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the markets need not care about your lack of understanding.
The ironic thing is, the whole "lack of understanding" comment was exactly the same thing that that people made fun of Buffet for right before the tech crash. Buffet said the companies were being overvalued because the cash flow didn't support the valuation. People laughed at him for not understanding new financial metrics like "value per page views".
Then most of those people promptly went broke.
Many others besides Warren Buffet predicted many things that come out dot on. Before Lehman Brothers, say just 3 years after the Nasdaq bubble burst when the authorities had to pump up the stock markets (2003), many people already warned about the coming housing bubbles. People too were openly saying the 'strongest' US banks like BoA, and some others heavily invested in derivatives, had zero net worth. It was proven in 2008 when BoA/Citi's shares drop to a dollar a piece. So there are smart and sharp people around all the time, not just Warren Buffet. We too can list many, many stupid bums around.
God created the world and also, at this point in time, gives permission for Bitcoin to come into being - according to His image. The image and design just happens not to be compatible to the image of what Warren Buffet think is a huge BTC making opportunity - so he cannot partake of its grace, Opps! So the right thing for him is that he should not get involved; or he could not get involved, at least not at this point in time.
Buffet got it right about the bursting of the Nasdaq tech bubble and so did many, many others. With some hindsight, not rocketscience, Tech companies are just corporations and any corporation building on hope may vanish if reality finally deviate far from the initial hope and wish. Bitcoin is indeed a completely different beast and Buffet's whole "lack of understanding" is correct - at least in my view and opinion. No one person or organization, in general, can control the character of bitcoin or the way it would develop. Open source means it is truly democratic, decided only through the consensus of the internet - and the internet means the whole world nowadays!
Intrinsic values are relative as all of us know and even talking about the intrinsic values of things is extremely boring. Just say, for simplicity, that value, like beauty, is only in the eyes of the beholder or valuer. (Stupid) People can say whatever they like about why something with no "real" existence like 1 bitcoin should never be valued almost equal to half an ounce of gold. Why should it not be? Can anyone answer. Or can anyone give the true valuation of bitcoin as at today. Warren Buffet too don't have an answer. We have to decide for ourselves what the value of bitcoin should be or whether it has a future.
