Why Warren Buffett and Charlie Munger don't like Bitcoin

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버핏·멍거가 비트코인을 생산성 없는 자산으로 규정하며 비판. 농지·아파트처럼 임대·식량을 생산하는 자산과 달리 비트코인은 다음 사람이 더 높은 가격에 사주기를 기대하는 게임이라고 주장. 블록체인 열풍은 사기와 망상의 결합이며 평판 있는 기관들이 이를 홍보하는 것은 큰 실수라고 지적. 멍거는 화폐 대체 시도를 '국가 통화 대체' 수준의 어리석음으로 보고 중국의 전면 금지를 옳은 결정으로 평가.

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01. good idea nobody's going to say I've got some that I want to sell you blockchain hi hi block blockchain is a new good thing that's come up like fairy does whates me there are people who think they just got to be on every deal it's hot and they don't care whether it's child prostitution or Bitcoin it pains me that in my own country I see people that were once regarded as very reputable people helping these things exist promoting their use and so forth this is a very very bad thing the country did not need a currency that's good for kidnappers and so on what do you think happened because there are a lot of big names A lot of people and firms you might what impresses me there are people who think they just got to be on every deal it's hot and they don't care whether it's child prostitution or Bitcoin if it's hot they want to be in it I think that's totally crazy reputation is very helpful in financial life and to destroy your reputation but associating with scumballs and their scumball promotions a huge mistake do you think those companies did any due diligence or what happened I think they actually mean well those that you're seeing a lot of H delusion it's partly fraud and partly delusion that's a bad combination I don't like either fraud or delusion and the delusion may be more extreme than the fraud delusion how so well nobody's going to be a new thing that every 12-year-old kid can be a billionaire or something he just calls it Munger coin he starts trading it or something it's it's a it's crazy it's demented but you've got a good idea it's much EAS here to push that to wretched excess that's why good ideas carried to wretched excess become bad ideas and once you got that Concept in your mind of course it's always going to be some good idea nobody's gonna say I've got some that I want to sell you blockchain hi hi I'm block blockchain is a new good thing that come up like fairy does you do have a way of putting it very precisely Charlie all kinds of people watching this that are long Bitcoin and there's nobody that's short and nobody nobody wants their windpipe stepped on I don't blame them I don't like people to step on my windpipe but I would say this that if all the people listen if the people in this room uh owned all of the Farmland in the United States and you offered me a 1% interest in it and you said for a 1% interest in all the Farmland in the United States uh pay me U pay our group um now let's see uh hey it's this bargain price $25 billion I'll write your check this afternoon 25 billion now I own 1% of the Farmland if you tell me you own 1% of the apartment houses in the United States uh and you offer me uh a 1% interest so I'll have a 1% interest all the apartment houses in the country and you want whatever it may be for and call another 25 billion or something I'll write your check you know it's very simple now if you told me you owned all of the Bitcoin in the world and you offered it to me for $25 I wouldn't take it because what would I do with it um I have to sell it back to you one way or another I mean maybe I be the same people but it isn't going to do anything the apartments are going to produce rental and and the Farms are going to produce food and uh uh if I've got all the Bitcoin you know I'm back where whatever his name was who may or may not have existed was you know 15 years ago if I've got it all he could create a mystery about it but everybody knows what I'm like I mean so if I'm trying to get rid of it you know people will say well uh you know why should I buy some Bitcoin from you I mean why don't you call it Buffet coin you know make your own or something what do something but I'm not going to give you anything for it and you'd be right incidentally but that explains the difference between productive assets and something that depends on the next guy paying you more than the last guy got now net if you look at it a lot of commissions have been paid and there I mean there's all kinds of frictional costs that are very real that somebody has paid to a bunch of people who facilitate this game but whatever one group of the public has taken out or one group of owners has come in from other people I mean it's other people have entered the room and they move money around but but no money has there's no more money in the room it just changed hands with a lot of maybe fraud and costs involved and you know a whole bunch of things you lose you know you forget the numbers or get the equation the uh I don't think there are good arguments against my position I think the people that oppose my position are idiots and and and so I don't think there is a rational argument against my possession this is an incredible thing naturally people like to run gambling conceit other people lose and the people who invented this crypto crappo which is my name for it and sometimes I call it crypto krao and sometimes I call it well crypto sh and it's just ridiculous that anybody would buy this stuff and it isn't you can think of hardly nothing on Earth that has done more good to the human race than currency National currencies they were absolutely required to turn man from a goddamn successful ape into have model modern successful humans in human civilization because it enabled all these convenient exchanges so if somebody says I'm going to create something that sort of replaces the national currency it's like saying I'm going to replace the National Air you know it's as anine it is it isn't even slightly stupid it's massively stupid and and of course it's very dangerous and of course the governments were totally wrong to permit it and of course I'm not proud of my country for allowing this crap what I call the crypto to it's worthless it's no good it's crazy it'll do nothing but harm it's antisocial to allow it and the guy who made the the correct decision on this is the Chinese leader the Chinese leader took one look at crypto and he says not in my China and boom oh there isn't any crypto in China he's right and we're wrong