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What will Buffett, who opposes bitcoin, think of Web3 0

2022-05-08 04:22:0336kr

In this year “ Investment Spring Festival Gala ” At Berkshire Hathaway's annual general meeting , Warren Buffett once again explained why he still doesn't invest in bitcoin .

“ I don't know the next year , or 5 year 、10 year , Whether the price of bitcoin goes up or down . But one thing I'm sure of , That is, it will not produce any value .” Buffett thinks , Bitcoin is not a productive asset , It won't produce anything tangible ,“ It has a magic , People have given magic to many things .” 

Buffett also said categorically :“ If you tell me you have all the bitcoin in the world , And you are willing to 25 Sell them to me for $ , I'm not going to buy .” 

Now , The currency 、 Blockchain 、NFT And the extended meta universe 、Web3.0 The concept is hot , Buffett's view is too conservative , In order to “ classical ” Interests of investors , Or have you predicted the foam and crisis in the meantime ? 

Investment bosses strongly oppose

This is not the first time Buffett has publicly opposed bitcoin . 

Buffett had previously said publicly that bitcoin “ Maybe it's the square of rat medicine ”. The reason is that when bitcoin is 100 More than US dollars , Buffett calls bitcoin “ rat poison ”; And when bitcoin rises to 9000 More than US dollars , Someone asked Buffett what he thinks of bitcoin now , Buffett's response is “ Maybe it's the square of rat poison ”. 

“ Bitcoin cannot create value ”“ There's no point at all ”, This is Buffett's view . stay 2017 year 11 month , Buffett in 《 Forbes 》 The article in the magazine says , Bitcoin is out of regulation , Out of control , Whether it's the US Federal Reserve or other central banks , Can't even monitor .” I don't believe it at all . I think it will collapse completely sooner or later .” 

2018 year 1 month , Buffett also said in the interview ,“ It is almost certain that digital currency will end in tragedy , I will never hold any digital currency myself . But in what form does tragedy appear , I don't know .” 

also , Buffett thinks bitcoin attracts “ A liar ”:“ If you go to the street to sell something and cheat , Usually no one will buy it , But if you're on Wall Street , A lot of money will come in .” 

As Buffett for decades Good match files , Munger and Buffett have similar views , He is also a staunch critic of bitcoin . 

Munger thought , Try to avoid being stupid in life 、 Evil or something bad when compared with others , Bitcoin does all three at the same time : Its value may be zero, so it's stupid , It destroys the Fed system, so it's evil , China has blocked bitcoin, so it makes the United States look stupid . 

in fact , Munger has also repeatedly criticized bitcoin in public , The wording is also sharper . 

stay 2017, Munger has classified bitcoin as “ The plague ”, Investing in bitcoin is called “ Stupid idea ”“ Crazy foam ”, He believes that bitcoin lures investors into the illusion of sudden wealth ,“ People should avoid the plague , Stay away from the bitcoin trap ”. 

2018 year , Munger said in an interview , Bitcoin reminds him of Oscar · Wilde (Oscar Wilde) About fox hunting ,“ Unspeakable people pursue inedible things ”. Fox hunting originated from 16 Britain in the 21st century , At first, it was farmers who wanted to control the number of foxes , Summon local hunters to ride with Fox dogs to hunt foxes , Then it slowly evolved into a pastime for the rich , And will not be eaten . 

“ Worthless artificial gold ”, Munger will also attack those “ Bitcoin vested interests ”,“ Human beings have the ability to create more bitcoins , They tell you the rules , But I can't abide by .” 

Musk began to build Web 3.0?

Different from the objections of Warren Buffett and Munger , Muscovites 、 And bitcoin 、 Virtual currency extended from blockchain 、 New concepts have great enthusiasm . 

2021 year 2 month , Tesla says , Have purchased 15 Billion dollars of bitcoin and intends to accept it as payment , This led to a surge in the company's stock and currency . 

What's interesting is that , Announcing the purchase value at Tesla 15 After a billion dollars of bitcoin , Munger was asked if he would emulate Tesla , When bitcoin is included in the balance sheet , He said firmly :“ I never buy gold , Never buy bitcoin ,《 Daily journal 》 Nor will it follow Tesla's footsteps into the bitcoin market .” He also suggested that others follow his example . 

Be asked about “ Bitcoin amounts to 50000 dollar ” and “ Tesla's fully diluted enterprise value reaches 1 Trillions of dollars ” Which is more crazy , Munger quoted 《 Shakespeare 》 Editor Samuel · Johnson (Samuel Johnson) Words “ I can't distinguish between fleas and lice ” To answer : I don't know which is worse . 

Musk has always been a passionate supporter of bitcoin and dog coin , His comments have influenced the rise and fall of the price of this popular encrypted token . 

Due to the strong promotion of dog coin, the price of Dog Coin soared , Musk was crowned by coin circle players “ The father of dog coin ” The title of .2021 year 5 month , Musk in 《 Saturday Night Live 》 Make fun of dog money “ It's a hoax ”, Cause the dog currency to fall sharply in a short time 40%. 

But then , Musk added that ,SpaceX Will be in 2022 launch “DOGE-1 Mission to the moon ”, And will accept dog money as the exclusive payment method , For launching lunar satellites . Musk also used coin circle users at the end of twitter Favorite A word of love ,“To the mooooonnn!!”, a phrase with a double meaning . 

This year, 4 month 25 Japan , Twitter chose to accept Elon Musk's acquisition agreement , It took three months , The musk “ Conspiracy ” Finally succeeded . And after the message is confirmed , The price of dog coins once soared by about 27%. 

In addition to virtual currency , Musk also began to pay attention to NFT. Recently, musk briefly sent his Twitter Change the avatar to “ Boring ape ” picture , Once again triggered a hot debate in the market . 

And after the acquisition of twitter , Musk also began to change . 

He said excitedly on social media : I hope even the worst critics can stay on twitter , Because this is the meaning of freedom of speech . Musk also said in the statement that :“ and Twitter It's Digital Town Square , People are here to discuss issues that are crucial to the future of mankind .” 

It's a good fit Web 3.0 The concept of . stay Web 3.0 In the concept of , In the future, every user will be the founder of the Internet environment , Instead of being a tool for the platform to generate traffic and earn advertising fees .Web 3.0 Conducive to the Internet “ Eliminate authority ” An important feature of , There is even a saying that Web 3.0 It will be an all-round victory for the public against the giants . 

This makes people wonder , Will twitter, which is about to be privatized, eventually become a Web3.0 Decentralized social products ? 

Embrace actively Web3.0 The founder of twitter Jack Dorsey It also expressed dissatisfaction with the current business model of twitter relying on Wall Street and advertisers :“ Musk took twitter back from Wall Street , This is Twitter's first step in the right direction . In principle, , I don't think twitter should be owned or operated by anyone , Twitter should be a public product at the protocol level , Not a company .” 

He also supported Musk's change :“ Musk is the only solution I trust , Musk will create a platform with maximum trust and inclusiveness , This goal is right , That's why I chose him .” 

However, musk has shelled many times before Web 3.0,“ I don't think Web3 Is real —— Compared with reality, this is more like some marketing nonsense .” But he did not completely deny the concept . He added :“ But we really want to know 10 year 、20 year 、30 What will the world look like after .” 

A user left a message saying “ The best way to predict the future is to start building ”, And musk used “ Yes ” To reply . 

Which is right and which is wrong ?

Although Buffett strongly opposes bitcoin , But he also admitted , The blockchain technology behind bitcoin “ Very important ”, But he stressed , The success of this technology does not depend on encrypted digital currency . 

Blockchain is Web3.0 Essential infrastructure for applications .2014 year , Co founder of Ethereum Gavin Wood For the first time, I made it clear that Web 3.0 The concept , A new Internet operation mode is proposed : The information will be released by users themselves 、 safekeeping 、 Not traceable and never divulged , Any behavior of the user will not need any intermediary to help deliver . 

The reason why Buffett doesn't look at it is like special currency , This has a lot to do with his inherent investment philosophy , He prefers “ Productive assets ”, That is, in addition to the long-term appreciation space of the asset itself , It can continue to produce the value of other assets . 

Follow the classic “ The moat ” theory , Buffett has many successful cases , Such as Coca Cola 、 General Dynamics 、 Including Berkshire Hathaway , Buffett prefers large companies with controlling interests ,“ The franchises of these companies are difficult to replicate , Have great or permanent going concern ability ”. 

From this theory ,“ De centralization ” Of Web3.0 It doesn't seem to conform to Buffett's investment philosophy . 

However, Buffett is not indifferent to new technologies . Buffett also invested IBM, It's one of the few technology companies it's betting heavily on . It's just that 2017 year , stay IBM After drying out the declining revenue performance for five consecutive years , Buffett publicly admitted that he was wrong . Buffett is a major shareholder of apple , But think of apples as “ Consumer goods companies ” Look at it before investing , And also follow “ The moat ” theory . 

Because there are different views on the Internet industry , Buffett and Marx are 2018 There was a confrontation in . 

Musk directly criticized... In a conference call “ The moat ” theory “ It's frustrating ”:“ If the only way you can fight the invaders is the moat , Then you won't last long . What matters is the pace of innovation , This is the fundamental factor determining competitiveness .” 

Regarding this , Buffett admitted , The acceleration of scientific and technological progress , Make many moats fragile , Unable to resist “ intrusion ”, But he still insisted , The concept of moat is very important , Some companies have stronger moats . 

This debate also has an interesting ending . Buffett said :“ Some areas may be subverted by musk , But he can't beat us in the candy industry .” Because Buffett owns a popular candy brand “See's Candies”, Musk responded on twitter that he wanted to build a moat ,“ And fill it with candy ”. 

Now ,Web3.0 The concept has attracted more and more attention , Blockchain also has a new development direction as an underlying technology and economic reward . but Web3.0, Will grow into Buffett's favorite “ The moat ”, Will be the future musk built , It will still be the next “ Crazy foam ”? Which is right and which is wrong , It's still hard to tell . 

This article is from WeChat official account. “ BiaNews ”(ID:bianews8), author : Lin Xiaobai ,36 Krypton authorized release .

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