Buffett partner Charlie Munger says bitcoin is ‘total insanity,’ avoid it ‘like the plague’
Bitcoin remains the shortest path to FX transfer, do not be fooled by its low transaction rates. Bitcoin is still a one step protocol, and beats Swift, Munger's favorite socialist clearing system. Swift is a two step through the protocol, it has a to call Janet in the protocol tree. Blockchains will beat that.
We are headed to a world of dark pools interconnected via the bitcoin FX tool. In this world, we all can get our existing bitcoin wallets and bet the dark pools. The central banks will not like this.
But Charlie is one of the biggest dark pools. He likes Swift and the implied currency insurance, born by the typical taxpayer. He is a Koch socialist.
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