What Warren Buffett Gets Wrong About Bitcoin - page 2.

BitHodler

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Quote from: batang_bitcoin on October 30, 2017, 06:18:00 PM

I respect him as one of the most influential person in the world. A net worth of $80.7 billion this year isn't a joke and if he's opinion about bitcoin is totally far from what it used to be. He needs to spend time more in front of the computer to let him understand what bitcoin really is. He can even change his belief about bitcoin and bring out a statement that he's wrong with his first thought about bitcoin.

Someone's traditional fiat wealth doesn't say anything, even not in this case. If one thing is sure, then it's the fact that old people, regardless of who they are, are very difficult to change when it comes to their view.

He's so old and wealthy, that it doesn't, and shouldn't bother him whether the general public thinks he's right or wrong. It's more that the people are annoyed than Mr Buffet himself, and that's not his problem.

For me his words hold zero value when it comes to Bitcoin, because I know better, but also know that he is never going to change his way of thinking ~ people should just let it go. It's a wasted effort.

batang_bitcoin

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I respect him as one of the most influential person in the world. A net worth of $80.7 billion this year isn't a joke and if he's opinion about bitcoin is totally far from what it used to be. He needs to spend time more in front of the computer to let him understand what bitcoin really is. He can even change his belief about bitcoin and bring out a statement that he's wrong with his first thought about bitcoin.

The Sceptical Chymist

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Quote from: dreamer81 on October 30, 2017, 03:09:34 PM

so true. But again, the man is what, 80 years old? He thinks the government is his friend. He is from the loyal generation, where you do what the gov says. If they say jump you jump.

We are the generation of the free people. We will set ourself free from their grasp, and their desire to control us. Fiat could never do this.

Um, no. Warren Buffett is a man who did everything by the book, and he was very successful in doing so. The fact that he didn't break any laws in getting to be so wealthy should be an inspiration and not something to mock. The guy is a genius, and I have crazy amounts of respect for him. He, like Jamie Dimon, is entitled to his opinion about bitcoin, even if it's one that's unpopular here on bitcointalk, and even if it's one that most wouldn't agree with. Don't discount what the man says, because his knowledge of financial markets is deep and he's usually spot-on with his assessments.

Either way, his opinion isn't having much of an effect on bitcoin. The market has its own opinion and right now its diametrically opposed to WB's.

grermezter

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Quote from: dreamer81 on October 30, 2017, 03:09:34 PM

so true. But again, the man is what, 80 years old? He thinks the government is his friend. He is from the loyal generation, where you do what the gov says. If they say jump you jump.

We are the generation of the free people. We will set ourself free from their grasp, and their desire to control us. Fiat could never do this.

A man as world as Warren Buffet doesn't really know anything about cryptocurrency and as the saying goes, people are afraid of what they actually don't understand. I am sure that's the reason why he was skeptical about bitcoins in the first place. As the world's best investor, he clearly made a big mistake when it comes to bitcoins.

Hallmader

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Quote from: tyz on October 30, 2017, 02:56:59 PM

It has been years since Buffett first offered his opinion on Bitcoin, and even then he was not optimistic about it. Basically, he views it as a mere money-transfer instrument, the likes of which already exist in other forms such as checks and money orders. And from what we’ve gathered so far, that seems to be the main source of his distrust and general disregard for it.
But shrewd and calculating as he might be, Buffett is not entirely correct here. Put simply, he is looking at Bitcoin the wrong way, and in fact, he can’t even see it for what it really is: a decentralized currency built on top of one of the most revolutionary pieces of tech ever invented, the blockchain.

Perhaps Warren Buffet is not as keen as he was when he was a lot younger. He was already very rich, in fact, ranked within the top five richest in the United States of America when he gave the comment about bitcoin. I doubt if he had enough information about bitcoin when his remarks were made. The fact that he only considered it as another form of money-transfer instrument speaks a lot of lacking understanding of what bitcoin really is.

Actor_Tom_Truong_

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Warren Buffet knows his company Berkshire Hathaway will lose its share price value if he supports Bitcoin.
Each share in Berkshire Hathaway currently cost over $280,000 USD just to own 1 share of Berkshire Hathaway.

http://finance.google.com/finance?q=NYSE%3ABRK.A&ei=b6_3WYHeNNWxjAHbnJe4CA

If, he supports Bitcoin. The price of Bitcoin will be over $1,000,000 USD per coin. That's many times more expensive then Berkshire Hathaway. Warren Buffet wants each share of Berkshire Hathaway to worth over $1,000,000 per share. Therefore, he's not going to support Bitcoin.

SaShiRaJaVu

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There is nothing we can do about ignorance ,look at his age,he is over 85 years old and you think that he will be knowing what is happening around him and the advancement in technology,he was the best investor in the world but at this age his brain is not coping with the technology around him,so no one can blame him,everyone ages. Tongue

Murloc

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Some time already passed since mr Buffett said that and there was no price change this time (we even had some growth) comparing to the Morgan Stenley's announcement. It seems like Warren Buffet have more reputation about the bitcoin community but why there was no reaction on the BTC price this time?

Tszunami98

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I dont know that much about Buffet, because i am not from the states , but it is obvious he is incapable to keep the pace with the times.
Only people with vision could see what is coming with crytocurency, and Warren being a visionary makes me think he has a hidden agenda.

swogerino

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Warren Buffet maybe a great businessman and a great investor but this doesn't mean that what he thinks should be taken as an advice or example. Just because this person made a lot of successful businesses doesn't mean that what he says is absolutely right and to be believed from the mass. I think he gets it all wrong about bitcoin. Beside that, what importance is to the bitcoin network an opinion who has already one leg in the tomb ?

maokoto

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Warren Buffet is known for investing in value. Companies that sell things that are valuable. He would not invest in a currency, because currencies get their value from goods they represent and do not have a value in itself. Bitcoin is a currency itself.

soham

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Quote from: tyz on October 30, 2017, 02:56:59 PM

It has been years since Buffett first offered his opinion on Bitcoin, and even then he was not optimistic about it. Basically, he views it as a mere money-transfer instrument, the likes of which already exist in other forms such as checks and money orders. And from what we’ve gathered so far, that seems to be the main source of his distrust and general disregard for it.
But shrewd and calculating as he might be, Buffett is not entirely correct here. Put simply, he is looking at Bitcoin the wrong way, and in fact, he can’t even see it for what it really is: a decentralized currency built on top of one of the most revolutionary pieces of tech ever invented, the blockchain.

Warren Buffet is a renowned name in investment world for sure. But his investment method is somewhat old school now. So probably he was not able to get the true meaning of blockchain. But we should not also forget that his business is also in the financial market, even though not in banking directly. But he owns huge stakes in many banking companies through his Berkshire Hathaway group. So any impact on banking will indirectly impact his wealth as well. So we can classify him on the same category with Jamie Dimon. Currently needs to be ignored for the well being of bitcoin.

MiningSensei

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Warren buffet is one of the most respected investors that have ever existed, maybe he is right, maybe he is not, he is too old now to understand how does this new technology works, and i am right with that, how old is he? more than 70 yo i guess. Only the new generation can understand how cryptocurrencies will change the world and the way that money is distributed all around the world, maybe he is right and this all is a huge scam, but who knows?

BitcoinPanther

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Every one has each own opinion and we cannot deny that. Probably bitcoin is profitable to you but to some it is the cost of their loses. Remember in order for someone to earn money, someone needs to spend or lose it. Buffet may not be entirely correct but what he told us is actually happening at the current state of Bitcoin. People won't look at the technology but how he see it working.

dreamer81

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so true. But again, the man is what, 80 years old? He thinks the government is his friend. He is from the loyal generation, where you do what the gov says. If they say jump you jump.

We are the generation of the free people. We will set ourself free from their grasp, and their desire to control us. Fiat could never do this.

joseafonso123az

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Everyone will comment about BTC in some or other way. I beieve that in order for BTC to maintain itself, it needs it's community users to not just hear and follow this influential people. In my oppinion people need to think about what do they want to do with BTC, and if they have read and also believed in BTC, then they should not easily be manipulated by more influential guys.

tyz

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It has been years since Buffett first offered his opinion on Bitcoin, and even then he was not optimistic about it. Basically, he views it as a mere money-transfer instrument, the likes of which already exist in other forms such as checks and money orders. And from what we’ve gathered so far, that seems to be the main source of his distrust and general disregard for it.
But shrewd and calculating as he might be, Buffett is not entirely correct here. Put simply, he is looking at Bitcoin the wrong way, and in fact, he can’t even see it for what it really is: a decentralized currency built on top of one of the most revolutionary pieces of tech ever invented, the blockchain.

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