Warren Buffet clueless about cryptocurrency

fun

#1

On the list of uber-difficult challenges ahead of Cardano, I’d like to add this one - how do we transform the Oracle of Omaha’s words from:

"I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don’t know anything about.”

to:

“I finally see what Cardano is all about and would like to take a long position in it”

He sure as hell isn’t going to become a crypocurrency or a CS expert, so the question then becomes, can you lay out Ouroboros in a presentation in such a way that Warren Buffet could understand?

You wanna talk about stratospheric adoption? Unless we reach these folk, there will be none. Not to mention when you start selling Cardano/ADA, the first thing out of every stakeholder’s mouth is going to be - “how does this thing exactly work, why should I bother, e.g. what’s in it for me?”

I think conveying the semantics of Ada/Cardano/Ourboros is a lot harder than coding it :slight_smile:


#2

I wouldn’t say he is clueless. You can’t deny his success. I have to admit a lot of the crypto currencies look like scams to me.


#3

Are you sure?
Try to teach some of these people who don’t understand crypto to code a bubble sort algorithm.
Coding is not easier, only because pretty smart heads are doing it.

I’m with you that normal Joe people need understandable “insights” what’s about this new thing.
I would recommend use cases and a comparison how it works now and after a switch to decentralised solutions.


#4

Thus the smiley… Perhaps not more difficult, but getting people to understand it properly will be a challenge.

You can always rely on the group effect of, “if everyone’s doing it, it must be good”, but I’d rather people understand it for themselves.


#5

History tends to repeat itself

Opting not to buy Amazon stock

In a February 2017 interview with “Squawk Box,” Buffett was asked why he’d never bought stock in Amazon. He admitted he didn’t have a good answer.
“Obviously, I should have bought it long ago, because I admired it long ago,” he said. “But I didn’t understand the power of the model as I went along. And the price always seemed to more than reflect the power of the model at that time. So, it’s one I missed big time.”


#6

Less is more. We’d all agree that we need simplicity and not overly technical words that only a few understand to describe Cardano.

Starting with a real blockchain use-case like the diplomas story between universities could be a start, but the potential is so much more than that.

Does anyone has a universal use-case in mind that could make some impact?

Here’s my 2 ADAs:

I know people that have lived in different countries during their careers and are now freshly retired. One of the big problems they faced is about their retirement pensions calculus. It was truly a nightmare and I think a blockchain could solve this problem. Each country obviously has their own system and specificities when it comes to calculating pensions, and I see a great potential in our globalised world where an increasing number of people move from one country to another during their lives, for putting on a blockchain all the necessary information regarding a person career, number of days worked etc etc…Would make things so much easier, not only for the person in question, but also for institutional retirement entities.

I concede that I could have chosen a sexier use-case than retirement to appeal to the masses :slight_smile:


#7

I want those use-cases explained by someone with heft… perhaps not Warren Buffet, but someone like Bezos maybe, who is technically astute and can understand what Cardano brings to the table.

The more I think about it, the clearer it seems to me that everything is sort of top-down in society… Even belief in Cardano can be created without necessarily having the entire planet understand its intrinsics so long as people who are trusted are doing the explaining.

This is certainly going to be an interesting ride for the next few years… so far I’ve only gotten warm and fuzzy about Cardano. I’ll let you know if that changes based on IOHK’s output :slight_smile: (or lack thereof).


#8

Like this…

Good news everybody, Cardano’s adoption rates are measured in quarters :grinning:

technology-adoption-rates11111111


#9

nice chart. given that currency has been around as long as man… I suppose the mental leap to e-currency should be shorter than smartphone acceptance if this chart’s right…


#10

It depends if the handling of such virtual “paper” is comprehensible to that kind of people who even has no idea how and why this email or tweet travels from here to there.
Always to consider that at least 9 out of 10 people appearing in the cryptoworld are digital natives. 90 if not 990 others have no absolutely any idea what’s going on here.


#11

Use case: (without monetary value)
Associations, communities and (why not) communes could issue kind of “badges” to their members/citizens entitling them to participate in certain decisions. Treasury, election of the regional administrative board (for example national football league)

Or people could give their “stake” and order fruit and vegetables from regional farmers. The contract defines certain milestones allowing the producer to get money step by step (not only after sales) as certain quality and quantity levels are reached. (15% after successful fruit blossom, 15% no natural disaster until 2 weeks before harvest, delivery…)


#12

Warren Buffet doesn’t have enough time left on Earth to learn about blockchains and get comfortable investing in them… Not because he’s stupid, but because they’re totally outside his strategy/method. He has regretted his few investments in technology companies, which makes him less likely to invest in any more.

If you want support from Berkshire Hathaway, create an application they need.


#13

For me, the fact that someone has thought to ask Warren Buffet about his opinion on cryptos is a good thing. Mainstream consumers don’t care about the details. They don’t want to know how Amazon gets their package shipped in 48hrs, they just love the convenience. So the fact that the world is talking about cryptos/blockchain will help to drive new adoption. Unfortunately, the only stories getting out so far are being compared to the dotcom bubble. Like the losing Iced Tea company that changed its name to Long Blockchain Corp. and they rose by 239%!

An Idea that I am pitching is in shipping and logistics. Look up ShipChain, I believe once we can show how a decentralized ledger and smart contracts can affect the shipping industry, the fiat currency establishment will have to take notice. :steam_locomotive::truck::airplane::ship::rocket::rocket::rocket:


#14

HEY cosmo. So hypothetically. Say we own idk 5000 units of ADA and they go to 100 per unit one day :crossed_fingers:t2:How would we go about selling or makeing money even if I have to take a loss and sell at 90$ ?? :slight_smile:
Totally different. Topic have you read up on graphine?


#15

By the time it reaches 100$, and I am not that sure it ever will, I would expect ADA to be listed directly to fiat ( $, € etc…) on exchanges like Coinbase or Bitstamp and others where they can send your money to your bank account.

Basically at the moment you have 2 types of exchanges:

  1. Fiat-to-Crypto Exchanges ( Coinbase-Bitstamp-Bitpanda etc…) where they have listed only the few main coins.

  2. Crypto-to-Crypto Exchanges ( Bittrex, Binance etc…) where there is a large choice of altcoins.


#16

In my opinion, Coding gets easier the more time goes by.
So the same will be for cryptocurrencies.

Eventually, every single crypto coin can be exchanged between each other without going through the hassle of understanding why it works, but just knowing it did because you pressed this button with this code.


#17

Buffet is old, and might have trouble with new technology. That said, he is a brilliant man, and appreciate value. And mostly time tested value. So if it took him 20-30 years to invest in apple I don’t believe he will support any crypto. But his successors might, even though his family was told to do cheap index investing.

I wish Feynman was alive and could give his simplified explanation of Cardano and Ouroboros:slight_smile:


#18

Avg say 17x Cardano price by end of year I’d be happy


#19

Interesting @Dan725 , does anyone have any dealing with the panel who compiled this?


#20

No idea someone of them seem out there one guy predicted $1.50 , another guy predicted $200 which is pretty rediculous but I’d take that 17x avg lol