Comments by "dbergerac" (@dbergerac9632) on "Warren Buffett: Why You Should NEVER Invest In Bitcoin (UNBELIEVABLE)" video.

  1. Yes, It was not that long ago when bonds backed by bundles of subprime mortgages were highly valued by people. And then, one day, they were not. Two trillion dollars (worldwide) vanished like smoke overnight, and the next day, the dollar was still in every bank and cash register.
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  2. Sure, that's just a day at the track. Buffett is discussing investments, not recreation.
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  3. The subprime mortgage instruments are the biggest so far, but Bitcoin is closing fast.
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  4. When the first really big player starts the sell-off, most "investors" will be caught off guard. It will be over in a couple of hours.
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  5. I remember as a schoolboy long ago, I was taught that the real money made in the Gold Rush was not made by the miners, but by those who equipped and supplied them. Thanks for reminding me.
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  6. We should all seek the advice of twenty-somethings; their knowledge has not been tainted by decades of experience.
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  7. I'd take a hard pass on that also.
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  8. Since they are effectively the same, just use dollars to buy real assets instead of bitcoin to buy real assets. Skip the exchange fee. He was not encouraging people to "invest" in dollars. He was encouraging people to invest in real assets.
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  9. He stayed away from Theranos, before the billions vanished like smoke.
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  10. OMG! where did all of my ones and zeros go?
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  11. I can use my fiat dollars to buy bonds which pay interest. Result: I have less dollars short term and now own bonds instead. I presume that one could use crypto to buy bonds which pay interest. Result: I have less crypto and have bonds instead. If that were my goal, then I'd skip the crypto and just get the bonds. As he said, I can use fiat currency to buy productive assets or just stare at them; the value is in the productive assets that any currency can buy, be it crypto, fiat or whatever. He does not make money by holding onto fiat cash, he invests it in productivity.
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  12. If I have shares of a company, I can receive dividends, and the "share" itself represents my portion of ownership in the company's real assets. One of these is not like the other.
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  13. So, When Bitcoin collapses you will only lose the illusion of your cash investment. Cool.
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  14. Exactly. Instead of investing in things that produce income, you should invest in things that reduce income. Always do the exact opposite of proven successes.
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  15. Lehman Brothers was doing great, until they weren't.
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  16. Bitcoin will certainly streamline large purchases of contraband.
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  17. Like every other Ponzi scam, the only people praising it are people who bought in.
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  18. For every dollar used to buy Bitcoin, there is a dollar being happily received by the seller. The ultimate goal of Bitcoin is to make more DOLLARS.
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  19. Cool. I'll invest in those business instead, they may make real money from selling real stuff.
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  20. He bought a crypto bank and controls it.
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  21. To create new elites like you?
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  22. He bought a bank that facilitates crypto sales. When suckers want to buy or sell, he gets paid in cash. That's not the same as buying shotload of crypto.
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  23. What DID you use to buy bitcoin if not worthless dollars? Someone who sold Bitcoin obviously preferred the dollars.
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  24. Oh no, there are a lot of folks in here pimping Bitcoin who bought in late or lost money. For every eager buyer, there IS an eager seller.
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  25. Sooo, what DID you use to pay the rent?
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  26. Yes; and every "investor" in Bitcoin watches its value in dollars, waiting for that magic moment to trade them for those dollars.
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  27. Even turds have value; they can be made into useful gas and fertilizer. Bitcoin, not so much.
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  28. Yes. That's why he uses the USD that he makes to buy stuff that makes more USDs instead of stuffing them into his mattress.
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  29. If the currency were Bitcoin and the suppliers of goods and services must pay more for their products due to shortages or pandemics etc. inflation would be found in Bitcoin as well. The merchants have to pass on the higher costs. If it is an investment, you invest currency in it. If it is a currency, it is subject to most of the failings of every currency. If it is a Ponzi scam, well, kiss value of your labor goodbye.
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  30. Bitcoin is the Betamax of what may come.
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  31. How exactly does crypto currency end the concept of profits?
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  32. When suckers are buying from other suckers and they do not stop, a smart guy can pick up a lot of money brokering their deals; fees paid in cash, of course.
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  33. Are you holding onto your dollars hoping to sell them for more dollars to someone else? Did the government (that seeks 2% annual inflation) tell you that your dollar would increase in value?
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  34. Is that 200% measured in dollars? You are hoping one day to hit that sweet spot where you will happily trade your magic beans for dollars.
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  35. Yes, he would do better than he has by buying an intangible created by an anonymous person.
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  36. Yes. He bought a facility that helps suckers sell to new suckers for a fee. You don't have to get wet to sell a swamp.
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  37. People will give me oil for it. As the "Petrodollar" it is effectively backed by petroleum.
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  38. I'd rather own shares in FB than bitcoin. Advertisers shovel money at FB.
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  39. Not a thing. You use dollars to buy real assets. You might also use bitcoin to buy real assets, but doesn't that go against the concept of buying crypto? He never said: "Buy dollars and hold them" He said: "Use your currency to buy assets that produce more assets."
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  40. Yes. I remember being taught that the real money made in the California Gold Rush was made by those equipping and supplying the miners.
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  41. Yeppers, people are going to sell off their Apple, Google and Microsoft stocks any time now. Who would invest in industries for mere profit when there are digital money trees?
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  42. That was illegal during much of his lifetime. Governments can make or break markets.
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  43. What also passes into history? Snake Oil, Ponzi scams, Chinchilla Ranches, Sub-Prime Mortgage Bonds, Theranos, and every other get-rich-quick-and-easy scam.
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  44. Yes, he now gets paid in real money when some sucker buys into crypto from a sucker who bails out of it. WB is not going to leave broker fees on the table.
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  45. Yes, and like stocks when the sell-off starts, it is always the big fish who kick it off and its over before you even heard about it.
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  46. Lehman Brothers was doing well too, until the day that they weren't.
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  47. So do Ponzi schemes.
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  48. The morning that the US and EU criminalize the exchange of crypto for their currency (to damage cartels and terrorists), is when the music stops and everyone not sitting in a currency chair loses the game of musical money.
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  49. Have you ever met anyone in a multi-level marketing scheme who wasn't?
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  50. Be careful what you ask for; he has enough money to start a sell-off that would crash it. AND he bought a crypto bank that can do the deals.
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  51. I'm sitting on a mountain of pet rocks just waiting for their comeback.
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  52. True, his lack of life experience would not be useful as a guide.
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  53. Oddly, there is a lot more gold than there is supposed to be Bitcoin. How IS that supposed to work out?
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  54. Bitcoin does not even "remain the same" from week to week. As valued in real money, of course.
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  55. The steam engine drove the industrial revolution. Industry is important, but we just don't use those steam engines for much now.
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  56. Gamblers place bets; he bought a crypto casino and is paid (in currency) by the gamblers to make their bets.
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  57. That's funny, a lot of crypto cultists in the comments are saying that he just bought a crypto bank.
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  58. They did a LOT of it until 2008 and everyone lost their shirts; Billons vanished like smoke. That is how this ends.
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  59. Trust no one. This goes double for people trying to sell you an "investment opportunity".
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  60. Perhaps he is. Neither fiat currency nor cryptocurrency add value; either can be used to buy things that do. He does not hoard fiat currency like Walter White, he buys things that add value. If that is the goal, you can just skip the crypto and get down to the real investment.
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  61. If the victims stop praising it, they will end up losing it all.
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  62. The only people who got rich with Bitcoin are those who SOLD them for dollars at the right time.
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  63. The investment is in the industries that supply the miners.
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  64. Do you REALLY believe that governments cannot bitch-slap Bitcoin whenever it suits them?
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  65. Then you lost 1.62% today.
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  66. When the shadowy creator of Bitcoin cashes in his piece and the sell-off begins, so much money will vaporize that the inflation rate might even drop.
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  67. Odd, I used dollars to buy Real Estate recently. I guess those dollars, by themselves, had that much value.
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  68. I've been cash-free for years. My income in dollars is digitally deposited to my account, I swipe a card when I buy something, or I digitally pay a bill. I probably would not recognize the most recent version of a hundred-dollar bill. I don't own a checkbook. I did all of this without joining a cult.
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  69. So, the goal of Bitcoin is to increase your possession of DOLLARS?
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  70. I did not know that flipping Dairy Queens was a thing. I thought their money came from selling goods to consumers, not re-selling the asset to the next buyer.
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  71. I was born too late to buy into tulips but I will dodge the bullet on Bitcoin.
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  72. Yes. He does not invest in dollars either, of course. His investments provide him more dollars to invest in more things that provide more dollars. Just buying dollars and waiting for them to reproduce is too stupid to contemplate.
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  73. It's a cult now.
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  74. How odd; A man gave me groceries for dollars just hours ago.
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  75. When Bitcoin collapses, there will be no government bailout.
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  76. Yep, he's keeping his support on the down-low to hold the value of his investment down.
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  77. You will be very happy because it is not producing a thing.
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  78. I remember buying arcade tokens to use for games. I guess arcade tokens actually were the future.
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  79. That's why he doesn't invest his dollars in dollars; he uses his dollars to buy things that grow more dollars.
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  80. Mine produces quite a bit to the Bank that provided me the card. About 5 times the prime rate.
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  81. And EVERY person praising Bitcoin has bought Bitcoin and wants to trade it for more DOLLARS when the price is right, which is indeed their self interest.
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  82. So, you've made arrangements with your employer to pay you in Bitcoin or are you still trusting your labor to be paid in currency? Do you have faith that your landlord will accept that currency? Have you moved your 501k into Bitcoin?
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  83. He probably would, he gets rid of them into productive investments as fast as he can. Those doggone investments just keep paying off in those damned dollars.
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  84. Not as long as you measure your crypto gains/losses in dollars.
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  85. Cults end poorly.
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  86. And they are promoting BC like madmen.
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  87. By sexual reproduction or by mitosis?
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  88. Well, we don't call them banks.
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  89. Did you hand it back last payday? Yes, it has value, even to you.
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  90. Buying a house to make rental income does multiply your wealth. Buying a home to live in is cheaper than renting one which makes someone else wealthier, so that too offers value.
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  91. So did Tulips, until the bubble popped.
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  92. Neither a borrower nor a lender be, be a broker. When some fool wants to buy worthless swampland from someone who has it, the wise man brokers the deal for a fee and never sees the swamp.
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  93. What did you decide to trade your labor for this week?
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  94. He is on record that gold is not an "investment". It truly is not. Just as Bitcoin's ups and downs are measured relative to dollars, dollar's ups and downs are measured relative to gold.
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  95. Why not? If people are buying and selling feces for billions, anyone would be willing to broker those deals. It's not like buying lottery tickets, it's like buying the store that sells them.
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  96. Still holding out for more dollars I see.
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  97. No. He bought a bank that deals in bitcoins so that he can get a share of the sucker-money without risking his. Without owning any Bitcoin, he can make (real) money off of thousands of transactions in it. Genius.
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  98. Always? I can recall three completely different governments there in my lifetime, it might be more.
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  99. Yes. He will gladly accept fees to facilitate fools trading with other fools. He'd broker dirt if there was a big enough commission.
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  100. The people who made a lot in Bitcoin took out their money in...dollars.
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  101. You wouldn't pay money for ones and zeros crafted by an anonymous character?
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  102. Tesla Motors, Inc., SolarCity Corp, and even Space Exploration Technologies Corp. (SpaceX) are reported to have collected roughly $4.9 billion in government subsidies. You paid for them, driving one?
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  103. You should learn more about what big governments CAN do if they choose to. Iran once thought that their air-gapped computers were safe from viruses. The NSA supercomputers needed an actual cooling tower and decryption IS their stock-in-trade.
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  104. "Price"? You mean that other currencies have been inflating for thousands of years. 150 years ago, a $20 gold piece would buy you a new suit, boots and a night on the town. It still will. Gold did not go up, $ went down. People count the value of their crypto in dollars and people value dollars by how much gold they will buy.
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  105. So, when your bitcoin pays off for you big time, the labor of who's backs gave you the money?
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  106. Bernie Madoff did the same scam with stocks, it ended poorly.
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  107. He invested in a bank that accommodates crypto transactions between consenting adults for a fee, paid in currency. You don't have to watch the movie to sell tickets. He did not invest in crypto, but in a profitable asset that services the suckers.
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  108. Hmm, buy a house and charge rent exceeding your debt. That produces quite a bit of money. Who is going to rent Gold or Bitcoin?
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  109. He bought a bank that makes real money on crypto trades. He did not buy crypto. I liked being a broker, I neither bought nor sold but got paid when other people bought or sold.
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  110. An anonymous person created invisible money and sold it to suckers. This story will be told for centuries.
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  111. The stock market has a LOT in common with Bitcoin speculation, and some real differences. Bitcoin perfectly distilled out everything that is NOT speculative in the stock market and produced speculation in a pure form.
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  112. FDR confiscated gold in 1933. With the stroke of a pen, exchanging currency for crypto could become a felony. The end of crypto would be fast and easy now that we have computers. One thing that every government hates is competition.
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  113. Millionaires in Dollars or in Bitcoin? If they sold for dollars, they lacked your faith. If you are measuring their Bitcoin holdings AS dollars, they might be paupers next week. Either way, the goal is always to get as many DOLLARS as you can out of it. Because that's money.
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  114. Banks have real assets. Why would he not invest in an enterprise that takes a cut when one sucker scams another? It's not the same as buying the crap.
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  115. Investing in Gold was legal until that one day when it became illegal with the stroke of a pen. That was in my father's time. I was in high college when gold was legalized again.
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  116. Of course he does, that's why he's trying to drive its value down. His career is about losing money.
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  117. So what IS the dollar price where you plan to sell your crypto?
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  118. No, it does not print money; it entices multitudes of individuals to "print" Bitcoin which they sell for "money". For every eager buyer there is a seller looking to get out while he can.
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  119. You should trade it right away for digital ones and zeros before it's too late. I turned my shrinking dollars into hard assets like land.
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  120. That's why no one invests in dollars. They use dollars to buy assets that offer a return. When you negotiated your salary, you agreed to invest x hours for y dollars. Your employer invested y dollars for the value that your work added to them.
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  121. By "pays a lot" do you mean that you expect a big payoff in dollars when you sell?
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