Comments by "Mark Armage" (@markarmage3776) on "Charlie Munger weighs in on crypto collapse: We do not need currency for kidnappers" video.

  1. Yeah, and there's a risk in delivering cash. Bitcoin is useful because you can make an annonymous transactions and then convert those into cash. So yeah, Bitcoin is a kidnapper's mean to get cash, so you're sort of correct. Let me break it down to you, the world will never use bitcoin as a means of exchange. Because money is means of exchange for labor, therefore anybody who owns any money, has to have contributed some kind of labor to deserve that amount of money in the process. Therefore the likes of you, owning bitcoin because you bought it early or you mine a lot of it, that contributes nothing to the total "labor" in the world. And of course, that disqualifies bitcoin as a means of transaction. Sure, certain dollars are being printed by the federal reserves, but those fiat moneys are distributed among a lot of people therefore it doesn't create an absurd inequality out of thin air. So study some math, pal.
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  2. Bitcoin is just like gold. It's a new kind of commodity that people believe in way too much for no reason. So you know, it's here to stay, buying it is stupid because it creates nothing but that's the free market. Not everybody can be wise.
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  3. Pretty much. Look, the Feds work on the will of the American People, you want them to stop printing money, just vote on politicians who will stop them, in the Senate and all. But you can't, because printing money benefits a considerable number of people and they won't stop. For example, everybody who is in the medicare and medicaid programs, mostly Americans. If you can't print money, government programs has to stop and American lives will be affected, that's a trap FDR set up nearly a century ago. So you know, the dollar works for a considerable number of American people, it is the American Currency.
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  4. No, kid. You understand crypto and it's utility. The definition of "crypto" is a financial product, not as material or technology, it's something that people buy and sells on the financial market. Now the blockchain technology underneath is revolutionizing, if it's used correctly to create value. That has nothing to do with "crypto currency". Bitcoin is as worthless as consumer gold or diamond, used as showpieces and nothing else. They doesn't contribute anything human endeavor to conquer nature. Go study real math and economics.
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  5. No, kid. You understand crypto and it's utility. The definition of "crypto" is a financial product, not as material or technology, it's something that people buy and sells on the financial market. Now the blockchain technology underneath is revolutionizing, if it's used correctly to create value. That has nothing to do with "crypto currency". Bitcoin is as worthless as consumer gold or diamond, used as showpieces and nothing else. They doesn't contribute anything human endeavor to conquer nature. Go study real math and economics.
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  6. No, pal. You understand crypto and it's utility. The definition of "crypto" is a financial product, not as material or technology, it's something that people buy and sells on the financial market. Now the blockchain technology underneath is revolutionizing, if it's used correctly to create value. That has nothing to do with "crypto currency". Bitcoin is as worthless as consumer gold or diamond, used as showpieces and nothing else. They doesn't contribute anything human endeavor to conquer nature. Go study real math and economics.
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