I am no authority on AI for sure. But I have thoughts. Privacy is key, of course, with our financial data. I hope and intend all my queries to be private, and for that purpose use only AI that keeps my AI chatter private, provides encryption end-to-end, and an assurance that my data is not made available for training. While free AI is cheap, doesn't it make sense that using free AI generates information to train the models? I have a residual fear, despite promises my AI back and forth is on machine only, how am I to be assured of privacy? To maximize my chances, I elected to pay a monthly fee. YMMV but be safe out there!
Charlie Munger, the late vice chairman of Berkshire Hathaway, was famously and intensely critical of cryptocurrency, particularly Bitcoin. His opposition was both consistent and colorful throughout the years.
Munger's most memorable critiques included describing Bitcoin as "rat poison" and later, as its price rose, calling it "more expensive rat poison." He was even more harsh in other comments, referring to cryptocurrency trading as "disgusting."
His philosophical objections went beyond just price concerns. "Of course I hate the bitcoin success," Munger said at Berkshire's 2021 annual meeting, calling it "disgusting and contrary to the interests of civilization." He viewed Bitcoin as "worthless, artificial gold" and characterized cryptocurrency more broadly as "crazy, stupid gambling."
Munger also expressed concerns about cryptocurrency's potential societal harms, describing it as "good for kidnappers" and calling it "a malicious combination of fraud and delusion." He believed "The country did not need a currency that was good for kidnappers."
His stance was unwavering even as crypto gained mainstream adoption. At a 2021 event, he called Bitcoin's success "detestable" and maintained that "people who oppose my position are idiots."
Munger's criticism aligned with his and Warren Buffett's value investing philosophy, which focused on buying and holding productive assets with intrinsic value - something he believed cryptocurrencies fundamentally lacked. I agree with Charlie and am disappointed folks may invest in cryptocurrency as a part of their retirement.
Comments
I am no authority on AI for sure. But I have thoughts. Privacy is key, of course, with our financial data. I hope and intend all my queries to be private, and for that purpose use only AI that keeps my AI chatter private, provides encryption end-to-end, and an assurance that my data is not made available for training. While free AI is cheap, doesn't it make sense that using free AI generates information to train the models? I have a residual fear, despite promises my AI back and forth is on machine only, how am I to be assured of privacy? To maximize my chances, I elected to pay a monthly fee. YMMV but be safe out there!
Post: Financial AI: Benefit or Danger? I Don’t Know
Link to comment from July 10, 2025
Charlie Munger, the late vice chairman of Berkshire Hathaway, was famously and intensely critical of cryptocurrency, particularly Bitcoin. His opposition was both consistent and colorful throughout the years. Munger's most memorable critiques included describing Bitcoin as "rat poison" and later, as its price rose, calling it "more expensive rat poison." He was even more harsh in other comments, referring to cryptocurrency trading as "disgusting." His philosophical objections went beyond just price concerns. "Of course I hate the bitcoin success," Munger said at Berkshire's 2021 annual meeting, calling it "disgusting and contrary to the interests of civilization." He viewed Bitcoin as "worthless, artificial gold" and characterized cryptocurrency more broadly as "crazy, stupid gambling." Munger also expressed concerns about cryptocurrency's potential societal harms, describing it as "good for kidnappers" and calling it "a malicious combination of fraud and delusion." He believed "The country did not need a currency that was good for kidnappers." His stance was unwavering even as crypto gained mainstream adoption. At a 2021 event, he called Bitcoin's success "detestable" and maintained that "people who oppose my position are idiots." Munger's criticism aligned with his and Warren Buffett's value investing philosophy, which focused on buying and holding productive assets with intrinsic value - something he believed cryptocurrencies fundamentally lacked. I agree with Charlie and am disappointed folks may invest in cryptocurrency as a part of their retirement.
Post: Cryptocurrency in a 401(k)?
Link to comment from May 29, 2025