Ready for blast off?
Oh, you thought the recent spikes were it.
We haven't even fudding started yet.
One indicator of getting ready for moving into the more volatile stages of a bull market, is how deep the mainstream media dogs to find and report FUD (fear, uncertainty, doubt) to generate clicks. With more people some percentage of their investments into crypto and a lot of them being rather green investors anyway - it is relatively easy to clickbait them.
It is fun to read.
This is one came across today:
The article is short, but there are some great quotes
1 -
“I’m never going to buy a cryptocurrency. I wish they’d never been invented,” Mr Munger said.
2 -
“I want to make my money by selling people things that are good for them, not things that are bad for them. Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves.”
3-
“I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air,” he went on.
4 -
“I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilisation.”
5-
“I think the Chinese made the correct decision, which is to simply ban them. My country has made the wrong decision.
For a little bit of background, Charlie Munger is no idiot and has been on the board of Berkshire Hathaway (Warren Buffett's company) since 1978. That is a very long time ago, when he was in his fifties. Yes, Charlie will celebrate his 98th birthday next month.
re: Butt; all
Which leads into a brief evaluation of the quotes above.
1 -
If he was to buy, he'd better do it soon and wishing they'd never been invented is ridiculous thinking for an investor, though it is natural - given the next quote.
2 -
So Charlie, you want to "make my money by selling people things that are good for them, not things that are bad for them" - Like the major investments for BW: Apple, Bank of America, American Express, Coca-Cola and Kraft Heinz. See the problem in the middle there? Cryptocurrencies challenge those specifically. Seems that getting his "wish" granted, would protect his investment interests. Thirsty? - have a nutritious Coke.
At what point do any of these companies think about their customer, other than how they are able to extract more value from them? Everything they do is to maximize profits and squeeze out competition the best they can.
3 -
"nor do I like just shuffling out your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air,” This is precisely what has been going on for the last 40+ years in the financial sector, with the most talented mathematicians on earth, not looking to solve any problems other than, what financial products can be created in order to generate more wealth for those who are already wealthy. The derivatives market, which is estimated to be worth 3-4 times all other assets combined is a product of this "thin air" development.
What Charlie actually doesn't like, is that people are able to create financial products, tools and services for themselves, which can't be controlled by the likes of the Bank of America. He doesn't like the loss of control and definitely doesn't like, the loss of exclusivity. Which leads into the "contrary to the interests of civilization" quote.
4 -
Lols. Obviously, the interests of civilization is to increase the wealth gap to such an extreme that even the middle rungs are falling into poverty. But not to worry, BoA and American Express can extend a line of credit so everyone can still afford to buy all those disposable products that are good for them, no worries. Charlie is concerned about us all here, he doesn't want us to go down the wrong path, he has the best interests of the citizens in mind.
5 -
“I think the Chinese made the correct decision, which is to simply ban them. My country has made the wrong decision.
My general rule of thumb: when people are looking to what the Chinese government does as a way to do what is best for its citizens, assume the worst. Civil rights are not much of a concern in China and the reason they are doing what they do with crypto is in order to trap wealth within the reach of their control. Crypto is a gateway for wealth out, making it a risk that erodes the power of the state. Just remember that China is a communist country, the most capitalist system ever created, as it makes the state the monopoly with absolute power.
FUD
All of these types of articles are FUD, expecting people to be blinded by the "legend" status and "expert" opinions contained within. However, the majority of people commenting like Charlie here, have very little understanding of what is actually going on in the world of crypto currency itself. Charlie focuses on what he can see, which is unlikely to be very much, other than the few market faces of crypto. When it comes to all of the other aspects like Hive for example, he is completely blind.
However, he is 98, meaning he doesn't have to live with the world he has helped create, which is crushing the very people he says he wants to protect. He doesn't understand that the average 25 year old will never have the possibility to own a home. That the investments that he has been able to benefit from are actually working toward making it even harder for those people, turning them into trapped renters, rather than owners.
But luckily, these dinosaurs are on the way out and people like Charlie Munger and Warren Buffet will be naturally replaced and in a decade from now, the CEO of an investment company like Berkshire Hathaway, will be a 50-something person who has for years been investing into Bitcoin, Ethereum and who understand the crypto industry. It doesn't matter if you "wish" it would go away, as time ends all things, including those who wish for progress to stop, frozen in a place in time where they have control over everyone else.
We are moving into a new economy.
As far as the people of the world are concerned, the only viable way out of being crushed by the current processes of the economy as it is, is to build an economy that fundamentally changes the outcomes from one that enriches the few, to one that empowers the many. Crypto on the blockchains is the only practical solution that we have working toward this end and while it still takes time, slowing it down by buying into the FUD, doesn't get us there any quicker.
No one is forcing anyone else to participate, it is all opt-in.
Unlike the economy we have now.
Taraz
[ Gen1: Hive ]
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This is the fears of any industry, that they will be replaced and that is what is happening here. Crypto gets in the way of them making more and the way it does it, threatens their existence.
What is "good for people" is doing what they are told - it seems. :)
I actually had an answer written for these, but decided not to include it here.
Literally, "civilization" is a process taking that which isn't legal and making it civil, with civil being for the commonwealth of citizens. Not quite what Charlie was puporting.
Absolutely. He should just go to hell and chill in the heat instead of trying to confuse the young generation. At that age, he should be thinking of something better like impacting lives and making people happy before the cock crow. LOL.
The old tool bag lol. It makes me laugh when they highlight illicit things when that’s one of the primary uses of the American dollar lmao. It’s even done so at the direction of the government (CIA funding all kinds of drug smuggling on purpose, lots of other examples) for the purpose of illicit activities.
Thankfully I’ve never heard of this old goat here but being 98, he’s not going to be around much longer. Sad that he won’t though, he won’t see crypto take over his precious dollars! Such a load of crap though, he’s invested in bitcoin and is just blowing smoke up peoples asses to try and spread the FUD lol
I needed a laugh, this was a good one thanks hahaha
I've seen a few materials with both him and Warren Buffet, often together. I don't know why they can't follow their own advice sometimes. One of their lead principles has been Don't invest in a business you don't understand. That's fine but my point here is...trying to influence public opinion is also a form of investing. Your reputation. In a matter that you don't understand. Another advice of theirs was...about investing in addictive products. Good for everybody, right?
Seriously, though, it's MSM that's the problem. The dinosaur that needs to go away. And I believe in evolutionary change. I just might be wrong with my taxonomy.
No way you're not wrong in that! MSM is the core issue in so many regards it's hard to put it all into writing. I agree that them pushing their agenda via the MSM is one of the most significant issues.
One thing that is also involved with them having this stance is that it's folks like you and I who are driving this, not necessarily the big businesses. They can't stand it when we are able to make some significant moves to financial security.
Nothing personal. Just business.
:D
All the BlackOp CIA slush funds are now digital and they can blame it on terrorists working from their mother's basements :)
People are afraid of change and the first instinct is to reject it. But what they don't understand is that change brings innovation and helps us evolve. Embracing change is scary, but once you do that a new world of opportunities and possibilities is opened. And crypto and decentralization will simply change and shape a new world!
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THe companies they invest into, are going to start increasing their moves into crypto over the next 5 years at most. If he makes it that long, he will see that after all - he will be buying crypto.
You can’t teach old dogs to sit, not even smart ones.
Indeed he is a genius and at this point it just seems that he’s to proud to change his opinion in the matter, and in the end he doesn’t really have to, he has his legacy and will be remembered as one of the best investors of all times.
Yes. He has done well enough for himself, but people can't follow in his footsteps now - the world is different. People did very well out of slavery too.
Btw I was wondering if I could add you on Messenger or WhatsApp? I find myself not so technically inclined at times on the platform and I have some questions I would like to ask if you wouldn’t mind.. They say there are no stupid questions, but sometimes it feels like it when you are not really up to par technically with others on the platform.
Haha, for as long as he has been around, I guarantee there was a time when BH was investing in the tobacco industry. Are you telling me those things are good for people? I think science has proven quite the opposite. Likely there will be a time when many shift their thinking on crypto just like they did on tobacco.
I love this quote and I totally agree with it. I don't know as though there is any government right now that should be held up as a beacon of excellence for any of us!
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I just realized I typed BW somewhere...
Probably still are - they likely planned the sale process for getting children in Africa addicted.
There likely isn't, but there are worse examples of the bad.
Yes, there are worse ones than others! I think that is for sure!
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lol, this reminds me of the US calling crypo a threat to national security 🤣
It's a threat to those who currently control almost everything... But I don't see any danger for the average citizen!
But it is a scam... how can they se it as a threat? ;D
😂they sure see it as a threat to their pockets!
Lmao, 98 years old. An old person who hates a changing world that they don't understand and which threatens what they know and are comfortable with - I've never heard of such a thing lol.
Your rebuttals are great. Ahh a nice tall glass of nutritious coke. Lol
I love it when people point out other people's bullshit.
You see right here 👇 A + B = you're a hippocrate and a moron.
Lol 😂
It is rare!
These are fun though, aren't they? So much hypocrisy in the current economy - it is time to bring in some alignment and transparency - not to mention, accountability.
Yeah. You can see it for what it is a Mike away. Especially since the story often changes each week. One minute they are against something and then the next they're for it. Ahem, Jamie Diamon and bitcoin a little while back
It is, indeed, quite rare, doing it at 98...
I think at his age and with the amount of money he has, he can afford to be wrong with little consequence. He should probably trot out the "I'm not a financial advisor" disclaimer from time to time.
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Yes. But, can he be wrong for people who are in their 20s? This is the thing. I know plenty of people who chose not to invest in crypto because someone boldly told them "they knew the future" and instead, they have watched something like Bitcoin go from 900 dollars to near 70,000 and Eth from 30 to 5000. if you are going to die soon, there is no consequence to being wrong, but there is for those who follow your advice.
Brilliant response @tarazkp
:) THanks
You're more than welcome 😀
Class systems is what it boils down to. The upper class don't like change. A new financial model is on the horizon and these guys just don't like the new rich. Working Class see a way out and that's why governments are going to start clashing with the people. It will come to a head in around 5 years when more and more people start changing over.
Yes.
I estimate about the same - maybe even faster if we can get our crap together :)
perfect photo for this post.
I doubt that he himself believes what he is saying. But at that age who knows...
I am not sure if he knows that he has even said it :D
It's time for people like Charlie to realize that the days when everyone thought that the financial institutions were in place for our benefit, is over. They have been robbing us for years now, and with blockchain technology comes the removal of the chains that have been placed on all but the rich.
The chains they bind our very existence with, were made without a key.
Why would they ever want a key to be found.
Not your key, not your funds... they think the funds are theirs.
They're starting to sweat a little!
For sure. They know it is touch and go now.
I really laughed out loudly by reading this, but accurate labeling...
A short addition within the title, adding his age and it would be just a good joke at the first glance instead a FUD theme.
Just the man I was thinking about.
Seems the chat isn't working, this is my discord: tarazkp#5792 - it is easier.
However, just for a bit of fun....
Not sure how long you have them for, but at least for a few days to see how you go :)
Crypto is really new economy the future is digital thanks for sharing this insight
You are welcome
Charlie seems that he wants some ones to have the control of the financial system forever. Charlie wants us to be dependent on them. Charlie wants to look down his bose at us.
Charlie, that cat won't jump ;)
Haha Charlie 😁
Emotion has a key role and impact on the market. If kept away, we can get rid of all those panics and quick selling and thus prevent market crashes be it crypto, stock or forex. Thanks.
Bitcoin is a "digital gold", a top cryptocurrency. A wrapper in which hundreds of billions of dollars have been invested. The project of the brilliant and mysterious proger Satoshi Nakamoto. Personally, I believe in Bitcoin and believe that it will change the contours of the future for the better.
Let's see how it goes.
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STOPCheck out the last post from @hivebuzz:
When I was flicking through the AFR website this morning, I saw that their variation on the Charlie Munger article was the most viewed.
The AFR's crypto content is always technically dumbed down and takes a negative angle to appease the oldies who are their primary audience.
Chuck's comments fit perfectly within this narrative and it's always a bit of a downer for me to realise that outside of my online bubble, this is the mainstream view.
But now when I go back to screenshot the AFR's most viewed for this comment and I see that there's a new leader:
Actually, to a somewhat pro-crypto article, saying times have changed old-man, it's time to get with the new program.
I'm taking this as progress haha.
"First they ignore you, then they laugh at you, then they fight you, then you win."
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I love your response to this!
Berkshire-Hathaway itself is a bit of a dinosaur. Sure, its vast wealth was built on old fashioned "basic materials" but that strategy is going to run its course...
Meanwhile, I have no doubt that had Charlie Munger been born 100 years earlier, he'd be condemning "those wretched horseless carriages that should never have been allowed to be on any road!"
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I really enjoyed laughing along with you. I mean, if we ever need investment advice on cod liver oil, Charlie is my guy. If you want to laugh at this sadly insanely rich guy, just look at the prison he designed for students to live in at University of California in Santa Barbara. No wonder he likes Chinese gov leadership in crypto, he has a strong controlling instinct. SO easy to imagine Charlie hobnobbing with the Deus Group in Mr Robot lol
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I actually read this out loud to pooky-jax !!
Great Rebuttal and spot on my friend.!!
50+ years in his big money cocoon, Charles in charge with his billionaire blinders on and a corrupt big media, with small minded propagandist reporters, that are too blind/misled too see how out of touch with reality he is. Reporting his foolishness as if it has merit.