
#12583609
01/18/18 01:37 AM
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Joined: Sep 2016
Posts: 10,304
Floon Swenson
OP
TFF Guru
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OP
TFF Guru
Joined: Sep 2016
Posts: 10,304 |
1st off, Buffet admittedly has no idea what he is talking about on the topic. This is 100% out of his wheelhouse. The man buys Coke because he likes drinking Coke.
2nd, every firm on Wall Street is giving this technology its due credance. If you think they aren't, you know little of what's going on within the investment business (not that there's anything wrong with that). yep, Buffet surely doesn't know anything. You lied I'm not discussing bitcoin, I am pointing out silly statement It's hardly a "silly" statement. Cryptocurrency is not what Warren Buffet "does" - and he has never bothered to educate himself on it (and I think he is probably okay with that). I never said he doesn't know anything...I said he doesn't know about this. And he doesn't. He doesn't understand it and can't explain it. He's still hung up on intrinsic value and can't see past that.
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Re: Cryptocurrency value
[Re: Floon Swenson]
#12583619
01/18/18 01:43 AM
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Joined: Sep 2016
Posts: 10,304
Floon Swenson
OP
TFF Guru
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OP
TFF Guru
Joined: Sep 2016
Posts: 10,304 |
By the way, Warren was the same guy that said tech companies like Google and Netflix and Facebook had zero value and that he just couldn't see how they were worth anything...that they were literally worthless.
The man has *never* understood technology, and has missed every tech call throughout his life. He's old school and likes his stuff very, very tangible.
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Re: Cryptocurrency value
[Re: Floon Swenson]
#12583623
01/18/18 01:46 AM
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Joined: Aug 2002
Posts: 2,732
pacertom
Extreme Angler
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Extreme Angler
Joined: Aug 2002
Posts: 2,732 |
I'm not discussing bitcoin, I am pointing out silly statement It's hardly a "silly" statement. Cryptocurrency is not what Warren Buffet "does" - and he has never bothered to educate himself on it (and I think he is probably okay with that). I never said he doesn't know anything...I said he doesn't know about this. And he doesn't. He doesn't understand it and can't explain it. He's still hung up on intrinsic value and can't see past that. "I get into enough trouble with things I think I know something about," he added. "Why in the world should I take a long or short position in something I don't know anything about." THESE are Warren Buffets exact words so yeh, he doesn't know about this segment.
A MAN WILL NEVER GO TO HIS GRAVE WISHING HE'D FISHED LESS!!
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Re: Cryptocurrency value
[Re: Floon Swenson]
#12583644
01/18/18 02:02 AM
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Joined: Jul 2012
Posts: 22,230
Davedave
Bigfoot Seeker
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Bigfoot Seeker
Joined: Jul 2012
Posts: 22,230 |
Floon, I appreciate your thoughts. I still don�t see the value, but my point wasn�t to talk about my opinion. You seem to know a little about investments and trading. I was honestly curious what you thought of this stuff.
We shall see what comes of all this stuff.
Carry on Floonster.
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Re: Cryptocurrency value
[Re: Floon Swenson]
#12583825
01/18/18 03:45 AM
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Joined: Apr 2010
Posts: 27,625
patriot07
TFF Guru
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TFF Guru
Joined: Apr 2010
Posts: 27,625 |
All the rest will have about as much luck legitimizing their Altcoin as I would if I started printing my own currency. It just won't get adopted. This is my only issue with it - I still don't see the difference between bitcoin and if I started printing my own money. I wouldn't accept either as payment for anything, so it only has utility because of something that people could change their mind about at any given instant.
Life can only be understood backwards; but it must be lived forwards.
- Soren Kierkegaard
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Re: Cryptocurrency value
[Re: Floon Swenson]
#12583848
01/18/18 04:07 AM
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Joined: Jul 2005
Posts: 11,161
MARKIT
TFF Guru
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TFF Guru
Joined: Jul 2005
Posts: 11,161 |
Who controls that 21 mil is all the bitcoin in the world,
Our dollar at one time was based on a gold standard, but we changed our mind and print them the millions
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Re: Cryptocurrency value
[Re: Derek 🐝]
#12583868
01/18/18 04:32 AM
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Joined: Feb 2010
Posts: 2,929
angler management
Extreme Angler
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Extreme Angler
Joined: Feb 2010
Posts: 2,929 |
I saw something last week that there is a bitcoin computer/machine/server (I forgot the correct terminology) in Washington DC I think it was, and it cost 100k a month in electricity to power it. Is that true? People all over the world are mining bitcoin as we speak. The block chain records what people are mining, and the computations get harder and thus it takes longer to mine a coin. The electricity spent to mine one bitcoin is roughly 1/3 of what a bitcoin is worth, so the miner that gets the newest equation correct first, gets rewarded with the bitcoin. It's like a race, whoever gets there 1st with the latest answer to the latest problem wins. All that aside, the reason a bitcoin has value is because people who are willing to pay for it believe it has value. The exact same reason the US dollar has value.
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Re: Cryptocurrency value
[Re: WAWI]
#12583885
01/18/18 04:45 AM
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Joined: Feb 2010
Posts: 2,929
angler management
Extreme Angler
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Extreme Angler
Joined: Feb 2010
Posts: 2,929 |
I saw something last week that there is a bitcoin computer/machine/server (I forgot the correct terminology) in Washington DC I think it was, and it cost 100k a month in electricity to power it. Is that true? I don't know specifically, but it could completely be true. Part of the Chinese government's disdain for bitcoin is the massive amounts of energy it takes to mine it. Just to mine 1 Bitcoin, depending on what you pay for power, costs between $4K-$5K in electricity alone here in the US. Describe for the class the act of mining this bitcoin? At it's heart is a nonsensical process of attesting, verification, etc of transactions that once a certain number of people have given credence to a new coin is sprinkled down like fairy dust. Much as any currency the value is in the acceptance of it and it's liquidity. If enough people think it's worth something in theory it's worth something. The major issue outside the mining process as I see it is the endless other offering of widget currencies that can be created. As a currency becomes valuable and out of reach groups who were unsuccessful will start their own. I won't say another word on this topic going forward. B OF A isn't allowing client at lynch to trade in it through them, Buffett thinks it's nonsense but what do they know. I don't have to be right today. I will just sit back and wait. Thank God you're not going to comment on this topic again. You make a mean burger but you're lack of knowledge in the crypto sphere has become tiresome. It's really simple but most people still don't understand that fiat paper money is a thing of the past.
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Re: Cryptocurrency value
[Re: Floon Swenson]
#12583931
01/18/18 05:50 AM
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Joined: Feb 2008
Posts: 3,178
Leonardo1
TFF Team Angler
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TFF Team Angler
Joined: Feb 2008
Posts: 3,178 |
I appreciate the well put together thoughts on this topic. Thanks for your time.
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Re: Cryptocurrency value
[Re: angler management]
#12583959
01/18/18 10:59 AM
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Joined: Oct 2005
Posts: 86,128
John175☮
MACHO MAN
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MACHO MAN
Joined: Oct 2005
Posts: 86,128 |
You make a mean burger but you're lack of knowledge in the crypto sphere has become tiresome. It's really simple but most people still don't understand that fiat paper money is a thing of the past.
Wow. Strong prediction. I guess fiat crypto currency is the thing to believe in.
Trump won three times
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Re: Cryptocurrency value
[Re: angler management]
#12583987
01/18/18 12:16 PM
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Joined: Apr 2010
Posts: 27,625
patriot07
TFF Guru
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TFF Guru
Joined: Apr 2010
Posts: 27,625 |
The exact same reason the US dollar has value. To be clear, the US dollar was backed by precious metals for a long time - its value was not created out of thin air or due to instant acceptance. It was accepted because it had a backing. It lost its backing when we decided we wanted to print a bunch, but it already had worldwide acceptance by that time. Bitcoin is very, very different from this perspective.
Life can only be understood backwards; but it must be lived forwards.
- Soren Kierkegaard
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