/biz/ - Business & Finance

>>28143472
he said the same about gold didn't he? He likes things that generate value rather than have intrinsic value like gold or bitcoin

>>28143602
generate worthless fiat you mean?

>>28143671
He's friends with the people who create fiat. He's not worried because he knows they'll help him out

>>28143472
Because his scams are entirely predicated on fiat.

>>28143472
>jew gets rich from insider trading
>raped kids at boys town in omaha
lol why do you idolize this man?

You realize he is accumulating more BTC every time he fuds it.

>>28143472
Because he is an investor in companies that produce value. Bitcoin produces nothing.

>>28143472
Cantillion insiders hate bitcoin because they understand it

Boomers are just stubborn. They'd rather die poor before "betraying their principles". Honestly, fuck them. I'll be open to new ideas when I get older.

>>28143472
He’s right. The value of bitcoin rests entirely on speculation. It’s not worth anything besides making a quick buck.

>>28144343
BTC is the base for all the other projects that do offer very useful services.
This is similar to saying FIAT money is worthless because the only reason you want it is to give it away (in exchange for stuff).

Whatever he says you need to be thinking about the opposite. For instance the keystone pipeline stuff? He got all gay about it trying to act like some enlightened fart sniffer, and guess what, shutting it down benefits his rail transport of oil.

>>28144513
What I meant by speculation is that the only reason Bitcoin has any value is that people THINK it will be a widespread currency in the future. The reason the dollar has value is because it has the behemoth of America backing it up.

Buffet is a cashflow fag. Bitcoin is largely used to speculate that the price will go higher. For example, poll anyone in crypto thread and they almost always want to trade the coins for a currency. Much like gold, bitcoin doesn't make you money in the same way that Coke stock makes you money off of dividends. Now, yes, you can make substantially more money off bitcoin or lose substantially more money.

>>28144167
I hope I am, but I think it's human nature not to be. Even the ancient Greeks were talking about how the youth these days are no good. It must be something humans have going on psychologically.
Maybe if we spend enough time recognising our own biases towards new technology when we're older we can get past this. Of course there will be genuinely baffling shit that is best left to the kids.
Let's just hope we can filter the new crypto-scale technology from the tiktokesque in the future.
I think about the future all the time, perhaps too much.

>>28144918
fiat only has value because people THINK it has value. If suddenly everyone stopped recognizing the US dollar as an acceptable form of payment it would be worth nothing.

>>28143472
He only likes companies he can study he doesn’t like gold either

>>28143858
Because he got rich? Are you telling me you wouldn't insider trade if you knew you wouldn't receive unwelcome anal penetration from the SEC?

>>28145258
Read into the cycles/stages of civilization and then realize that civilizations rise and fall all the time and the "muh chilluns are just the worst" is actually true.

>>28145497
This is actually true. Bearing the risk of sounding like a boomer, children nowadays are born with an iPad glued to their face. Parents have renounced all parenting responsibilities and given their children away to the mighty flashing lights and loud sounds.
Plus there's also empirical evidence that show the rates of autism/ADHD/mental retardation/etc. in children are increasing at an exponential rate.

>>28145784
You know despite my post about trying to remain open to technological innovations I actually hate this shit. The scariest thing is is how ubiquitous it's suddenly become.
I'm just some guy who works in a pub, which affords me the pleasant experience of looking on over many family dining experiences. Literally 80% of parents use an ipad/phone as a kind of pacifier or leverage for good behaviour. These kids are addicted, no two ways about it, some don't even eat without the screen there.
I've tried to recognise these behaviours in myself, and I've deleted the broker and crypto apps from my phone, it's not like I'm selling anything anyway.

>>28143472
He's a value investor, he wants his assets to serve a purpose and wants to understand why they're valuable.
The current market cap for BTC is ~$650B
For that amount you could own the following companies outright:
>Astrazeneca ($130B)
>Blackrock ($110B)
>Uber ($110B)
>Volkswagen ($105B)
>Nintendo ($70B)
>Adidas ($65B)
>H&M ($40B)
And still have $20 Billion which for basically everybody is more than they could conceivably hope to spend.
It would mean you'd have about a million skilled employees working entirely for you, to say nothing of the unwashed masses uber exploits with their meme gig economy.
It would mean you'd have a major stake in pharmaceuticals, delivery, transport, the automotive industry, sports, gaming, and clothing.
If you'd actually rather simply have meme code that is just making GPUs sweat then I think you don't understand value or power and I say that as someone with an old and fairly significant crypto portfolio.

>>28143671
No things that people want and need (see above).

>>28143472
Warren just helped install a coup in the USA in order to keep his railways printing money instead of building a pipeline.
When you get to his point you invest quite a bit different.

>2021
>listening to a fiat boomer
NGMI

>>28143602

He grew up poor and it shows.

If it was up to him, sugar would back the dollar.

>>28143472
boomers like him don't have the neuroplasticity to understand something like bitcoin. it was hard enough to get them onto the internet

>>28145258
On one hand it's cope; people don't like seeing themselves get old, but on the other, it's their reaction to witnessing the world gradually degenerate around them. The boomers that talk about muh kids and their screens are annoying, but they're not wrong. Most of them can't articulate what they're seeing happening so they blame it on "kids these days", but the state of youth is more of a symptom of the disease. Many of us will probably do the same as we grow old and the world gets uglier.

>>28148034
hmm well said, I'm going to sleep

>>28145297
Even if people stop recognizing it its backed by the state.

>>28148151
try not to lose sleep over this kind of stuff, anon

because he's responsible

>tell people Bitcoin is good
>all the 95 IQ dumbasses who think Buffet is a god go out and buy it
>lose their life savings one month later
compare to Elon Musk for instance.

Buffett would rather buy See's Candy and hold that shit for decade. Best candy on earth by the way. Also, Coke >>>> Pepsi.

>>28143472
This old faggot has been wrong about bitcoin every step of the way.

>>28143858
warren is not a jew and is actually based

>>28143472
Because he is 90 years old

>>28147697
>>28147777 (WASTED)
>>28147929
>>28148261
Genuinley embarassing takes. Buffet and Munger have a combined age of 187 and are still both lucid. They're legends who will forever loom large. Even now they're both much sharper and clued up than any of you.
Imagine thinking because you're an idiot that hopped on some shitcoin before a bunch of other idiots that you're a class above the architects of Berkshire Hathaway

he's right.

You see, the BTC thing is just our generations' delusional hope that we will take part in the great wealth of the past.

What we have to understand is that most of this speculation is fueled by either money-printing or credit. It's just people throwing money into the market however they can to try and get rich quick.

Except unlike back in the dot-com era you don't even have a legitimate service or product to buy. It's all just people looking to get rich. It's extremely dangerous for a value investor like Warren and should be for you too.

>>28148261

This is why boomers are just bad

You can't trust them with money, they're really senile.

>>28143472
no future cash flows or npv

>>28143472
The good answer leads to more questions.
The bad answer pisses you off but gets you to leave him the fuck alone about it.
He's old. He doesn't like bitcoin for whatever reason and he's likely tired of talking about it.
It's like how Harrison Ford can't stand star wars people. Giving the safe answer doesn't make them go away so now he's an asshole.

>>28148261
Hes wrong about everything. Most of his purchases are done by others. All he buys now are trains, and airlines and gold miners at the top. He’s dying, his brain is shutting down, and his world is collapsing. The only thing that remains is his echo of existence continued on by literal retard pajeets who have to feed their village.

>>28143472
And stop posting this retard. Boomer billionaire worship is disgusting and shows which rural village you came from.

>>28143472
>listening to le cherry soda pop man

>>28148967
nonsense warren is more witty at his age than you faggot i cant believe all this warren slander when warren buffet is one of the few billionaires who came from fucking nothing selling newspapers and repairing pinball machines and then learned learned learned found a good mentor in graham and started investing
man was born to make money
warren is too clever for any of you faggots with your decentralised nerd crypto shit nobody really gives a fuck about and is all in reality a joke

>>28148034
I guarantee you that my great grandpa could watch Lana Rhoades take a big black dick up her ass, he would.

>>28143472
Because crypto is unironically hyperfiat, which is why it's so based

>>28149173
>not
ngmi

You're purchasing the ability to hedge against inflation

Where CB's and governments have borrowed huge amounts and injected huge liquid flows in the last 15 years, purchasing an item with transactional properties which isn't subject to this downside is quite attractive

Comments like this frame crypto as a stock or a share... but think of it this way...
"why do you hold dollars warren? They have no intrinsic value or revenue stream?"

"I don't hold dollars to invest, I hold them for transactions"

I expect Crypto will do the same thing, but while adoption takes place, its value will increase. The reason its value is increasing now is due to the networks future use as a means of exchange. In a sense, you're purchasing a share of a fully decentralised network with a fixed money supply.

In a world where money supplies seem to be infinite depending on the liquidity crisis in question, who can blame attributing value to this?

>>28143472
>Why does Warren Buffett always slander Bitcoin?
Give me a single quote that is "slander"

He doesn't even like gold, so he's certainly not going to like what claims to be a 'digital' version of gold.

>>28149583
>I expect Crypto will do the same thing, but while adoption takes place, its value will increase. The reason its value is increasing now is due to the networks future use as a means of exchange. In a sense, you're purchasing a share of a fully decentralised network with a fixed money supply.
This is meaningless drivel. A bitcoin doesn't give you a 'share' of anything. You don't own a miner's computing power. You don't get profits. All you get is the ability to sell it to someone else later, and hope they pay more for it than you did. Arguably that's how the entire economy works but don't delude yourself into thinking Bitcoin is more magical or special than collecting MtG online cards.

the most based of all bobos
the king of the bobos
the bobo overlord
he is like a god to me

>>28143472
Warren Buffett's entire existence is tied to US Banks and the ruling elite that he can not officially doubt fiat, because it would crash his entire portfolio. Imagine the most influential investor in the US were to openly tell people that he is now going to allocate 5% into Bitcoin. It would wreck any trust in the US system.

>>28149926
Personally I believe that we'll see some kind of crypto-shares coming into existence in the future

Companies issue shares on a ledger, lets' call them Alpha coins

This crypto is perfectly liquid, like current cryptos, but also contains with it the ownership properties and rights to profits which shares do.

Imagine if companies started paying their workers in these coins (tying salary to company performance) or offering discounts to users who paid for goods using alpha coins?

Suddenly crypto starts being backed by tangible value

But the problem here is that you generate instability - you need a store of value which is constant. If I get paid in Alpha shares, the first thing I might want to do is hedge my holdings so that, if I wake up and there's been a massive company collapse, my own life savings don't fall to 0.

Obviously, you could put it into the equivalent of an ETF.

Or... you could have a crypto which all other cryptos peg themselves too. A finite network where value is intrinsic. Just like the dollar...

>>28149926
If you hold/own a share of the Bitcoin network, that alone enables you to take part in decentralised financial services. Its a literal dividend stock at that point.

>>28143472
bc Bitcoin was a fun experiment but is essentially obsolete as technology at this point...

>>28150460
Everyone already expects that. There are small commodity exchanges doing that with contracts as we speak

>>28145258
>society gets more degenerate every generation
>lol boomers don't know what they are saying
Unironically the Greeks were right.

>>28148481
Yeah so were lots of people that got rich in the 1800s, 1700s, 1900s etc. People rise and fall when they cant keep up with world changes. The only hope for these old families is that their status and old money keep them going. But they die off as things progress.

>>28150725
Degeneracy is unironically a meaningless polcel buzzword. And even if you believe in the concept behind it, and even if you like to pretend that this time frame was objectively less "degenerate" than another arbitrarily set timeframe, who would you blame for said circumstances? The generation that literally owns 90% of wealth or the ones that dont? So yeah, even going by your polcel brainlet logic boomers are fucking faggots.

Just because he's a genius investor doesn't mean he knows everything about every part of the economy and human interaction.

>>28143671
No, value. If Coca-Cola decided to generate sales in bitcoins instead of fiat, the change would be inconsequential to their business.

>>28150937
>Degeneracy is unironically a meaningless polcel buzzword
a : having declined or become less specialized (as in nature, character, structure, or function) from an ancestral or former state the last degenerate member of a noble family— W. E. Swinton
b : having sunk to a condition below that which is normal to a type … fruit so degenerate that the insects weren't even interested …— Tamar Perla especially : having sunk to a lower and usually corrupt and vicious state a degenerate schemer a despairing and degenerate world had sunk into servitude beneath him — W. L. Sullivan

Look at any single social statistic and tell me that we aren't "degenerating"

>>28143472
>I regard him as one of the (if not the) best investors of our era
Because some media puff piece told you he was no doubt.

Its only a matter of time
>Rumor is Apple is considering making btc reserve asset

Berkshire owns 5.6% of Apple. Also owns $10M in index funds including SPY so including Tesla. Eventually everyone with a diversified portfolio will have exposure to bitcoin.

>>28150633
>literal dividend stock
it is 'literally' the opposite of a dividend stock you troglodyte. The idea is digital gold. It slowly inflates but pays no dividend. You don't get decentralized finance services with BTC. And fyi most decentralized finance services are in reality just decentralized gambling - longs, shorts, leverage, etc.

What dividends has BTC paid you? What yields are you getting? 0% is the answer. Sure, the price has gone up, and that's okay. I'm a BTC bull myself. But you clearly don't understand Bitcoin, oconomics, or how a market works if you actually think it's a dividend stock.

>>28150460
>what if crypto became stock options
THESE ALREADY EXIST. Go get a job with a company that does this and you'll realise that concept is hundreds of years old. That's not revolutionary or tangible value. 'New paradigm' newfags everywhere.

Just sold, thank you everyone.

>>28148481
Old guard typically look down on the new, it is what it is, that's how it's always been. Just taking the side of someone because he's x is dumb, if you don't come up with your own reasons, you're just a parrot and your opinion is meaningless.

Crypto does have value and imo having a stable crypto is better than regular savings because they don't have the same inflation the US dollar can have, meaning it can hold up better in long term savings. Also it also has value for financial transactions if you get on a bank's naughty list.

>>28151072
not what i meant. most companies don't make enough profit to offset real inflation.

>>28151404
>>what if crypto became stock options
>THESE ALREADY EXIST. Go get a job with a company that does this and you'll realise that concept is hundreds of years old.

Stock options are what a company gives you when they think you will be impressed by this. A company that gives you bitcoin thinks you're indispensable, since they literally have to buy it to pay you in it. Therefore, demand half your salary in bitcoin and you'll know where you stand.

>>28151404
People have had minted currencies physically for years too... yet here we are seeing thousands of comments on how doing the same thing thats been done for years on a digital ledger is suddenly huge news.

Crypto-shares makes tracing the companies capital a whole lot easier to track and manage.

This efficiency makes it possible.

We're still in a world where buying fractional shares with brokers is a challenge. Are you telling me that these things have the same properties and there aren't implications of this?

cause hes old, and a faggot

>>28151045
>Just because he's a genius investor

He's not, most of his trades work out mostly average, he just gets lucky with some longtails every decade or so.

Warren Buffet isn't interested in BTC because BTC doesn't generate value; it's just memed to be a "store" of value. If Warren Buffet cared to learn about crypto at all he'd be an ETH maxi.

>>28151927
>Stock options are what a company gives you when they think you will be impressed by this. A company that gives you bitcoin thinks you're indispensable, since they literally have to buy it to pay you in it. Therefore, demand half your salary in bitcoin and you'll know where you stand.
What are you possibly talking about. If BTC is money, then you you money to buy goods. The company still has to produce goods to sell to get that money. Whether BTC, USD, Japanese yen, or fucking seashells, if what they are giving you has value then they are paying you for your service. What possible difference does it make whether your company pays you in BTC or USD which you use to buy USD? Are you a literal schizo? The company paying you doesn't print money out of thin air.

>>28152014
This entire post is on the same "new paradigm" level as before. Shareholder books have existed for hundreds of years and are far, far cheaper to operate than a blockchain. Orders of magnitude cheaper. They literally just type your name into an excel spreadsheet. Anyone can see it at any time. It is open and transparent and you don't have to have thousands of miners across the world using electricity while you pay thousands in gas to give someone else your shares. Nothing you have said provides any value whatsoever.


I am a BTC bull but I am now convinced this is the absolute top. I can't believe I share a market with you people. MAke sure you read some economics books on the ride down and understand what might one day give BTC real value. It isn't anything that you've talked about.

>>28148481
Bro, how many shares of BRK.B do you own? I have more than 500. Sitting on a measly 2x for the past ten years, when it could be a 10000x with Bitcoin. Jesus, and the Buffet just sits on $130B in rapidly inflating cash without paying a dividend. It's hard not to think that he's been compromised at this point.

*cough cough*
One thing I have learned over the years...
*sips*
Never... underestimate... the American people...
(spreads hands)
In the past, there was nothing, but wheat, and pigs
Now?
(looks around)
All this stuff.
Fuggeddaboudit!
*sips*
You think this is my first bull market?
I bought real property!
(bangs table)
Not this faggot shit...
Charlie! Lookit these fucking assholes, I tell you what...

>>28152360
I suppose I should telegram my response to you as well given that technology has a habit of slowing everything down?

>>28143472
clearly you dont or youd understand it is detrimental to his investments. Hes no better than the shilling/fuding squids you see on biz

>>28152360
Stock options are something a company can issue with or without a price guarantee but ultimately is like any other stock with a par value of $0.01. Companies will use these to make a job offer more attractive in negotiations, as if will look like they are coming up to your price.

>>28148294
>Funds pipeline protests just so he can continue to profit from his railways
Buffet is an honorary kike and absolutely not "based"

>>28152588
>bitcoin is fast and efficient and that's what gives it value
It obviously isn't the 7tps behemoth that you're talking about, right? Because if BTC is worth 800 billion, then surely NANO, reddit's favorite shitcoin that does 10,000tps, should be worth hundreds of trillions?

>>28152687
>bitcoin and altcoins are good because it can be like stock options
>stock options are shit
make up your mind. The fact I can give shares or crypto to my employees does not give those shares or crypto inherent value. You're agreeing with me now. You said that crypto has inherent value because companies can issue dividend-paying crypto to their employees on a public ledger. This idea has been around and used for centuries. Obviously, it doesn't give altcoins value. Especially when it is cheaper to do using the old method - an excel spreadsheet that anyone can look at, a few backups, and transferring dividends directly into nominated bank accounts for free rather than paying $40 per transaction.


None of the things you have mentioned give BTC any inherent value. The only reason it might one day have value is a replacement of the gold standard. It's the BTC standard or BTC is a bubble. That's it. The most valuable commodity on the globe or absolutely worthless. And only because it might one day be slightly more efficient than shipping gold between countries to balance out trade deficits. Decentralized ledgers like ETH are another ballpark altogether and are actually promising ideas, but they are completely different to BTC in terms of a value proposition.

>>28147777
BASED QUADS

A Jew boomer with thousands starting investing in just holding during the most economically prosperous time in all of history is an "excellent investor"?

>>28153289
>most economically prosperous time in all of history
I think Buffett has lost his touch too but you can't honestly believe this. Nobody is "prospering" - governments around the world have taken on hundreds of trillions of dollars of debt, and this debt is going straight into the stock market. Valuations are not value. That money came from somewhere, and someone will have to suffer (not prosper) to pay it back. Even if the debt is paid in inflation, that means your average person on the street will eventually pay extremely high prices and be unable to afford a lot of things he previously could, all so that green line can go up now.

>>28143472
Becasue it's actually useless PnD meme money.
/thread

>>28151809
If most companys dont even do that you might want to expect a crash
>Buffet does doesn't he?

his world is fading. he'll be dead soon and be a relic

>>28147777
>sugar should back the dollar
You know, for Americans, this would make a LOT of sense...

>>28145258
It is inevitable anon. Look up fluid vs crystallized intelligence. You literally lose the ability to learn as you age. The saying "you cannot teach an old dog new tricks" is largely true. At some point in your life, civilization will progress faster than your mind can keep up with, and you will be left behind only to serve as a relic of a bygone era. This is a cosmically tragic reality in which we live and it scares the everliving shit out of me because I know that it is inevitable.

>>28152687
>The fact I can give shares or crypto to my employees does not give those shares or crypto inherent value.
Lets just say, for a company to pay you in bitcoin there is (ultimately) proof of work, versus a stock option which is proof of laser printer.

Proof of laser printer has been an effective strategy in the past, and will remain formidable. But by requiring bitcoin in payment, it guarantees they have actual skin in the game. Hence your worth.

>>28143472
almost 90 year old man. Probably cant log into his email without his assistant. Has no idea what anything tech related is. Likes investing in trains and banks. Shit he understands... you know because he is 90.

Stop seeking the approval of the dinosaurs. Get the kids into crypto. They set the standard going forward.

I would be surprised if Buffett DIDN'T own bitcoin. He is the classic "do as I say, not as I do" asshole. He made his wealth by borrowing his family's money to YOLO in retarded option plays and insurance scams.

His buddy Charlie Munger, who also supposedly just HATES Bitcoin so much!, broke into the biz by making his first $100 million off some retarded YOLO on a mining company.

But yeah just buy the S&P LEL

>>28143671
fiat is the only thing you can aquire things with actual value with. good luck buying a house with bitcoin retard.

>muh fiat
bitcoin is a fiat currency too
anyone who uses this meme you can instantly tell has no idea what the fuck they're talking about

>>28143472
buffet only invests in shit he understands well and has made a retarded amount of money doing that. he's never bought a single tech stock and still done way better than anyone who ever has. his investment philosophy is based. you get billions of opportunities thrown at you every single day as an investor. you don't have to take any of them. you can just sit and wait around for an opportunity you understand where you see the potential for a lot of profit and then take that one. you're never under any pressure to ape into one particular opportunity because you fear you're going to miss the boat. for every boat you miss there's another one just about to take off.

he also manages a holding company with a market cap of over half a trillion dollars. it's easy to just throw $10k or $100k into something. you can get in and get out with it very easy. investing half a trillion is an entirely different game. you can't just market sell $50 billion dollars worth of something and have your order filled immediately at the top price.

The photo cost $1million. The bitcoin was gratis. Neither of which amounted to much in the eyes of Warren who still didn't understand why people kept trying to give him some bitcoin, and put the trezor in a drawer and forgot about it.

>>28154067
Nothing will ever replace the crisp, green smell of brand new Harriet Tubman

>>28145297

You pay taxes in dollars or men with guns will lock you away and take your shit and sell it for dollars. That is the foundation of the dollar.

>>28147777
>>28153724
well, SOMETHING should back the dollar and not just '(((oil)))'

>>28154165
>he's never bought a single tech stock

Except for 5.6% of Apple

>>28153923
buffet only recommends buying index funds to people who have no idea what the fuck they're doing. he's on the record as saying "diversification is a hedge against ignorance."

he's actually anti-diversification and recommends that people who know what they're doing should have only 3 holdings in their portfolio that they understand very well and that are outperforming the market and rotate their holdings according to market conditions. if he was a crypto investor he would be a 50% btc 30% eth 20% moonshot kind of guy.

>>28154165
By your definition of fiat Gold is fiat as well, because its value is entirely derived from humans conceptualising it as valuable.
Every commonly accepted store of value is fiat. You know full well what people mean by saying fiat, they mean the Central Bank, sovereign debt that will never be paid back, denominated in whatever currency you name it.

>>28153796
>This is a cosmically tragic reality in which we live and it scares the everliving shit out of me because I know that it is inevitable.
It could be a lot worse dude. Alzheimers runs in my family, so does alcoholism (although alzheimers seems to be related to diabetes and I eat a low carb diet, often full keto, but I digress). I fully expect that someday I'll stop being able to remember things and will forget most of my life. It's fine. I have a hard-drive full of anime and movies that I want to watch for the first time again. I'll be perfectly content having the time of my life rewatching my favorite shows over and over again until I decide to overdose on heroin and pass on.

>>28153923
>He is the classic "do as I say, not as I do" asshole.
Eh, I don't hate them for that. If you've ever tried to give financial advice, you realize that most people are fucking retarded fomo bitches who can't keep money in their pocket for more than a few minutes. Plus, I can respect a man who FUDs his own positions. I do too.

>>28154688
>By your definition of fiat Gold is fiat as well, because its value is entirely derived from humans conceptualising it as valuable.
Gold is a commodity.

>You know full well what people mean by saying fiat, they mean the Central Bank, sovereign debt that will never be paid back, denominated in whatever currency you name it.
I know what some people mean, but the problem with not using terms correctly is that it becomes difficult to tell who is just being lazy and who is being retarded and parroting something that they read somewhere without understanding what they're parroting.

>>28152137
you are retarded, you don't become a billionaire by "getting lucky every decade or so". holy shit, yes he's wrong about crypto but the cope in this thread is outrageous.

>>28143472
>I regard him as one of the (if not the) best investors of our era
Why? He was a massive retard about the tech sector for like decades. Huge imbecile from a bygone era.

>>28154379
I happen to be an oilchad and trust me, the dollar is not backed by oil. Ultimately the dollar is backed (to foreigners) by the massive US consumer market (which trades nearly exclusively in USD) and (to americans) is backed by the taxman and police when you don't pay the taxman. Basically Modern Monetary Theory.

Oil just became strategically important after WW2 and because the US protected shipping, and because Europe needed oil from the Middle East shipped by sea, there was a lot of convenience in forcing it to be traded for dollars only. Then of course we came off the gold standard and we needed a meme to explain why dollars still mattered, right when OPEC decided to try to fuck everyone. Read about Bretton Woods, there was a lot of financial shenanigans that got the dollar accepted as the global reserve currency.

Oh, and while you're at it, the reason the US consumer market is so valuable is because of cheap credit and US consumers being the most propagandized people on the planet. China can't hold a candle to that even though they're damn sure trying.

>>28143602
Money is a universal human invention that creates tremendous value. It's incredible the him and people like him don't understand the basics of how and why money exists.

>>28145297
That's true of literally anything used as money, ever.

>>28145297
>anon discovers how currency works

>>28145784
People said this about television you know

>>28155377
You absolutely can, read Fooled by Randomness.

>>28155555
Fucking checked, Yami. Anyway if you read The Snowball (gilded biography) you'd find Buffet pretty impressive, you just have to ignore that he started hanging out with globalist cabals thanks to fucking Bill Gates. Buffet isn't really that impressive, he just made a few good calls with insane leverage that was unavailable to everyone else on the planet during the most stable growth period in market history.

Personally I think he's mildly impressive because he put his autism (he's literally on the spectrum, you just never hear about it because nobody wants to piss off the autist with more money than God) to good work investigating stocks 24/7 and following a pretty good investment strategy he plagiarized most of from Ben Graham. He's really just like us /biz/ autists who spend our weekends reading white papers and investigating PnDs, if he was born in the 80s/90s he'd be one of us too. He also would have gone balls deep on GME at $5, he's just as degenerate as us. Although I think he would have sold at $100 and called it good.

>>28152137
>one of like three people to beat S&P 500 consistently is just lucky

>>28143472
He's a boomer faggot from the Triassic period, that's why.

>>28156305
You know that's an unfair comparison, one man's portfolio compared to the 500 biggest stocks on two exchanges. At least use a total market comparison.

>>28143472
Buffett may be wrong about BTC but he has earned his right to his opinion. Others, like Peter Schiff, on the other hand frustrate me to no end, as he is a washed up Gold merchant and has never accomplished much at all, so his opinion has no real weight.

Buffett's net worth means what he says has weight, even if he is ultimately wrong. To what end, I do not know. But I really hate Schiff.