Warren Buffett says bitcoin is a ‘delusion’ and ‘attracts charlatans’
- Billionaire investor Warren Buffett says he sees “no unique value” in the world’s largest cryptocurrency.
- “It is a delusion, basically,” Buffett tells CNBC’s Becky Quick.
- The Berkshire Hathaway CEO has been a long-time critic of cryptocurrencies. He called bitcoin “probably rat poison squared,” ahead of the 2018 Berkshire Hathaway annual shareholder meeting.
So, as a hedge to the dollar and other (FIAT) currencies collapsing, everyone always says buy gold, buy gold (and silver).. this sounds like a sound strategy until one considers Warren Buffet’s take on the total amount of the World’s gold — a single cube with 20 meter / 67 foot sides:
total amount of the World’s gold — a single cube with 20m / 67 foot sides
The plan for an inevitable, mathematically certain FIAT currency (s) collapse is to return to the Gold Standard which would re-invoke the golden rule…
Max Keiser on Warren Buffet’s take on Bitcoin / bubbles: “the dollar is doomed. Gold, Bitcoin will benefit tremendously”: LINK https://blocktv.com/watch/2019-02-27/5c76a340cf571-crypto-crunch-one-on-one-with-max-keiser
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Many people haven’t heard of “crypto” currencies yet although my mom said that Sheetz convenience stores have installed a Bitcoin terminal in Altoona PA whereas Bitcoin terminals are everywhere in the Philippines 7/11 stores.
Short story short, the Supreme Court made a banking related ruling in Alice Vs CLS Bank 2014 that “turned the internet and therefore, the internet of money upside down and inside out” legally — except that every major player that is filing patent applications in the programmable money space is thus far ignoring the ruling “claims may not direct towards abstract ideas”.
In America, one can walk out on a baseball diamond (the patent attorney I was paying stipulated a baseball meme — not me by the way) in almost every town in America. Physical is the opposite of abstract. There are no blocks or packets or frames or bits of bitcoin zipping around the internet. No such thing as Ethereum’s ether gas either… but, no one and I mean no one is paying attention to the Supreme Court ruling — yet. You can bet your last Ether or Bitcoin that there will be a (patent) war over (programmable) money — in my opinion. Retreating to the gold standard is problematic too.
And speaking of Cryptocoin-opoly’s, a few people might have noticed that most major news stations covered Facebook’s appearance before Congress…
Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.
This document outlines our plans for a new decentralized blockchain, a low-volatility cryptocurrency, and a smart contract platform that together aim to create a new opportunity for responsible financial services innovation.
The advent of the internet and mobile broadband has empowered billions of people globally to have access to the world’s knowledge and information, high-fidelity communications, and a wide range of lower-cost, more convenient services. These services are now accessible using a $40 smartphone from almost anywhere in the world.1 This connectivity has driven economic empowerment by enabling more people to access the financial ecosystem. Working together, technology companies and financial institutions have also found solutions to help increase economic empowerment around the world.
US Treasury Secretary: Bitcoin a “national security issue,” “crypto-currency dominated by illicit activity and speculation” CryptoSlate article: https://cryptoslate.com/us-treasury-secretary-bitcoin-national-security-cryptocurrency-dominated-illicit-activity-speculation/
Following President Trump’s derisive tweet about Bitcoin, U.S. Secretary of the Treasury Steven Mnuchin held a briefing on regulating Bitcoin and Facebook’s Libra because of their use in criminal activity and the threat they pose to the financial system.
An hour ago the U.S. Department of Treasury held a briefing to express its stance on cryptocurrency. The briefing was focused on the “misuse” of crypto stemming from its ability to circumvent regulations due to its pseudo-anonymity and decentralization. These qualities may jeopardize the U.S. financial system, Mnuchin suggested. The Treasury on Bitcoin
Mnuchin first emphasized that Bitcoin and other cryptocurrencies are often used by criminals looking to circumvent U.S. controls:
“I will focus primarily on the serious concerns the Treasury has of the growing misuse of cryptocurrency by money launderers, terrorist financiers, and other bad players.”
Crypto-currencies viewed from a statistically activity viewpoint
Every new Bitcoin meme creates more traditional currency to crypto-currency pairs — yes? Therefore… do the math ! FOREX volume is said to dwarf that of stock, bond exchanges daily… and why is it that regulators are not doing much regulating yet? In my opinion, the same players who own the traditional mainframe supercomputers also own controlling shares in the emerging crypto currencies — otherwise the new supercomputer like Bitcoin farms would have never been allowed to be installed in the first place one with a cynical world view might think
Q: Doesn’t Bitcoin consist of about ten miners located in China — whom we have a trade war with?
Question: who can afford the power and the bandwidth for Bitcoin given it involves the computing power, bandwidth requirements, energy needs similar to that of a traditional super computer? LINK https://youtu.be/6V365_59-Lc
The proverbial plot thickens with the Supreme’s Court Alice Corp VS CLS Bank ruling that holds “claims may not be directed towards abstract ideas”. The opposite of abstract is physical — like a physical cube of gold for example.
IP WatchDog Article: Is there a Light at the End of the Alice Tunnel? Rules for Alice Corp Vs CLS Bank compliance:
1) claim demonstrates “non-abstractness”
2) claim element is well-understood, routine, and conventional
3) claim is a question of fact
4) claim is reviewed for substantial evidence
Speaking of Alice through the looking glass and Wonderland… “It’s a new world order in the aftermath of Alice,” says Dale S. Lazar, a partner in DLA Piper’s Reston, Virginia, office. LINK http://www.abajournal.com/magazine/article/business_method_and_software_patents_may_go_through_the_looking_glass_after/
Alice Corp. v. CLS Bank International, 573 U.S. 134 S. Ct. 2347 (2014), was a 2014 decision of the United States Supreme Court about patentable subject matter (patent eligibility). The issue in the case was whether certain claims about a computer-implemented, electronic escrow service for facilitating financial transactions covered abstract ideas ineligible for patent protection. The patents were held to be invalid because the claims were drawn to an abstract idea, and implementing those claims on a computer was not enough to transform that idea into patentable subject matter. Although the Alice opinion did not mention software as such, the case was widely considered as a decision on software patents or patents on software for business methods.
The 2010 Supreme Court decision in Bilski v. Kappos involved software for a business method (which also did not opine on software as such), was a Supreme Court case dealing with the patent eligibility of software–related inventions/ See a;sp Diamond v. Diehr in 1981. LINK https://en.wikipedia.org/wiki/Alice_Corp._v._CLS_Bank_International
Bitcoin blockchain blocks, agents, motes, bots, heartbeat, beacon are metaphors for intervals, time cycles available to process / not process SYNTAX. The internet is coded, programmed using time cycles to process instructions, commands etc. It follows that the key to achieving consistency, interoperability among myriad memes and establishing a consistent, systemic one world economic system of systems is to focus on two main common building blocks — time cycles and syntax. USPTO applications leading up to 13/573,002 establish these facts in my opinion.
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The Symphony of Blockchains team at IOHK has released an update to the project — Symphony 2.0 which shows a 3D representation of the Bitcoin blockchain.
VIEW THE BITCOIN BLOCKCHAIN IN 3D: https://youtu.be/gyo5BQjA5OE
A block in 3D is a cube. A cube has length, depth, height, volume. http://sawconcepts.com/index/id4.html
Computer ASIC chips create time cycles to process syntax as instructions — period. See Supreme Court Alice Corp Vs CLS Bank “a claim may not be directed towards an abstract idea”. Alice Corp Vs CLS Bank would be turning internet and internet of money patent claims upside down — if industry started taking this precedent seriously which probably won’t happen until the Bitcoin Blockchain wars begin — in my opinion.
Q: What US Supreme Court Alice compliant (physical = opposite of abstract) meme describes the myriad #blockchain #consensus #algorithms the most comprehensively that involves an algorithm (based on nature) that will enable distributed system of systems geo-spatial, UTZ Universal Time Zone temporal, semantic — syntactic sync / OPSCODE brevity code consensus? https://www.developcoins.com/blockchain-consensus-algorithms
“Blockchains are similar to the invention of mechanical #time. Both create global standards which allow levels of coordination previously “not just impossible, but unimaginable” The Blockchain Economy: A beginner’s guide to institutional cryptoeconomics (link: http://bit.ly/2LbSLnK)
What physical meme you will select given physical is the opposite of abstract? The first filed Alice compliant physical meme isn’t as important as the most useful. The meme should have a clock convention as well as a method and means to measure space to meter the physical cube based Bitcoin Blockchain and therefore, internet land use survey points are necessary since the IRS has stated that Bitcoin is “akin to property” see IRS memo #1421
Ampleforth is a digital asset protocol for smart commodity money. Amples take advantage of low production costs, expanding and contracting in response to demand to be macroeconomically friendly LINK https://ampleforth.org/redbook/ampleforth_overview_of_synthetic_commodities/
China’s CENTRAL BANK AGREES ON ‘VIRTUAL PROPERTY’ TAG:
“Bitcoin holds the attributes of property. It’s valuable, scarce, and disposable. Therefore, we should recognize it as virtual property according to the ‘General Civil Law.’ Virtual property is legally protected by the laws of the People’s Republic of China.” SOURCE
BITCOIN IS NOT A CURRENCY, SAYS AUSTRALIAN TAX OFFICE Australia’s Tax Office has spoken, and it has declared that it will not treat Bitcoin as money or as foreign currency. It has instead opted to treat Bitcoin transactions as barter transactions, in a move that would have far reaching implications on Bitcoin use down under. LINK: https://bitcoinist.com/bitcoin-is-virtual-property-says-second-china-court/
Speaking of tangible goods to secure the value of a currency, Thomas Edison and Henry Ford re-stated a late 1890’s proposal by economists to establish a national currency based on the value of crop commodities. In 1991, an Economist from Belgium Bernard Lietaer restated the previous Economist and Edison and Ford’s proposal calling it the TRC Trade Reference Currency
Nobel Prize winning Economist Milton Friedman described using an index of tangibles to include gold and silver, commodities to base issuing currency in his K% Rule which should have been called an Economic Heartbeat imo
Economist Milton Friedman predicted the rise of a computer capable of automatically adjusting the inflation rate of money, and this is precisely what we see in the case of bitcoin, as a regulatory algorithm intelligently adjusts the mining difficulty to make the issuance of blocks more or less easy depending on the demand for network hashing power. No money system we have seen to date can claim it is chronologically regulated. The universal construct of time is the backbone of the cryptocurrency digital economy. Investopedia K % Rule Source: https://investopedia.com/terms/k/k-percent-rule.asp
Friedman’s k-percent rule: American economist, statistician and writer Milton Friedman once posed the idea of replacing central banking institutions with a computer capable of mechanically managing the supply of money. He proposed a fixed monetary rule, called Friedman’s k-percent rule, where money supply would be calculated by known macroeconomic and financial factors, targeting a specific level or range of inflation. Under this rule, a central reserve bank would have no leeway as money supply increases could be determined by a computer and the market (and its citizens) could anticipate all monetary policy decisions.
I / we are not longer alone in promoting a new form of money based on a composite index of many things of value. Coincidentally, they (Ampleforth) are affiliated with Stanford Research Institute — SRI / Stanford University where Milton Friedman the Nobel Prize winning Economist was affiliated — a Mr. MaGoo look alike in my opinion. You keyed me into Stanford by way of my cousin Stan’s unique birth mark on the back of his head over a decade ago as a bit of nostalgia. I found the adaptive procedural template that I liked searching on Stanford — specifically from Stanford’s (nuclear) Linear Accelerator SLAC program — but of course that was all coincidence:
“Synthetic commodities” means a combination of programmable money & physical commodities — what I have been describing for many, many moons… we are not alone in our quest any more… :)
Will we ever see Friedman’s computerized banking institution put into action? Considering the mining network is the closest thing to an authority within bitcoin, and mining will only get more specialized and thus centralized in the future, we may well already be on the path towards it.
Bitcoin cryptocurrencies as programmable money and the internet’s heartbeat, heartbeat messages timed to harvest data during micro economic cycles then aggregated into a composite economic heartbeat pulse as Economist Milton Friedman’s K% rule is a clear and present opportunity for trade equity and economic system of systems stability.
Satoshi Nakamoto’s Bitcoin key building block is a time stamp server. Satoshi Nakamoto: “Bitcoin is intended to be paired with the market place” “the blockchain stores references to market indexes” Globalization involves multi-national corporate entities vying for control of regional resources. It follows that a proven strategy to identify, track, and monitor resources in the global economic matrix is needed.
The Mayan 13 Moon calendar is more accurate than our calendar today: “A clock does not measure time. “A clock measures increments of space which, projected as increments of time, are valued (valorized) into monetary units”
Very few examine the math and systemic order that is the foundation of this calendar that scales to galaxies and the universe: The 13 Moon/28-day calendar embraces and synchronizes all true calendrical and mathematical systems, from lunar calendars, to the Mayan long count, to the Elder Futhark runes, to the I Ching hexagrams. In other words this system reveals a master matrix, which contains all other systems.
In the Gregorian calendar there is little cyclic or periodic order. Months are uneven; the length of months does not correlate with number of seven-day weeks, and the numbers change every month. A clock does not measure time.
A clock measures increments of space which, projected as increments of time into monetary units. https://lawoftime.org/education/
// “The solution we propose begins with a time — stamp server” Satoshi Nakamoto https://lawoftime.org/education/ #blockchain
CNBC Article Buffet opinion on Bitcoin: LINK https://cnbc.com/2019/02/25/warren-buffett-says-bitcoin-is-a-delusion.html
Programmable money’s inevitable end state imo: https://www.pinterest.com/mcgee3077/eco-economic-heartbeat/