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as the world grapples with the disruptive force of cryptocurrencies Monger emerges as a steadfast voice exposing the potential ramifications that lie and wait for those who blindly embrace the digital future and the worst thing would happen if you won because then you do it again it's just it's total insanity press yourself as we delve into the depths of Charlie munger's piercing analysis where he and Earth see treacherous pitfalls and the hidden dangers lurking within the realm of crypto and I think that's crazy too so I'm I'm not having any I wish it had been banned immediately through monger's Relentless Pursuit Of Truth the Allure of cryptocurrency is a stripped pair revealing the profound risks that lie beneath the surface as the world plunges deeper and deeper into the cryptocurrency frenzy monger's words of caution resonate with thunderous clarity but when you're dealing with something as awful as crypto you uh it's just unspeakable it's it's an absolute horror and and I'm ashamed of my country that so many people believe in this kind of crap and the government allows it to exist it is totally absolutely crazy stupid gambling prepare to witness The Clash of ideologies as he fearlessly challenges the prevailing Notions and the face of an Ever evolving Financial landscape Monger stands as a Bastion of skepticism armed with a profound understanding of the perils that lie and wait for those seduced by the promise of digital wealth private Equity is a venture capital is potentially a place where you see bubbles Bitcoin on the other crypto currencies are also bubbles monger's penetrating analysis cuts to the noise and fervor revealing the fragile underpinnings of the cryptocurrency phenomenon I like crypto currencies a lot less than you do and so to me it's just dementia and I think the people who are professional traders that go into Trading cryptocurrencies it's it's just disgusting it's like somebody else is trading turds and you decide I can't be left out Charlie Munger the voice of wisdom and reason steps forward to confront the siren Call of the digital age revealing the Stark truth that Lies Beneath the shimmering facade of cryptocurrencies what tells you that if you're I mean I'm just thinking of the Millennials the young investors who get so excited about something like this what would you tell them what would your message be well they're excited because things are going up at the moment and it sounds vaguely modern and and I I'm sure the computer science involved is difficult and interesting so you can understand what they get excited but I'm not excited is just to hold my nose and go on somewhere else when you have your own retirement account and your friendly advisor suggests you put all the money into Bitcoin Bitcoin is worthless artificial gold which if it succeeded would facilitate a lot of illicit activity now that is not something I think the world needs and the fact that it's clever computer science doesn't mean that it should be widely used in the respectable people should encourage other people to speculate that Bitcoin reminds me of Oscar Wilde's definition of fox hunting the pursuit of the uneatable by the Unspeakable let me ask you about uh one of your favorite subjects nowadays I think maybe it's Bitcoin and I know you've had some unpleasant things to say about it but but is there anything there to it at all Charlie I mean it should we just dismiss the whole thing well Bitcoin as a that's a the computer science is behind it's behind Bitcoin he's a great Triumph of the human mind that's what captivates a lot of these people they've actually created a product that's hard to create more of but not impossible now that is very peculiar but they've managed to do it so a lot of the computer computer science people love it just because it's such an extreme achievement of computer science I of course have no interest in in that because it's not my subject and I see an artificial speculative medium that people are buying just because they think they can sell to somebody else at a higher price even though it inherently has no intrinsic value and so I regard the whole business as anti-social stupid immoral immoral yes why why would you trade suppose you could make a lot of money trading freshly harvested baby Brands would you do it or would you say that's immoral you wouldn't trade them would you it's too too awful a concept well to me Bitcoin is almost as bad it's not having any desirable social purpose we've got debit cards isn't like we don't have a payment system we've got WeChat in China incredibly efficient payment system China doesn't need Bitcoin but that leads me to this question about crypto that uh Benjamin writes in he says in 2007 at the USC Law School Charlie said I'm not entitled to have an opinion on this subject unless I can State the arguments against my position better than the people who are supporting it the question is does this also apply to your Wall Street Journal article on Banning cryptocurrencies and if yes would you care to share the arguments against your position well I I don't think there are good arguments against my position I think the people will oppose my position are idiots 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 conceals where other people lose and the people who invented this cryptocrapo which is my name for it yeah sometimes I call it cryptocrabble and sometimes I call it no crypto and it's just a ridiculous that anybody would buy this stuff I want to ask you about cryptocurrency which you have been very negative about calling it rat poison and you hated the success of Bitcoin but are you surprised that it's gotten even more mainstream then since then well I'm not survived I know if you stop to think about it it's an ideal currency if you want to commit extortion or kidnapping or have a protection racket or something why should a civilized government want an ideal untraceable technology to come into the pavement system run by a bunch of people who want to get rich quick for doing very little for civilization of course I hate it I don't think it's a I don't think it's good that our country is going crazy over Bitcoin and its ilk I think the Communist Chinese were wiser than we were they just banned it any predictions on what's going to happen with crypto in the United States a lot of Bad Genie out of a bottle God knows what happens I think it was a huge mistake too to allow it at all and the truth of the matter is our regulatory establishment when they quit the government they go out into this heavy heavily promotional capitalism and so it's very hard to get the government to make good waste decisions about something like Bitcoin you can think of hardly nothing on Earth has done more good to the human race than currency National currencies they were absolutely required to turn man from a goddamn successful ape you know about 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 it's as an eye 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 it's worthless it's no good it's crazy it'll do nothing but harm it's anti-social to allow it and the guy who made the correct decision on this is the Chinese leader the Chinese leader took one look at crypto he says not in my China and boom Oh well there isn't any crypto China he's right and we're wrong my questions here are about Bitcoin and cryptocurrency oh I could answer those very quickly but I think it's perfectly asinine to even pause to think about them you know it's one thing to to think that gold has some marvelous story of value because man has no way of inventing more gold or getting it very easily so it has the advantage of Rarity believe me man is capable of somehow creating more Bitcoin he may tell you they're not going to do it but they mean they're not going to do it unless they want to that's what they mean when they say they're not going to do it if there's any other rules and they can't do it don't believe them when there's enough incentive bad things will happen it's bad people crazy bubble bad idea luring people into the concept of easy wealth without much Insider work that's the last thing on Earth you should think about if it worked it would be bad before you could try and do it again it's totally insane and by the way I've just laid out a wonderful life lesson for you give a whole lot of things a wide birth they don't exist you know Crooks crazies egomaniacs people full of resentment people full of self-pity people who feel like victims there's a whole lot of things that aren't going to work for you figure out what they are and avoid them like the plague and one of them is Bitcoin you know some venereal disease or something I just regarded as beneath contempt some people think it's modernity and they welcome a currency that's so useful and extortions and kidnappings and so on and so on tax evasion and it and of course the Envy everybody has to create his own new currency and I think that's crazy too so I'm I'm not having any I wish it had been banned immediately I admire the Chinese for Banning it I think they were right and we we've been wrong to allow it and the worst thing would happen if you won because then you do it again it's total insanity and it's so easy to simplify life from just all these things are beneath you know I don't even want to know people are promoting Bitcoin I don't want to know my address Charlie what I hear you saying is you're not going to be investing in Bitcoin is that that's fair I think you're Fair what's your response to that and where do you stand on day trading apps like Robin Hood foreign if I were the benign dictator of the world I would make it unfeasible to make short-term gains insecurities because I I we now mix up a legitimate activity Capital raising for Enterprises that need money to do their capitalistic function with a gambling casino where people come in and Gamble and those two of those two functions when they're mixed as they are in a stock market or Bitcoin uh create a speculative mess and a speculative orgy and it's dangerous for the Republic it isn't good to have a lot of people trying to get easy money for sure just from gambling and the people that are preying on them the salesman and the market makers they're not the most admirable people either so no I don't like it at all as I say most old men don't of course and a lot of people think well and just born and Charlie don't understand it well I think we do understand it and we and we we know it isn't good for our Republic and we can't do much about it so we spend our time on the matters we can do something about perhaps this is the appropriate follow-up then this comes from Micah Micah who asks Mr Munger you've been warning of the evil evils of cryptocurrency in the past how do you feel about the Federal Reserve preparing to launch a central bank digital currency do you think that this will be beneficial or harmful to the strength and resilience of our markets no no the Federal Reserve could have a currency if they want one that would be just a we've got a digital currency already it's called a bank account the banks are all integrated with the Federal Reserve System we already have a digital currency
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