Warren Buffett Calls Bitcoin "A Joke" As US Population Systematically Impoverished - Record 30% Of Adults Living With Roommate
The "legacy" economy, which presumably most of us early adopters of crypto are here specifically to escape, continues to churn out depressing results for an entire "lost" generation of Millenials. The remaining shills for it open their mouths daily in an attempt to prevent us from seeing the kind of benefits from this once-in-a-lifetime market transformation that might reverse the current Feudal Lord (them) - Vassal (us) relationship.
Nothing in this chart is remotely surprising, if you have been following the trends in this country.
Costs on everything continue to go up, while wages fail to keep pace with even official inflation, which is itself highly manipulated with hedonic adjustment and other accounting tricks to vastly understate the real inflation rate.
This appears to be going exactly the way that the politicians and elite want it to, with the trend only increasing in recent years.
The bottom line is most of the nation is broke, can't afford proper healthcare, and couldn't come up with $400 cash for an emergency expense without taking out a line of credit.
It's not much of a surprise that the locations with the densest populations show the most aggressive increases in housing costs.
Households now have less disposable income today with 2 full-time workers than they did in the 1970's with only one worker.
The idea that cryptocurrency might come along and reset the global financial ledger is threatening enough to the mainstream that they may not even be capable of grasping it until it has already happened.
Until then, I can only offer them the wise words of Abe Simpson, and remind them they are now members of the same demographic:
We also have a Radio Station! (click me)
...and a 5000+ active user Discord Chat Server! (click me)
Sources: Us Census, US Center for Budget Policy, Zero Hedge (repeatedly), Marketwatch, Zillow
Copyright: The Simpsons
I was just thinking how instead of it freaking me out, instead of me saying... oh wow, i must be about to lose my shirt, Warren is a self made millionare, who am I? Im thinking the exact opposite... as you pointed out, people in their position, the Warrens of the world see bitcoin as something they don't want to understand, because it doesn't fit their worldview, so their opinion is quite irrelevant... specially if we are asking him for his thoughts on the worth of crypto assets.
If i was to walk up to the Dalai Lama and ask him to explain to me blockchain, he would stare back like a confused puppy... does that mean he is an idiot? of course not... I'm the one who made a mistake by asking him.
I think that happens with Warren a lot, many reporters and writers ask him questions as if he is the "spiritual money leader" it might be because as americans we seem to worship money, and equate wealth with intelligence and ethical behavior, but of course this is far from the truth.
We would be wise to not ask the apple tree for oranges, it's a waste of our time.
"If i was to walk up to the Dalai Lama and ask him to explain to me blockchain, he would stare back like a confused puppy"
Incidentally, he's also a weak government leader. A pacifist can't run a national government with hostile neighbors.
"We would be wise to not ask the apple tree for oranges, it's a waste of our time."
They need the clickbait.
Haha, @lexiconical! It's all a SORDID MESS! I am really growing to like your style (as we have a similar satirically-leaning sense of humor). You are a bit further along in the more technical expertise in crypto, and so I can learn from you as a mentor. The thing is that the OVERALL level of exploitation in, specifically, the United States is just inexcusable. Just look at the student loan debt racket. You've got people coming out of the "mass mind control"university absolutely BURIED in debt. That was me in 2000. They have ZERO chance of making a life for themselves. The lenders and the government ROBBED them of their lives. My response to that, and the RAMPANT inflation, and just GENERAL "bad stench" of the whole society, prompted me to take a one-way flight out of the country. Talk about "brain drain". I agree with you that crypto is likely the ONLY way out, but how many TENS or HUNDREDS OF THOUSAND have had their lives taken away from them by the RAMPANT GREED and lack of basic CIVILITY in the "Land Of The Free". Trump looks like he is a AT LEAST TRYING to address these most important issues, and (regardless of your politics) hats off to him for that, but just the fact that, as a society/culture had fallen to such a moral LOW is pretty damn disheartening. Just my thoughts on the issue, as it hits close to home. I love - and upvote - all of your posts. Keep it up.
That better not be true. If there's only one way, there are no ways at all, because crypto can be crushed, and no matter what the cost, they will crush anything to maintain their power.
Your internet can go away, and they won't care. You can die, and they won't care.
If every single person invested in crypto needs to die to leave them in power, they can do that, and nibble toast points.
They don't care. We need a multiplicity of vectors to build wealth, so they CAN'T choke just one off and keep control. We need them to lose at a game of whackamole.
This is why the decentralized aspect (and, the large number) of cryptocurrencies is so important. Sometime we rail on about Steemit being weak in.
Good point. Agreed. I guess I was just saying that with crypto it AT LEAST LOOKS like we can POTENTIALLY get out of bondage, if we play our cards right. But I agree that it is MOST PRUDENT to them diversify our wealth into various other assets, including (for me) physical gold and silver. Ideally, I strive to take WHATEVER earnings I make on crypto and put them into HARD, relatively stable assets.
Getting out of bondage is, at this point, practically synonymous with getting enough wealth to check out of the corporate system. Hopefully, crypto can at least provide that for some of us.
"Just look at the student loan debt racket."
Prior to crypto, this was one of my main focuses. I used to help people weasel their way out for student loans. It's tough.
"They have ZERO chance of making a life for themselves. The lenders and the government ROBBED them of their lives. My response to that, and the RAMPANT inflation, and just GENERAL "bad stench" of the whole society, prompted me to take a one-way flight out of the country. Talk about "brain drain"."
Great points. I worry Steemit may suffer the same fate.
Bitcoin up or bitcoin down? The truth is that people expect other to do the analysis for them, they feel they cannot or they don't have the ability to understand the market by themselves...
The beauty of bitcoin is that is open source software, you can follow the development process and the technology.. is there any currency or stock with the level of transparency of Bitcoin?
This is a great point. Nevertheless, despite having access to much of the information, this remains a notoriously difficult situation to forecast.
The man gets lucky one time and some how knows everything lol
On the other hand, I am quite frequently right, particularly IRL, and am still generally met with skepticism.
People are not good at integrating new ideas from outside their "thinking box".
This is very educational imo, in the sense that most people think - Especially the ones living in third world countries - that you don't have any issues over there and life is sweet. What I see is debt, debt, debt and more fucking debt. I really do hope crypto takes over, we take over, And show them cockroaches bankers how things are done!
It's tough to believe, but there are a lot of people here barely making enough to cover bills, or eating true garbage that will kill them 2-3 meals a day, like McDonald's, because of the 99 cent prices.
Right now, it certainly seems like every national government has more or less put aside their national differences (no hot wars, generally) so they can all maximally oppress and fuck all of us normies over within their own borders.
"What I see is debt, debt, debt and more fucking debt."
When the other, upcoming world "empires" finally turn off our credit card, we are completely fucked, as we've pussified our nation well past the point that we could sell open (nuclear) warfare for economic reasons. I'm not advocating for that, of course, but that is how most militarily superior but financially vulnerable nations would have handled this situation all throughout history.
All the headlines you see now about Venezuela, it will be the USA overnight. We'll be chasing wild cattle through abandoned malls to slaughter them for meat as soon as our idiot population gets hungry enough to figure they'll take a shot at actual food prep from live -> table.
I suspect it will be about 10 minutes before we starve, given how squeamish and unskilled most of us are.
Hi @lexiconical, will you let me go off topic in your posts once more? :)
We have another chance at getting listed on Binance exchange if we can muster enough support and people to get it done. All we need is to get through to some of the people at the top and convince them to fill in an application form. I started a campaign to try and somehow get through to the people at the top to get their attention. I also just commented under @jerrybanfield's latest post asking for his support.. but he gets so many messages that I can't be sure that he will read them all in time (application ends december 31st). I know that you and he are in contact sometimes, so I was wondering if you would be so kind to make sure he gets the message on time, so we can perhaps still take advantage of this opportunity before it ends?
Thanks!!
P.S.(and also thanks overall as well, by the way, for being my regular supporter all this time! It really means the world to me, you rock! :) Thought I should mention this, this holiday season, at the very least!)
P.P.S. Check out my new layout and formatting for my blog! I think it really improves the quality and look of my blog! Taking Steemit to the next level in 2018, upping my blogging game!
"Taking Steemit to the next level in 2018, upping my blogging game!"
I'm glad to hear that you remained optimistic, at least 5 weeks ago.
This is a useless notification by now, but I did indeed run your Bianance request out to as many as I could. As usual, it was met with less than wide enthusiasm. I don't think people will care about the narrow exchange options (Bittrex only, practically) until it bites the price of their coins in the ass like the de-listing did temporarily with Bitshares.
Yes, I'm still optimistic. I know of all the problems and troubles that plague STEEM/Steemit. But for the time being, it still works (for me) and as long as it continues working I'll keep using it!
As for the Binance listing - same results here. Lots of people thinking it's a good idea but nothing actually coming from it. Luckily Binance took action themselves and listed STEEM just a few days ago, yay. Not SBD though, but this works too.
Buffet has always been a value investor and I am not surprised if he calls Bitcoin a joke. He missed the ride earlier on Amazon and Apple, which has been the 2 of the greatest companies ever. Not sure if he’d ever see the value of Bitcoin in this life.
I don't think Buffett has the skills and knowledge to be a relevant "value investor" any more.
I wonder how much he truly believes in this whole bullshit, HFT'd, PPT'd US financial market we have.
He has to know these EBITDA and other earnings ratios are ludicrously beyond the pale.
Your post reveals several of the reasons I no longer chase mammon.
I meet my needs, which are simple, with a hammer, and my only goal is to die old.
I am old.
I win!
Thanks!
I wish you lived geographically close to my front porch, so we could both yell at these kids from it.
That graph of discretionary income now vs 1970s is very true. I was a teenager then and remember my dad buying a new car for $4k and property was like $1k/acre in a lot of nice areas across the country.
Don’t be a nocoiner circling the drain! Opt-out fiat / bypass corrupt system / opt-into new non-political, programmable money system. Once in a lifetime opp.
"opt-into new non-political, programmable money system."
Yeah, at least until Fed/EuroCoin.
That was gross to type out, btw.
Excellent article and also just plain sad our country is in such poor financial predicament. We don't educate anyone in school on the things that matter. Then we have the dumbing down of society by media with ignorance and stupidity. If I had a nickel for every average person who is having regular conversation about blockchain cryptos that parrots the garbage they here on TV about zero value bitcoin, I'd be wealthy without the actual cryptos. Ignorance will lead all of them to miss the incredible once in a lifetime opportunity to reset the financial world and take part in it. All we have to do is be wiling to learn, put away a small amount of money into this amazing technology and wait as the world changes. I was recently up 12X on my portfolio in 9 months. Who says we can't all take part in this?
" We don't educate anyone in school on the things that matter."
Yeah, like how not to get a useless degree like Gender Studies at the cost of a loan for $150k. We set kids up to fail.
"If I had a nickel for every average person who is having regular conversation about blockchain cryptos that parrots the garbage they here on TV about zero value bitcoin, "
The open willingness to flap one's yap, even when one knows they don't know wtf they are talking about, is a unique and relatively recent cultural phenomenon around this country. We used to shame these idiots. (I heard).
" I was recently up 12X on my portfolio in 9 months."
Maybe too soon but...if you're like me, things look a lot crappier today at $8300. But who can complain, that's still at least 200% APR.
I smile when we get corrections, because you make your money by buying at good prices. The upside I never worry about. There is >$5T coming into the crypto market this year as the institutional investors, hedge funds, endowments and pensions enter. This money will move the entire market cap.