Charlie Munger calls bitcoin ‘disgusting and contrary to the interests of civilization’

virtusa · May 10, 2021

Master Pu said:
Isn't it the seller who takes the risk (the one holding crypto)? If you were to sell a house for bitcoins and didn't convert to USD and in few days your crypto was to lose 30% of value, you'd be out of pocket for substantial amount. As you said, crypto can be a volatile market.
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Yes.

johnarb · May 10, 2021

virtusa said:
You clearly don't understand what I speak about. You missed everything.

In your example the first person pays in BTC. So he takes the risk as at any moment price can go up or down. Depending on at what price he bought these BTC, he will buy cheaper or more expensive. Somebody who has no BTC and does not want to pay in BTC (the large majority all over the world) will never use this way of paying.

The buyer or the seller ALWAYS takes the risk. It is impossible that both of them have no risk.

https://fintechzoom.com/fintech_new...ttractive-payment-option-anypay-execs-answer/
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That's not same post I called nonsense. See below

virtusa said:
Conventional grocery stores have a profit margin of about 2.2%, making them one of the least profitable industries in the US.

So for them BTC (or any other crypto) is excluded as payment method, because before the client who paid walks out of the store BTC can already move more than 2.2% down, which means that all profits are gone. It is impossible to hedge this volatility. Each payment should immediately be hedge, which means millions of hedges...
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Charlie Munger calls bitcoin ‘disgusting and contrary to the interests of civilization’

virtusa

johnarb