[NEWS] Warren Buffet & Charlie Munger are experiencing the end of the world
Hello everybody,
Warren Buffet, 87 years old, and Charlie Munger, 94 years old, are currently experiencing something might feel like the world is going nuts.
After stating that cryptocurrencies and especially bitcoin are not investments, last week, Mr. Buffet went one step further this week. 'Bitcoin is probably rat poison squared', he is quoted by Becky Quick. Charles Munger -Buffet's longest-time companion- is quoted with a much more drastic statement. The trade of Bitcoin would be comparable to the trade of shit between dementia patients.
Does it sound funny when it comes from a 94-year-old? No, this disrespect is inappropriate and does not do justice to these two gentlemen. The 'problem' lies in understanding what an investment is and what it constitutes. The definition of these two comes from a completely different time. For the valuation of an investment, the price development of shares was, in the eyes of the two, subordinated to the prospect of sales and earnings. When the difference contracts were developed in the 1980s, the two gentlemen had already successfully applied their strategy for almost two decades. The fact that they see only speculative transactions in CFDs and other financial derivatives - so as not to write gambling - is hardly surprising.
Our understanding of investment as of today, that speculating is part of the game, that we no longer just do it with conventional currencies, that we bet on prices and their developments, are points that displease this generation of businessmen. Ultimately, two things unite theoretically in cryptocurrencies: 1. The alienation of the financial world from the real economy 2. The alienation from physical reality through virtual reality. So maybe you can understand the skepticism of the two if you look at their story. Maybe then you can also discover one or the other enriching warning behind their statements.
Your JP
All quotes can be found on the Twitter account of Becky Quick
Source: https://twitter.com/BeckyQuick
This post has been shown by @tenorbalonzo to 9100+ followers. Get more votes by participating in @tenorbalonzo curation trail
I hope we can work together. vote my blog and direct me reply @Juninho
Thank you my friend
This post has received a 3.14% upvote from @lovejuice thanks to @jpmay. They love you, so does Aggroed. Please be sure to vote for Witnesses at https://steemit.com/~witnesses.