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Topic: Warren Buffet advise not to buy bitcoin. Expect bitcoin price to collapse. - page 7. (Read 8649 times)

legendary
Activity: 1526
Merit: 1013
Make Bitcoin glow with ENIAC
Warren Buffett is a God among Men

No, no he's not.

I know millionaires more savvy than him.

You know the difference between millionaire and billionaire businessmen? One of the two was luckier than the other...not much else.

No, and no. He is not particularly lucky. He is very good at what he does. You might know more flamboyant millionaires but you don't know anyone who can beat him at his own game. How do I know? Investors have a scoreboard, and according to this scoreboard billionaires win over millionaires every time. I don't want to invoke the Rumsfeld speech about known knowns and known unknowns, but to skillfully and consistently combine a total control of what you know you understand and know you don't understand, with a clever investment strategy; has nothing to do with luck.
donator
Activity: 1736
Merit: 1014
Let's talk governance, lipstick, and pigs.
Buffett is notorious for keeping his investments secret. A little FUD would not be unexpected regarding Bitcoin if he is secretly investing.
legendary
Activity: 4200
Merit: 4887
You're never too old to think young.
So the shirt maker doesn't understand the disruptive technology.

This is news?
newbie
Activity: 53
Merit: 0
You, yes YOU, solely being a member of this forum, already know more about Bitcoin than Warren Buffet.


This is probably true. The permabulls of this forum know a lot more about Bitcoin than Buffett does.

But that doesn't mean that they're more reliable than he is when it comes to predicting the future of Bitcoin.




For example: Late 1990's, dotcom bubble. I guarantee you that the people that started those .com companies knew a lot more about them than Buffett did. Yet, he predicted the future of those companies much better than their founders did, because he knew where to look, he knew what's important.

Those companies didn't have earnings, and therefore they were bad investments regardless of how much the people that created them screamed "this is the future, you idiot dinosaur!!!!"

He looks at the basic facts about btc and that's all he needs to know.
hero member
Activity: 588
Merit: 501
as soon as we clean up the crypto trash (scams, schemes, and foolishness) we will produce billionaires, trillionaires, and quads (quadriliionaries).

So essentially get rid of everything this community is made of.


Typically that's the way things grow, just after the 'new world' is discovered, often times bad guys get to rule freely in this new space until such time that they realize that in order to make this space worth having you've got to protect it (security), value it, own it, and have rules of ownership, and enjoyment.  

As long as things aren't safe investment will continue to go elsewhere.  2013 showed lots of promise for the cryptocurrency world, 2014 lost lots of those gain financially and more importantly in terms of hope.   All because of security issues.








Warren Buffet saying bitcoin is a scam:

http://www.businessinsider.com/warren-buffett-money-tips-for-2015-2014-12

How is this going to affect price?

Does Warren Buffet go in for surgery and tell the doctor where to make the incision? No.

He knows absolutely zero about Bitcoin. Wtf makes you think his opinion matters? Because he has money?

I know some fucking complete fucking retards worth a lot of money. People with excellent business sense...but that doesn't make them experts on everything, now does it?

People tend to give their respect to people solely because they have money. It's quite sad.


You, yes YOU, solely being a member of this forum, already know more about Bitcoin than Warren Buffet.
[/b]

You, yes YOU, solely being a member of this forum, already know more about Bitcoin than Warren Buffet.

100% agree
legendary
Activity: 1526
Merit: 1013
Make Bitcoin glow with ENIAC
This is a quote from an old article. It shouldn't affect price now. He hasn't been too kind about companies like Google in the past, and they are doing ok. Warren Buffett is a God among Men, but he isn't very tech-savvy, so maybe we can ignore his tech related advices. The one american who is nearly as rich as him and quite a bit more tech-savvy seems to have given the go-ahead for Microsoft to start accepting bitcoins. THAT matters!!!
legendary
Activity: 1652
Merit: 1265
If you had a billion dollars would you want your investment in fiat to go to shit?

That said I would still throw in a few million for fun 😀
legendary
Activity: 1246
Merit: 1000
I've seen this exact same thread at least twice in the past, I believe the last time was just before the run up to 1000+ last year...
sr. member
Activity: 336
Merit: 250
bitcoin_bagholder, your username is ironic if it's meant to be sarcastic.

My username was chosen in jest. I'm a Bitcoin supporter holding for the long haul. The naysayers will call me bagholder.  Grin
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
bitcoin_bagholder, your username is ironic if it's meant to be sarcastic.
sr. member
Activity: 336
Merit: 250
...it simply doesn't fit his investment profile or personal character.

No.  There are many things Buffet doesn't understand or invest in.
His taking the time time to comment on Bitcoin & call it shit shit likely means just that--he thinks it's shit.
Don't overanalyze Smiley


Clearly Buffet is speaking of Bitcoin more out of ignorance than intelligence:

“Stay away from it. It’s a mirage, basically. … It’s a method of transmitting money. It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope Bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways and it will be. The idea that it has some huge intrinsic value is just a joke in my view.”

He's comparing bitcoin's system to checks and money orders instead ACHs and wires.    Nevertheless it cost more to process a $5000 check than $5000 worth of BTC, a postal money order cost more, a bank money order cost more, an ACH cost less but is faster, and a wire cost more than them all and faster than them all but still not faster than a BTC transaction and yet the btc transaction goes far faster.  

Based on that alone, his intelligence about the value of BTC falls flat on it's face.  Everyone know time is money, which is the only reason why people are willing to pay so much for a wire transfer, or a cash advance on a credit card.  

BTC is not a consideration for Buffet because its 'none of his business', it's not what he does, and he could do without it -- for now anyway.

Cryptocurrency is making its way around very fast, anything tied to the internet has a way of doing that. 2015 will be a better year for crypto, but as soon as we clean up the crypto trash (scams, schemes, and foolishness) we will produce billionaires, trillionaires, and quads (quadriliionaries). No other industry can produce such wealth.   All we need is security, real security and mega wealth is on the way.






An infinite number of cheques can be printed and distributed to be put in use, as opposed to a max of 21 million bitcoins.

Bitcoin is a payment system with a built-in unit of account. The unit of account has to have a value attached to it. I'm waiting for bitcoin to grab a good chunk of the remittance market. A 5 billion market cap wouldn't be enough.  Cool
member
Activity: 83
Merit: 10
He is no longer a lucky dog again, just any other experts suggest you buy, we can listen to him, then do trading as usual
sr. member
Activity: 427
Merit: 250
no matter whether he's right or wrong, the guy is viewed as an investment God, so surely a massive number of people will stay away from bitcoin.
sr. member
Activity: 378
Merit: 254
.@Armis:
A claim was made that "[Bitcoin] simply doesn't fit [Buffet 's] investment profile or personal character."
In response, i pointed out that there's a bit more to it than that:
Quote
There are many things Buffet doesn't understand or invest in.
His taking the time time to comment on Bitcoin & call it shit shit likely means just that--he thinks it's shit.
Note my lack of comment on teh validity of Buffet's thinking, or on Bitcoin being the awesomest thing ever.
Not an oversight on my part--I actually meant not to opine, because don't care Smiley
hero member
Activity: 490
Merit: 500
is this advice form Warren Buffet? lol, i think i should buy a lot.
legendary
Activity: 1666
Merit: 1057
Marketing manager - GO MP
as soon as we clean up the crypto trash (scams, schemes, and foolishness) we will produce billionaires, trillionaires, and quads (quadriliionaries).

So essentially get rid of everything this community is made of.
hero member
Activity: 588
Merit: 501
...it simply doesn't fit his investment profile or personal character.

No.  There are many things Buffet doesn't understand or invest in.
His taking the time time to comment on Bitcoin & call it shit shit likely means just that--he thinks it's shit.
Don't overanalyze Smiley


Clearly Buffet is speaking of Bitcoin more out of ignorance than intelligence:

“Stay away from it. It’s a mirage, basically. … It’s a method of transmitting money. It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope Bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways and it will be. The idea that it has some huge intrinsic value is just a joke in my view.”

He's comparing bitcoin's system to checks and money orders instead ACHs and wires.    Nevertheless it cost more to process a $5000 check than $5000 worth of BTC, a postal money order cost more, a bank money order cost more, an ACH cost less but is faster, and a wire cost more than them all and faster than them all but still not faster than a BTC transaction and yet the btc transaction goes far faster.  

Based on that alone, his intelligence about the value of BTC falls flat on it's face.  Everyone know time is money, which is the only reason why people are willing to pay so much for a wire transfer, or a cash advance on a credit card.  

BTC is not a consideration for Buffet because its 'none of his business', it's not what he does, and he could do without it -- for now anyway.

Cryptocurrency is making its way around very fast, anything tied to the internet has a way of doing that. 2015 will be a better year for crypto, but as soon as we clean up the crypto trash (scams, schemes, and foolishness) we will produce billionaires, trillionaires, and quads (quadriliionaries). No other industry can produce such wealth.   All we need is security, real security and mega wealth is on the way.




sr. member
Activity: 378
Merit: 254
...it simply doesn't fit his investment profile or personal character.

No.  There are many things Buffet doesn't understand or invest in.
His taking the time time to comment on Bitcoin & call it shit likely means just that--he thinks it's shit.
Don't overanalyze Smiley
hero member
Activity: 588
Merit: 501
He's been saying bitcoin's shit for ages. His 2015 advice is no different to his 2014 advice.


AGES?  really, "ages"?   come on ...  Bitcoin is barely 5 years old, only really active for 2 years (2013 and 2014). 
BTC nor the internet has been around for ages, heck not even electricity has been around for ages.   




As for Buffet,  if he has the pleasure to enjoy another 20 year of sanity, by that time BTC will have become
a stable, reliable, safe, and responsible currency worthy of a Buffet nod.  Until then, there's no need to look
to Buffet for his blessing; as indicated above, it simply doesn't fit his investment profile or personal character.





sr. member
Activity: 326
Merit: 250
He's been saying bitcoin's shit for ages. His 2015 advice is no different to his 2014 advice.
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