I get what you're saying about not really being in any place to judge someone like Munger...but the dude was wrong. Look at the amount of wealth creation crypto is already responsible for. He just didn't see the value.
Fred is sticking with the deriding 'of course this time it's different,insert eye roll' attack. Yes,billionaires can be wrong,especially when they start believing their own legend. Lord Alan Sugar avoided MP3 technology and steadfastly believed that 'people will always want to have their records on the shelf'. Brilliant operator otherwise,advised the crown on their finances.
Interesting analogy. But MP3 is a legitimate technology. I don't think cryptocurrency in its present form is anywhere near legitimate. I think it's an artificial and arbitrary construct floating on hot air heated principally by "whales" for their own ends. To the extent that you're along for the ride, that's great for you. But I think trading is uncertain enough (for me, anyway) that I don't want to play chicken with the gods by adding turds to the trading mix, so to speak.
I agree that it is difficult to value something that requires a greater fool to increase in value but trading is about speculating on price movement. Hold until the trend changes.
Munger is a legend 100%. Guy was a genius, persevered through many adversities, was a great investor etc. Nothing but respect. Rip to the legend. All that said, OF COURSE he is not going to get bitcoin. He was a 99 year old billionaire for god sake. Should be obvious, but nobody who is almost 100 is going to understand the value of bitcoin especially if you are already incredibly rich. Bitcoins market cap is now over 800 billion. In a twist of irony, bitcoin past the market cap of Berkshire Hathaway just three days ago. Bitcoin, a 14 year old asset, just passed Berkshire Hathaway, a 184 year old icon of American business. You can say you think bitcoin is worthless but the market is obviously very clearly telling you something different if you are willing to look.