Bitcoins labelled a gambling device - page 2.

uray

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Quote from: fiulpro on May 05, 2019, 11:43:20 AM

According to the sources Warren Buffet apparently thinks of Bitcoin as a gambling device.
What do you guys think ?
Is this true or something that is disrespectful for our community.

This is not the first time we hear a negative approach from Warren Buffet regarding bitcoin and it will not be the last time, he is an old guy who is not aware of the technological improvement and i really doubt whether he understands what bitcoin is all about, i am sure he understands how the market moves, but Warren being a stock guru who made his fortunes in the stock market he might find it difficult to understand the entire decentralized concept of bitcoin.

Malsetid

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Quote from: Pattart on May 06, 2019, 09:51:44 PM

Quote from: DreamStage on May 06, 2019, 08:53:08 PM

He most likely assumed that Bitcoins are labelled as a gambling device or system due to the progressiveness on how more Casinos are coming to life.
You can see more and more Casinos including the ones in real life providing Bitcoin as a payment option for the gambling currency.
In some parts he's right but not in general where Bitcoin is considered a cryptocurrency for virtual transactions.

because the fact is that bitcoin is very perfect to use as a currency in gambling. more practical than coins in casino, more flexible, and certainly anonymous, making users free to gamble in any country, even though there are restrictions in that country, its natural to labelled like that

I doubt though that that's what warren buffet was pertaining to when he called it a gambling device. It's more of bitcoin not being anchored on any physical asset. There's nothing backing it up aside from speculation and the crypto community. Of course that's what he's going to say lol. All his statements about bitcoin seem to aim in bringing btc down. I just think he doesn't understand it yet or he doesn't really want to.

Siren

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Well in some ways Warren Buffet is right because cryptocurrency investing is risky like gambling as the volatility and the decentralized is hindering us to be accepted by the world
Maybe what he wanna say is that if you are investing in bitcoin then you are gambling the money involved and may lose in a matter of short time likw gambling playing

DrDoctor1234

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If it does end up being classified as a gambling device, then at least you can't get taxed.

Artemis3

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Quote from: odolvlobo on May 05, 2019, 02:02:57 PM

Here is the original article: https://www.foxbusiness.com/business-leaders/warren-buffett-bitcoin-is-a-gambling-device

Warren Buffet is obsolete, he doesn't even know what Bitcoin is:

Quote from: Warren Buffett

“[Bitcoin] doesn’t reproduce. It doesn’t speak to you. And it doesn’t do anything. It’s like a seashell or something, and that is not an investment to me”

“I’ll tear off a button here, and we’ll have this as a little token, and I’ll offer it to you for a $1,000 and I’ll see if I can get the price to $2,000 by the end of the day,”

“People will create a gazillion of them naturally. There’s been a lot of fraud connected with them; there have been disappearances. So there has been a lot lost on it.”

This just in: People use USD for fraud too!

Pattart

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Quote from: DreamStage on May 06, 2019, 08:53:08 PM

He most likely assumed that Bitcoins are labelled as a gambling device or system due to the progressiveness on how more Casinos are coming to life.
You can see more and more Casinos including the ones in real life providing Bitcoin as a payment option for the gambling currency.
In some parts he's right but not in general where Bitcoin is considered a cryptocurrency for virtual transactions.

because the fact is that bitcoin is very perfect to use as a currency in gambling. more practical than coins in casino, more flexible, and certainly anonymous, making users free to gamble in any country, even though there are restrictions in that country, its natural to labelled like that

crwth

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I know a lot of people have used bitcoin for gambling purposes, but I don’t think it would be considered as that. In general, it should be considered as a way to transfer money/value to other people as the real purpose. It should be eliminating the middleman in those transactions. Maybe Warren Buffet doesn’t know why it was created and is already judging the technology. He had his time as the prime, but now, we are on The technological world. It has been a great time knowing that he became the number one richest person. I think that is already okay.

DreamStage

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He most likely assumed that Bitcoins are labelled as a gambling device or system due to the progressiveness on how more Casinos are coming to life.
You can see more and more Casinos including the ones in real life providing Bitcoin as a payment option for the gambling currency.
In some parts he's right but not in general where Bitcoin is considered a cryptocurrency for virtual transactions.

rdbase

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Quote from: ?? on ??

Warren butter has admitted he doesn't understand technology and that's basic tech, of course he wouldn't get crypto.

Their generations belief in something of value should be relatively stable like what he is involved with being stocks and bonds. He has said bitcoin is a passing fad and will more then likely fail in the end.
Well 10 years later he was wrong because it has grown and strives to out do those stocks and even oil and gold to some extent.
https://coinidol.com/bitcoin-surges-stocks

chengha937

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Labelling bitcoin as a gaming machine is an understatement. Well it’s true that bitcoin can be used in gambling but it does not mean that its a gambling device. Bitcoin being a digital money does not translate to being a gambling device.

rahmatullah9305

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I do not agree with what Warren Buffet said, in my opinion bitcoin is a digital asset that we can analogize with gold but in digital form. Speculative nature in market trading is not the same as complaining luck, here we are familiar with the term fundamentalist. if you always associate bitcoin trading is gambling, then they should audit their forex market first because the point is the same different from Egypt, the minister of the Indian economy itself is even more ridiculous, they issued a bitcoin statement is a ponzi scheme I think they just "just know" and "don't understand" if they trace what China did, in the end they will change their statements slowly, even though China hates it very much, but eventually they make a breakthrough by developing e-fiat algo to mediate .

Farma

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Quote from: Alpinat on May 05, 2019, 10:56:04 PM

Warren buffet actually doesn't really know what bitcoin is like. For him it is just a scam and it will pop out in the future. Now he is saying that bitcoin is a gambling device which is not applicable in bitcoin. I believe he will enlighten after bitcoin increase in the future.

well, we know that everyone is free to argue about this. but it seems like he doesn't really know that. well, maybe just those who saw bitcoin, they would think that it was indeed related to gambling. but, in general, they are right. bitcoin is digital money, so there will be people who use it as a tool for gambling, even fiat is like that.

leonair

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Because Bitcoin is money, a digital money... and gambling involves money.

Respect to Mr. Warren Buffet but he's too old to get an advise from him with the modern technology that's occuring these days so I'd not take his statements very seriously in this matter and besides they've a lot of advisers backing him with his decisions nowadays.

Anyone can give their sentiments regarding to Bitcoin no matter how good or bad it is and we can't stop them if they hate it or not but the bottom line is it'll continue despite of negative outputs.

TravelMug

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What do you expect from a old fart like Warren Buffett?

Obviously, he is anti-crypto that's why he continues to religiously attack it whenever he has a chance in the media.

So no need to give him attention though, bitcoin though has proven many times and let us see his reaction once he see the price goes to the moon and he misses the boat again and expect him to give bitcoin a bad mouth.

Jating

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Quote from: fiulpro on May 05, 2019, 11:43:20 AM

https://ihodl.com/topnews/2019-05-05/warren-buffett-claims-bitcoin-gambling-device/

According to the sources Warren Buffet apparently thinks of Bitcoin as a gambling device.
What do you guys think ?
Is this true or something that is disrespectful for our community.

I would say my answer is somewhere in the middle , we are unaware of the fact so as what it might be in the future , in the past 10 minutes but we still hold onto this thing because of hope.
I would rather compare it to share market , rather than a gambling device.

Well that is his own opinion, and we all know that Warren B. really hates bitcoin so don't be surprise by such statements.

Of course bitcoin can be used as gambling devices but it doesn't mean that it is created for that sole purpose only. We all know that bitcoin is being treated as a investment and online payment scheme and that is the thing that Warren Buffett didn't understand. All he see is the negative things about it.

Johnzky

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Im afraid that warren buffet still functional om our conversation here in.crypto?and most specially when we talk about bitcoin?because from the very start everytime this man opening his mouth all the comes out is bad words towards Bitcoin so i am asking myself why we still need to entertain the man?what you think mate?

Alpinat

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Warren buffet actually doesn't really know what bitcoin is like. For him it is just a scam and it will pop out in the future. Now he is saying that bitcoin is a gambling device which is not applicable in bitcoin. I believe he will enlighten after bitcoin increase in the future.

jseverson

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You have to acknowledge that plenty of people use Bitcoin in this way though. Given the market's volatility and the tendency to grow (and lose) money instantly, what crypto investors are doing could be described as gambling. Not that that's a bad thing.

We can't really shake off these labels until Bitcoin establishes its utility beyond speculation and store of value. We're seeing plenty of progress on that end, so it's only really a matter of time.

BlackFor3st

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Gambling device is not very appropriate to define bitcoin. Though we have different opinion about bitcoin so we cannot blame him if he will labelled it as gambling device.

Though he is a well known person but only idiot people will believe him especially if you are in crypto community. If you know bitcoin already and you've been using it wisely then you can surely say that his opinion is very shallow. And I am pretty sure that he never used bitcoin or if he uses it, only in rare conditions.

CryptoGamblingSites

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Clicking threads on bitcointalk is a far bigger gamble than bitcoin

For example:

https://bitcointalksearch.org/topic/bitcoins-labelled-a-gambling-device-5139678

Topic: Bitcoins labelled a gambling device - page 2. (Read 13215 times)