Crypto Buffet & Munger Deride Bitcoin as "Swapping Turds"

Discussion in 'Other Asset Classes' started by Comrade 1984, 4th Mar, 2021.

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  1. Comrade 1984

    Comrade 1984 Well-Known Member

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    Can anyone link me to the video of last week's Berkshire Hathaway meeting in Omaha where these two elderly legends described Bitcoin participants as thus:

    "It's like watching people swapping turds & excitedly wanting to join in."

    I'm told there were other remarks about it being easy enough to buy Bitcoin but selling it is nigh on impossible.

    I am not for or against Bitcoin. Just want to see the entire video as it's been in the news & does not google well (make what you will of that).
     
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  2. jaybean

    jaybean Well-Known Member

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    What do you mean selling it is impossible. I sold mine the other day ($30 worth I sold for $2.5k) and had the money transferred to my bank account quicker than any share I’ve ever sold.

    Not that I’m advocating Bitcoin. I don’t have any plans on getting back in. In fact I was never in it in the first place, really. The $30 was supposed to be spent long ago I just got lazy. It wasn’t an investment. That aside I don’t get the statement it’s hard to liquidate.
     
  3. Comrade 1984

    Comrade 1984 Well-Known Member

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    Selling a stock is straightforward. You can use a bank or broker. And if something goes wrong you can call them or visit a physical office or even the share registry. If all else fails you can go to ASIC or the SEC.

    But if you own Bitcoin how do you sell & who do you call if something goes wrong? Just asking - not passing any judgement. Truth be told "Swapping Turds"seems to have made some people very rich and I wish I had gotten in on the ground floor.

    Anyone else sold a substantial amount of BTC say >AUD50k and managed to collect without being locked out?

    I read somewhere that Bernie Madoff allowed people to sell out and collect for most of his fraudulent career but was only derailed when the GFC tsunami hit. Even so, investors eventually got back the lions share of their investments.
     
    Last edited: 4th Mar, 2021
  4. jaybean

    jaybean Well-Known Member

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    That's totally different though. That's not about how easy it is to cash out but other risk factors to consider.

    Yes the merchant I use is probably not regulated and yes things could go bad, but they didn't. It was smoother than any stock sale / purchase I've ever experienced. Again I'm not advocating Bitcoin. This is just my experience.
     
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  5. charttv

    charttv Well-Known Member

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    I have sold small amounts with no issue. I have heard that it can be difficult to move amounts greater than $10million USD worth though it can be done. I think they might be referring to what happens if the bubble pops and everyone rushes to the exits.

    Alot of the volume on exchanges is rumored to be fake, in a crash, it would all just theoretically evaporate.
    95% Of Reported Bitcoin Trading Volume Is Fake, Says Bitwise
     
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  6. charttv

    charttv Well-Known Member

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    I should add that i momentarily had an issue cashing out from Coinjar once when the National Australia Bank blocked all transactions to and from the Coinjar bank account. Was resolved in a few days thankfully and they restored the account access and i got my funds eventually.
     
  7. Michael.Knight

    Michael.Knight Well-Known Member

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    I've sold multiple $aud worth of Bitcoin. Money is in my bank account in less than an hour after it's sold on the exchange. I use btcmarkets.
     
    Last edited: 4th Mar, 2021
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  8. Ouga

    Ouga Well-Known Member

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    "Trying is the first step towards failure" Homer
    If these guys are saying it’s nearly impossible to sell, then it shows how they have absolutely no idea what they are talking about. But I doubt that’s what was said, even if they don’t like it, surely that’s a step too far.

    These days there are so many trusted exchanges, selling and getting money in the bank account is no problems at all. Btcmarkets, independent reserve are 2 trustworthy Aussie exchanges
     
    Last edited: 4th Mar, 2021
  9. datto

    datto Well-Known Member

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    Sounds like sour grapes from the fuddy duddies..

    [​IMG]
     
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  10. charttv

    charttv Well-Known Member

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    found it

     
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  11. Comrade 1984

    Comrade 1984 Well-Known Member

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  12. The_Billy

    The_Billy Well-Known Member

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    I’d much rather swap turds for 700% to 1000% profit than property, stocks, bonds for 5% to 10%.
     
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  13. Lacrim

    Lacrim Well-Known Member

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    Or swapping it at a 700%-1000% loss. Can anyone really say with certainty that can't happen?
     
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  14. Bunbury

    Bunbury Well-Known Member

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    Mate, Berkshire Hathaway has grown at an annualised rate of 21% per year for the past 57 years. That's some serious staying power. Bitcoin's rise has been meteoric but there are serious question about the reality of people actually selling large holdings. Happy to be proven wrong about this but I haven't see any evidence of anything remotely close to a crypto billionaire around. Where do you see Bitcoin in 47 years?
     
    Last edited: 4th Jun, 2021
  15. Laker

    Laker Well-Known Member

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    I can say for certain that can’t happen. Can’t lose more than 100%
     
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  16. Laker

    Laker Well-Known Member

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    The last 11 years bitcoin has grown at an annualised rate of 200%. Plenty of people sell large holdings. Tesla sold 100 million USD the other week. There are also a few crypto billionaires around holding over 20,000 bitcoin.
     
  17. Redwing

    Redwing Well-Known Member

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    upload_2021-6-5_7-33-12.png
     
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  18. Mark F

    Mark F Well-Known Member

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    You can if you are leveraged. :rolleyes:
     
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  19. Bunbury

    Bunbury Well-Known Member

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    Bitcoin's meteoric rise is not in dispute. Holding 20,000 bitcoins or all the bitcoins does not make you a billionaire if you cannot sell them. Tesla is a company and therefore cannot be a billionaire.

     
  20. Baker

    Baker Well-Known Member

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    Can I interest you in some tulip bulbs? I know a Dutch guy who got left holding.
     
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