There Are no Wise Old Men!

in LeoFinance5 months ago

There are no wise young fellas either, not enough yet anyway.


Recently I have been known to spark quite the controversy for speaking out on "taboo" topics, at least in blockchain terms. So why not write some more eh! But I have a feeling this will be a more popular controversy, among the crypto folks it should be.

Let's test my theory then : There are no wise old men, there are no wise young fellas either.

I have this long running debate with dada on whether the so called wise old men exists. And people like Peter Schiff, Warren Buffet, Bill Gates....who are apparently supposed to be THE OG wise old men in terms of finance, continues to let me down.

What exactly is money...What is it that gives something value? I am no financial expert, nor do I have any speak-able amount of background education in finance. I talk entirely from a common sense point of view. So pardon the mistakes I may make.

So back to money and value. What gives value to something?

There are certain things that have intrinsic value...for example water. Food. Oxygen...there's no need for consumers to dictate whether it has uses or not. These are intrinsically "valuable," aka has its uses! ;)

Currency comes close to being something to have an intrinsic value, in the sense that by default it has uses. Could be the USD, AUD, GBP, BDT. CNY....currency of every country does have uses by default. So they come very close to having "intrinsic" value, but not quite.

So the second type of value is acquired value (I'm just coming up with the terms on the go...these are no textbook or official terms) where the consumers "give" or are made to give value to certain things and a large population agrees to it having that specified value. Currency started out in this category and has received such extensive acceptance worldwide that it has reached to "almost" having intrinsic value. But we must not forget that this value is dictated by the it can not be intrinsic.

Now, what is money/currency? These are basically pieces of paper (and now collection of digital data with the advent of online banking) that was brought in place to replace the barter system. Period. THAT'S IT! Literally, that's it. NO IF BUT OR COCONUT! Period.

So if a noob like me gets it, you're gonna tell me the likes of Bill Gates and Warren Buffet et al don't?!

What takes them to the position to dictate where people put their faith in? What allows them to decide what is real money? Hate me for saying this or not, I don't care...but the bill gates and the warren buffets are the Voldemorts of the society. And the voldemorts never win! The final Avada Kedavra always backfires, as did the first one.


Voldy thought harry was dead, he at least had a point! Jeez! But for all that concerns us, the graying hair of Bill Gate's head could be used as money if people decided to give it value!

So something that the consumers decided to have a value worth above $50k from a mere cent at its inception....calling it "not real money" isn't very wise is it! So either the OG Rich dudes are extreme propagandists, or they are simply not wise enough. You decide ;)

As for the "younger" (maybe in terms of age...maybe in terms of experience) dudes who start dumping the market every time bill gates farts, or pumping the market every elon musk tweets about doge....well where do you stand? You decide ;)

And lastly back to our debate, I concede Dada! There are no wise old men!

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Posted Using LeoFinance Beta


Aaaaah! What a topic! Where to start, where to finish? How much or little shall I write? I am old. I feel older than I really am. I say that to every person I meet. I also have quite a bit of background in trading and finances. So there will be people who will call me 'wise'. And they will be wrong!!

Because as Dumbledore said, “I make mistakes like the next man. In fact, being--forgive me--rather cleverer than most men, my mistakes tend to be correspondingly huger.”

There is lot to think on that statement. It was proven multiple times that Dumbledore's mistakes were big. It was big when he was young, it was big when he was older and wiser. So age and wisdom do not protect anyone from mistake.

In Financial market, I still make absolute rookie mistakes, mostly on impulse, as I am an impulsive person. People have tried to change it, they can claim perhaps they succeeded a bit. But that's about it. I am still impulsive. I buy radom tokens are ATH and then watch them drop, just like you do. I have seen Buffet short USD against Euro and lost billions of dollars on the trade. I have seen legendary mutual fund manager Bill Nygren buy into Washington Mutual (WM) and ride it to bankruptcy! I used to own his mutual fund Oakmark Select during the time. He even tried to defend himself for a few quarters!

"But Nygren's largest blunder by far was his heavy investment in Washington Mutual (WM), the country's largest thrift. At one point, WaMu represented a towering 15% position in Select's portfolio. The Seattle-based bank has written off $20 billion of losses on home mortgages and dramatically diluted shareholder value by raising new capital. The stock price has plunged nearly 90% in a year."

I can go on and on. I can write a book on the topic proving the point. But that is not the point. The point is as a youngster, as the smart and young scientist and professional, I request you to be confident that you are smarter than someone much older than you at your profession. At least, they shouldn't get any advantage or upper hand just because of their age. They shouldn't be discriminated for their age either, but you shouldn't be discriminated for being young. We are all on a level playing field which is called life! Believe it or not, it is surprisingly fair! Cheers, Doc!

Dada, acting on impulses is something I need to act on as well! Puts me in quite the narrow spot at times and I'm left chasing to cover my back!


But it does kinda come as a relief that I'm not the only one :D


The psychology of this last image is too strong isn't it dada! :))

We are all on a level playing field which is called life! Believe it or not, it is surprisingly fair!

These words I'll try to hammer them in my head! Often times we tend to fall into the trap of playing the victim card when in fact that does not necessarily have to be the case. It is very important that we do not lose sight of the bigger picture and what we can achieve.

We will make mistakes in life, and we must not let those mistakes hold us back.

Very on point. I was just thinking about this this morning. People venerate and give the Warren Buffets of the world so much credit and say... when all they really know and care about is if people are still chewing bubblegum the same as they were 10 years ago.

I’m sorry... fundamental analysis (and my respect for that art and insight) aside... the world needs the likes of bright, young, new, hip, explorative minds. Not these old dusty ones that want to keep the fu$k!d up world exactly as it was in the 1900.

That’s why I recently read “The Bitcoin Standard”, “Zero to One”, and I’m now making my way through Jim Mckelvey’s book, “The Innovation Stack”. It’s entirely eye opening and has inspired me to continue building here on Hive.

Fu$k the establishments chortling. It won’t be long now until we hear them choking on their words and ways...

To my stock investing mentor... I’m sorry. About this... you are wrong. About stocks I grant you the wisdom you helped me see... but knowing what I knew... I also had to invest in this new fangled internet money. I can’t live with the regrets I know I’ll have... I only wish that you would see what I see... so that you don’t have your own regrets... but every man and woman must decide and then live with those calls and options.

If the world stays the way it, the warren buffets keep holding the major share of monetary value and stays in power. If the world changes, as cryptocurrency intends to....the value of their holding goes in one direction only - DOWN. And they don't wanna let that happen. But the inevitable can only be delayed.

but every man and woman must decide and then live with those calls and options.

We need more of this. More people need to realize no matter how much "charity" bill gates or warren buffet does, they really don't care about the common folks...we're on our own and we must make our own way! That's how the world has always worked and that is completely fine.

Yeah... I do agree with you. I was telling a friend that the time is coming (very soon) where we will all have to choose what side of the line in the sand we stand on. As soon as governments attempt to counter BTC with their own corrupt government crypto... that will signal this choice. Let’s hope that this is a choice... but likely there is going to be a price to pay for every choice that’s made... the choice for me will be easy but I know the price will not be easy to pay... at least not in the country (Canada) where I currently live. It may come to a decision... We all arrived here as immigrants... from worse off places in the world. The time May come were we will have to make those sorts of decisions once again... just like our grandparents did. Time will tell but both my eyes are open. How about yours?

I share the same sentiment. However, I do not think we'll see a government backed cryptocurrency. It does not make will essentially be like fiat banks with a fancy name.

It’s basically going to be a fake response to the actual and real world innovation that is Bitcoin. They will be forced to respond in kind... but because it is constructed by a centralized entity it won’t be able to compete with truly decentralized technology designed specifically to eat its breakfast, lunch, and supper money. But that doesn’t mean that they won’t try. They will try to sell us the sea shells on the sea shore. It will be up to us to be wiser than that... we may have to HODL tight to our bags for the next decade... or at least until the minds that have created our modern problems are removed and sidelined for being obsolete.