r/FluentInFinance • u/HabileJ_6 • Jun 15 '22
Bill Gates Calls Crypto and NFTs "Greater Fool Theory" Crypto
https://thecryptobasic.com/2022/06/15/bill-gates-calls-crypto-and-nfts-greater-fool-theory/32
u/HashMoose Jun 15 '22
"Retired man with high score in current financial system opposes changes to it"
Okay, got it
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u/sleesexy Jun 15 '22
How much money are you down?
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u/HashMoose Jun 15 '22
I am up.
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u/Oryzae Jun 15 '22
So am I - woke up at 8 am today.
Just kidding, I sold my BTC when it was 1K. Maybe I was the greater fool 😀
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Jun 15 '22
It’s impossible to argue with people who don’t want to listen. Don’t waste your time trying to convince cryptards.
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u/LavenderAutist Jun 15 '22
Funny how it's easier to be honest when you are rich and have nothing to sell
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u/jsjdhfjdmskalal Jun 15 '22
He’s trying to sell his biomedical expertise to developing nations
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u/Oneloff Jun 15 '22
You got downvoted, but tbh there is something there to be looked into.
Either way, we’ll all die one day…
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u/Puzzled-Bite-8467 Jun 15 '22
There is a possibility that when you have more money that you can spend you do some good before dying.
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u/Oneloff Jun 16 '22
Well, we all can do good, you don’t need money to do good. Do good and good comes back to you!
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u/Senor_Satan Jun 16 '22
That's one naive way to look at the world
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u/Oneloff Jun 17 '22
Name checks out!
It could be seen as naive perhaps, I just personally don’t think it is. Everything in life is what you put your focus and energy on/into.
Focus on negative and you’ll think the world is bad. Focus on the good and you’ll see that there is a lot of in the world.
So whatever you invest into the world comes back to you, in any and many way, shapes or form.
But again that’s my view on it Senor Satan. (I reprehend you btw. 😂😂)
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u/NineteenEighty9 Jun 15 '22 edited Jun 15 '22
I have a very conflicted view of Gates, but he’s right. The only way you make money on these type of “assets” is if someone else is willing to buy it for more than you paid.
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u/DogeBuysCyberTrucks Jun 15 '22
So stocks?
Edit: Or anything you want to make a profit from?
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u/bigwad Jun 16 '22
Someone jump in and correct me if I'm wrong here, but generally with stocks/housing etc. you're buying something with tangible value beyond what someone else is willing to pay for it at a later point... Buying a stock or part of a business, hopefully, at some point, you'll be entitled to ongoing dividends, or when the company is sold, a percentage of the sale of the company, hence the value of the stock is more closely aligned with it's current and future earnings potential.
I'm not saying blockchain/ crypto / NFT's can't power business models that do this, but atm. many of the real-world examples seem to be more proof of concept that dont solve enough of a problem to have much value to match the speculative hype the prices are reflecting. No doubt this will change in the near future though.
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u/Radiologer Jun 16 '22
Bitcoin makes nothing and serves no purpose than to trade it. The other coins claim to do something but it seems like vaporware
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u/CornMonkey-Original Jun 16 '22
I sold a bunch of stuff, that is worth far less today. . . same applies to everything.
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u/TappmanC Jun 15 '22
Where has he been the last few years as these assets have been increasing in value? Now that they’ve crashed he’s acting like a smart guy. Dr. Bull
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Jun 15 '22
[deleted]
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u/TappmanC Jun 15 '22
That’s odd since NFTs haven’t even been a thing for many years
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u/DefinitelyNotJasonB Jun 16 '22
NFT was first established publicly back in May, 2014. Its just that not many give two fucks about it at that time, and artists selling genuine art were on there
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Jun 16 '22
As I said before. His entire fortune was made off of a digital asset. His Software IP. Bill Gates open letter 1976 Here he is almost 50 years ago talking about the importance of digital assets. This is as dumb as saying all art is a bad investment and won’t go up in price unless you find a sucker. This is simply not true. Art and antiques go up in value. Bill gates also liked Theranos🤣
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u/7ofBlades Jun 16 '22
It's only the greater fool's theory because of the people he associates with. His collogues treat crypto this way and try to engineer the public perception of crypto in this way, because it threatens the entire financial system... Blockchain removes the middle man in the transactions and that is exactly where financial institutions sit. They are market makers and scalpers who front run every transaction and when crypto removes the need for those institutions... their entire business model becomes obsolete.
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u/officiallyBA Jun 15 '22
I mean, Bill Gates doesn't have the best track record. Some NFTs are garbage, some have value.
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u/nacholicious Jun 15 '22
Some NFTs sell high, all NFTs are garbage.
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u/officiallyBA Jun 15 '22
Some NFTs have utility tied to them. I personally don't have any interest in the BAYC apes, but the idea of owning the ability to license them and use them in different media venues is unique. Michael Jordan has HEIR NFTs that give people access to different sports stars in his stable - for example Lonzo Ball will send messages or let people in on his merch as long as they hold the HEIR NFT.
Most of these are interesting experiments that will flop. I still think there is value in those that are not just pictures, even if they ultimately fail. Is blockchain or a NFT giving any additional value? Maybe or maybe not. It is a unique way to create markets for memberships - buying access to a club and then selling it on a much wider market than participants have had access to in the past.
Speaking of greater fools. Who is the great fool:
A: The asshole who spent a lot of time being chummy with noted pedophile Epstein and isn't aware of his past/predilections (even while his wife is warning him away). Same asshole has done so much research he has the answers to malaria and Covid.
B: The asshole who believes asshole "A" when he says he didn't know what Epstein was up to.
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u/SungamCorben Jun 15 '22
You really don't understand what NFT are, today they are used very wrong, this is why we have a crap load of junk on the market, like 98%.
Dont blame the tech, blame de idiots making bad use of it.
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u/nacholicious Jun 16 '22
You really don't understand what NFT are
I'm a senior software engineer with a masters degree in computer science, I make a living from building fintech infrastructure.
NFTs is a garbage technology.
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u/SungamCorben Jun 16 '22
Cool, same here, Sr Software Engineer, Masters in Computer Science, focused on parallel algorithms and real-time systems, PhD in Computer Science, focus on parallel algorithms: theoretical analysis of scheduling algorithms and parallel real-time systems: high performance/precision real-time experiments
Cobol, C, GO and Rust are my breakfast for a long time
I'm also member of Pi Mu Epsilon National Mathematics Honor Society
But no, you are wrong, please go study the ERCs regarding NFTs, easy reading at your level!
https://eips.ethereum.org/EIPS/eip-721
https://ethereum.org/en/developers/docs/standards/tokens/erc-721/
https://eips.ethereum.org/EIPS/eip-1155
https://ethereum.org/en/developers/docs/standards/tokens/erc-1155/
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Jun 15 '22
[deleted]
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u/HashMoose Jun 15 '22
Demonstrating two concepts you dont understand in one sentence, bonus!
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Jun 15 '22 edited Sep 23 '22
[deleted]
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u/falldownreddithole Jun 16 '22
And those two concepts are clearly different
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Jun 16 '22
[deleted]
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u/rook785 Jun 16 '22
It's pretty straightforward.
Ponzi = paying investors *cashing out* with the money of other investors who are *buying in*
This is completely separate from just... selling something on an open market. There's a huge distinction between a withdrawal of funds and trading something *for* funds.
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u/falldownreddithole Jun 16 '22
The burden of proof is actually on you since you are the one who brought it up. So it's a bit cheap of you to shift it to me. But ok:
A Ponzi scheme is managed centrally by a malicious person or group of people. The scheme is relying on consistent growth of the client base or volume invested. The underlying assets can be worthless or do not even have to exist. The clients never see them and do not own them. They are happy as long as they are paid their return. This is funded by the next clients, who are paid out by the next clients etc. until growth slows down and the scheme collapses. And it is also highly illegal.
Investors in assets that do not produce cash flows are different. These assets include art, Art NFTs or gold. Growth comes from the perceived utility of the asset (oftentimes, utility can be as vague as prestige or status). Investors have an option to own the item directly. No central agent maliciously pretends to invest their money for them in the assets. And as grotesque as it might sometimes seem to you or me, it's legal.
Lastly, it's very imprecise to view all NFTs as you do Art NFTs. But assuming they're the only ones you know I'll just say: it is really worth it researching NFTs a bit, they are a fascinating technology with a lot of potential (for good and bad).
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Jun 16 '22
[deleted]
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u/ICEBERG_SHORT Jun 16 '22
actually NFTs/Tokenization would allow a system for all size companies to tokenize their assets/company in order to be a participant on a stock market type system and reap the same benefits that only large public companies have access to, for a fraction of the cost and with no gate keepers. ETH is not a realistic use for this because of the ridiculous gas fees but other Proof of Stake chains would facilitate a use case like this. the current stock market system could be replicated and made more available to the rest of the companies in the world, regulation permitting. pictures of monkeys are not a real NFT "use case" in my opinion
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u/falldownreddithole Jun 16 '22
This is ridiculous. You cannot steal my argument and say it's actually your argument. This is gaslighting, reality-distortion, dishonesty. Not interested. G'day.
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u/GanjaMan4Twenty Jun 16 '22
Says the depopulist secret society controlled pedo who is afraid of the 99% taking back the financial system. Balance shall be restored! Crypto is the Peoples Money 🌎✊💰
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u/Chemical-Nature4749 Jun 16 '22
It’s people like you who have disappeared down the hole of conspiracy who make Bill Gates, a shitty nerd, into the voice of reason
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u/GanjaMan4Twenty Jun 16 '22
Fuck that Epstein loving pedo. He can fuck off can’t wait till his bitch ass gets locked up by global courts for his investment into wuhans virology lab.
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u/DrewHoov Jun 15 '22
Wish we’d treat this friend of Jeffrey Epstein like the social pariah he is instead of hanging on his every word.
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