dennisgorelik: 2020-06-13 in my home office (Default)
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https://www.youtube.com/watch?v=dHoNax4ObNM&t=825s
Warren Buffett: Bitcoin ...
[13:45] It will come to a bad ending. Charlie?
[13:48] Charlie Munger: Well, I like crypto currencies a lot less than you do.
And so to me it's just dementia and I think the people who are professional traders - they go into trading cryptocurrencies - it's just disgusting.
It's like somebody else is trading turds and you decide 'I can't be left out".
~~~~~~~~~~

Under "professional traders" Charlie Munger meant Goldman Sachs.
Note that Berkshire Hathaway (that Buffett and Munger run) is an investor into Goldman Sachs:
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https://www.goldmansachs.com/our-firm/history/moments/2008-buffett-investment.html
Berkshire Hathaway Invests US$5 Billion in Goldman Sachs Amid Global Financial Crisis
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https://youtu.be/dHoNax4ObNM?t=493
Warren Buffett: If I could buy a 5-year PUT on everyone of the cryptocurrencies, I'd be glad to do that.
But I will be glad to do it.
But I will never short a dime worth of it.
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dennisgorelik: 2020-06-13 in my home office (Default)
===
https://news.ycombinator.com/item?id=16246124
The blockchain is an interesting Computer Science toy. But in the 10+ years since it was invented, the only real application that anyone has found for it is Massively Distributed Ponzi Schemes.
...
You need the blockchains to impress the idiots who buy shares.
===

Bitcoin is at ~$9000 (down from ~$14000 when I posted my Bitcoin forecast).
Hopefully it would keep falling down to the price where it belongs (~$0).

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dennisgorelik: 2020-06-13 in my home office (Default)
Dennis Gorelik

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