Why Warren Buffett is an enemy of Bitcoin? Interesting!!!

mktrader

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Hello World!!!

Quote from: ?? on ??

WB assumes bitcoin does not have value because bitcoin is nothing more than a cheque, or in other words a way to exchange wealth between parties.
And cheques do not have any value except for the amount being transferred, since the cheque itself is made of paper and relatively valueless.

However; there is a major flaw in his logic and that is that cheques are in essence limitless in supply, and therefore relatively valueless, while bitcoin is limited in supply. The more users that want to use bitcoin to transfer wealth, the higher the demand for the limited supply of bitcoin is.

Therefore; bitcoins' value does increase with the amount of wealth being transferred between parties.

Furthermore; cheques cannot be re-used, while bitcoin is re-usable, increasing the value of bitcoin even further.

Warren Buffets cheques would be more valuable as well if they were limited in supply and re-usable!

Logically this implies that Bitcoin is a currency, not a check (cheque).

freedomno1

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Learning the troll avoidance button :)

Quote from: Bitcoin Magazine on April 07, 2014, 12:32:36 PM

think of it this way. Warren Buffet spent his entire life making money the old fashioned way. $39 billion. now he's gonna take $38 million and put it in Bitcoins. and make a $1000000 trillion profit in the next coming months after the landslide, and Bitcoin Island becomes a country. people will look at him like the devil.

I think I would be like Nice Job Old Man
Although this is still kind of small for him in market cap

Elwar

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Viva Ut Vivas

If I had a bitcoin for every 400 Federal Reserve Notes Warren Buffet has...I would be a billionaire.

Swordsoffreedom

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Quote from: RodeoX on April 07, 2014, 11:57:28 AM

I don't think of him as an enemy. He just doesn't get it. Lot's of people don't get it.

I agree Warren can remain ignorant he doesn't need to get it, he will use it if it becomes handy to him

Onar

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Quote from: ensarwyckven on April 09, 2014, 09:34:43 PM

It would be better for WB in many ways other than his and his investors bottom-line-$-profits, to try and help his fellow Americans who are using and investing in Bitcoins, instead of only caring about himself and the investors in his Co's !

In general, why should a traditional multimillonaire investor care about bitcoin?
This is something new and untried, and a currency that not are recogniced by any country. Why should he even risk his name and reputation even to talk positive about it, or invest money in it. In general investors invest mostly in safe opportunities, they do due dilligence for months before deciding to invest. A true experienced establishedinvestor that have a honey pot take minimum risk ith his funds, if you are WB or other.

They let others take the risk, for example regards to start ups, in a later phase when its proven they buy in at "cheap" price ride the upcoming wave and sell on the right point. They have huge teams that do the due dilligence and investigate so WB and the owners have the correct info so they can take the right decision at any time regards to their experience.

bryant.coleman

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Quote from: allthingsluxury on April 07, 2014, 12:37:00 PM

He has benefited his whole life from the fiat money system. You can't blame him for wanting to maintain the status quo.

Or might have realized that he is too old now to engage in experimentation.

Bit_Happy

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A Great Time to Start Something!

Quote from: grifferz on April 05, 2014, 04:24:37 PM

An old man who prefers not to invest in tech stuff says he doesn't want to invest in bitcoin and suddenly he's an enemy.

He'll have to finance his own bunker when the end times come because surely his face is on the dartboard of every libertarian's survival compound now.

Never cease to amuse, bitcointalk.

Do you actually know a single libertarian with a "photo" dartboard in their survival compound?

ensarwyckven

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It would be better for WB in many ways other than his and his investors bottom-line-$-profits, to try and help his fellow Americans who are using and investing in Bitcoins, instead of only caring about himself and the investors in his Co's !

mrdeposit

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Quote from: allthingsluxury on April 07, 2014, 12:37:00 PM

He has benefited his whole life from the fiat money system. You can't blame him for wanting to maintain the status quo.

I completely agree with you. If you got rich doing something why change right?

Stuartuk

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Quote from: proton on April 07, 2014, 11:53:15 AM

To repeat the OP's point, one of the important reasons is that Berkshire Hathaway is a large shareholder in many banks/financial institutions.
Reference mentioned in the OP pertains only to stocks. Indeed, Berkshire Hathaway's exposure to financial sector is larger, as it holds significant amount of debt and debt-like instruments from that sector.

Bitcoin disrupts the current financial/banking system. Investors in the current financial/banking system don't like Bitcoin. Is this supposed to be news??? It's 2014 guys we knew this like 2 years ago didn't we?

allthingsluxury

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He has benefited his whole life from the fiat money system. You can't blame him for wanting to maintain the status quo.

Bitcoin Magazine

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think of it this way. Warren Buffet spent his entire life making money the old fashioned way. $39 billion. now he's gonna take $38 million and put it in Bitcoins. and make a $1000000 trillion profit in the next coming months after the landslide, and Bitcoin Island becomes a country. people will look at him like the devil.

serenitys

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Be Here Now

Buffet is definitely old school and dealing in tangibles.

I'm pretty sure he's hired someone to run his cell phone for him and he does not see the future the way it's shaping up or else he'd invest in future technology even if he's not going to live long enough to see it come to fruition. That he is still caught up in the fiat system and banking shows he'd never support bitcoin as an investment - not even to get rich (maybe short term but long term investment). He probably figures fiat is so rooted into the collective conscious that bitcoin is a fad like the liberty dollars and isn't worried about it.

Buffet has long since been corrupted by his wealth and bluntly, probably not much longer on this earth anyway. His generation of investors are going to be part of the Fall that is coming. Again, the world is experiencing a paradigm shift and the Revolution has become digital - where the Old School is at a massive disadvantage, which is why they're losing, threatened, and freaking out.

Their empire is falling.

Good riddance.

RodeoX

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The revolution will be monetized!

I don't think of him as an enemy. He just doesn't get it. Lot's of people don't get it.

proton

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To repeat the OP's point, one of the important reasons is that Berkshire Hathaway is a large shareholder in many banks/financial institutions.
Reference mentioned in the OP pertains only to stocks. Indeed, Berkshire Hathaway's exposure to financial sector is larger, as it holds significant amount of debt and debt-like instruments from that sector.

maurya78

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Buffett has bitcoin wrong
Great investor that he is, he has been wrong about stuff before

ensarwyckven

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This proves that WB only cares about his Co's and his stockholders bottom line profits and not the financial well being of all the American people !

Maharaja

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Quote from: JunkieMiner on April 06, 2014, 01:42:38 PM

I heard that his book "The snowball of life" is very good

It is! It's a lot of pages to chew through, but it's a very detailed chronology of his life amassing money.

acoindr

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Quote from: mktrader on April 05, 2014, 04:08:42 PM

Phenomenal rise of Bitcoin economy would actually mean fall of the traditional banking and lending systems.

Bitcoin isn't need for that. They're doing a great job failing all by themselves.

JunkieMiner

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I heard that his book "The snowball of life" is very good

Topic: Why Warren Buffett is an enemy of Bitcoin? Interesting!!! (Read 3302 times)