Topic: Warren Buffet: The Idea that Bitcoin has Value “Is Just a Joke” (Read 1219 times)
This is only his opinion of whoever he was. He may not already understand that the world is changing and we either go with him or stay where we were.
November 21, 2017, 01:18:34 PM
In his latest visit to his hometown of Omaha, Nebraska, where he hosts a casual event for business students, one of the attendees asked Warren Buffett a question about Bitcoin. As a clarification, Buffett went on to say that cryptocurrencies like Bitcoin are “a very effective way of transmitting money, and you can do it anonymously and all that”, but it doesn’t mean much in the grand scheme of things: “A check is a way of transmitting money, too.
Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.
Buffett tends to lean towards investing in things that have a sustainable inherent value. Meanwhile, Bitcoin is surging past the $8,000 mark even after the SegWit2x drama left its future uncertain.
Although there’s no denying that it’s subject to more volatility than most fiat currencies, there’s a lot to be said about its utility in the market as more stores begin to accept payments in the cryptocurrency. Warren Buffett might not be keen on the idea of pumping capital in Bitcoin’s direction, but other players want a piece of the pie, each for their own reasons.
https://cryptovest.com/news/warren-buffet-the-idea-that-bitcoin-has-value-is-just-a-joke/
Any way that is just his own opinion about bitcoin and his his judgement is base on his lack of adequate knowledge about bitcoin. I guest he share the same view about gold also if not so buffet has miss it altogether. Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.
Buffett tends to lean towards investing in things that have a sustainable inherent value. Meanwhile, Bitcoin is surging past the $8,000 mark even after the SegWit2x drama left its future uncertain.
Although there’s no denying that it’s subject to more volatility than most fiat currencies, there’s a lot to be said about its utility in the market as more stores begin to accept payments in the cryptocurrency. Warren Buffett might not be keen on the idea of pumping capital in Bitcoin’s direction, but other players want a piece of the pie, each for their own reasons.
https://cryptovest.com/news/warren-buffet-the-idea-that-bitcoin-has-value-is-just-a-joke/
November 21, 2017, 01:11:32 PM
I wrote an article about value of cryptocurrencies if anybody's interested.
https://medium.com/@enricopolanski_16624/understanding-the-value-and-price-of-bitcoin-and-other-cryptocurrencies-5166cfdf9533
https://medium.com/@enricopolanski_16624/understanding-the-value-and-price-of-bitcoin-and-other-cryptocurrencies-5166cfdf9533
November 21, 2017, 01:01:06 PM
Will this effect the market for some time because like last time when Jamie Dimon said about btc the market has fallen sharply and now its Warren Buffet. When such highly intellectual people speak it might effect the market though it may be temporary and then rise back again like it had happened last time with JPM CEO case.
November 21, 2017, 12:57:24 PM
Old habits die hard. Warren has been using paper money for so long that he can't understand that an independent, decentralized economy can exist. To him it's just all that hippie ramble. It's a normal thing. Try to talk to any 80 year old person about cryptocurrency, programming, and they won't understand it. You really need an open mind to learn and accept things like that and most 80 and 90 year olds are close minded. They live in the past.
November 21, 2017, 10:28:00 AM
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I really doubt it. He has a way of investing only in things he understands how they work.
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I really doubt it. He has a way of investing only in things he understands how they work.
[...]
...which is something I wished more people in crypto would do.
Of course the market would be a whole lot more boring, but at least pump-and-dumps, buzzword speculation and a lot of other questionable "investments" would fall on far less fertile grounds. Then again I guess that's what makes crypto so fun in the first place.
November 21, 2017, 08:43:16 AM
What statement do you expect from Warren Buffet, he is a known investor for more than 40 years and all of his investments and assets are based on a fiat currency. How will you expect him to embrace the use of crypto currency if it will somehow affect his existing investments and businesses.
I wouldn't say that Berkshire Hathaway's investments are based on "fiat currency".... Buffet is a value investor, not a technology visionary. He's not a Silicon Valley tech guy. He has always invested heavily in reliable blue chip and infrastructure sectors. He likes traditional industries that he can wrap his head around and analyze the growth/revenue fundamentals.
Berkshire wasn't invested in many of the top growing technology companies, and Buffett has actually said that he'll never invest in Facebook or Twitter, regardless of how they perform.
He doesn't invest in things he doesn't understand. I can respect that. Fortunately, we as early adopters can prove him wrong about Bitcoin on the open market.....
November 21, 2017, 08:31:55 AM
I’d like to know what he thinks of gold then and if that differs from his opinion over Bitcoin, why that is.
I think he needs to be educated a little more about the underlying technology behind Bitcoin and about Bitcoin itself if he thinks it just stands for a form of transferring money anonymously.
I wouldn’t be surprised if one of his many companies have investments in Bitcoin either. He may be one of the most successful businessman the world has seen but I think he’s a bit mistaken on this front.
I think he needs to be educated a little more about the underlying technology behind Bitcoin and about Bitcoin itself if he thinks it just stands for a form of transferring money anonymously.
I wouldn’t be surprised if one of his many companies have investments in Bitcoin either. He may be one of the most successful businessman the world has seen but I think he’s a bit mistaken on this front.
http://commodityhq.com/education/top-seven-warren-buffett-quotes-on-gold-investing/
Mr. Buffet is a successful investor, but he lives in Paper Money era and Cryptocurrency is the future.
Mr. Buffet will invest in Blockchain and Cryptocurrencies just like Mark Cuban or Jamie Dimon of JPMorgan.
Mr. Buffet will invest in Blockchain and Cryptocurrencies just like Mark Cuban or Jamie Dimon of JPMorgan.
Yeah , mainly because he has spent almost a century living in this era?
I really doubt it. He has a way of investing only in things he understands how they work.
Probably it's too late for him
November 21, 2017, 08:25:37 AM
Mr. Buffet is a successful investor, but he lives in Paper Money era and Cryptocurrency is the future. And as for future, Bitcoin will be the king among other cryptocurrencies. Also, everything Mr. Buffet says is not single meaning words, Example, when he bought a huge stock of Coca-Cola, in a next interview he just mentioned that he takes his major calory from coke - see, how wisely he advertises what he values in simple interviews?.
Mr. Buffet will invest in Blockchain and Cryptocurrencies just like Mark Cuban or Jamie Dimon of JPMorgan. Also, there could be some reason that Mr. Buffet is thinking of his very own Crypto (maybe buffet coin, hahaha) and he is just making it's way easy against Bitcoin.
Mr. Buffet will invest in Blockchain and Cryptocurrencies just like Mark Cuban or Jamie Dimon of JPMorgan. Also, there could be some reason that Mr. Buffet is thinking of his very own Crypto (maybe buffet coin, hahaha) and he is just making it's way easy against Bitcoin.
November 21, 2017, 08:15:31 AM
Gold is irreplaceable: Almost half of the gold sold is used in electronics and medicine. It's not just about jewels.
Gold is unique: it has unique properties.
Gold is scarce. You could fit all the gold in the world on a tennis field.
The scarcity is only a temporary condition.
Probably in 100 years we'll start mining asteroids and then gold will no longer be so scarce.
November 21, 2017, 08:07:35 AM
In his latest visit to his hometown of Omaha, Nebraska, where he hosts a casual event for business students, one of the attendees asked Warren Buffett a question about Bitcoin. As a clarification, Buffett went on to say that cryptocurrencies like Bitcoin are “a very effective way of transmitting money, and you can do it anonymously and all that”, but it doesn’t mean much in the grand scheme of things: “A check is a way of transmitting money, too.
Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.
Buffett tends to lean towards investing in things that have a sustainable inherent value. Meanwhile, Bitcoin is surging past the $8,000 mark even after the SegWit2x drama left its future uncertain.
Although there’s no denying that it’s subject to more volatility than most fiat currencies, there’s a lot to be said about its utility in the market as more stores begin to accept payments in the cryptocurrency. Warren Buffett might not be keen on the idea of pumping capital in Bitcoin’s direction, but other players want a piece of the pie, each for their own reasons.
https://cryptovest.com/news/warren-buffet-the-idea-that-bitcoin-has-value-is-just-a-joke/
Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.
Buffett tends to lean towards investing in things that have a sustainable inherent value. Meanwhile, Bitcoin is surging past the $8,000 mark even after the SegWit2x drama left its future uncertain.
Although there’s no denying that it’s subject to more volatility than most fiat currencies, there’s a lot to be said about its utility in the market as more stores begin to accept payments in the cryptocurrency. Warren Buffett might not be keen on the idea of pumping capital in Bitcoin’s direction, but other players want a piece of the pie, each for their own reasons.
https://cryptovest.com/news/warren-buffet-the-idea-that-bitcoin-has-value-is-just-a-joke/
it is evident that no one can predict the future, especially bitcoin, even rich people like warren buffets who have extraordinary experience in the field of business also experienced a big mistake in predicting bitcoin, and consider it only joke
November 21, 2017, 07:16:36 AM
So,he has always tried to stay away from technology related company.
Buffett also never invested in Facebook or Twitter.Fool.com wrote this in 2014:
Quote
Consider what he said the 2001 letter to Berkshire Hathaway shareholders as the market began to watch the dot-com bubble burst: "At Berkshire, we make no attempt to pick the few winners that will emerge from an ocean of unproven enterprises. We're not smart enough to do that, and we know it."
More recently, as shown in the video below, Buffett noted that he has been successful because he sticks to industries and companies he's most comfortable with. These are also the sectors he understands and for which he can determine a true value.
From his perspective, he is of course right! He does what he does best, and it made him one of the richest men on the planet.More recently, as shown in the video below, Buffett noted that he has been successful because he sticks to industries and companies he's most comfortable with. These are also the sectors he understands and for which he can determine a true value.
Especially the bold part is true: While early investors in Bitcoin or Facebook made massive profits, at the same time many high-risk venture capital investments turned to dust. In hindsight it's easy to pick winners, when I first saw Bitcoin I never expected it to grow this much. I wish I did!
November 21, 2017, 05:52:18 AM
I’d like to know what he thinks of gold then and if that differs from his opinion over Bitcoin, why that is.
Gold is irreplaceable: Almost half of the gold sold is used in electronics and medicine. It's not just about jewels.
Gold is unique: it has unique properties.
Gold is scarce. You could fit all the gold in the world on a tennis field.
Bitcoin might be considered scarce as well, but I fail to see how it's irreplaceable: you can fork it, community can decide it's not worth a penny anymore and shift their (financial and technological) resources elsewhere. Bitcoin to fiat exchanges could be banned anyday, who's gonna give a fuck about Bitcoin anymore if not the few anarchists and libertarians left here?
Anyway I find it hilarious how a bunch of no ones criticizes so lightly the most intelligent and successful the world has ever seen.
If Warren Buffet tells you something, you should probably rethink 100 times why you disagree with him rather than pushing this "he's old, he doesn't understand".
Like it or not, Bitcoin has no intrinsic value, if it has one, it's no different than any other coin out there, including the worst shit coins with a 20$ market cap.
Bitcoin has a price.
November 20, 2017, 09:48:50 PM
In his latest visit to his hometown of Omaha, Nebraska, where he hosts a casual event for business students, one of the attendees asked Warren Buffett a question about Bitcoin. As a clarification, Buffett went on to say that cryptocurrencies like Bitcoin are “a very effective way of transmitting money, and you can do it anonymously and all that”, but it doesn’t mean much in the grand scheme of things: “A check is a way of transmitting money, too.
Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.
Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.
The fact that he's trying to compare BTC with a check in value transmission actually shows his ignorance when it comes to the technology behind cryptocurrencies. In the grand scheme of things, it's really the system behind the check that's becoming irrelevant. It's inefficient and it's costly in its own way.
Doesn't he also see that banks are starting to do R&D on distributed ledgers?
He's old but I hope he'll have enough time to think deeply about BTC and have his own aha moment.
These old people are going to say whatever they can to try and hold onto whatever wealth they have left. Or maybe he just is a complete idiot and doesn't understand the value of BTC. This is huge because he made a lot of money, but from centralized systems so he is an expert on greed. People who don't know compassion and cooperation, don't get Bitcoin that's just what it comes down to.
November 20, 2017, 09:28:36 PM
legislation is important, it gives the people that work for money a security that their work is beeing guided towards a certain goal, hard math of bitcoin is insignificant because you are more like a sect, claimings its valuable and wasting a ton of electricity, the moment you will lose popularity your bitcoin dream will collapse, others will simply take over cryptography and create national cryptocurrencies powered by legislation
If legislation was important, then why does Argentina have so many problems?Legislation cuts both ways, it can insure your money in the bank. But such legislation was quickly deleted when the government decided it wasn't in their interests.
Argentina, Cyrpress, Greece - the governments used legislation to freeze bank deposits, restricted access to money and then imposed a 'haircut' (raid on people's savings).
Legislation has no intrinsic value.
It's only value is in coercive measures, and that sucks.
November 20, 2017, 09:20:06 PM
Warren Buffet is an old timer, he believes in commodity based assets.
Debt has no intrinsic value either.
Like Fiat currency, it's backed only by legislation.
But legislation is only words on paper, ultimately backed by coercive measures and hard power.
If legislation and coercive measures made 'value', then China must have a very high valued currency.
But they do not.
No, there's something else going on here and Warren Buffet is too old or too smart to say it.
What gives Fiat it's value, is consensus.
The other world currencies pegged their own currency to the dollar, which used to be backed by gold.
Now the dollar is not.
But there is still a consensus it's worth something.
Bitcoin codifies that consensus into hard math, which is immutable.
Debt has no intrinsic value either.
Like Fiat currency, it's backed only by legislation.
But legislation is only words on paper, ultimately backed by coercive measures and hard power.
If legislation and coercive measures made 'value', then China must have a very high valued currency.
But they do not.
No, there's something else going on here and Warren Buffet is too old or too smart to say it.
What gives Fiat it's value, is consensus.
The other world currencies pegged their own currency to the dollar, which used to be backed by gold.
Now the dollar is not.
But there is still a consensus it's worth something.
Bitcoin codifies that consensus into hard math, which is immutable.
legislation is important, it gives the people that work for money a security that their work is beeing guided towards a certain goal, hard math of bitcoin is insignificant because you are more like a sect, claimings its valuable and wasting a ton of electricity, the moment you will lose popularity your bitcoin dream will collapse, others will simply take over cryptography and create national cryptocurrencies powered by legislation
regards
November 20, 2017, 09:17:36 PM
In his latest visit to his hometown of Omaha, Nebraska, where he hosts a casual event for business students, one of the attendees asked Warren Buffett a question about Bitcoin. As a clarification, Buffett went on to say that cryptocurrencies like Bitcoin are “a very effective way of transmitting money, and you can do it anonymously and all that”, but it doesn’t mean much in the grand scheme of things: “A check is a way of transmitting money, too.
Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.
Buffett tends to lean towards investing in things that have a sustainable inherent value. Meanwhile, Bitcoin is surging past the $8,000 mark even after the SegWit2x drama left its future uncertain.
Although there’s no denying that it’s subject to more volatility than most fiat currencies, there’s a lot to be said about its utility in the market as more stores begin to accept payments in the cryptocurrency. Warren Buffett might not be keen on the idea of pumping capital in Bitcoin’s direction, but other players want a piece of the pie, each for their own reasons.
https://cryptovest.com/news/warren-buffet-the-idea-that-bitcoin-has-value-is-just-a-joke/
Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.
Buffett tends to lean towards investing in things that have a sustainable inherent value. Meanwhile, Bitcoin is surging past the $8,000 mark even after the SegWit2x drama left its future uncertain.
Although there’s no denying that it’s subject to more volatility than most fiat currencies, there’s a lot to be said about its utility in the market as more stores begin to accept payments in the cryptocurrency. Warren Buffett might not be keen on the idea of pumping capital in Bitcoin’s direction, but other players want a piece of the pie, each for their own reasons.
https://cryptovest.com/news/warren-buffet-the-idea-that-bitcoin-has-value-is-just-a-joke/
the established capitalists cant befriends new that want to become capitalists, they have to find ways to surpress them,
after all the american civil war was about the central bank, slavery was later used as a scapegoat.
regards
November 20, 2017, 09:09:33 PM
That's sad. I respect Warren Buffet, and will continue to do so. I respect his views.
That doesn't mean I find his opinion a little misguided though. True, checks and cryptocurrencies are both ways to transmit money, but the biggest difference is you have to bring your check physically to a bank. You can do all your Bitcoin transactions at home, on the other hand. One other fundamental difference is that Bitcoin is decentralized. You yourself are sending your Bitcoins, not having banks send your money for you. It's a trustless process with your full control subject to much less, if any at all, limitations.
But eh, at least he's not disparaging on Bitcoin openly without provocation right?
That doesn't mean I find his opinion a little misguided though. True, checks and cryptocurrencies are both ways to transmit money, but the biggest difference is you have to bring your check physically to a bank. You can do all your Bitcoin transactions at home, on the other hand. One other fundamental difference is that Bitcoin is decentralized. You yourself are sending your Bitcoins, not having banks send your money for you. It's a trustless process with your full control subject to much less, if any at all, limitations.
But eh, at least he's not disparaging on Bitcoin openly without provocation right?
November 20, 2017, 09:04:18 PM
Warren Buffet is an old timer, he believes in commodity based assets.
Debt has no intrinsic value either.
Like Fiat currency, it's backed only by legislation.
But legislation is only words on paper, ultimately backed by coercive measures and hard power.
If legislation and coercive measures made 'value', then China must have a very high valued currency.
But they do not.
No, there's something else going on here and Warren Buffet is too old or too smart to say it.
What gives Fiat it's value, is consensus.
The other world currencies pegged their own currency to the dollar, which used to be backed by gold.
Now the dollar is not.
But there is still a consensus it's worth something.
Bitcoin codifies that consensus into hard math, which is immutable.
Debt has no intrinsic value either.
Like Fiat currency, it's backed only by legislation.
But legislation is only words on paper, ultimately backed by coercive measures and hard power.
If legislation and coercive measures made 'value', then China must have a very high valued currency.
But they do not.
No, there's something else going on here and Warren Buffet is too old or too smart to say it.
What gives Fiat it's value, is consensus.
The other world currencies pegged their own currency to the dollar, which used to be backed by gold.
Now the dollar is not.
But there is still a consensus it's worth something.
Bitcoin codifies that consensus into hard math, which is immutable.
November 20, 2017, 08:27:34 PM
In his latest visit to his hometown of Omaha, Nebraska, where he hosts a casual event for business students, one of the attendees asked Warren Buffett a question about Bitcoin. As a clarification, Buffett went on to say that cryptocurrencies like Bitcoin are “a very effective way of transmitting money, and you can do it anonymously and all that”, but it doesn’t mean much in the grand scheme of things: “A check is a way of transmitting money, too.
Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.
Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.
The fact that he's trying to compare BTC with a check in value transmission actually shows his ignorance when it comes to the technology behind cryptocurrencies. In the grand scheme of things, it's really the system behind the check that's becoming irrelevant. It's inefficient and it's costly in its own way.
Doesn't he also see that banks are starting to do R&D on distributed ledgers?
He's old but I hope he'll have enough time to think deeply about BTC and have his own aha moment.
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