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Re: South Korea electing a “commie”

That’s unfortunate and surprising, such a successful and prosperous country electing a commie? It doesn’t make sense!

I ignore Bitcoin…I don’t consider it has any worth at all….I’m in the Charlie Munger camp……a great mate of mine ran one of Wall sts largeset Co’s back office world wide….he said it was utter crap, as well.

…..Though I hear what yr saying and yes it would annoy me if I followed it….

This was part of the last interview Charlie ever gave

Charlie Munger eviscerated cryptocurrencies in an interview with Stripe’s cofounder and president John Collison on a new episode of the “Invest Like The Best” podcast. It’s one of the last conversations featuring Munger to be released following his death aged 99 last week.

Munger, Warren Buffett’s right-hand man and Berkshire Hathaway’s vice-chairman for nearly five decades, trashed bitcoin and other digital tokens as worthless and deplorable, and wished they were banned.

While he much preferred investing in productive assets like businesses, he still preferred gold to crypto.

“I don’t hate gold as an investment as much as I hate cryptocurrency. I think cryptocurrency ought to have been driven out as illegal,” Munger said.

“I don’t think that buying a percentage of nothing is a good investment, even though it’s hard to create more nothing.”

Munger dismissed crypto as a “scumball activity,” and decried its promoters as largely “scumballs” or delusional.

The late investor said the technology served not as a store of wealth, but as a “store of delusion.” He also slammed it for fueling all sorts of undesirable behavior, as it enables anonymous transactions that bypass the conventional financial system.

“It’s ideal for drug dealers, dope dealers, scam artists of various kinds,” he said. “Every kind of criminal you can imagine. Very good in extortion, kidnapping. Why would we want a wonderful, crime-facilitating, new medium of exchange?”

Munger also said it was a “huge mistake” for Sequoia Capital, the storied venture-capital firm, to make an early investment in Robinhood given the trading app’s embrace of crypto.

“You’re successful with Sequoia and you’re identified with financing people like Apple and so on, why in the hell would you take Robinhood, you know it’s some goddamn crypto? It’s totally crazy,” he said.

Munger has railed against crypto on many occasions, calling it “rat poison,” a “venereal disease,” an “open sewer,” and an “absolute horror.” He also said he wouldn’t want anyone involved with crypto to marry into his family.

The price of bitcoin, the most popular crypto, halved to below $15,000 in 2022. Yet it’s more than erased those gains this year to trade above $44,000 – its highest level in more than 18 months.

You hit the nail on the head!

The scum just have to keep the game going as long as possible……..

news is super bullish, so if you wait a bit u will get much higher prices to sell at…any CB selling via a dealer will be told that ……why push prices down hard, unless you are caught short and are trying to cascade a sell off.

that Bitcoin just continues higher this am?

No damage there because of oil or rates or the SM. Nope, no worries or challenge of the round number $70K

Yet gold gets challenged every $100 up.

South Korea has elected a full on commie, hence the recent collapse in the Kospi.

Apparently there’s a AI bubble after the hype and the question of AI making any money is starting to disappoint investors expecting rising returns. That was faster than the dot com bubble.

It’s happening here to a extent too and has affected rare earths miners like MP. They’re still needed for tech and manufacturing but AI investors is the sector selling Ai related stocks.