Buffet, Munger and Gates Denounce Bitcoin - page 2.

Quidat

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Quote from: The Sceptical Chymist on May 16, 2018, 05:09:07 PM

I'm not buying into the conspiracy theories here. All of those guys are free thinkers who made money doing their own thing. They just don't like bitcoin. They know what it is, believe me, and it's not for them. They're entitled to their opinions, even if everyone on this forum disagrees.

Bitcoin has a lot of disadvantages that tend to get overlooked by members here, and if you wonder why it hasn't been adopted by the masses yet, it's because the masses don't need bitcoin. People get so emotionally attached to bitcoin that they fail to see that it's not really solving many real-world problems. Buffett, Munger, and Gates don't make that mistake. All three are very rational and just don't like bitcoin--so be it.

Well said.

Sad to accept the fact that we do know in deep on our minds on whats the disadvantage of bitcoin but we do just neglect it or not paying attention because we do hope and trust bitcoin and there were people who would really stick on what they do observe and say out their own views no matter what would be the community do have the reaction.Its always have a negative side this is why we do see slow progress of adoption.

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Quote from: Hydrogen on May 13, 2018, 07:45:02 PM

I suspect on some level, the message of Bill Gates, Warren Buffett and other bitcoin haters is coordinated. Their stance resembles a unified front. People typically do not have opinions or views which are as identical as what Gates, Warren B and others are saying, unless political agendas are present. I would guess the last thing btc haters want is for the public to become educated or informed on crypto currencies and so on some level they agreed to divulge zero information on crypto, including whether coins have limited or infinite supply.

If people want bitcoin to succeed. The best method may be for each active person on this forum to give away a small amount of bitcoin to someone they know who has never owned or used crypto currencies before. The more knowledgeable the public is about crypto currencies the more difficult it will be for the media and moguls like Bill Gates and Warren Buffett to mislead or misinform them.

I'm trying to do this right now. But I think I look too much like a "nigerian prince" for anyone to take me up on it. People always seem to think its a scam or something if I tell them I want to give them some bitcoin for free.

I don't see any coordination at all. They're in the public eye and constantly have reporters asking them their opinions on Bitcoin and they all happen to think poorly of it for their own reasons. People are interested in what Buffet and Munger think because they're two of the most famous and well-respected investors in history, and people are interested in what Gates thinks because he's one of the preeminent technology moguls and also does a tremendous amount of investing through the Bill and Melinda Gates Foundation for philanthropic causes. There's no conspiracy here. I actually agree with Buffet that Bitcoin doesn't represent anything substantial as far as investing goes because it doesn't generate income and isn't a productive asset. It's purely a speculative vehicle, and that's fine if you want to gamble on it, but it's not investing. Investing is the use of capital to create something new of value, and the added value creates more wealth. Bitcoin doesn't create any new wealth, it only transfers it between people when they sell it from one to the other. People getting rich of Bitcoin should not be confused with creating new wealth, which by contrast is what investing does.

Aveatrex

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Millionaires doesn't suffer from traditional banking system anyways.Certainly,Bitcoin in general has some downsides but they forget that Bitcoin is only 9 years old.They will say it's volatile but they forget that the market cap is low compared to fiat currency.
Give Bitcoin and cryptos some time before judging it,it's just the beginning after all.

dothebeats

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I like conspiracy theories too, but I don't think these peopl collaborated to throw negative thoughts about bitcoin. These people are already rich enough to bother investing in bitcoin, or to even have some higher-ups or superiors that tell them what to do or to say publicly. Needless to say, these people won't benefit on bitcoin's low prices since they have had enough money on their pockets. They simply don't like the hype surround cryptocurrencies since they're used in the the atmosphere of traditional assets and investments. They'd still prefer fiat any day since it is used widely all over the world and people acknowledge it everywhere, and bitcoin hasn't really proved anything, except for achieving a ridiculously high price. Unless a certain use-case proved bitcoin's worthiness and feasinility for general transactions, these billionaire's won't give a damn about cryptos.

The Sceptical Chymist

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I'm not buying into the conspiracy theories here. All of those guys are free thinkers who made money doing their own thing. They just don't like bitcoin. They know what it is, believe me, and it's not for them. They're entitled to their opinions, even if everyone on this forum disagrees.

Bitcoin has a lot of disadvantages that tend to get overlooked by members here, and if you wonder why it hasn't been adopted by the masses yet, it's because the masses don't need bitcoin. People get so emotionally attached to bitcoin that they fail to see that it's not really solving many real-world problems. Buffett, Munger, and Gates don't make that mistake. All three are very rational and just don't like bitcoin--so be it.

BobK71

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Quote from: Hydrogen on May 13, 2018, 07:45:02 PM

I suspect on some level, the message of Bill Gates, Warren Buffett and other bitcoin haters is coordinated. Their stance resembles a unified front. People typically do not have opinions or views which are as identical as what Gates, Warren B and others are saying, unless political agendas are present. I would guess the last thing btc haters want is for the public to become educated or informed on crypto currencies and so on some level they agreed to divulge zero information on crypto, including whether coins have limited or infinite supply.

The entire system is deceptive, and has been for hundreds of years.

Just look back to the late 19th century, for example. All mainstream economists said the gold standard was good for the economy. Fast forward to today, and they are all saying the exact opposite. Both times, their message just happens to be what the elites want the public to think, at the time.

(The difference between the two periods is that all countries have now defaulted on their obligations to pay gold, because there was a general run on the elites' gold reserves, that the elites could no longer contain, because the bubbles they had created were too big.)

bill gator

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We actually had this exact conversation last week, and we basically came to the conclusion that they are purposefully manipulating the markets in order to either test resistances and see where the price of Bitcoin bottoms out, they are clueless or that they are feeling threatened about losing their stranglehold over the financial systems of tradition.

Bill Gates used to talk about the innovation that Bitcoin could bring to the world and these days he lumps it in with your average scam ICO. I don't know if he is willfully misinforming people or if he is innocently ignorant to what he is saying. Warren Buffet almost always means the opposite of what he says, in my opinion. It just seems shameful when men of such expertise are able to speak so incorrectly with confidence. especially when they words have tremendous influence.

ladydark

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Yes they just want to spread negativity against bitcoin.They have already tried this tactic and they feel that normal people are all fools and they could be easily influenced every time.

Hydrogen

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I suspect on some level, the message of Bill Gates, Warren Buffett and other bitcoin haters is coordinated. Their stance resembles a unified front. People typically do not have opinions or views which are as identical as what Gates, Warren B and others are saying, unless political agendas are present. I would guess the last thing btc haters want is for the public to become educated or informed on crypto currencies and so on some level they agreed to divulge zero information on crypto, including whether coins have limited or infinite supply.

If people want bitcoin to succeed. The best method may be for each active person on this forum to give away a small amount of bitcoin to someone they know who has never owned or used crypto currencies before. The more knowledgeable the public is about crypto currencies the more difficult it will be for the media and moguls like Bill Gates and Warren Buffett to mislead or misinform them.

I'm trying to do this right now. But I think I look too much like a "nigerian prince" for anyone to take me up on it. People always seem to think its a scam or something if I tell them I want to give them some bitcoin for free.

BobK71

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It is of course no surprise that some among the big beneficiaries of the status quo will denounce Bitcoin and cryptos.

That is not what I want to write about. The really interesting thing is what these three *didn't* say. They didn't use the biggest argument against Bitcoin and cryptocurrencies, the new systems' biggest weakness.

That weakness is that cryptocurrencies are not limited in supply, as a whole. Anyone can copy some code, rewrite some code, and 'create value' out of thin air. This will dilute the value of current coins and can become no different from today's inflationary fiat money. Unlike gold, the value of crypto is not protected by nature.

So these three VIPs threw everything they had against cryptos (including phrases like 'rat poison,') but forgot to use their biggest weapon!

Why? My guess is that they've been directed by the elites to say bad things about cryptos (and trust me, the elites have plenty of leverage against people like these.) The goal was to cool down public speculative demand for cryptos, at this moment, but not cause a big drop. This would be consistent with my theory that the top Western elites are really behind cryptos, for their own reasons.

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