"Buffett the No. 1 enemy of Bitcoin"

[Duke of Marmalade]

@Duke of Marmalade , It's truly a sight to behold the speed at which hero turns villain. JK got a shout out from you in more than 58 previous posts (apparently more as the AAM search facility can't handle the full listing). Will we not be seeing more references to John's work going forward? If John tunes in to these AAM funny pages whenever he has a bit of downtime, he should note that hell hath no fury like a Duke scorned.

I think I will have to draw diagrams for you in future my dear @tecate. A guy who from day one has been suggesting the plausibility of a $514k price tag for bitcoin was never a hero of mine. But to be fair, I see that Dimon was never a hero of yours.
But like the devil quoting scripture I did latch on to that wee bit a sense Mr JK espoused but it appears that even that wee bit a sense has deserted him.
Do you agree with me that JK has got "the price tends to cost of production" the wrong way round?

 

[tecate]

But like the devil quoting scripture I did latch on to that wee bit a sense Mr JK espoused but it appears that even that wee bit a sense has deserted him.

A cynic might conclude from that, that it's safe to assume that all your other points are equally based on a house of cards but you can rest assured I'll give you the benefit of the doubt, Duke.

A guy who from day one has been suggesting the plausibility of a $514k price tag for bitcoin was never a hero of mine.

True for you. You predicted back in 2018 that bitcoin would never see $20k again and bemoaned the suffering of the poor craturs that got caught at the top. I don't think that was one of John's predictions.

Do you agree with me that JK has got "the price tends to cost of production" the wrong way round?

Now, now Duke. I won't participate in a witch hunt of the jilted party. I have to say that's not very classy for an aristocrat such as yourself.

 

[Duke of Marmalade]

Now, now Duke. I won't participate in a witch hunt of the jilted party.

I admire your reticence to kick a guy who is obviously way out of his depth but I guess this is as close as I will ever get to an admission from you that I am right.

 

[tecate]

I admire your reticence to kick a guy who is obviously way out of his depth but I guess this is as close as I will ever get to an admission from you that I am right.

The guy that you have relied upon more than 58 times in underpinning your view on bitcoin has updated his thinking and now you want to latch on to anything that you can muster in an attempt to discredit him? Yeah, that's not a good look Duke.

 

[Duke of Marmalade]

One of the biggest issues is Bitcoin's status as a store of value. Bitcoin's utility as a store of value is dependent on its utility as a medium of exchange. We base this in turn on the assumption that for something to be used as a store of value it needs to have some intrinsic value, and if Bitcoin does not achieve success as a medium of exchange, it will have no practical utility and thus no intrinsic value and won't be appealing as a store of value

One of the biggest issues is Bitcoin's status as a store of value. Bitcoin's utility as a store of value depends on how well it works as a medium of exchange. If Bitcoin does not achieve success as a medium of exchange, it will not be useful as a store of value.

I am not seeing much difference.
According to Prophet Thiel Bitcoin is well behind the curve in the MOE stakes and JK himself points out that very few transactions for goods or services take place and there is even less incidence of these being priced in bitcoin.
Like you my dear @tecate I thought he had quietly dropped that one, but fair play to him, he is sticking to his guns despite what Prophet Thiel preaches.
I also note that JK has revised his tentative landing place for bitcoin from $514k to $143k despite the massive increase in price since he suggested the former figure.

 

[Gordon Gekko]

Verbally abusing critics? He likened Dimon/Fink/Buffett to a finance gerontocracy. That sounds like an accurate assessment to me - without finding it to be 'verbal abuse'.


How is that relevant? Are you suggesting that being a Republican somehow 'cancels' him and his opinion? I'm not getting this - would it be better if he was a CCP supporter like Duke?
As regards Trump, personally, I think that he's an asshat, but despite that, I've come across plenty of otherwise intelligent people who would count themselves as supporters of his. On that basis, I'm not sure how consideration of his political leanings is helpful in this instance.



Is this Thiel you're talking about or Dimon, Fink or Buffett?

I have never seen or heard a Trump supporter who isn’t either an idiot or a cynical self-serving grifter.

 

[tecate]

I am not seeing much difference...
I also note that JK has revised his tentative landing place for bitcoin from $514k to $143k despite the massive increase in price since he suggested the former figure.

Well this is good news Duke - doesn't this mean you can call off the hounds and you don't need to discredit him anymore?
On the price predictions, he's coming much closer to your 2018 call of it will never see $20k again. All is well with the world!

 

[tecate]

I have never seen or heard a Trump supporter who isn’t either an idiot or a cynical self-serving grifter.

Well, I've come across different constituencies as regard Trump supporters - from morons to highly intelligent and otherwise credible people. You can't claim that someone who has built the companies that he has belongs to the former category. You mention the notion of a 'grifter' - again, that can't be him - he's built credible businesses over the longer term.
So that leaves the 'self-serving' claim - contrasted against Buffett, Fink & Dimon. I have no idea about any of them - but I can't imagine that his voting preference is enough to say that he is 'self-serving' whereas the others aren't.
I'm open to listening to reasonable argument as to how his intentions are wayward over and above the others - but an assumption based on the guys voting habits isn't in any way a safe or reliable indicator. If we were to find that Buffett, Fink and/or Dimon voted Trump, would you respond in the same way? I haven't checked but there's every reason to believe that one of them did vote for him.

 

[Gordon Gekko]

He’s a self-serving grifter.

If you support Trump, you’re either a moron or so self-absorbed that you think having a clown in the White House is fine if it suits your wallet.

These people are scum, absolute scum.

A mixture of idiots and cynical enablers.

 

[tecate]

He’s a self-serving grifter.

If you support Trump, you’re either a moron or so self-absorbed that you think having a clown in the White House is fine if it suits your wallet.

These people are scum, absolute scum.

A mixture of idiots and cynical enablers.

That I think that Trump is an asshat doesn't lead me to summarily write off someone because they voted for him. You're suggesting writing off up to 74 million Americans simply because they voted for him. We'll have to agree to disagree on that.
However, if that is your approach will you call any of the other three the very same if there's evidence to suggest they're Trump supporters?

 

[Gordon Gekko]

That I think that Trump is an asshat doesn't lead me to summarily write off someone because they voted for him. You're suggesting writing off up to 74 million Americans simply because they voted for him. We'll have to agree to disagree on that.
However, if that is your approach will you call any of the other three the very same if there's evidence to suggest they're Trump supporters?

Yes, absolutely.

Either stupid or cynical.

 

[Duke of Marmalade]

Well this is good news Duke - doesn't this mean you can call off the hounds and you don't need to discredit him anymore?
On the price predictions, he's coming much closer to your 2018 call of it will never see $20k again. All is well with the world!

Well he does come up with some 8-year old's nonsense. Don't get me wrong, I have nothing against 8-year olds.
Besides his assways economics that the price of bitcoin follows its cost of production I also note that a major claim he makes for bitcoin is that it can be divided into 8 decimal places. I mean please! These days Fiat is fully digital. I just got my electricity bill and I see that I have been charged 14.123456789p per unit, what's the big deal?
I think he is referring to the limitations of the physical form of Fiat. Heck, bitcoin doesn't even have a physical form.

 

[tecate]

Yeah, I don't think I want to go back down the decimal place rabbit hole - there's a warren already dug out long since on that subject! lol

 

[Duke of Marmalade]

To be fair to The Donald (goes against my better self) he is on record as saying bitcoin is rubbish. I mean he ain't thick but I will concede that he is a tad geront.

 

[tecate]

To be fair to The Donald (goes against my better self) he is on record as saying bitcoin is rubbish. I mean he ain't thick but I will concede that he is a tad geront.

Playing both sides today Duke - and the deftness at which you called off JKs tar and feathering - it's truly impressive.

So if this thread has taught me right today...we should burn Peter Thiel at the stake because he's a Trump supporter but we'll allow Trump because he doesn't like bitcoin. I learn more and more here every day - it's truly remarkable!

 

[T McGibney]

He’s a self-serving grifter.

If you support Trump, you’re either a moron or so self-absorbed that you think having a clown in the White House is fine if it suits your wallet.

These people are scum, absolute scum.

A mixture of idiots and cynical enablers.

Were I a US citizen in 2020, I would most definitely have voted to re-elect Trump, for the reasons I mentioned above. In which box are you putting me?

 

[jasdpace@gmail.]

Probably along with the other clairvoyants given how absolute central those themes were during the US Presidential campaign.

 

[T McGibney]

Probably along with the other clairvoyants given how absolute central those themes were during the US Presidential campaign.

What's your point?

Biden campaigned on promises to shut down the Keystone XL pipeline and other actions that would clearly inflate energy prices. https://www.reuters.com/article/us-usa-election-biden-keystone-idUSKBN22U2YZ

And Trump's strategic facing down of international warmongers is a matter of record.

 

[jasdpace@gmail.]

My point is if you think these issues were front and centre, best of luck.

Personally, having been living there at the time, I'd say EY's list is marginally more accurate

[broken link removed]

 

[T McGibney]

My point is if you think these issues were front and centre, best of luck.

I never made that claim. I gave 2 reasons why I supported Trump. It goes without saying that tens of millions of others, in the US and elsewhere, had their own respective reasons.