Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)

[acegooner]

Buffet is like a stopped clock on Crypto. He has been predicting a bad end for crypto for three/four years. Yes eventually he may be right. If I constantly predict something for 3/4 years then eventually I may also be right.

Yeah the man that grew his companies share price by 20%+ pa since 1965. I would hazard a guess that he knows more about making money consistently than any crypto investor. And you know what  despite his capitalistic principles, he's given billions away to charity.

Here's a direct quote from Buffet on Crypto from yesterday:
"I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don't know anything about."
https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html

He admits himself that he knows F all about it. But still he is firm in his belief that it will end badly. Perhaps he should put a little research in?

He's a good lad for giving money to charity but I don't see how it is relevant to this discussion

I've seen all his quotes. Even from a position of not understanding crypto currencies I would take his comments onboard, over and above 99.99% of people who claim to be crypto experts. Let's see if we are still having this conversation in 5 or 10 years time.

Quite frankly I don't give a toss about 5 years time, I'm making my money now

Well done give yourself a medal. I think you are getting sidetracked about the wider conversation.

[typhoon13]

Buffet is like a stopped clock on Crypto. He has been predicting a bad end for crypto for three/four years. Yes eventually he may be right. If I constantly predict something for 3/4 years then eventually I may also be right.

Yeah the man that grew his companies share price by 20%+ pa since 1965. I would hazard a guess that he knows more about making money consistently than any crypto investor. And you know what  despite his capitalistic principles, he's given billions away to charity.

Here's a direct quote from Buffet on Crypto from yesterday:
"I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don't know anything about."
https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html

He admits himself that he knows F all about it. But still he is firm in his belief that it will end badly. Perhaps he should put a little research in?

He's a good lad for giving money to charity but I don't see how it is relevant to this discussion

I've seen all his quotes. Even from a position of not understanding crypto currencies I would take his comments onboard, over and above 99.99% of people who claim to be crypto experts. Let's see if we are still having this conversation in 5 or 10 years time.

Quite frankly I don't give a toss about 5 years time, I'm making my money now

Well done give yourself a medal. I think you are getting sidetracked about the wider conversation.

Just letting you know that not everything is doom and gloom

[acegooner]

Buffet is like a stopped clock on Crypto. He has been predicting a bad end for crypto for three/four years. Yes eventually he may be right. If I constantly predict something for 3/4 years then eventually I may also be right.

Yeah the man that grew his companies share price by 20%+ pa since 1965. I would hazard a guess that he knows more about making money consistently than any crypto investor. And you know what  despite his capitalistic principles, he's given billions away to charity.

Here's a direct quote from Buffet on Crypto from yesterday:
"I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don't know anything about."
https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html

He admits himself that he knows F all about it. But still he is firm in his belief that it will end badly. Perhaps he should put a little research in?

He's a good lad for giving money to charity but I don't see how it is relevant to this discussion

I've seen all his quotes. Even from a position of not understanding crypto currencies I would take his comments onboard, over and above 99.99% of people who claim to be crypto experts. Let's see if we are still having this conversation in 5 or 10 years time.

Quite frankly I don't give a toss about 5 years time, I'm making my money now

Well done give yourself a medal. I think you are getting sidetracked about the wider conversation.

Just letting you know that not everything is doom and gloom

I agree some people have done very well over the last few years, that has to stop at some stage. The adopters of this technology will not be comfortable shorting what they believe in. One of my close friends is a wealth manager, the conversation he hates having with his clients the most, you guessed it.

[nirvana]

Buffet is like a stopped clock on Crypto. He has been predicting a bad end for crypto for three/four years. Yes eventually he may be right. If I constantly predict something for 3/4 years then eventually I may also be right.

Yeah the man that grew his companies share price by 20%+ pa since 1965. I would hazard a guess that he knows more about making money consistently than any crypto investor. And you know what  despite his capitalistic principles, he's given billions away to charity.

Here's a direct quote from Buffet on Crypto from yesterday:
"I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don't know anything about."
https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html

He admits himself that he knows F all about it. But still he is firm in his belief that it will end badly. Perhaps he should put a little research in?

He's a good lad for giving money to charity but I don't see how it is relevant to this discussion

Since Dunning Kruger has been mentioned in other threads got to tip my hat to them here.

[kukushkin88]

Buffet is like a stopped clock on Crypto. He has been predicting a bad end for crypto for three/four years. Yes eventually he may be right. If I constantly predict something for 3/4 years then eventually I may also be right.

Yeah the man that grew his companies share price by 20%+ pa since 1965. I would hazard a guess that he knows more about making money consistently than any crypto investor. And you know what  despite his capitalistic principles, he's given billions away to charity.

Here's a direct quote from Buffet on Crypto from yesterday:
"I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don't know anything about."
https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html

He admits himself that he knows F all about it. But still he is firm in his belief that it will end badly. Perhaps he should put a little research in?

He's a good lad for giving money to charity but I don't see how it is relevant to this discussion

Since Dunning Kruger has been mentioned in other threads got to tip my hat to them here.

Is it possible that he says what he does because it's better for him and many others who are conventionally wealthy in the current system if it fails? Seems to me like he's more likely using his influence to try and make it fail, rather than falling in to a Dunning-Kruger bearish trap.

[nirvana]

I didn't mean Buffett. 

[kukushkin88]

I didn't mean Buffett. 

That makes more sense :-)

[typhoon13]

On a side note whilst Buffett is being mentioned heres a quote from Harry Findlay...made me chuckle

"When warren Buffett dies, he'll leave over 80 billion but, in his lifetime, he spent less than two million. There will be less than 80 pence in my will but I've already spent over 20 million. who do you think has got the maths right?"

[nirvana]

Yeah, but what's nirvana doing with my 10k?

OK, so read the first few paras of this, more if you want - give me your 10k and I'll invest it in a company like this at £12.50 and it's as easy as that to make money and 'notional value' disappear.

http://www.telegraph.co.uk/news/uknews/1339789/Marconi-from-boom-to-bust-in-a-year.html

At the point when a crash happens and the value of yr shares goes from £10,000 to £350, no one benefited and received £9,650 - you still have yr asset, a share certificate in olden times, or some code in a wallet today - all that has happened is that the market has re-valued your asset at a lot lower than you paid for it.

Someone else with a lot more knowledge than me can explain it better - Shirley ?

[RED-DOG]

Yeah, but what's nirvana doing with my 10k?

OK, so read the first few paras of this, more if you want - give me your 10k and I'll invest it in a company like this at £12.50 and it's as easy as that to make money and 'notional value' disappear.

http://www.telegraph.co.uk/news/uknews/1339789/Marconi-from-boom-to-bust-in-a-year.html

At the point when a crash happens and the value of yr shares goes from £10,000 to £350, no one benefited and received £9,650 - you still have yr asset, a share certificate in olden times, or some code in a wallet today - all that has happened is that the market has re-valued your asset at a lot lower than you paid for it.

Someone else with a lot more knowledge than me can explain it better - Shirley ?

Nope, sorry, I still don't get it.

I really don't mean to be obtuse but you spent my 10k. Who has it?

[kukushkin88]

Yeah, but what's nirvana doing with my 10k?

OK, so read the first few paras of this, more if you want - give me your 10k and I'll invest it in a company like this at £12.50 and it's as easy as that to make money and 'notional value' disappear.

http://www.telegraph.co.uk/news/uknews/1339789/Marconi-from-boom-to-bust-in-a-year.html

At the point when a crash happens and the value of yr shares goes from £10,000 to £350, no one benefited and received £9,650 - you still have yr asset, a share certificate in olden times, or some code in a wallet today - all that has happened is that the market has re-valued your asset at a lot lower than you paid for it.

Someone else with a lot more knowledge than me can explain it better - Shirley ?

Nope, sorry, I still don't get it.

I really don't mean to be obtuse but you spent my 10k. Who has it?

Nobody spent anything, the market has determined that it's just worth much less now.

Edit: I don't think this helps much, I'll think of an analogy to try and make it make sense.

[nirvana]

Yeah, but what's nirvana doing with my 10k?

OK, so read the first few paras of this, more if you want - give me your 10k and I'll invest it in a company like this at £12.50 and it's as easy as that to make money and 'notional value' disappear.

http://www.telegraph.co.uk/news/uknews/1339789/Marconi-from-boom-to-bust-in-a-year.html

At the point when a crash happens and the value of yr shares goes from £10,000 to £350, no one benefited and received £9,650 - you still have yr asset, a share certificate in olden times, or some code in a wallet today - all that has happened is that the market has re-valued your asset at a lot lower than you paid for it.

Someone else with a lot more knowledge than me can explain it better - Shirley ?

Nope, sorry, I still don't get it.

I really don't mean to be obtuse but you spent my 10k. Who has it?

Here you go, have fun :-)

https://www.investopedia.com/articles/basics/03/060603.asp

http://academic.regis.edu/jroth/Money%20and%20Value.html

[bobAlike]

Yeah, but what's nirvana doing with my 10k?

OK, so read the first few paras of this, more if you want - give me your 10k and I'll invest it in a company like this at £12.50 and it's as easy as that to make money and 'notional value' disappear.

http://www.telegraph.co.uk/news/uknews/1339789/Marconi-from-boom-to-bust-in-a-year.html

At the point when a crash happens and the value of yr shares goes from £10,000 to £350, no one benefited and received £9,650 - you still have yr asset, a share certificate in olden times, or some code in a wallet today - all that has happened is that the market has re-valued your asset at a lot lower than you paid for it.

Someone else with a lot more knowledge than me can explain it better - Shirley ?

Nope, sorry, I still don't get it.

I really don't mean to be obtuse but you spent my 10k. Who has it?

Here you go, have fun :-)

https://www.investopedia.com/articles/basics/03/060603.asp

http://academic.regis.edu/jroth/Money%20and%20Value.html

Surely your money disappears at the point of purchase. If you buy something for £10k the seller has your money and you have the purchase. If the value of your purchase goes down and you now sell it for £1k the original seller still has your £10k unless he has already spent it.

[DropTheHammer]

You are buying a share of a company. So your 0.001% share of the company, bought for £10k, is now only worth £350 because that is all the market values it at. Usually what the last 0.001% was bought for. If loads of people suddenly want to buy into that company - more than who want to sell - supply/demand dictates the value of the shares will rise.

[RED-DOG]

Yeah, but what's nirvana doing with my 10k?

OK, so read the first few paras of this, more if you want - give me your 10k and I'll invest it in a company like this at £12.50 and it's as easy as that to make money and 'notional value' disappear.

http://www.telegraph.co.uk/news/uknews/1339789/Marconi-from-boom-to-bust-in-a-year.html

At the point when a crash happens and the value of yr shares goes from £10,000 to £350, no one benefited and received £9,650 - you still have yr asset, a share certificate in olden times, or some code in a wallet today - all that has happened is that the market has re-valued your asset at a lot lower than you paid for it.

Someone else with a lot more knowledge than me can explain it better - Shirley ?

Nope, sorry, I still don't get it.

I really don't mean to be obtuse but you spent my 10k. Who has it?

Here you go, have fun :-)

https://www.investopedia.com/articles/basics/03/060603.asp

http://academic.regis.edu/jroth/Money%20and%20Value.html

Surely your money disappears at the point of purchase. If you buy something for £10k the seller has your money and you have the purchase. If the value of your purchase goes down and you now sell it for £1k the original seller still has your £10k unless he has already spent it.

I've tried that logic Andrew, they won't have it.

I need a diagram.