Warren Buffett Agrees That Bitcoin Is "Disgusting" - page 2.

davis196

hero member

Activity: 3150

Merit: 937

I kinda understand why Buffet and Munger are hating on Bitcoin.
Those two usually invest in stocks,which means that they invest in companies that actually produce and sell something to the consumers.Bitcoin is not a company or a stock,maybe that's why they don't understand the value of Bitcoin. Grin

I like how he compared Bitcoin and Tesla to "a lice and a flea".This is kinda accurate,even though it's just hating on BTC. Grin

Lice and fleas aren't that bad,even though they are horrible for the people.
They can spread pretty easily and they can survive hostile conditions.
I want Bitcoin to spread easily and to survive in a hostile environment. Grin

hulla

hero member

Activity: 1834

Merit: 566

To be honest, I don't think Warren Buffett's hate or negative statement about Bitcoin should bother us and we shouldn't expect him to like or support the Bitcoin movement because if he does he will lose the trust of his investors. However, his investment capital makes lose lately which Warren Buffett can easily relate it with the doing of Bitcoin since a lot of institutional investors invested in Bitcoin that the reason why he called Bitcoin "rat poison" but if we look at it, Bitcoin is indeed rat poison to his company.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

It's better to not expect from people to change their opinions about anything, such things happens very rarely, because people don't like admitting that they were wrong. Warren Buffet will soon be dead and he won't see Bitcoin at the heights of its adoption, so no one would be able to tell him how wrong he was.

I think the fact that so many people in Bitcoin community take Buffet's criticism so close to their hearts shows how many people here are investors first and foremost. I wouldn't criticize them for that, but Bitcoin is not just an asset, it's a movement based cypherpunk ideals.

aoluain

legendary

Activity: 2436

Merit: 1362

Quote from: LFC_Bitcoin on May 02, 2021, 06:38:34 AM

The only reason Buffett & Munger hate bitcoin is because it takes a portion of investment capital away from them. Bitcoin is a new technology & people hate change. Younger people are far more likely to invest in bitcoin than Berkshire Hathaway, that’s the real & only reason they hate bitcoin because it’s taking food off their table.

Just like the dinosaurs, investors like Buffett & Munger are becoming extinct.

Bitcoin is doing to finance what email did to physical letters/mail.

Adapt or die!

Exactly, they dont understand the technology and they dont need to invest in it
they have made their wealth but I still dont get how they can be so critical even
as LFC_Bitcoin states that it takes a portion of attention away from them.

As an example of the typical comments directed at Bitcoin over the years here is
his latest one, he attacks Tesla too!

This is from the article in the OP.

Quote

As reported by U.Today, the 97-year-old billionaire compared Bitcoin and Tesla to “a louse and a flee” at the Daily Journal Corporation's annual meeting in February.

Also I created a thread dedicated to the hatred of Buffet towards Bitcoin and his quotes

https://bitcointalksearch.org/topic/m.56078482

willoweb

sr. member

Activity: 658

Merit: 251

These guys are accustomed to bankruptcy and buying up companies, lending to the population at their own interest rates and presenting low-interest deposit opportunities in their banks. When cryptocurrencies became a part of the daily life of millions of people, these people began to lose customers, moreover, they are simply not competitive with this technology. Unsurprisingly, this is how they feel about bitcoin. But this is even good, since their hatred keeps them away from the market, where they would continue to be speculators and sharks.

CryptocurencyKing

hero member

Activity: 1288

Merit: 504

For all the critic statement and unsatisfactory expression from both of them @Charlie Munger and Warren Buffet, they were able to recognise and establish one fact and that is, the successs of bitcoin. This i feel was aroused in them the desire to be as successful in there endeavours as bitcoin but hating is the worst way to go about it.

Hate is a strong word and tonhave used it on bitcoin and its success, it only means they've long been seeing it as a competition that is there to crush them rather than a means of payment for there products. Criticising it for its success doesn't make it any better for them, it only create a mental barrier that hinders them from opening owning investments in bitcoin.

Its a wrong way to go about competition and besides, bitcoin isn't competing with anything. Adopting it as a medium of payment for the company and creating packages that ensures the option is attractive would aid the company and customers more than critics. They've got to wake up to the reality.

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: Leviathan.007 on May 02, 2021, 06:24:24 AM

Munger said he hated the success of Bitcoin during the annual Berkshire shareholders' meeting on May 1. He added that all this progress and development is disgusting and contradicts the interests of civilization:

This is exactly the problem with Charlie Munger who is 97 years old and Warren Buffett who is 90 years old who thinks that they represent the entire civilization. They speculated and made money and that was ages ago and now if they attach the same logic they cannot accept the success. They should be glad that they made their money in the past and the same logic that made them money will not apply every decade Grin

.

DarkDays

legendary

Activity: 2030

Merit: 1189

Quote from: LFC_Bitcoin on May 02, 2021, 06:38:34 AM

The only reason Buffett & Munger hate bitcoin is because it takes a portion of investment capital away from them. Bitcoin is a new technology & people hate change.

Exactly right. These people find change unbearable, specially when in this case it would eat away some of their potential profit. BTC and the blockchain technology
can be difficult for some to get to grips with if they don't have a technological background or tech interest.

It is unfortunately the change that is coming, and it is best to start adopting or else it would lead to the death of the old way. As always, economies grow, thrive and evolve, and the same go for the people leading it.

cr1776

legendary

Activity: 4228

Merit: 1313

First, I will say Buffett is right about bitcoin being rat poison, which is why rats like him don't like it.

What is contrary to the interests of civilization is authoritarians and those who support their power hungry motives, those who are willing to sell everyone else out to a 3 to 3000000% annual invisible tax (inflation) and those who don't like giving individual people the power (and right) to control and own the value that they create; those don't think that people should have the right to the products of their own lives without it being subject to the whim of the masters they want in power where you own nothing by right.

Buffett and Munger have lost it. They are two power hungry people who don't care about anyone else and are willing to sell everyone else down the river to support their masters around the world. Their goal is a socialist dictatorship since they think they'll be exempt (or dead) while everyone else will pay. They have sold their souls to be in good graces with the so-called elites.

int03h

full member

Activity: 532

Merit: 104

Warren Buffet is a successful value investor. He only invests in companies he is confident he knows well. Very rarely does he invest in tech companies. That's why he regretted not buying Google stock. Currently he only holds shares of Apple.
Obviously he doesn't understand how money and technology combine. He made a subjective assessment of Bitcoin.
His silence since Justin Sun's lunch with Warren Buffet, maybe Buffett's thoughts have changed.

serjent05

legendary

Activity: 3010

Merit: 1280

Get $2100 deposit bonuses & 60 FS

It seems Warren Buffett's ego is hurt. He so loves to see Bitcoin fail to show the world that he is right on what he thinks about Bitcoin but sadly it looks like the market has proven him wrong. He believes that he is all-knowing when it comes to financial investment and people will follow his belief about Bitcoin but many did not. Even institution hops in. Well, at least he admitted that Bitcoin is successful so far.

Yogee

sr. member

Activity: 1554

Merit: 413

Quote from: Leviathan.007 on May 02, 2021, 06:24:24 AM

... contrary to the interests of civilization, and I’ll leave the criticism to others."

This is the second time I've read this but the phrase got my attention just now. It looks like they expected "civilized" people to follow their footsteps. They are filthy rich and successful but when did they become the arbiter of civilization? They do not want others to follow innovations?

avikz

legendary

Activity: 3080

Merit: 1500

A 90 year old man with a net worth of 73 billion USD. So he doesn't need to understand bitcoin in whatever way you may want to think. He has done great in his career and still achieving milestones in his life. He simply can overlook bitcoin or whatever new that is coming his way! He simply doesn't need to be bother about bitcoin.

Also he very well understands that bitcoin can seriously challenge the dominance of today's banking system. So hating bitcoin is a part of his job because he built his empire on the current financial scenario. I will let tmhis comments pass because he literally means nothing anymore for crypto ecosystem.

Wexnident

hero member

Activity: 2702

Merit: 672

I don't request loans~

Hey, it's like making that certain someone use the computer to actually let it do the work, making stuff easier but instead refuses to do so and makes you do it his own way since he wants to. People who hate on Bitcoin will continue hating on Bitcoin no matter what, especially if it's been this long and the proof of Bitcoin being greater is, well basically itself already. No matter the reason they have, as long as they hate it, then they hate it, but their reasoning I suppose certainly isn't with Bitcoin stealing their money, nope certainly not Grin

.

Quote from: AsiaHODL on May 02, 2021, 09:00:31 AM

If they were to buy to BTC, they would keep it quiet and then disclose later. It would be a mindblowing successful investment if they did it, and then disclosed, Think micro strategy on steroids and with cocaine.

They could easily acquire 10 Billion or so with stealth and turn that into a 25% or so gain once they disclose their purchase.

Could've stayed silent while investing in Bitcoin ngl.

AsiaHODL

newbie

Activity: 19

Merit: 2

I am a huge Buffet fan. And also a very successful value investor.

At this point Charlie, whilst funny, is almost partially senile.

Buffet is a little sharper. He gets it. And he has remained much more silent on this point. They both know they would look foolish now if they flip to accepting BTC. They also know the "cache" that any BTC endorsement from them would carry.

If they were to buy to BTC, they would keep it quiet and then disclose later. It would be a mindblowing successful investment if they did it, and then disclosed, Think micro strategy on steroids and with cocaine.

They could easily acquire 10 Billion or so with stealth and turn that into a 25% or so gain once they disclose their purchase.

The younger guys at Berkshire may well do this once the oldies retire or eventually die.

A first step might be to buy Coinbase, which is far easier to justify. Stat tuned!!!

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

They don't understand tech. And especially knowing that Bitcoin isn't just some typical tech business, but instead is an actual protocol, do you guys really think they would grasp it? We should be nothing but unsurprised lol.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

They hate is because they're losing real and potential profit. They're losing real profit when more people are switching from the traditional market towards Bitcoin because there's fewer dynamics with the stock and fewer interested customers. Likewise, they're losing tons of potential profit that they could've made had they been less stubborn about Bitcoin. It's a huge investment opportunity people like Buffett keep missing, so of course they'd want Bitcoin to go down and stop being so popular, so that they can finally do the "I told you so" thing. But it's indeed irrational to miss out of Bitcoin like that, even if profit is all they care about.

Anonylz

hero member

Activity: 2562

Merit: 577

Quote from: Oshosondy on May 02, 2021, 07:52:54 AM

There are many bitcoin critics, that is how I know being rich does not mean to know all, old people will like the old ways, bitcoin is a new way which old people will not like, but as these people are so critic about bitcoin, bitcoin is still making the progress, bitcoin reached marketcap of over $1 trillion this year, even after the so called critics has never stopped criticising about bitcoin, the criticisms are not just the reality, the true value of bitcoin has resulted in bitcoin progressing. Let the critics continue, bitcoin will always appreciate in value.

Buffet fall into the category of those old folks who don't find this new age technology interesting enough to be part of, maybe he feels the whole btc idea is too complicated for him to grasp or just plain mad he does not have control over it,
Using the word 'disgusting' sounds too harsh for something he never spared a moment to understand, admitting he hate the btc success does says a lot though (I sense jealousy). This guy will probably remain negative towards btc irrespective of what success btc achieves.

bryant.coleman

legendary

Activity: 3766

Merit: 1217

One thing I don't understand is why everyone here in Bitcointalk is giving so much importance to Warren Buffet. Is it because he hates Bitcoin so much? We Bitcoiners have a tendency to ignore those who support us, and give importance to those who hate us. And this is exactly what is happening with Warren Buffet. His hatred towards Bitcoin is simply irrational and results from the fact that he couldn't digest the fact that an asset which he derided has become so successful. Common Bitcoiners, please be aware of your strengths. We have a combined market cap of $2.2 trillion, which is more than 4 times higher than that of Berkshire Hathaway. Don't tarnish the reputation of the cryptocurrency sector by begging in front of Buffet.

20kevin20

legendary

Activity: 1134

Merit: 1598

He's an old man who only pretty much cared about making profit all his life. How are we supposed to expect something better than this coming from the mouth of a billionaire who's worked with centralized systems all his life, a man who's grown his portfolio up on those things? They're losing control over what's going on with BTC.. of course they hate it! But who cares really?

Topic: Warren Buffett Agrees That Bitcoin Is "Disgusting" - page 2. (Read 522 times)