MUST READ: Why Warren Buffet Can Be Wrong!
Warren Buffet needs no introduction.
I actually love and respect him a great deal.
However, in the tech space, he has had his share of 'mistakes' with Google first, and then Amazon.
How can Warren Buffet miss those behemoths? The simple answer is, and Buffet had admitted it, ignorance. He simply didn't (maybe still doesn't) understand the technology space and the underlying business model(s).
Well, what you didn't know, you can't forget!
The thing is, the world has changed and the disruption continues with the Blockchain technology. People like Warren who had benefitted immensely from the capitalist economy, howbeit slowly, cannot fully comprehend how Facebook made Mark Zuckerberg a billionaire in less than a decade! Or how @Steemit is making millionaires daily. It took Warren and his generation of billionaires more than a decade.
So, when Warren Buffet remarked (or is it predicted) a bad ending to cryptos on @cnbc, I had to send him a tweet (image above) because it's time he alongside any of the 'old money' who cares enough to learn that with current global trends, you need no analyst to discover that the overall business and business finance landscapes has shifted ground to the extent that the existing bias of business toward abstraction combined with the internet’s new emphasis on success through scale has yielded an experience, digital and ‘crypto’ economy with almost no basis in actual old-fashioned commerce, the 'old' laws of supply and demand, or even the creation of value.
"Behold, I will do a NEW thing..."
It’s no longer capitalism in the traditional sense, but an abstracted hyper-capitalism utterly divorced from getting (anything done) things done the old way.
In fact, the closer to the creation of 'value' (as we used to know it) you get under this new scheme, the
further you may be from the money!
So, Warren...maybe you should take some more time to learn about the evolving cosmos...and while you're at it, ask Jamie Dimon why he changed his mind...and ask us, why we are optimistic about, and committed to make cryptocurrency work.
We are simply embracing the new. And there are great kids on the block like Satoshi, @dan and @ned we've chosen to believe in...
Dear Warren, welcome to a brand new world!
fifeBANKS is my name
Prospered by LOVE, I collaborate with Bravehearts to develop prosperity in their ecosystems
Image credits
Warren Buffet: biography.com
My tweet: twitter.com/fifebanks
In his non-belief in blockchain tech and what it holds for the emerging 'new order' of the world Warren epitomises the fact that general opinion is no proof of truth for the generality of men are ignorant. Just yesterday I was in a discussion with a senior Nigerian citizen, a very rich and seasoned retired accountant. He too maintained vehemently that cryptocurrency is bound to fail. The butt of his argument was that money MUST have some form of tangibility, and since the blockchain tech doesn't provide it, it will fail.
Truth is that the old, dying method of 'production' has been around for so many centuries that people's minds and heads cannot fathom anything otherwise. But just like in every trailblazing invention, the early believers reap most of the benefits while the ardent non-believers eat the crumbs later. Just in case you belong to this group of non-believers, please get converted and start running with the new idea because it is not a co-incidence that you're reading me now.
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Love you thought flow. Thanks for your comments @sungbojus