/ by Tyler Durden / Sep 9, 2017 5:40 PM

Billionaire investor (and self-professed “Bitcoin Dinosaur”) Howard Marks made headlines in July when he called Bitcoin a “unfounded fad.. a pyramid scheme” in one of his famous memos, igniting a firestorm of backlash from cryptocurrency advocates.

However, in his most recent Oaktree Capital memoMarks retracted his position after being educated by some of his Bitcoin-loving friends regarding the cryptocurrency.

There has been particularly spirited response to my comments on digital currencies.  It prompted me to sit down with people ranging from some of my Oaktree colleagues to Steven Bregman and Murray Stahl of Horizon Kinetics (my July memo incorporated some of Steven’s observations on ETFs), and I learned that I’ve been looking at Bitcoin the wrong way.  In particular, I realized that the memo incorporated the wrong joke from my father; instead of “the half-million-dollar hamster,” it should have been this one:

Two friends meet in the street, and Jim tells Sue he has some great sardines for sale. 

The fish are pedigreed and pure-bred, with full papers and high IQs.  They were individually de-boned by hand and packed in the purest virgin olive oil.  And the label was painted by a world-renowned artist.

Sue says, “That sounds great.  I could use a tin.  How much are they?” and Jim tells her they’re $10,000. 

Sue responds, “That’s crazy, who would eat $10,000 sardines?”

“Oh,” says Jim, “these aren’t eating sardines; these are trading sardines.”


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