The Bitcoin creators became fed up with the existing financial system after the 2008 Financial Crisis, where the big American Banks were bailed out by the government for their reckless gambling on subprime mortgages. This event infuriated the Bitcoin creators enough to create the first ever digital currency. At the height of the cryptocurrency bubble in 2017 I made a decent amount of money quickly. The IT guy at work who fixed my laptop for minimum wage was going all in. I was very rude to the entrepreneur and promptly declined their application.
A key lesson that he has derived from this incident and others is that focusing on bargain hunting is not necessarily conducive to long-term value. He now prefers to own smaller stakes in better companies than entire struggling businesses. An additional risk that Warren Buffett has flagged is that of a catastrophic insurance event; ones that he has mentioned are environmental disasters and cyber attacks. This economic buoyancy is set to continue in his opinion, and he has thus not invested recently in currencies or much outside of the United States. In order to perform a calculation for intrinsic value, however, one needs to invest only in businesses that are not too complex to understand. This individual also believes in searching at long-term economic worth, net of most costs, not really just those that are believed accounting expenses. He will be cautious about mark-to-market practices, because he believes that unpredictability in the main point here is the distraction.
Waumbec Mills consisted of a group of textile mills located in New Hampshire that Berkshire Hathaway acquired in 1975 for less than the value of the working capital. Effectively, they took everything over for free, outside of the excess receivables and inventory—understandably, a deal that would be hard to turn down. He was seduced by the low price at which he could secure the transaction and misinterpreted the long-term economic viability of the milling industry.
I did a surface-level investigation into what they were selling and was an ass about it. Everybody has warned me not to talk about where 20% of my money goes.
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In other words, we’re moving from centralized ownership to decentralized ownership. Clearly, in 2020, this narrative is changing so I’m coming out of the financial closet I’ve been hiding in. It took me hours and hours of research to understand what the use cases were for both currencies. PayPal enabled Bitcoin and Ethereum for their 300M+ users, making it possible for businesses to accept payment in both the currencies, and therefore opening up an entirely new market. That is, where governments create money out of thin air to give out stimulus checks, finance infrastructure projects, and save the public from a pandemic. It took me years to understand why an asset that had no founder and a fixed supply was valuable.