Why Warren Buffett hates bitcoin

 

Why?

International big time scams

 "Only  paranoid survive"

"Ordinary artist copy, masters steal"

1.  Archegos

    Bill Hwang.  Total loss:   Hwang:   $20 billion.  Banks   $10 billion

    Losing $20 billion in two days. Hard to build easy to lose

2. Bernie Madoff

   Bernie Madoff - $65 billion Ponzi scheme

3.  Adani    

    $120 million loss. Who is right Andani or Hinderburg

4.  Olympus

Olympus - Japan's biggest corporate fraud

5.  Greensill + Adani + Credit Suiss

    Greensill investigation

Why crypto is a scam?

 "Only the paranoid survive"

The early theme for this was Ponzi scheme.  It satisfies the need to get rich scheme.  It thrives because there are so many wanting to get rich fast. It creates wealth for the old user, who gets the income from new user.   What happens if the world runs out of sucker?

The number of bitcoin is pegged at 21M vs unlimited printing of money for central bank

1.  Uses the chain block system

2.  This is supposed to be a digital currency managed by private person

3.  A currency value has to be stable, but crypto value is anything but stable

4.  Its value does not rise.  It is a betting game.  Income comes from the other person

     who owned the currency before

5.  The whole thing goes on for as long as there is a sucker

6.  Get in early, and you will reap benefits

7.  The more people buy it, the less it becomes a currency, the more its value fluctuates

8.  Mining bitcoin consumes more energy than one country. One transaction consumes the same power as a  household

It is a Ponzi scheme clothed in a digital clothing

Rentangay

Only the paranoid survive

This is a combination of scam, and robbery.  It is as the name suggest, renting vehicle, and carnapping the rented vehicle.  Recently, someone was caught and an officer of PNP was involved.

How to avoid:    avoid the business.  It is too risky

Some notable Philippine large scale scams

"Only the paranoid survive"  Be careful of your business dealing, the world is full of trickery

There has been a number of well publicized scam in the Philippines:

1,   KAPA scam ni Pastor Joel Apolinart  Estimate na nakuha P50 billion

2.  Rose Balajadyay  well known for Multi tel.  I knew of a couple in CL who lost about P5M

      in this scheme.  The wife died out of shame.

3. One Dream Global Marketing. Arnel Gacer



Aman Futures investment scam, mahigit 10,000 nabiktima. Mastermind nakatakas papuntang Malaysia

Erma Degman - P100 million. May isang biktima P30.00 million  

May Libanan scam  worth P700 million

  - https://www.youtube.com/watch?v=KbE2HBlRV1E flex fuel. Nanahimik na

Job offer scams- have you experienced this?

 If it is too good to be true, then it is:

Some tell tale signs:

1.  Higher salary

2.  Personal email being used, use of social media

3.  WFH, no experience required, many personal information required prior to info on the job;

4. Many tasks being required prior to job interviews

5.  Money first for Physical exam, laptop etc.

Beware.

https://news.abs-cbn.com/business/2024/6/12/airline-offering-dog-first-experience-expands-to-five-new-destinations-656

Task based scam - like heart sa mga tiktok, shoppee

 Dont fall for this.  Invitation to like follow, heart

1.  They post invitation sa FB

2.  Then you access site

3.  You are assigned tasks:  like follow etc:  Tiktok, fb, Lazada

4.  Then you are assigned receiptionist and you join a gc

5.  After you are paid, they ask you to invest first before new task

6.  After you invest, you get kicked out of gc.

Variants:   job opening, top up scam for daily wage paid tasks

Beware.