Top South African asset manager shares his views on Bitcoin

saor

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Feb 3, 2012
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Meh, he said about as much as my grandmother would say if I asked her about bitcoin. Bit of a lame article. I would've enjoyed a much longer article with some deeper insight from him.
 

saor

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This guy, comes here with his 1950's "fiat experience". The real experts will be here soon enough to put you straight my man.
He sent them a two sentence reply on whatsapp and they dragged an article out of it. Nothing to even respond to.
/shrugs
 

Hamster

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Aug 22, 2006
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In my mind it is simple: it's not replacing FIAT until it gets regulated.

Its got a much better chance of replacing gold though if it hasn't already.
 

Phil Lee

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Nov 9, 2020
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Whether they like it or not its here to stay, and there is absolutely NOTHING they can do about it.
They keep on humming about the amount of electricity it takes to mine a bitcoin, but have these guys even thought about how much electricity and man hours it takes to mine 1oz of gold?
 

konfab

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"Fake money"
“The cryptocurrencies themselves – there are many – are not really an asset class. They are apparently mined using lots of electricity. Their prices have been rising so speculators have been rushing to join in the fun.”

He added that the idea that fake Internet money is going to replace fiat currencies and the global payments system seems a bit far-fetched."

The "real" US dollar
Data from the Fed shows that a broad measure of the stock of dollars, known as M2, rose from $15.34 trillion (£11.87 trillion) at the start of the year to $18.72 trillion in September.

The increase of $3.38 trillion equates to 18 per cent of the total supply of dollars. It means almost one in five dollars was created in 2020.

M2 includes physical notes and coins, banks reserves held at the Fed, accounts at banks, and money market mutual funds.

A narrower measure of money known as the monetary base or M0 – which is physical money and bank reserves at the Fed – rose from $3.44 trillion in January to $4.8 trillion in August, the latest available figures. That is a 28 per cent jump.
https://www.cityam.com/almost-a-fifth-of-all-us-dollars-were-created-this-year/

Of course hedge fund managers are going to be against crypto because it is the competition to stocks in that it is a fixed asset that no single individual can just print off. These boomers are making the mistake by confusing Bitcoin with all crypto.
 

Matt91

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5e87db3b9d84ea88ce4caf4840c6929e.jpg
 

Thor

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"The idea that fake Internet money is going to replace fiat currencies and the global payments system seems a bit far-fetched."

Stopped reading after that. Anyone that thinks that is what bitcoin is about, doesn't have a clue what is going on.
 

w1z4rd

Karmic Sangoma
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Jan 17, 2005
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My own 2c here, but surely enough people believe something has "value" then it will actually have value?

Yup. We used to use shells as a currency.

Which is easiest currency to fake? The one made from tree bark... or whatever they print "fiat" currency on. Anyone with a good printer can fake them.

Which is the hardest currency to fake? Bitcoin. Not even nation states can fake bitcoins.

The irony of Paul Theron calling bitcoin fake while punting a currency thats easier to fake is not lost on me.
 

quax

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May 9, 2012
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Boomers....

And it's not true that you can't do anything with it. I paid for my cloud server in Litecoin two weeks ago. Transaction cost me R0.05 to overseas company. Can Visa or Paypal beat that?
 

LinuxMan

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MyBB is obsessed with the benefits and risks involved with Bitcoin.
One day they tell you how much you could have made, the next all the red flags.
What a time to be alive..
 

hj007

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Is this like that time when everyone said Buffett had lost his touch because he wasn't invested in DotCom in 2000?

source: https://www.barrons.com/articles/SB945992010127068546

If history is anything to go by, should be a spectular bust post the mania, then slowly it all becomes part of the status quo. Crypto here to stay, it makes sense but difficult to say when to buy more.
 
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