Pre-Historic investor Lashes 'Extreme' Crypto
@tarazkp put me onto this article posted earlier today about the 'Legendary' Investor Charlie Monger 'lashing' the extreme crypto currency market, in a recent interview....
And thanks to @abh12345 for the more appropriate alternative title!
I thought some of the quotes from Mr Munger were worth pulling apart, to see if there's any legitimacy in what he says....
“I’m never going to buy a cryptocurrency. I wish they’d never been invented,” Mr Munger said.
'Never going to by a cryptocurrency'... who speaks like that? 'I'm never going to buy crypto' is how you say it, and this just implies he's lumping ALL crypto into one basket, closed mind-set, no consideration of the different utilities between BTC, ETH and the rest for example. And the 'I wish they'd never been invented', I dunno, that just sounds bitter'.
“I think the Chinese made the correct decision, which is to simply ban them. My country has made the wrong decision.
WHAT? Praising China? OK I know Traditional American Transnational Capitalists have long worked with the Communist Dictatorship, but usually they keep quiet about this because it kind of detracts from their 'American-ness' - this isn't going to sit too well with the Youth I don't think?
“I want to make my money by selling people things that are good for them, not things that are bad for them. Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves.”
Like Berkshire Hathaway does with its gun related investments. These are clearly very good for people.
“I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth..."
The clearest illustration that he has no idea what he's talking about, just rehashing concerns that aren't valid, criminals can easily find ways of making any currency work for them without crypto'.
"... Nor do I like just shuffling out your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air,” he went on."
But presumably he's OK with his 'boss' Warren Buffet investing tens of billions in Derivatives, which are invented out presumably a different quality of thin air (maybe it's a bit less thin?).
And finally.....
“I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilisation.”
Translation...
'I'm a dinosaur who missed the crypto boat and I'm upset that I'm relatively poorer now that lots of ordinary people are getting wealthy too.'
Final Thoughts....
This just sounds like the bitter ramblings of someone who clearly knows the old financial system very well and has done very nicely out of it.
And it is unsurprising that he's willing to embrace the new, it does challenge traditional wealth models and his power base after all!
Posted Using LeoFinance Beta
