Topic: Warren Buffett Blasts Bitcoin as 'Gambling Token' as BTC Surges 35% in 30 Days - page 2. (Read 409 times)

I love when people compare Bitcoin to gambling because its so stupid lol.


In gambling, the longer you play the more likely you are to lose money because the odds are always in favor of the house. Gambling is all about getting lucky quickly and getting out (or I guess the other strategy I guess is lose a lot but hope that you get lucky enough later on to win back everything you lost and then some).


While Bitcoin, of course, is the exact opposite. If you play short term you could lose or make money, as in any investment, because it can go down or up short term. But long term you always win with Bitcoin and the longer you go the more money you make.


In comparing Bitcoin to a roulette wheel, Buffett apparently thinks the more time you play the roulette wheel the more money you win lol.

It's sad when you have people who are considered financial geniuses in their own field of finance, continually publicly show off how narrow their abilities are when they repeatedly make a fool of themselves in a different area of finance like Bitcoin.




Imagine if every time Buffett said something bad about Bitcoin, instead of saying it he said nothing and decided to invest $10 million into Bitcoin. He'd have made lots of money instead of making no money off Bitcoin and making himself sound foolish. It is continually amazing how after years of talking trash about Bitcoin, years of realizing he (and others like him) has missed out on massive gains in Bitcoin, instead of changing his behavior and doing a better job at, well his job since his job is to make money, he instead just keeps doing the same thing that doesn't improve his money making at all.

BTC was not created as bulletproof in a time crisis, if there is a serious crisis nobody would worry about BTC in their wallets or the fiat in their bank, they would worry about saving their life first and being okay. If you are trapped somewhere or left to die, how does BTC come to your aid, you are exaggerating the purpose why BTC was created, which is to be a censorship resistant and permissionless currency that does not work the way fiat does, and therefore is a second choice option to it.
You are correct that BTC is not printed out of thin air, but it does not mean you have to work hard for it, you can buy it easily with your fiat currency or other cryptocurrencies, and you can earn it if you have a skill or you have a service you can give for it.
People donate BTC to others, and they also give it out to help people. BTC is a currency and you don't just see people give out their fiat currencies to people just like that, there has to be a reason for it, that's the same way with BTC.

People who believe in Bitcoin will take it seriously and support it, while those who don't will cause FUD. Warren's criticism for Bitcoin did not start today, but what has his criticism really done to it? Does it make Bitcoin less value?No! His critiques did not change the minds of people who have already invested in bitcoin. Even quite a number of people still want to invest in bitcoin but don't have the funds yet.

I am adamant to Warren Buffett's criticism about Bitcoin, while he believes in his stock investment, I also believe in my Bitcoin investment. After his criticism about Bitcoin, he has also said that more U.S. banks may fail, and that's what I think may also happen.

Well, it seems they are always envious, sad and grumpy when the market is bullish and ordinary people profiting from their hard earned investments.
Atleast Bitcoin is better than doling out free money to needy in the name of social welfare which is costing country like US alot of money probably in trillions of dollars. Why not teach people how to catch fish instead of giving them fish whenever they need it, which does encourage laziness.

And it's important to also note that BitCoin is hard money... It's not printed out of thin air like several countries do with their currencies. It's hard money earned via hardwork like you see around this forum and cryptospace people working hard to earn bitcoins. You hardly see people given Bitcoin for free. They work hard to earn it by solving problems for others in crypto community, via investment etc

And by the way, it's not very risky investment aka gambling. I have never heard of anyone losing all or most of their money permanently due to price fluctuations. It does not go down permanently, which the envious ones kind of wish it does. It goes up, down, then up...

In conclusion, Bitcoin is one of most revolutionary and useful technology in the world. Part of its most important purposes is to help humanity in times of uncertainty and during local/global crisis. That is the main reason it was built, and those who will benefit from it are mostly the common people who will likely be trapped, abandoned or left to die, or even encouraged/made to destroy each other for the "good" of the world or the system .

He's been saying all things about BTC since. During his time, he is very early in investing in some stocks but a decade ago, he missed his biggest opportunity in BTC not minding it. He had enjoyed so much of his wealth that he forgot to look at what was coming so right now he spends time bad-mouthing BTC. An old man who used to have influence but is now all gone in the new world.

However Warren Buffett chooses to get rich is his own business, and it does not make what he says correct, BTC is not a get rich quick scheme and that is why the percentage of the world that has adopted BTC is still a bit low, if BTC was a get rich quick scheme, the percentage of the global population that holds it would be much higher than what it is now. People know that if they are to adopt BTC, it is either because it is a censorship resistant currency that they would like to use, or they want to hold it for the long term for profit, but not for short term profit, or quick wealth or profit.
Like Satoshi would say:

Why such hopes at all, do you need the positive opinion of a man whose whole life revolves around making a profit and who helped build a system in which the rich get richer and the poor remain without what little they have? Admiring a man just because he is rich is something that for me is total stupidity...

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Time is not a factor at all, because if WB were to be alive in 100 years, I believe he would think the same about Bitcoin as he does today. The problem is not how long Bitcoin has existed, but that "they" don't want some new "money" to replace the instrument that keeps people on a tight leash.

How long must the network keep running, how many more blocks must it produce, and how much more FIAT must Bitcoin absorb before the doubters are convinced that it's actually part of the evolution of money? HOW LONG?

One thing I discover is that most old people, most especially the rich and influential ones, always feel threatened by new technological innovations, I also do not blame Warren buffet, he is yet to fully understand bitcoin, and for his age, he has nothing to lose if he doesn't buy a single bitcoin till he dies, he has made his money, more than enough money, So he possibly do not see any need why he should be investing in bitcoin, and since bitcoin is not important to him, he thinks the best thing to do is to fud it, we understand how the game works..

All the same, he's fuds and negative statements towards bitcoin have not stopped bitcoin from growing, it will not stop it from adoption when the time is right, the fact is that.. Every body must not like bitcoin before it gets adopted in to the financial system.

I like Buffett, he is consistent in his views, and does not change them no matter what happens, but he is an old school person and it can be difficult for him to hire new technologies, although has to admit that his intuition and ability to analyze are very good. Perhaps I would even agree with him if bitcoin was a few years old and it all didn’t look so confident at the very beginning, but now with every year we see more and more skeptics fall silent and understand its true value. I really hope that Buffett can see a world in which bitcoin becomes a means of payment in every corner of the world.

I have nothing against the OP even though we disagree on some things, but why even mention a man who has been saying the same thing for 10 years - especially if we know his position on Bitcoin? I'm sure his opinion won't change, and frankly it shouldn't matter to anyone who understands Bitcoin.

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But that's not exactly news we'll see in the media, because the Oracle of Omaha is always portrayed as someone who only profits and never loses. On the other hand, let's just remember what the media wrote about Saylor and his company when the price of BTC was collapsing towards $15k.

I concluded that Bitcoin is always a problem for Buffett and others like him, not because he considers it "war poison" or "mirage", but because he knows very well that the money that usually ended up in his pockets now ends up somewhere else. It would have been much more correct for him to have been neutral on this issue, but he knows very well how much influence his words have and tries to use that to his advantage.

Okay, so Uncle Warren's a little peeved about Bitcoin, but honestly, he's got a point. Yeah, you can totally rake in some serious dough by trading in the cryptoverse, but let's not kid ourselves - cryptocurrencies aren't really worth anything. It's just a big guessing game, where people are betting on what some numbers on a screen might be worth in the future.

This isn't just a problem with Bitcoin either. Plenty of other digital currencies out there have no practical use whatsoever. That's why it's smarter to invest in old-school finance with futures and options trading. These financial instruments are linked to actual assets, which means their prices are rooted in the economic world. Instead of taking a risk on something that may be worth zilch, it's better to stick with traditional finance where the rules are clear and the danger is more manageable.

Not really, his road to becoming a billionaire was too difficult, and it took him a lifetime to get there. But with the advent of bitcoin, his way of getting rich is no longer correct. Everyone can get rich quickly with bitcoin, and he doesn't like it. When they just need to invest in bitcoin to get rich easily while he has to work hard all his life. I think that's why he's always been against bitcoin.

I think Warren is in between loving and hating Bitcoin, this man has never been hateful towards Bitcoin but he doubts if Bitcoin will work or not, to me he lacks the understanding of what Bitcoin is all about and I don't blame him.

This is a man that comes from a different era, he made all his money through Fiat before Bitcoin existed, so yes that's enough for him to doubt Bitcoin, he is old school and his way of thinking will be different.

You can't see people who aren't into Bitcoin investment and making money from Bitcoin talking about something else, Warren Buffet made his money from stock, properties, and companies investments, this is what he is definitely going to be talking about, for the rest of his life, nothing else will matter to him.

It's true that many people like to get into the get rich quick schemes but he's definitely pointing and barking at the wrong tree. Well, let's just give him what he wants as he's already old and I also acknowledge him as an investment genius.

But it's never going to change that he'll say something good about bitcoin because he's a guy that's into traditional investments and there's nothing wrong with that.

However, he should stop talking nonsense about bitcoin.

"Nobody wants to get rich slowly"


This is the answer Warren Buffett gave to Jeff Bezos when he asked him: if your style of investing is so simple why not everyone copying you?

Buffett likes it the hard way and he seems to be right so far.

The study of trading here in cryptocurrency is not easy to understand, and the application of technical analysis is also not so easy to understand. It takes time, time, and dedication for you to do well as an individual trader in this industry.

I've been studying it for several years now because I still don't understand a lot of it, but despite what I'm doing, somehow I'm still experiencing profit weekly in trading.

He's a traditional investor so we cannot expect him to like bitcoin. He might think that this is so risky for him that's why he can't afford to participate on any investment related with bitcoin.

We know he is a well known risk taker famous investor but maybe he didn't find himself investing on this thing because he can't or nobody can control its volatility.

Its funny isnt it, that the well known critics of Bitcoin crawl out of the woodwork as soon as
the Bitcoin market does something interesting.

I heard a quick 20 second report on the radio about Bitcoin hitting a 10 month high of
$30,000 in a "currencies and markets" slot but the reporter had to balance that news stating
how volatile it was and gave the example of the ATH of $69,000 crashing back to $16,000.

They always have to spin some negativity into their talknof Bitcoin.

Main thing is that the market is not as sensitive to that anymore.

Haha. He has been angry at bitcoin ever since bitcoin market capitalization overtook his company's market capitalization. But all kidding aside he has always been saying nonsense about bitcoin, my favorite is calling bitcoin "rat poison" which is incidentally the most accurate description of bitcoin anybody could give. Rat poison kills rats that are the corrupt ancients in the old and outdated financial system.

BTW his company has been having a hard time ever since April 2022 and has been in red almost entire last year (25% dumped). That's despite all the billions they pump into it