Buffet & Munger are Wrong on BTC

By Wynqarrin | CryptoCrossroads | 5 May 2021


 Here's a thought from a Non-Expert...

 Buffet and Munger...
 Neither of them like Bitcoin or Crypto in general, and dismiss it too quickly.

 Understandable, they're dinosaurs, and at their age are not that interested in looking under the hood to seeing how things work anymore.

 Such as this point;

 Crypto, all of it, every last tiny bit that is mined and such...is a direct representation of Energy. Now, to understand the value of this, all one has to do is look at the energy required to mine a single Dogecoin, as example.

 Energy is the absolute Base Foundation of every single system, especially Economics.
 ALL energy has a cost to acquire, and that cost when you consider Crypto is directly manifest in the tokens.
 This gives them all Intrinsic Value.

 Crypto, even the least valuable tokens/coins are not 'from out of thin air', despite what they have said and think. As an example, Art, technically it comes from 'thin air', the mind of an artist, same with music.
 BUT, as we all know, those are things people pay for to acquire and enjoy. Intangible...yet very real.

 Proof-of-Work is the statement of the energy cost and will always have value. Proof-of-stake is also a kind of 'work' with an energy cost, and thus again we see that intrinsic value.

 BTC and all other tokens, despite what Buffet and Munger think, are actually the purest form of currency and energy-exchange representation that there is. No fiat currency even comes close. It wouldn't be that hard to calibrate a token based upon the energy expended by an average derived from workers in offices and more physically demanding occupations. The reason such a token would be valuable?
 It would directly represent Human Effort and Endeavour directly as all things of our civilization are made by People. It would be an honor to Human spirit, as well as a means of engaging in the markets on a practical level.

 

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Wynqarrin
Wynqarrin

Author. Published with a few sales. I range from Hard sci-fi to space-fantasy but aimed at Mature Adults as sex IS very much part of the Human experience and I treat it as such in my stories. Very interested in Crypto as it is the future of Humanity.


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