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Offline Stan

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"Words they may have to eat" Department
« on: April 04, 2014, 12:28:51 AM »

Here's a thread to capture those prized words we think their authors will most likely have to eat before this is all done.

What examples have you found?

Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline Stan

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Re: "Words they may have to eat" Department
« Reply #1 on: April 04, 2014, 12:34:25 AM »
The all-knowing author in this article

http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/

had a good laugh at Bitcoin's expense, then uttered this jewel:

Quote
In short, bitcoin doesn’t come anywhere near meeting the test of a currency. It’s not a widely accepted medium of exchange. It’s not a reliable store of value. And last week the US Internal Revenue Service (IRS) dealt it a harsh blow by ruling that for tax purposes, bitcoin should be treated like a financial asset such as a share of stock, which will make it almost impossible to use as a currency.

Of course, your ownership share of a share of stock represents a claim on the profits of an actual company. Your ownership of bitcoin, even before the IRS decision, represented, well, that you were a pretty cool, tech-savvy person. In other words, not much.

Thanks to Wildwex for the discovery.
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Offline MrJeans

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Re: "Words they may have to eat" Department
« Reply #2 on: April 05, 2014, 09:20:04 PM »
"Stay away from it. It's a mirage, basically," Warren Buffett

Too many people have told me its a ponzi scheme. A few months later and the same people dont say that anymore... but they say it cant be trusted... a few months later...


Offline fuzzy

Re: "Words they may have to eat" Department
« Reply #4 on: April 06, 2014, 01:57:10 AM »
Definitely...

Good point here.  Humility is the cornerstone of trust. 
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Offline bytemaster

Re: "Words they may have to eat" Department
« Reply #5 on: April 06, 2014, 02:21:13 AM »
Yeah... we have had to eat quite a few... 
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Offline CWEvans

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Re: "Words they may have to eat" Department
« Reply #6 on: April 06, 2014, 04:19:52 PM »
Definitely...

Good point here.  Humility is the cornerstone of trust.

I, for one, am extremely proud of my humility.  ;)

Yeah... we have had to eat quite a few...

And it takes a strong character to do so. It is those who refuse to eat their own words, in spite of irrefutable evidence to the contrary, that are the most unpleasant.

More to the point of the OP above, there are several categories of having to eat one's words, including:

  • Fools: Those who pontificate on what they do not understand, especially experts opinioneering outside their fields of expertise.
  • Liars: Those who want something to fail and work actively to undermine it.
  • Luddites: Those who cling to outdated dogma, refusing to acknowledge innovation.
  • Skeptics: Those who are unfamiliar with what one is doing, and naively heed the words of fools, liars, or luddites.

Engaging well-meaning fools can be very productive sometimes. Anti-Bitcoin goldbugs might be an example here, when they correctly identify shortcomings of fiat currency, and then resort to appeals to tradition, popular sentiment, and authority, as well as proving a negative, to make their cases.

A somewhat more adversarial approach is called for with liars, who are actively attacking one, whether directly or indirectly. One need not be belligerent about it, but one is not going to convince a rival to embrace one's position by seeking common ground. One should either ignore or confront a liar's charges—as gently or harshly as fits one's personality and the image that one wants to project—and seek to make him or her an ally only after one believes that this person has ripened into a fool.

When it comes to luddites, just let it go. You're asking them to repudiate beliefs that have defined their personhood for longer than you have been alive. To expect anyone to do that is asking too much. Warren Buffett is not going to start hanging out on this forum and sleeping over at the homes of BitShares developers, no matter how eloquently any of us makes the case for peer-to-peer, distributed, self-governing service providers that exist only in software.

If one finds common ground with skeptics, one often can convert them to one's point of view.

So... I would hesitate to quote Peter Schiff in the context of this thread, but Paul Krugman is fair game, as is Professor Bitcorn.

Offline CLains

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Re: "Words they may have to eat" Department
« Reply #7 on: April 06, 2014, 10:00:09 PM »
Honesty is a true art. How does one make honest predictions? There's so much denial and confusion lurking in every thought - and paranoia is self-aggrandizing. To be humble with ones own thoughts and past predictions, and yet not blame oneself for them, and yet to try to be honest again and again!

Offline donkeypong

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Re: "Words they may have to eat" Department
« Reply #8 on: April 07, 2014, 04:28:32 AM »
Warren Buffett wouldn't even invest with his friend Bill Gates.  He said he didn't understand tech then and he's said the same thing more recently as applied to Bitcoin. He chooses only companies with balance sheets he understands, such as those selling razor blades, candy bars, or space on railroad freight cars.

I've never understood why, when someone is an expert on one thing, people expect that person's wisdom to extend into other areas. Asking Warren Buffett about Bitcoin would be like asking Bill Clinton about Hollywood celebrities and how they should act. He's famous and he was a popular president, but the fact that he's a celebrity doesn't suddenly make him an expert in Hollywood life. Just like Warren Buffett doesn't know jack s*** about Bitcoin or any other technology investment.

Here are a few "words they may have to eat" nominations. These are paraphrased, not exact quotes.

1. "Mortgage markets are a powerful stabilizing force." --Alan Greenspan. It has some truth, but in hindsight it wasn't the best thing to say. 

2. "Mt. Gox is the Ft. Knox of Bitcoin." --Anonymous user of Magic The Gathering Online Exchange.

3. "Franko is freedom." Reality: One of the first altcoins, currently with a market cap of $37,000 and stuck around #112 amongst altcoins.

4. "The 10-inch screen size is the minimum size required to create great tablet apps." --Steve Jobs (RIP)

5. "Way overvalued for a search engine." --Me, dismissing a chance to get in on Google near the beginning

Offline bytemaster

Re: "Words they may have to eat" Department
« Reply #9 on: April 07, 2014, 04:44:00 AM »
Quote
2. "Mt. Gox is the Ft. Knox of Bitcoin." --Anonymous user of Magic The Gathering Online Exchange.
I think there may be some truth to this one.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Stan

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Re: "Words they may have to eat" Department
« Reply #10 on: April 07, 2014, 04:48:35 AM »
Quote
"640K ought to be enough for anybody."
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline CWEvans

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Re: "Words they may have to eat" Department
« Reply #11 on: April 07, 2014, 04:38:22 PM »
Honesty is a true art. How does one make honest predictions?

Prices will increase, decrease, or stay about the same.

Anything more specific than that is a sales pitch.

Offline CWEvans

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Re: "Words they may have to eat" Department
« Reply #12 on: April 07, 2014, 04:52:56 PM »
Warren Buffett wouldn't even invest with his friend Bill Gates.  He said he didn't understand tech then and he's said the same thing more recently as applied to Bitcoin. He chooses only companies with balance sheets he understands, such as those selling razor blades, candy bars, or space on railroad freight cars.

And, that seems to have worked out pretty well for him. So, when he says silly things about Bitcoin, let him have his fun.

I've never understood why, when someone is an expert on one thing, people expect that person's wisdom to extend into other areas. Asking Warren Buffett about Bitcoin would be like asking Bill Clinton about Hollywood celebrities and how they should act...

Or Paul Krugman about anything other than Economic Geography, or me about which programming language to develop software in.

3. "Franko is freedom." Reality: One of the first altcoins, currently with a market cap of $37,000 and stuck around #112 amongst altcoins.

Depending on whose blogs one reads, this one might be true.   ;)

5. "Way overvalued for a search engine." --Me, dismissing a chance to get in on Google near the beginning

One of my favorite examples of the unknowability of the future that I use in class when teaching Economics or Finance is YouTube.

It's a website... where people can up load cat and baby videos... for free... and the site operator will pay for all that storage and bandwith... from advertising revenue...?  Get out of here!!!

Shows what I know.

Offline donkeypong

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Re: "Words they may have to eat" Department
« Reply #13 on: April 07, 2014, 04:58:46 PM »
Quote
2. "Mt. Gox is the Ft. Knox of Bitcoin." --Anonymous user of Magic The Gathering Online Exchange.
I think there may be some truth to this one.

Ah, you mean Knox as Gox? Who knows, Ft. Knox could well be empty. If it's full, though, I'd have to think all that gold is worth something...more than the paper money. 

Offline JoeyD

Re: "Words they may have to eat" Department
« Reply #14 on: April 07, 2014, 05:54:25 PM »
Quote
2. "Mt. Gox is the Ft. Knox of Bitcoin." --Anonymous user of Magic The Gathering Online Exchange.
I think there may be some truth to this one.

Ah, you mean Knox as Gox? Who knows, Ft. Knox could well be empty. If it's full, though, I'd have to think all that gold is worth something...more than the paper money.

Ft. Knox could be empty, similarly there has been shown no proof whatsoever of the theft of mtGox bitcoins, so they might not be as m t.

This thread has the makings of a famous last words listing.

My own was about how I thought Bitcoin-technology would grow as fast as GNU/Linux, so I expected to be able to afford quite few years before getting my feet wet.

 

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