Bill Gates, Elon Musk Both Warn 'Don't Go Too Far with Crypto Speculation' (msn.com) 154
From a report:
Microsoft CEO Bill Gates has an interesting take on who should buy Bitcoins. He being the third richest man in the world said that Bitcoins are not for him because he has less money than Tesla CEO Elon Musk. So basically anybody who has less money than Musk should not invest in Bitcoin...
Gates during an interview with Bloomberg TV had said that Bitcoin is not for everyone and only the richest person in the world should consider investing in it. "Elon has tons of money and he's very sophisticated, so I don't worry that his Bitcoin will sort of randomly go up or down.I do think people get bought into these manias who may not have as much money to spare. My general thought would be that if you have less money than Elon, you should probably watch out," Gates said in the interview.
Last week Australia's national broadcast reported that even Elon Musk "has made it clear that he views cryptocurrency as 'speculation.'" On February 7 (the night before Tesla revealed its massive bet on crypto), Mr Musk was on his way to have dinner with his children at an upmarket steakhouse in West Hollywood. Before he reached its front door, he was intercepted by a legion of adoring fans — who demanded autographs, while peppering him with questions about the cryptocurrency market.
The world's richest man had been talking up bitcoin, along with a "joke" currency called "dogecoin", which has surged about 900 per cent since the year began. There were signs that Mr Musk was worried that some of his fans might be taking his recent crypto jokes as genuine investment advice.
"People should not invest their life savings in cryptocurrency, to be clear — that's unwise," Mr Musk said, in his clearest warning yet.
"There's a good chance that crypto is the future currency of Earth, and it's like... which one's it going to be? Maybe it'll be multiple. It should be considered speculation at this point.
"So don't go too far with the crypto speculation front."
Later in the video Musk adds, "Don't bet the farm on crypto."
Gates during an interview with Bloomberg TV had said that Bitcoin is not for everyone and only the richest person in the world should consider investing in it. "Elon has tons of money and he's very sophisticated, so I don't worry that his Bitcoin will sort of randomly go up or down.I do think people get bought into these manias who may not have as much money to spare. My general thought would be that if you have less money than Elon, you should probably watch out," Gates said in the interview.
Last week Australia's national broadcast reported that even Elon Musk "has made it clear that he views cryptocurrency as 'speculation.'" On February 7 (the night before Tesla revealed its massive bet on crypto), Mr Musk was on his way to have dinner with his children at an upmarket steakhouse in West Hollywood. Before he reached its front door, he was intercepted by a legion of adoring fans — who demanded autographs, while peppering him with questions about the cryptocurrency market.
The world's richest man had been talking up bitcoin, along with a "joke" currency called "dogecoin", which has surged about 900 per cent since the year began. There were signs that Mr Musk was worried that some of his fans might be taking his recent crypto jokes as genuine investment advice.
"People should not invest their life savings in cryptocurrency, to be clear — that's unwise," Mr Musk said, in his clearest warning yet.
"There's a good chance that crypto is the future currency of Earth, and it's like... which one's it going to be? Maybe it'll be multiple. It should be considered speculation at this point.
"So don't go too far with the crypto speculation front."
Later in the video Musk adds, "Don't bet the farm on crypto."
Recently at a University... (Score:3, Insightful)
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I'd really want an explanation about how a fixed size supply "currency" can be sustainable in the future. Specially when it is exceedingly easy for that supply to be lost forever.
~20% of all BTC mined today is lost, either in forgotten wallets or wallets for which passwords were lost.
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Gold was a great currency when mining operations were proportional to country size. However, it created cash shortages, where a country had tons of resources, but no means of exchange. Of course, barter happened, as well as printing scrip. Were it not for the move to a fiat currency, we likely would never have had any of the technological or way of life improvements.
Of course, fiat currencies can wind up inflating, but it is a balance. Better the risk of that than just no capital happening, and economic
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Gold was a great currency when mining operations were proportional to country size. However, it created cash shortages, where a country had tons of resources, but no means of exchange. Of course, barter happened, as well as printing scrip. Were it not for the move to a fiat currency, we likely would never have had any of the technological or way of life improvements.
Of course, fiat currencies can wind up inflating, but it is a balance. Better the risk of that than just no capital happening, and economic stagnation.
A million times this. We occasionally get the folks lamenting the end of the gold standard. The problems are all as you describe, and there's simply not enough gold in the world to sustain the world's economies.
Meanwhile, gold and *coin share volatility, and while gold has some use, *coin is simply made up shit - just a form of gambling.
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Currency is only supposed to have value as a medium of exchange. Four chickens for a goat, but $10 for a chicken. Gold started off by having inherent value, as in rich people wanted jewelry made out of it. But when gold was turned into value for its own sake it kind of screwed up. It was a medium of exchange but was also now given its own value that would fluctuate and there would be jobs created to just increase the amount of gold. More gold existed than was needed for the market in gold jewelry, yet th
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The ability to inflate a currency is good. It's one of the reasons we have our current unprecedented prosperity and stability. Sure you can overdo it, but a country that is that short sighted and corrupt is going to collapse regardless of what kind of currency system it has.
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Which is why good governments don't do that print too much. And yet, you could find a massive gold mine in your backyard and it could potentially screw up the world economy if the world was on the gold standard. Similarly, if the guy holding $3 billion in bitcoin decides to cash out it would cause the bitcoin price to plummet. All of them are messy systems if done wrong. Not even hypothetical, the gold rush in Callifornia caused immensely high inflation and helped create the robber baron class.
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I think about this, since you can apparently do whatever with fractional bitcoins.
I think fractional coins become a valuation problem in a "man on the street" level. Especially if you factor in the likely functional need for physical currency. It's great that you can move the decimal point on digital currency, its a lot more awkward to with notes and coins.
Even if moving the decimal point left isn't technically deflationary since the purchasing power stays roughly the same I think it still winds up having
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This happens with stocks. I never understood why people see 1 stock that sells for $200 as being worth more than 2 stocks that sell for $100. The price per stock should not logically reflect the value of a company. And yet the stocks will split or reverse-split in an attempt to keep a stock price within an acceptible range even though stock is not used as currency.
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I'd guess with stock shares it might have something to do with stock incentive plans where the lack of granularity in stock price makes stock awards denominated in dollars more difficult to administer.
If you work for Xyz.com and their stock rises to $900 share and you're giving employees a dollar value worth of stock per quarter, you probably can't award them fractional shares, or at least not as easily as whole shares without some complicated grant scheme.
It might also work against the stock's liquidity wi
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Mod parent up.
There is no limit on imaginary values. Fool's gold.
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Even gold is Fool's Gold. The vast majority of value in gold on the market is imaginary.
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ACK and concurrence. However gold does have some real applications as a conductor and it makes pretty jewelry. I can't think of any use for pyrite except for a paperweight.
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Gold got its original value because of jewelry because it used to be very expensive at once time. Hording it as bars in a giant vault in Tennessee is based upon the intangible value of it only.
Note similarly the market for diamonds. The De Beers company makes a conscious effort to control this market by limiting the supplies and careful marketing even though it is possible to flood the market with cheap diamonds otherwise. The intrinsic value of a diamond for industrial use is gone because these can be m
'Crypto' means: digital Gold + digital pyrite (Score:2, Insightful)
The decentralization is not software related. The decentralization is a consequence of incentives. If you fail the decentralization, the project is pointless.
Altcoins have leaders, premine, paid shills, perpetual software updates... everything leads to more centralization. In other words, Altcoins are not designed to be decentralized.
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People forget the most important point. The decentralization is the only innovation
Actually there's an even more important point. Decentralisation isn't a benefit. We've tried the hands off approach to currencies before by pegging them against physical materials such as the gold standard or other currencies. The end result is when the next banker fucks up the economy again the recovery is far slower and more painful for all as there are reduced handles for the government to enact economic policy.
The low-IQ answer is "bruh, I don't want the gubbmint to devalue my currency". The reality is
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The reality is actions such as the cutely named "quantitative easing" minimised damage to the overall economy preserving your job and your cost of living.
Which is great if you are the type of person that 'has a job' if you are retired, or retired early, got lucky enough to generate independent wealth some how early in life, or inherited, QE is less good for you.
I would characterize it as "gubbmint picking winners and losers"
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Which is great if you are the type of person that 'has a job' if you are retired, or retired early, got lucky enough to generate independent wealth some how early in life, or inherited, QE is less good for you.
That's a pretty long list of people who have more or less benefitted from QE. Admittedly it's "not enough" but at that point what you're really arguing against isn't central bank monetary policy, but central government policy which perpetuates wealth inequality and corporate monopoly power.
The people who aren't benefitting from the equities markets which QE stabilizes are the people who don't have enough financial surplus to invest in equities markets, and that isn't a problem of central banking, it's a p
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If you've got your dolla bills stuffed in your mattress you're using currency wrong, and you're *exactly* the reason controlled inflation is a good thing.
If you're any of the things you mentioned and you've invested your wealth, you don't give a crap about inflation.
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And yet a lot of people "invest" this way. Not investing in companies, which encourages a growth in the economy, but by grabbing a bunch of cyrpto coins and holding them waiting speculatively for the price to change. How many jobs lost if KittyCoin(tm) crashes overnight? Not enough to even report on. People who buy and hold gold are similar, they're not helping the economy any, and yet there are people actively marketing at people to buy and hold gold mostly because they're the ones getting money from th
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if you are retired, or retired early
Let me stop you there and finish the rest of your sentence correctly: "You should be applauding the government even more as your life savings and ability to get income is wholly dependent on the state of the economy and ensuring the financial sector recovers as quickly as possible."
No sorry, QE is even more important for the group you listed. They are universally the ones who suffer worst during an economic upset. You know what happened to me last week? Nothing. I have a job and an income. You know what hap
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6 months worth of their retirement was wiped out due to the stock market dip
Just to be clear, that's 6 months of retirement that they didn't have just about six months earlier, because the market has been mostly climbing steadily (except for the initial COVID drop) since ~2015. You don't lose anything until you sell, and if you need to sell in the near term, you shouldn't be in equities in the first place.
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People who don't want the government to devalue their money should realize that their bitcoin can be devalued easily, and a big mother lode gold rush would also devalue their gold. The benefit of a government is there to manage the currency who's sole purpose is to aid in the exchange of goods and services and not to have its own inherent value; thus they try to slow the increases or decreases in value and avoid sudden spikes or drops. Bad governments do this badly of course, and they should not serve as
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Nice FP, but you're swimming against "gold rush fever" here, which is why I see the story as fundamentally paradoxical. The "value" of Bitcoin is in the minds of the believers, and no one is going to tell them it's fool's gold.
I'm cross-referencing this entire topic under two paradoxical and old jokes.
(1) The main lesson of history is that no one learns any lessons from history.
(2) You shouldn't gamble on math if you can't do the math.
But maybe the funniest part of this particular story is that the advice i
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Bitcoin has no future. No crypto currency does with the way it's generated presently. Quantum computers may also put an end to it pretty quick. But that's at least 2-10 years off.
The ideal cryptocoin system would involve dedicated hardware that generates the algorithm seeds, so you could sell a system to each bank that wants in on it, and it would then permit any two customers of any bank to exchange funds without involving the legacy banking infrastructure, while still being obligated to laws on currency t
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Blockchain causes global warming. It is NOT a technology we should be promoting.
If anything, we should be attaching a carbon tax to blockchain speculation capital gains. Say about 80%.
Gates/Musk Crypto Conspiracy! (Score:2)
Bitcoin is the future! Going to infinity! Never sell any! HODLER!!
They're only saying to us little people not to buy BTC because if we do we will be richer than them! They're trying to HODL us back and keep us down!
If they say you shouldn't invest everything you have in Bitcoin then that the secret sign for, "it's time!!"
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On the contrary. Nothing screams "alien technology" like cryptocurrency. The question is, why are they giving it to us? It's well known they don't give out anything except for their own advantage.
My theory is that it's a conspiracy to drain all the value out of Earth's economy and send it back to their homeworld to make some rich alien richer. (The rich getting richer is a universal law of econodynamics.) Then when our economy collapses you'll be shipped off to debtor's prison on Anol Probula IV, and som
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+1 Weird.
Re: Gates/Musk Crypto Conspiracy! (Score:3)
Satoshi is from Alpha Centauri. Spread the word. Don't let aliens take yer jobs.
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Like the old saying goes: If your job can be done from Mumbai, it can be outsourced to Proxima Centauri.
Oh, come on (Score:5, Insightful)
Clickbait nonsense. That's not what either of them is saying. They're saying don't bet the farm on speculative gambling, whether on Bitcoin, Gamestop stocks, tulip bulbs, or whatever. Your life savings belongs invested in a diversified portfolio that's somewhat risk tolerent, not on a rollercoaster of wildly fluctuating fad investments. Take some money and play the market, but don't risk more than you can afford to lose.
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How is that not insider trading ?
Because it's common sense.
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you missed my point, they were about Elons initial comments.
So which specific comment are you complaining about? Because the ones in the post you replied to all seem like common sense investing 101.
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It's all so confusing. What the average people want is a clear unambiguous statement of where to invest 100% of their money, none of this wishy-washy diversification nonense! Diversity is a liberal plot anyway.
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Yep. Markowitz won a Nobel prize explaining why the best (regarding reward/risk) investment is the market protfolio.
That's why VTI is the best possible investment for 99.9999% of human kind. Every other investment either has way more risk for just a few points of extra possible reward, or if they are safer, reward is way lower.
What I find amusing (Score:5, Insightful)
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Musk tweets some bullshit about Doge or Bitcoin and idiots go out there and buy it up, inflating the price. I assume that's exactly the moment Musk and his buddies cash out, before allowing things to settle and then repeating again. It's a pump and dump no matter who is doing the pumping.
Because Bill and Elon are hard up for cash?
Re:What I find amusing (Score:5, Insightful)
Nope. Elon is probably seeing this as a harmless game. Gives him an ego-boost if he wins and does not matter much if he loses. But I do not see him losing as he is a lot smarter and has a lot more power than the average cryptocurrency gambler. Essentially this guy is having a laugh at the expense of countless morons.
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Nope. Elon is probably seeing this as a harmless game.
Then why is he warning people about the harm?
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Harmless game for him. Not harmless for anybody else. But Musk has always been slow in seeing the position of others.
Re: What I find amusing (Score:1)
Well, how else do you think they got that rich? By giving?
From my experience, rich people are rich mainly because they take everything and give almost nothing and because they are penny pinchers. Making money is like an addiction to them. Usually because od some childhood trauma. So it does not imply that they are "evil". At least their intentions.
It's more likely that a poor person will share, than a rich person. And it's more likely that a rich person will pick up $10,000 than a poor person will pick up 1
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I don't think you have the slightest idea what makes Elon tick. It is certainly not money. If money was his motivator then the last thing he would ever do is bet his entire multi-billion fortune on two "sure-to-fail" companies, work himself to death, and almost go bankrupt multiple times.
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-Anyone anywhere.
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Indeed. At least Musk seems to realize on some level that there are complete morons that go into cryptocurrencies with money they cannot afford to lose.
Gambling with money you can afford to lose is simply entertainment. Gambling with money you cannot afford to lose is deeply stupid. On the other hand, the recent pandemic and the stance some people still maintain on climate-change (or on the earth obviously being flat) shows that there are a lot of deeply stupid people.
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If i were a Tesla investor, i'd be really concerned about why that 10% didn't go the actual company. Or buybacks. Or dividend payments.
You don't buy back your stock when it's extremely overvalued...
Yawn (Score:2)
All the largest institutions and TESLA are buying billions in bitcoin. Meanwhile as the price goes up the news becomes doom and gloom.
Pay attention folks. This is how you chase away retail investors and save billions on your buy-in.
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That assumes he isn't buying more or actually still buying.
WHY ELON ? (Score:2)
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People should watch thuderfoot...
Yes, because when I want lectures on engineering, I always turn to biochemists.
(I've seen some of Thunderf00t's videos where he plays armchair internet engineer. They're embarrassingly bad)
Re: WHY ELON ? (Score:2)
Good thing then, that we judge arguments based on the arguments, not based on who said them... right? ... right?
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Which is why you should watch the video Elon only, significantly shorter,
Re: WHY ELON ? (Score:2)
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He's quite literally the chief engineer at SpaceX, not to mention having a physics degree. He's famously unusual among CEOs for being deeply involved in the low-level engineering design details of his products.
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He can call himself whatever he likes, and he may have a physics degree, but if you watch his videos he hasnt a clue.
> He's famously unusual among CEOs for being deeply involved in the low-level engineering design details of his products.
And yet he cant actually give a technical answer to any of his hyperloop challenges in numerous videos. His replies are childish.
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DO you recall his rant when the cafe expert said his "tube" would be useless, who cares if it actually fits in the tiny confines of the twisting cafe which he and none of his team have ever visited.
Gamble Responsibly (Score:4, Insightful)
"Speculation" is code for unregulated gambling, but then in most countries gambling itself is heavily regulated. Elon's advice in this case likely has as much impact as the mandatory warnings you see on Ladbrokes ads on the telly.
Microsoft CEO? (Score:2)
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speculative computation..? (Score:1)
Hoping cooler heads will prevail (Score:4, Insightful)
The current popularity of BTC is idiotic.
- Its value isn't tied to anything, so its value is random and fluctuates wildly. This makes it unusable as a currency AND as a store of value.
- BTC in particular is very inefficient (transactions take 10^6 times more energy than credit card transactions), leading to a massive waste of energy. 78 TWh/year.
- BTC can only process 7 transactions/second. Good luck cashing out when the value crashes again, you'll be queuing for days to get out, while the value keeps dropping.
- Criminals and kleptocratic governments are running mining operations using stolen electricity. Basically they're counterfeiting - with the nasty twist that the BTC they generate is indistinguishable from legally-mined tokens.
- The unique proposition of BTC, and the only advantage it has over national currencies, is anonymity. This means its biggest users are criminals. Any hyping of BTC that drives up the price, benefits criminals more than any other group.
Face it: BTC is a failed experiment. So are the 1000 cryptocurrencies that follow in its wake. There's no scarcity, so there can be no real value.
Some of the underlying technology has value: a blockchain could be useful. But the current implementations should never have gone beyond a sandbox in someone's lab.
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Tell me again what the dollar is tied to?
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The economy and judicial system of the USA. It is legal tender.
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Can you put a value on that?
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The power of the government of the United States to levy taxes, backed by not only the US legal system, not only the US police, not only the US national guard, but in the worst case, the most powerful military on the planet.
Unlike Bitcoin, which is backed by literally nothing except for "how much people happen to want digital internet collectibles at any given point in time".
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So bullshit then, got it.
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If you think the United States military is bullshit, try breaking into Cheyenne Mountain Complex some time and see how that goes for you.
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The dollar has value because it's the only form of payment the US government will accept. You want to live in the United States, travel to the United States, or do business in the United States? Well, you better have some dollars then.
Bitcoin only has value so long as there's someone willing to buy it from you. It's not even particularly useful as a currency because the transaction fees are so high.
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The current popularity of BTC is idiotic.
- The unique proposition of BTC, and the only advantage it has over national currencies, is anonymity.
In fact, it doesn’t even offer that. BTC is pseudonymous, not anonymous. There’s a history of every single transaction you make recorded in a public ledger, irrevocably providing evidence of your criminal transactions to anyone and everyone. A government doesn’t even need to issue a warrant to a credit card processor or bank before they can see your transactions. The only thing they need to do is tie your pseudonym to you, but once they do that, it’s game over for you.
People will poi
Re:Hoping cooler heads will prevail. BTC Gold (Score:2)
Could you explain why Satoshi is still anonymous?
He isn't. He's pseudonymous: you literally just used a pseudonym to refer to him and we know the wallet to which that pseudonym is tied.
If you want an example of a currency that is actually anonymous, look at cash. Under typical conditions, no name—pseudonym or otherwise—is tied to a cash transaction. In contrast, Bitcoin is pseudonymous, which means that there is a name—a pseudonym—tied to each transaction, and while pseudonymity provides a decent degree of privacy protection, it is
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Face it: BTC is a failed experiment.
You're presuming the experiement was to create a currency rather than to attempt to use the combined power of human stupidity to fuck up the environment by wasting energy.
And people wonder why Satoshi hasn't come out to claim his prize yet.
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This isn't insightful, it's a mix of right, wrong and silly. I'm not a bitcoin fanboi, I've never owned a cryptocurrency in my life and I hope dogecoin wins for the glory of Venice and because it's funny. So:
- Its value isn't tied to anything, so its value is random and fluctuates wildly.
Yes and? Currencies can fluctuate wildly if they're not backed by a stable government and so can commodities. Even something like gold is primarily driven by what people think it's worth (also a popularity contest) which do
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Just a slight correction. Bitcoin isn't anonymous, it's just obscure. The fact that the blockchain is 100% in public view and stored in the ledger means it's rather easy for the feds to start tracing back to the wallet owners. It's how they got a ton of those silk road guys after they took over the site. They just matched up transactions to wallet addresses and delivery addresses and start monitoring activity on those to identify other individuals. Monero, on the other hand, supposedly has a very interestin
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People writing here on slashdot are mostly economic illiterates.
Our bad. Got some enlightening tweets and YouTube videos to recommend?
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Wow, thanks! [pinimg.com]
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and . . we got what we paid for.
-'Opinions are like assholes'...
Treat it like it's Vegas. (Score:2)
If you are going to invest in Crypto, treat it like you would treat money spent going to Las Vegas. Assume you are going to lose it, and don't bet more than you have, and have fun. If you win, great! If you lose, well that was expected.
Or just go ahead and go to Vegas. You will have more fun gambling at traditional games. And you can also eat there.
LOL (Score:2)
Musk, whose board has 0 control, YOLOs 1.5 billion into Bitcoin effectively tying Tesla's stock to fluctuations therein and then cautions others? I sure fucking wish they weren't in the S&P.
What a bleak future (Score:2)
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He's trollin' on twitter for the lulz.
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Especially Musk seems a bit two-faced - on the one hand he is pushing Bitcoin/Dogecoin on Twitter, on the other hand he gives advice that sounds almost sane.
Exactly. But I guess his appeal is how he gets to do whatever he wants.
Re:interesting how the rich care about the poor (Score:5, Insightful)
It's almost as if he's using Twitter for the purpose it's meant for, sharing of memes and passing thoughts.
He's not 'pushing' cryptocurrencies, he understandably has an interest in them as one of the founders of what became Paypal, and he likes memes, and it seems like he thinks there are good reasons to put a small portion of his company's liquid assets in it.
If someone goes out and puts their life savings into Bitcoin because someone famous mentioned it in a tweet, without any context, the problem is with that person, being an adult is being responsible for your own decisions.
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.... being an adult is being responsible for your own decisions.
The blade cuts both ways.
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.... being an adult is being responsible for your own decisions.
The blade cuts both ways.
Not on a guillotine.
Re:interesting how the rich care about the poor (Score:5, Insightful)
It isn't that the rich do or don't care about the poor. But they are often disconnected to what it means to be poor.
There is an old story about a rich man living in New York City. He had to go onto a business trip for a month. So he went to a bank that was close to the airport, took a loan out for 20k and used his fancy car as collateral Where the bank took the car parked it in the secure bank lot, then when he came back he paid back the loan and $50 interest. The bank teller asked him why he bothered to take out a loan, and put a collateral down of a much more expensive car, just to pay it back. A month later? He responded where else could you have your car parked securely for $50 a month in New York
The thing is the rich have so many resources that they can be efficient with their money. While for someone who is poor, often needs to get by with what the cheapest thing they can get. So say during the summer they may buy a $30 AC unit because it is much too hot, ends up using $100 worth of power, a month and burns out after 2 months. vs paying $200 for an AC unit that uses $50 worth of power a month, and you can keep it for many years, as well it will keep your home cooler. It is because to pay that $200 up front it would had sacrificed paying rent, and/or food bill.
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The reason that the rich were so rich, Vimes reasoned, was because they managed to spend less money.
Take boots, for example. He earned thirty-eight dollars a month plus allowances. A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars. Those were the kind of boots Vimes always bought, and wore until the soles were so thin that he could tell where he was in Ankh-Morpork on a foggy night by the feel of the cobbles.
But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that'd still be keeping his feet dry in ten years' time, while the poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet.
This was the Captain Samuel Vimes 'Boots' theory of socioeconomic unfairness.
(-- Terry Pratchett)
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In a similar story to yours, there was an RV parked around the corner from a friend in San Fancisco, with a power cord going into a wall. Every day it got a parking ticket. One day he noticed a guy coming out from it and he was wearing a nice suit. He asked what was up, and it turns out he was a lawyer and he had a nice home on the weekend and it was cheaper for him to pay the parking fines than to rent a place for week and less hassle than commuting daily.
(Trump once told his daughter when looking at a
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So much hyperbole in your comment, and virtually no facts.
You make a comment about the rich being disconnected...how many rich people do you actually know?
You share a story that's meaningless other than to back up your claim w/o real evidence.
You come up with a total fabrication regarding the poor buying crappy stuff because they have to, and that it's going to break, etc., etc.
Total bullshit, and yet here you are marked 5; Insightful. Only on /.
Oh, and FWIW, I grew up poor, and lived that way until enlist
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Perhaps the problem is that you're taking what somebody says on Twitter seriously?
Musk seems to regard Twitter as a forum for jokes and trolling. Seems pretty accurate.
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