Charlie Munger, the vice chairman of Warren Buffett-owned investment conglomerate Berkshire Hathaway, believes China made the correct decision in banning bitcoin. The billionaire investor, who has has never been a fan of bitcoin, has now prompted a disparaging response on social media with his latest criticism of crypto. “The Chinese made the correct decision, which is just simply to ban them,” Munger said in an interview for the Sohn Hearts & Minds Investment Conference, the Australian Financial Review reported Friday. Read full article
It’s interesting how so many view the basic FREEDOM to conduct one’s affairs as they see fit, as an optionality to be decided on how THEY ‘feel’ about it. What’s next Charlie, Bitcoin Camps with razor wire?
Stupid to ban something like this. What is needed is full audit of any stable coins and mechanism to prevent wash sales (vast majority of pumps). Then let the market decide where the price really is.
%% They tend to be stricter than US. In some cases they are right\instead of giving the parents of some punk the police had to shoot ,a lotto ticket, [so to speak] ;the chicoms send the punk's parents a bill for the ammo, used to execute the punk. WB called it rat poison\ good points ; but to bad he missed so many big tech trends.
Cue the Simpsons meme of "Old Man Yells At Cloud"...... he's indeed a dinosaur and representative of the Wall Street phrase "past performance not indicative of future results."
I agree with Warren Buffett on this one. So far crypto's haven't achieved any of the goals that they were purported to achieve; namely storage of value and stability of currency as a medium of exchange. So far all it has become is just another commodity to be played creating bubbles in the economy creating a potential risk of inflation. And if the cryptocurrency is not traceable or registered, then it becomes a tool for criminals in conducting criminal activities increasing public security risk and even national security risk, doing more harm than good. And so far cryptocurrency really has no value. Just like Warren Buffett said, it's a method of payment like cheques. So if cheques have no value, then cryptocurrency should have no value either. The only reason why it's gaining in value is because governments across the world except for China and other few countries have not banned it. Once it's banned across the world, its value will be zero.
Crypto is useful for billionaires and gangsters. Buffett also dismissed gold but Dalio has a more balanced view.
He is, yet your argument is called a strawman, or attacking the messenger. There is a reason why running a ponzi is illegal in most countries... Not to mention no government likes a challenge to their own currency. You have the freedom to create a crypto, the governments have the freedom to shut them down.