/biz/ - Business & Finance

>>9298079
peter schiff on suicide watch

Dear old and past it investors in my company Berkshire Hasbeen, as you are aware, you may have heard of this tech called Bitcoin, and cryptocurrency, now I know some of you may be worried that the millenial 35 and under generation are all going to invest in these more than traditional markets and stocks such as my great company Berkshire Hasbeen, and I know that every generation after them will see us as being dinosaurs that are old and past it, but don't worry-- no, you shouldn't worry! Because me, Warren Buffet, the old man innocent billionaire who couldn't hurt a fly and still pretends to drink coca cola to win your confidence and make you think I can relate to you, have said that its worthless! Yes, now I know I said the same about the Internet, but that was a small error you see woops me being an innocent clumsy old man I had spilled Coca Cola TM over my research papers and I had overlooked it, but I'm telling you its worthless, its a posion like a black liquid substance that rots your teeth and organs from the inside, its noxious! Yes, now we at Berkshire Hasbeen recently purchased stock in various dying companies who will be bankrupt in 20 years but don't worry! For I am Warren Snuffilm, and you know I predicted that gold would stagnate for a single day over 40 years ago and I was right and since then I've just been righter and righter. Me, Warren Buffoon and my good friend and gay lover Bill Gays have been looking very closely at this new cryptocurrency tech and analising eachothe-- oops, I mean it. Analising it and we have decided its not good for you. Ok thats my letter. Do what I say and buy what I buy remember Berkshire Hasbeen is the stock that always goes UP U P UP! Avoid cryptocurrency and bitcorn and buy a farm! HOw many a heads a cattle a do ya think a you can make of a small farm a? You'll be just like me in a few years!

Yours Sincerely, Warren Buttfuck

>>9298079
>taking investment advice from this old boomer fuck

>>9298079
That's literally the whole point of a money.
When you're buying a dollar, all you're counting on is that the next person is going to give you something more desirable than the dollar and they'll only do that in hopes that they'll be able to do this to somebody else"

Fucking hell. If these people are billionaires, why aren't I

>>9298079
>but it doesn't produce anything,


IT DOESN'T PRODUCE ANYTHING
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAMEASURED IN UNITS OF ITSELF IT DOESN'T ADD TO IT AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

>>9298079
He just stated on CNBC that trading BTC is a scumball activity.

Old man...

GOLD IS A USELESS CURRENCY BECAUSE WHEN YOU DO THE ACCOUNTING AND ADD UP THE GOLD PRICES OF EVERYTHING YOU FIND OUT ITS USELESS

>>9298165
>When you're buying a dollar, all you're counting on is that the next person is going to give you something more desirable than the dollar
What.
Money is used to trade it in against objects or services of equal value.
You don't go to grocery store to buy milk so you can resell the milk for more money later.
In fact, only an idiot would buy something for 10,000 dollars just because they think it might be more valuable in 6 months (unless you have specific knowledge that suggests this will happen). It's basically like playing the lottery

>>9298079
>He's old as shit. Of course he doesn't understand crypto.
>Self admittedly says he missed out on Amazon and Google.
>Blockchain tech will take over the world and he can't comprehend the tech
>Only recently shilling Apple
>Of course he is going to FUD buttcoin, the emerging crypto economy takes away from his dinosaur investments
>The world is changing and his fossil brain can't keep up anymore.

>>9298349
The milk has to be worth more to you than your money or you will not buy it.
People only buy dollars (or any currency for that matter) as they believe that this is a value-adding step in the pursuit of ends, be this safety from an uncertain future or the purchase of consumer goods.
What the line you quoted means is that people only purchase a dollar under the pretext that people will give them something more valuable to them than the dollar for that dollar in the future, and that the stage of dollar holding will be a net benefit (will add value).
If nobody had the expectation that they'd be able to make a profitable trade in the future with the dollar as opposed to not buying the dollar, then they wouldn't have bought the dollar in the first place.
As such, you are counting on the dollar being accepted by others.

>>9298349
>>9298428
And the only reason why anybody would let you spend that dollar in exchange for a good or service of their own is the expectation that the dollar is preferable to their own items in the pursuit of future ends - that is, they're more excited than you are for the next person coming along to value the dollar.

>>9298096
underrated hahahahahahah 10/10

>>9298096

>>9298449
Then why does a business add to the cost of an item it sells?
I mean let's say a shop buys milk from a farmer, then sells it to a customer. The shop will sell the milk for more money than it cost.
Why would they do this and try to make a profit when the money is worth more to them than the milk?
By your logic the dollar value should increase by itself and it wouldn't be necessary to deliberately aim for a profit

>>9298543
a middleman selling a physical good moves it around physically.
moving around digital coins costs the price of mining

>>9298096
gud post

>>9298096
Lol

>>9298543
>Then why does a business add to the cost of an item it sells?
Presumably because its product is worth more than its inputs.

>I mean let's say a shop buys milk from a farmer, then sells it to a customer. The shop will sell the milk for more money than it cost.
Why would they do this and try to make a profit when the money is worth more to them than the milk?
I think you answered your own question. The shop had, say, a dollar, and traded it for some milk. They believed that the milk was worth above a dollar. They take it to their shop, and then they sell it to a consumer for two dollars. They believe that two dollars is worth more than milk.
If the money was worth more to them than the milk, they would not have bought the milk.
They value the two dollars that they get in exchange for the milk because they believe that another person will buy those dollars off him for his own profit.

>>9298595
what a retail shop does is distribute goods through the market. essentially the consumer pays the shop for the product, the transport and warehousing cost to get the product to the shop, and a little profit so that the shopkeeper can be fucked to have a shop. this is the case for all physical goods.
holding a commodity expecting price inflation is an investment, but its not a cashflow producing capital investment.
buying bitcoin is the same as buying gold or any other currency.

>>9298717
>buying bitcoin is the same as buying gold or any other currency.
That's my point

>>9298775
but its not analogous to owning a shop, since a shop moves shit around.
owning a shop is the same as being a miner