Recently, Buffett's partner, Munger, known as the "Mobile Library," harshly criticized bitcoin, saying "bitcoin should be the last thing you think about on this planet." In fact, there are There are many things that do not work for you, you need to find them, and at the same time, avoid them like a plague, and one of them is bitcoin. "
Munger, one of the smartest people in the world, is Buffett's think-tank and partner who has been the richest man in the world for many times. Knowing the mysteries of wealth, and probably the most-read person in the world, is now 95 years old Seniors, experienced economic cycles and volatile investment markets, are numerous. If you want to determine what is the real wealth in this world, Munger is absolutely the most important.
Therefore, Munger bitter critics of Bitcoin, it is worth investors pondering. Of course, it is not the question of whether Munger's judgment is correct, but why Munger criticizes bitcoin so severely.
There are people in this world who are willing to validate a truth for a lifetime, or to follow a belief in value, but there are still others who will use innumerable truths to verify their own life. The former will undoubtedly receive more respect, and the latter may be labeled "speculative".
Munger and Buffett belong to the former, and they live in a very definite era. This definition refers to the determination of the relationship between human organizations. For example, in their own time, the "company" is the core of social value creation. The emergence of a second type of organization can replace "corporations" to create greater value or bring greater efficiency to society. Therefore, Munger and Buffett found a way to judge the value of a company and created a huge myth of wealth with the will of the common people, which is hard to sustain. Their words will play a decisive role in the capital market.
However, the future of the world is moving in an invisible direction. When a robot chess player can defeat all the world champions, the new era has already begun. The tangible organizational form of "joint-stock company" is in a period of dramatic transformation. It is undergoing tremendous tests for its historical mission of promoting the progress of human society for more than 400 years. Just Munger, Buffett and other can not imagine this change, which is not related to a person's cognitive level, which is an extraterritorial "aggression", also called "code colonization," far beyond their Ability boundaries.
Since it is "invasion", the "resistance" that is stirred up will be universal.
If Buffett and Munger live long enough, the last thing they regret and the hardest to understand might not be to miss out on Amazon's share price, most likely to pass by the "blockchain" world.
It is not hard to create a new thing. It is not impossible to change the spending habits of a group of people. For example, Apple's mobile phone, "online shopping" and so on have changed the usage and spending habits of hundreds of millions of people around the world. The hardest part is to create a new mechanism to stimulate human nature and humanity.
The operation of an economy, many people think that first of all there must be a government before the rules can be formulated, the trust of all can be obtained by compulsion, and a good market operation based on the "company" can be formed based on the trust under this rule Mechanism to meet the ever-expanding needs of humankind. Therefore, all new industrial or industrial trends, regardless of industry, services, information technology, etc., have almost all their impact on the market itself, not on a centralized system of rules.
However, no matter what the previous achievements in social progress were, the legal problems still can not solve the ultimate problem of "I believe in you." The government can not solve the problem and the "company" can not solve it either. Until blockchain technology "invasion." Therefore, what the blockchain has created is certainly not just a trend.
The blockchain has the potential to make all types of organizations around the world their own tools, not themselves. Many analyzes still believe that the blockchain is only a tool that will be used by centralized organizations and ultimately can not go beyond the fate of being instrumental. I think this understanding may be very wrong.
The ability of the blockchain to reshape the rules has left the system of constraints under the legal framework ineffective, and smart contracts have solved the mutual distrust of both parties. Blockchain has created the lowest cost way to realize value, any organization and anyone can be transparent in their total credit (issued tokens), and then to the market to fix the price. This makes the traditional logical verification system abandoned, any product and behavior, can be accurately locked and recorded, and can not be tampered with. The blockchain has created new ways of trading assets, and under this system no more support from the traditional financial system is needed and the efficiency is even higher.
In other words, there is no need for the existing rules of society to restrain from formulating rules, winning the trust of entire participants, and then starting to create value for the participants. When the participants create value under the blockchain, all traditional producers, law enforcement, and workers will become tools in the ecological operation of the blockchain.
This is an unprecedented change and the most anticipated thing for the new economy.