Crypto

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The hundred-yr old billionaire fatcat dinosaurs who taught Dole all he'll ever know about Bitcoin. :laugh:

"Warren Munger and Charlie Hathaway hate Bitscoins and so should you!" - @Dole ver 2.0
 
dbldwn711 said:
I found this to be interesting.



By “this” I mean Buffets comments in the video and the comments section. They are polar opposites of one another.
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Dole ver 2.0 said:
Buffett is right. Bitcoin depends 100% on the next idiot willing to buy it. It doesn't earn shit, it doesn't produce shit, and it has no intrinsic value. Zero, zip, zilch, nada.

Greatest. Ponzi. Scheme. Ever.

@HammerDown, post this to your horde of crypto junkies.
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HammerDown said:
LOL @ you putting a 💯 on dbldwn's video without (again) even watching it to realize that it eviscerates your ignorance.

Face Palm No GIF


Warren Buffet and Charlie Munger are almost 200 years old between them and have made billions on the back of dying legacy systems. Perfectly engineered money comes along that will inevitably end everything they stand for and they're opposed to it. Shocking.

Sign Dole up for the Charlie Munger (slumlord and slinger of diabetes) and Warren Buffet fan club because, just like him, they're scared of what they don't understand. :facepalm:
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I was at that meeting and the feedback from those in the audience around me was interesting. It was easy to tell that many are holding at least some crypto.
Anybody that knows the 'Oracle of Omaha' knows he's begrudgingly brought into the new. He literally would not buy tech stocks for years. He's never invested in Microsoft, but that was more of not wanting to create a conflict of interest regarding Gates. He's on record admitting it was a huge mistake not investing in Google.
To understand Buffett's mindset you have to know his earlier years in that he made his money on the largest retail mark-up items.
Jewelry - Borsheim's
Furniture - Nebraska Furniture Mart
Pre-fab Modular Homes. - i.e Trailers
It's only then he started getting into insurance, transportation of goods, etc.
I made a mint buying airline stocks when he was dumping them 'ALL' in March/April 2020. By December 2020 I'd made 3 and 4X my investment. Thank you, Warren!! That record is on eurohoop.
Digital currency absolutely goes against anything and everything he and Munger cut their teeth on. Not to mention he doesn't want any of his BRK investors straying with even 1% of their $$$.

markets.businessinsider.com

'We blew it': Warren Buffett admitted he messed up by not investing in Google

"Just imagine having something that every time you just hit a click the cash register rung somewhere around California."
markets.businessinsider.com markets.businessinsider.com
 
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Buffett lives very modestly in an old Omaha neighborhood called 'Dundee'.
I have a buddy that owns an appliance repair company and was called out to replace the seal on Buffett's refrigerator door back in the late 90's/early 2000's.
Said refrigerator was in Buffet's kitchen and was manufactured in the 1960's. It literally costed as much to replace the seal than it would have to buy a brand new one that would have been far more energy efficient.
When my buddy advised Buffett of the cost comparison he was told he didn't trust the new digital technology that would come with the newer appliance.
 
Not saying Buffett or Munger are right or wrong.
Just saying in their mindset we'd still have mechanical cash registers in our grocery stores.
There would be no 'scanning' of coupons to speed up the process, right @Dole ver 2.0 ?

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Last time I took a measly $6,000 cash out of my bank (a major bank), the manager literally gave me background check.
When I handed the teller my withdrawal slip she called him out of his office. He went back and forth from behind the counter, to the vault, and back to his office at least two times each.
It took every bit of 25 minutes, my photo ID, a thumbprint, and a security question before I was handed my cash.
 
Red_Alert said:
Last time I took a measly $6,000 cash out of my bank (a major bank), the manager literally gave me background check.
When I handed the teller my withdrawal slip she called him out of his office. He went back and forth from behind the counter, to the vault, and back to his office at least two times each.
It took every bit of 25 minutes, my photo ID, a thumbprint, and a security question before I was handed my cash.
Click to expand...

Lucky for you there were safeguards in place to prevent some ID thief from ripping your money off.

For crypto, there are no such safeguards. Hacks occur regularly and spectacularly and tens of millions are routinely stolen.
 
Red_Alert said:
Last time I took a measly $6,000 cash out of my bank (a major bank), the manager literally gave me background check.
When I handed the teller my withdrawal slip she called him out of his office. He went back and forth from behind the counter, to the vault, and back to his office at least two times each.
It took every bit of 25 minutes, my photo ID, a thumbprint, and a security question before I was handed my cash.
Click to expand...

The same thing happened to me until I got friendly with the bank personnel. Each time I would take relatively large sums of money out of the bank they would sheepishly say “I’m sorry but i have to ask what the money is for. I have to notate it on this form.” Each time my answer is the same: gambling. “Im going to gamble the money”. It’s at the point now where they ask and laugh because they know what I’m gonna say
 
Dole ver 2.0 said:
Lucky for you there were safeguards in place to prevent some ID thief from ripping your money off.

For crypto, there are no such safeguards. Hacks occur regularly and spectacularly and tens of millions are routinely stolen.
Click to expand...

There is some truth to this. I was talking about this with my friend. He was saying “In the future, you will hold all your possessions on a digit wallet of sorts. You will hold the title to your house in a digital format and if you wanna sell it you just transfer title. No more need for mortgage companies and those fees”. I responded that I wasn’t so sure that was a good idea. First, if it’s digital it can be hacked and stolen. Second, mortgage companies serve a purpose. They ensure that title is transferred and RECORDED properly. If that function is left to the masses you’d have large scale fraud and numerous mistakes which creates chaos. Sometimes oversight is necessary. Of course oversight creates costs but those costs help us avoid chaos
 
Dole ver 2.0 said:
Lucky for you there were safeguards in place to prevent some ID thief from ripping your money off.

For crypto, there are no such safeguards. Hacks occur regularly and spectacularly and tens of millions are routinely stolen.
Click to expand...

Yeah. And I had $700 cash charged to my credit card in Miami, Fl when I hadn't been to Miami in 20 fucking years.
It was the result of me using my credit card at an Omaha Wendy's for a cheeseburger, fry, and a coke.
 
dbldwn711 said:
There is some truth to this. I was talking about this with my friend. He was saying “In the future, you will hold all your possessions on a digit wallet of sorts. You will hold the title to your house in a digital format and if you wanna sell it you just transfer title. No more need for mortgage companies and those fees”. I responded that I wasn’t so sure that was a good idea. First, if it’s digital it can be hacked and stolen. Second, mortgage companies serve a purpose. They ensure that title is transferred and RECORDED properly. If that function is left to the masses you’d have large scale fraud and numerous mistakes which creates chaos. Sometimes oversight is necessary. Of course oversight creates costs but those costs help us avoid chaos
Click to expand...

One of the latest hacks is the thieves transferring mortgage titles digitally. It's done with Identity Theft.
www.deeds.com

Can Hackers Take the Title to Your Home? - Deeds.com

It proves that you own your home and that you may borrow money against your home equity. Can internet hackers take it from you?
www.deeds.com
 
Red_Alert said:
Buffett lives very modestly in an old Omaha neighborhood called 'Dundee'.
I have a buddy that owns an appliance repair company and was called out to replace the seal on Buffett's refrigerator door back in the late 90's/early 2000's.
Said refrigerator was in Buffet's kitchen and was manufactured in the 1960's. It literally costed as much to replace the seal than it would have to buy a brand new one that would have been far more energy efficient.
When my buddy advised Buffett of the cost comparison he was told he didn't trust the new digital technology that would come with the newer appliance.
Click to expand...
Well... in THIS instance, I kinda agree with him. I prefer DUMB appliances! :heh:
 
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