What is the point of getting upset, polishing off your favorite old people jokes, or concocting frantic conspiracies about double-switch Spanish prisoner long cons every time we hear anyone rich or famous say anything we don't like about BitCoin?
Are we that bored?
Are BitCoin's feelings so tender that we need to rush to its defense?
Are we really that tempted to turn crypto into a source of identity?
Isn't BitCoin or any other crypto just a thing that we buy, hold, or sell, bottom line?
Since migrating to Cryptoworld, I feel like I have found a weird, supportive, passionate, and sometimes meth-paranoid family. Like any family, there are disagreements, and asshole uncles who should have been locked up years ago, and alcoholic cousins whose advice should not be trusted, and frightened distant relatives no one has seen in decades but whose ghost haunts your dreams. I feel like we are on the same side. The folks who read blogs here want the same thing, right? Healthy, profitable, freely and effectively functioning cryptocurrency markets and the products, services, and advances they support.
That is why it is just super bizarre to me how Cryptoworld erupts with a lot of hooting and screaming and conspiracy theories any time someone's comment on BitCoin captures a media cycle. Like you, I think, I also am hoping that my cryptocurrency assets keep growing and that we can usher in a new world free of the greedy claws of bankers and money printers. But investing in cryptocurrency isn't like backing a sports team. There should be no loyalty test or scream fest, right? Investing in cryptocurrency should be like...investing.
I have seen a lot of explanations or interrogations of Warren Buffet and Charlie Munger and why they don't like BitCoin (or, 15 years ago, why they don't like tech). They run the gamut! Some are dismissing their opinions altogether because they are old, or outdated, or like wrinkled creeping Sleestak lizard dudes. Some are certain that they are plotting something. Some think they should just shut up. Some think they are trying to shake us out of our stakes and gobble up our BTC. Some are certain that is is a sign that they and a secret cabal are trying to undermine BTC in order to maintain control of whatever it is the conspiracy theorists think they control.
I mean, these are rich bastards, they control everything already, and could do a lot to control BTC if they wanted to get together to do so. There are complexities galore in the data but does anyone really doubt the Credit Suisse Global Wealth Report that generated headlines that the 26 richest people control as much net worth as the world's poorest 3,800,000,000 people? They do whatever the f-bomb they want, and if they think BTC will get them that, they will get BTC. Why over think it?
Buffet and Munger - As Predictable as the Sunrise
Here is my explanation for why two people with exceedingly transparent and consistent investment philosophies decided they don't like an investment that is the exact opposite of their investment philosophy.
I think that the fact that BTC is the opposite of their exceedingly transparent and consistent investment philosophy so they don't like it.
They like hard assets with book value larger than market cap. BTC is not a hard asset and has 0 book value. Why would they ever consider it? And why should they suddenly at the age of 9,341 years young change their investment strategy? Can't it be as simple as that?
Should we care what Buffet and Munger think? Of course! They have sustained track records of investment that I am willing to bet that no one who will ever publish or comment on PubOx will ever achieve. People might make more money using different strategies or assets Buffet and Munger would never touch (and many of the world's richest people have), but no one has their track record for the number of successful investments over the time they have been in the market. So, why wouldn't we care what they think?
But at the same time that does not mean we need to do anything once we hear what they think (including start screaming about it). Buffet and Munger are highly, highly specialized and highly, highly disciplined. In fact, I think the most important lesson here is not whether Buffet or Munger are old or out of touch or lizard people. The most important lesson is that they developed, tested, modified, and proved a specific form of investing strategy and made it work. For decades. In fact, it is easy to find news articles declaring that the two OGs were washed up that predate the launch of BTC itself. That's right, declarations that B & M are washed up losers are older than the entire idea of cryptocurrency. THAT is an investment track record. And, THAT is an investment track record that is COMPLETELY IRRELEVANT to whether or not you should invest in Bitcoin, DOGE, or even the world's single greatest cryptocurrency $FerrariBulgari.
Think about it. They are scary rich not because their startup was bought by someone who launched once great company. Not because they found Beyonce's middle school diary at a garage sale. Not because they were first in on a mooncoin or unicorn. They are scary rich because they bought lots of companies with just enough upside to pay off over timeframes of decades.
You don't have to like how they invest, but I think it is hard to argue with the benefits of developing specific expertise. Theirs in not in BTC.
I think their example is extremely relevant to investing in Cryptoworld. What are you specialized in? What discipline keeps your investments profitable? What metrics do you pore over before putting a penny into a new coin or token? I don't have any proof of this, but I suspect that a lot of the most successful investors in crypto have a specialization where they are the expert, and that they have discipline that forces them to sell coins they love when the numbers aren't right anymore. A lot of people will make a lot of money in crypto without specialization and discipline, but I would much rather rely on those two assets than on luck or hoping I hear news of the latest shitcoin before you do.
Let's get back to investing, to sharing great new projects and crazy new ways of making money and having fun!
Buffet and Munger are not morons. But that doesn't matter in the specific case of Bitcoin. I kind of wish people would stop asking them to talk about Bitcoin. It is never in their lifetimes going to be an asset that fits with their proven philosophy. So they don't like it.
No conspiracy needed.
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