Monday, May 14, 2018

I might have figured out why Buffet hates Bitcoin




If you follow the QR code by this brilliant artist, it does NOT lead you to a donation address.

It leads you to this image:


Which shows you that BRK is owning $66.3 billion worth of bank stocks.

I wonder why Buffet hates Bitcoin?



Damn, I just can't figure out. The reason just escapes me.

For someone like me with subpar IQ and a degen mindset, it's probably beyond me the genius thinking that goes on in the mind of a legend like Buffet.

Oh, by the way, did you know you can transfer Bitcoin to anyone, anywhere in the world, anytime, pseudo-anonymously with no need for a bank account, verification, permission or approval?

For an average transaction, it costs $0.60 if you need it sent within 10 minutes.
It costs $0.03 if you don't mind that it takes a day.

This fella sent $16,000,000 USD worth of BTC just today.
It took 1 minute and 14 seconds and it costed him $2.95 USD of transaction fees.
Yes, his transaction fee charge was 0.0000184%.
He paid $0.18 for every $1,000,000 that he transferred.

Wait, what's the point of these statistics again?

I forgot.

Man, I just can figure out why Buffet doesn't like Bitcoin. You think he has some kind of agenda? It's almost as if the very premise of Bitcoin itself undermines banks in multitudes of ways, and that would be negative for his investments.

By golly, do you think that's the reason?

No, it can't be. Good ol' uncle Warren is so nice, he wouldn't be devious just to make money!

7 comments:

  1. Don't worry, Uncle knows a good deal when he sees one. All his banksters are already incorporating / experimenting with blockchain to increase profits. Uncle is talking down cryptos for his banksters to get in on the cheap.

    ReplyDelete
    Replies
    1. Idk about that. He missed the boat on all the tech names, it's not surprising to me that he can't wrap his head around crypto.

      For sure he's a smart investor and has made tons of money, but that doesn't mean he's an expert in every field, especially the crypto one.

      Delete
  2. why are you so obsessed with buffet? it's almost like you have an agenda for crypto prices to keep on increasing...

    I am a blockchain developer but it is people like you who make crypto look like a ponzi scam. there will be people who believe in different types of investment. let them. it is not a zero sum game. pls stop spreading fud.

    ReplyDelete
    Replies
    1. Hello anon blockchain dev,

      Of course I have an agenda for crypto prices to keep on increasing - I have openly admitted that I own a shit ton of it.

      I have never said that stocks are a scam. I've owned plenty of stocks previously. I have never told anyone to sell their stocks and go long crypto. I have only shared what I myself have done. No one is being forced at gunpoint to do that on my blog either. You might be imagining and overestimating the power of my non-existent implications.

      Please stop spreading fud?

      Please elaborate the fear uncertainty and doubt that I have allegedly spread, thanks. Or else, please stop calling anything that doesn't agree with you as fud, thanks.

      Delete
    2. Also, thanks for your hard work in this emerging industry so that crypto won't be seen as a ponzi scam with the legitimate work that you are doing.

      Unless of course your project is a shit one or a scam, then well, I hope I don't own any of your crypto.

      Delete
  3. "For an average transaction, it costs $0.60 if you need it sent within 10 minutes."
    "It took 1 minute and 14 seconds"
    Tbh, aren't these the inherent flaws (slow transaction speeds) of Bitcoin? I am a fan of crypto but what are your thoughts on this?

    PS: By slow, I meant compared to current banking/credit transactions (processed within seconds)

    ReplyDelete
    Replies
    1. Actually 1 min 14 seconds is rather quick, considering that Bitcoin blocks are poisson distributed with an expected value of 10 minutes.

      But *mainchain* Bitcoin transactions are unfortunately NOT meant for coffee / small purchases / transactions when adoption goes mainstream (in my small blocker opinion). Bitcoin mainchain transactions are forever mined into the blockchain to be kept by tens of thousands of nodes for all of Bitcoin's future. So I don't think every willy nilly transaction ought to be included in the blockchain to bloat the blockchain. Only the most important transactions that are willing to pay and wait for the security of the mainchain should transact on the mainchain.

      This is also related to proof of work and the network security of the Bitcoin blockchain. Shorter block timings can cause orphan blocks which makes a double spend possible.

      The Bitcoin solution to "slow transaction speeds" is the Lightning Network, which confirms instantly with minuscule fees. There are currently several versions of of it already working, though none are out of beta and in full production mode yet. You can search Youtube videos for that.

      On a final note, I must point out that current banking/credit transactions might be processed within seconds, but they do NOT actually transfer the money in seconds. It actually takes several days for settlement and for the merchant to actually receive their money.

      Bonus note: There are several cryptocurrencies that are seemingly instant with short block times (ETH, XLM) and some are actually instant (NANO).

      Delete

Observe the house rules.