Munger Bashing On Cryptocurrency Stir Up Irony Among Chinese Bitcoiners
Buffeet and Munger’s recent bashing on cryptocurrency have stirred up cynical remarks among Chinese coin-holders. Some accused Munger of double standard and some saw the natures of these traditional financiers.
“The computer science behind bitcoin is a great triumph of the human mind. They created a product that’s hard to create more of but not impossible. [But] I see an artificial speculative medium,”
“It’s “anti-social, stupid and immoral.”
“Suppose you could make a lot of money trading freshly harvested baby brains. Would you do it?” he asked. “To me bitcoin is almost as bad.”
It’s the metaphor of ”freshly harvested baby brains” that set fire to public emotion.
The weibo that carries the news is reposted many times today. Below are several most upvoted comments:
A:What kind of normal person can think of fresh baby brain?
B:It is moral that many people in Southeast Asian committed suicides from bankrupted economies. It is moral to speculate on foreign exchange, real estate, stocks etc.
C: Buffett: I spent my whole life studying hard on market and company reports and finally being the king of the investment industry. You, a gang of chicken that have never heard of stocks, have made hundreds of times of return a year. Where is my face?
D: Haha, old generation of Jewish financiers are trembling.
During the spring festival, Cai Wensheng, founder of selfie photo touch-up app Meitu and a well-known angel investor in China, had accumulated 10,000 bitcoins, which was acquired during bearish market since January 2018.
He said that bitcoin was going to be connected with everyone in the world. Right now there was only 30 million got involved and no stake in bitcoin was the biggest risk. His opinion is considered a
Xu Bo, one of the top 10 richest man in China’s IT industry and a bitcoin owner, said on weibo:
“What does USD create? What does antiques create? What does gold create?” (Don’t tell me giving away jewelry makes people happy. Whoever sends me 10 Bitcoin, I’ll be very happy. I will be happier than accepting the equivalent of gold. Accepting gold may be troublesome, and bitcoin basically has no trouble.) The Jewish consortium manipulated the US dollar, the major banks in the world, and thus manipulated currency across the world. Of course, they disliked Bitcoin, an opponent which they could not manipulate.”
Staff of AEX, previously known as btc38, said:
“Bitcoin now is no longer the bitcoin in the past. It has attracted the attention world-renowned institutions and celebrities from all over the world. As a practitioner, I see a promising future.”
The cryptocurrency community in China has grown more confident with more exposure in the public. However, maybe the market is too optimistic about the future, given that the no crypto exchanges existed officially in China.