Let’s be clear: Munger should also have pointed out how financial news channels (such as CNBC) were quick to praise crypto outlets as genius and game changing thereby promoting FOMO.
The technology in and of itself is sound. The fact is the US SEC, CFTC, and Congress have failed completely in regulation. The megalomaniac have been allowed to play instead.
Is email fairy dust over the postal system? Is online shopping fairy dust over going to yhe store? Is Door Dash fairy dust over going to the restaurant? Is Uber fairy dust over the traditional cab companies? Is cash fairy dust because of Madoff, Enron, all money laundering, alll fraud, all drug sales, all gambling, all stock market crashes, and the 2008 financial crisis??
So what is so wrong with a blockchain system that can transfer value in seconds anywhere in the world instead of days?
Take note from walmart the earnings are getting good because they align those asses off in good work. If the system is corrupted by bad people the company will fall
If there were a little more crypto, instead of humans making promises, perhaps the world might be better off for it. Can't do evil instead of won't do evil. Cryptographic proof of reserves instead of promises from corrupt(ible) humans. Is the trouble with our financial system today really that we have too little human control? Too little human interference! Too little centralized planning? Too little power in the hands of banks and governments to create and control monetary flows? Or might we be better off using neutral money like bitcoin which operates according to the laws cryptography and mathematics in a completely transparant and predictable way?
I will forever be indebted to you, you’ve changed my whole life I’ll continue to preach about your name for the world to hear you’ve saved me from a huge financial debt with just little investment thanks so much Mrs Rachelle Hughs💯.
I Appreciate Charlie’s honesty on Crypto. He’s letting us all know the lows people will go to try and make a money. The child trade. People are Disgusting!
It's called greed. Does not make any difference for the big guys as long as they make money. The problem is the public follows and loose. It's not ftx fault its the gurus that promoted it and got paid for it.
This is a perfect example … let's see if you can see the analogy: If you were in Roman times and you were forced into being a gladiator (i.e. each match is a death match) … and they push you into the dorm before you fight the next day. You look around the dorm and there's all these buff young "alpha males" practicing their moves … but also there's this one out of shape older guy (been there a while) just filing his nails. Who would you ask for survival advice?
Every time the market hits tough times , this man is asked his opinion with the full understanding he will call Bitcoin names that make a nice headline. He is a legend for sure and his resume is unrivaled . However , I can't imagine that a man of his age , with his wealth , spends any significant time thinking about or learning about Bitcoin. Why would he ? I think a much more speculative thought for him is whether or not he did or did not just crap his pants . Leave him in peace for god's sake .
Still making the same mistake here… conflating Bitcoin with 'Crypto' and munger coin. Ironically, cash is the actual goto currency for the kidnappers he speaks of.
37 Comments
Let’s be clear: Munger should also have pointed out how financial news channels (such as CNBC) were quick to praise crypto outlets as genius and game changing thereby promoting FOMO.
Munger is a superstar 😂
So what happens when central banks lose control of their respective currencies and crypto dominates? Anyone thought that out?
Munger can take his worthless opinions to his grave.
The technology in and of itself is sound. The fact is the US SEC, CFTC, and Congress have failed completely in regulation. The megalomaniac have been allowed to play instead.
Is email fairy dust over the postal system? Is online shopping fairy dust over going to yhe store? Is Door Dash fairy dust over going to the restaurant? Is Uber fairy dust over the traditional cab companies? Is cash fairy dust because of Madoff, Enron, all money laundering, alll fraud, all drug sales, all gambling, all stock market crashes, and the 2008 financial crisis??
So what is so wrong with a blockchain system that can transfer value in seconds anywhere in the world instead of days?
😂🤣 nice Charlie! Agreed! Well said! Only teenage morons, kidnappers, drug dealers and money launderers invest in crypto! 🤣😂
Keeping it real. I love it.
This won't age well. Crypto is the future, these are just growing pains.
Take note from walmart the earnings are getting good because they align those asses off in good work. If the system is corrupted by bad people the company will fall
Wish Charlie was 50 years younger. We need a stabilizing voice for the long term now more than ever.
We can choose the right path.
I hope that following Benjamin Franklin.
Also Charlie Munger chosen Ben Franklin way.
Poor charlie im sure he means well.
But we do need chinese concentration camps?
If there were a little more crypto, instead of humans making promises, perhaps the world might be better off for it. Can't do evil instead of won't do evil. Cryptographic proof of reserves instead of promises from corrupt(ible) humans. Is the trouble with our financial system today really that we have too little human control? Too little human interference! Too little centralized planning? Too little power in the hands of banks and governments to create and control monetary flows?
Or might we be better off using neutral money like bitcoin which operates according to the laws cryptography and mathematics in a completely transparant and predictable way?
This moth ball is now suddenly an angel who became a billionaire.
When he speaks, you listen. It's quite simple. Don't be stubborn and think you know more than Warren Buffett or Charlie Munger.
1:06 that was a close one
Full of idiots here, they want you to stay away from Crypto, so that you can stay poor.
I will forever be indebted to you, you’ve changed my whole life I’ll continue to preach about your name for the world to hear you’ve saved me from a huge financial debt with just little investment thanks so much Mrs Rachelle Hughs💯.
Charlie is right,cypto is useless
Charles you’re about to go away naturally soooooooo your words don’t matter byyyyyyye
Munger coin! I'm in!
I Appreciate Charlie’s honesty on Crypto. He’s letting us all know the lows people will go to try and make a money. The child trade. People are Disgusting!
https://youtu.be/Ow-MN7qJnIY
It's called greed. Does not make any difference for the big guys as long as they make money. The problem is the public follows and loose. It's not ftx fault its the gurus that promoted it and got paid for it.
This is a perfect example … let's see if you can see the analogy: If you were in Roman times and you were forced into being a gladiator (i.e. each match is a death match) … and they push you into the dorm before you fight the next day. You look around the dorm and there's all these buff young "alpha males" practicing their moves … but also there's this one out of shape older guy (been there a while) just filing his nails. Who would you ask for survival advice?
It should have the same regulations that beanie babies have.
My hero
I just love seeing Becky break out in laughter at Charlie’s comment. That made my day!😁
He’s a wise person and I like her interview.
Don't spend my tax dollars on regulating the latest iteration of the pet rock.
Every time the market hits tough times , this man is asked his opinion with the full understanding he will call Bitcoin names that make a nice headline. He is a legend for sure and his resume is unrivaled . However , I can't imagine that a man of his age , with his wealth , spends any significant time thinking about or learning about Bitcoin. Why would he ? I think a much more speculative thought for him is whether or not he did or did not just crap his pants . Leave him in peace for god's sake .
Why invest in China then? Rest In Peace Jack Ma
Don't like the risk, don't invest.
clown news network coming into its own finally
Is this the guy who went all in on Alibaba then sold at a massive loss because he actually thought authoritarian china was a good business model
Fiat currency MONGER.
Hathaway's entire empire is made up of millions of piles of fiat paper currency.
Still making the same mistake here… conflating Bitcoin with 'Crypto' and munger coin. Ironically, cash is the actual goto currency for the kidnappers he speaks of.