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Topic: Why Warren Buffett's Bleak Prediction Of Bitcoin And Cryptocurrencies Is Wrong (Read 109 times)

legendary
Activity: 3500
Merit: 6981
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Or, perhaps he is smarter than you but you are too blind, stubborn, and narrow-minded to even consider what he might have to add.

People that write things like, "he’s 135 years old and the last car owned was a Ford Model T" and "he is too old to like all related to the new technologies" obviously aren't smart enough to come up with even the simplest argument against his position.
Thank you.  It's nice to know not everyone here disagrees with Buffett's stance, just because he happens to be elderly.  He's a genius investor who knows quite a bit about economics, so he's entitled to his opinion.  Frankly, the only thing that's going to prove him wrong (or right) is time.  We'll see in a few years where bitcoin is, and whether $20,000 was a bubble price.
full member
Activity: 266
Merit: 100
Well my take on this is that he is a coward. The reason why i said this is because clearly, he doesn't wanna venture on other investments tyan what he has right now because he wants to play safe. And bitcoins along with all the altcoins out there are ruining this for him. Although he has some great points, i think this really isn't the reason why he hates crypto. He is just a coward who lost his spark and hunger to earn amd to take risks because he already has a lot of money for his family and all other materialistic things they may ever want. That is what i think.
full member
Activity: 476
Merit: 112
IDENA.IO - Proof-Of-Person Blockchain
he is a person who does not like change and innovation, so he does not regard importance and does not care about the crypto world, because for him the wealth he has is enough for his life.
sr. member
Activity: 560
Merit: 260
Well, I'm one who certainly appreciates crypto and the returns I've made from them, pretty much more than I need for a lifetime, but even if we're just talking about btc, I'm quick to admit that it does have some serious flaws.   Any transaction system that can have transactions "forgotten" and not processed and you cannot follow up with anyone to check on it has a problem in its foundation.    And like anything else, it's difficult to build on a flawed foundation.  

Even dealing with a dinosaur bank like HSBC or Citibank, they've never lost or 'forgotten' a single one of my transactions, and yes, even if I have to be on hold for an hour, I do eventually get to talk to a human to sort out any problem I might have.   They have other problems and flaws of their own of course.
legendary
Activity: 4466
Merit: 3391
Or, perhaps he is smarter than you but you are too blind, stubborn, and narrow-minded to even consider what he might have to add.

People that write things like, "he’s 135 years old and the last car owned was a Ford Model T" and "he is too old to like all related to the new technologies" obviously aren't smart enough to come up with even the simplest argument against his position.
hero member
Activity: 2814
Merit: 734
Bitcoin is GOD
From the article:

Quote
The question is: Why in the world should he take a position on cryptocurrencies, even in the public debate? The answer probably lies in the pressure that traditional banks, hedge funds and investment companies like his are feeling from their shareholders. Those shareholders are seeing others get 1000 percent returns or higher while they are forced to make do with typically low single-digit results. The leaders of these companies need a response to the pressure and have to justify why they shy away from Bitcoin, Ethereum and top technology tokens in Initial Coin Offerings. They sound shrill in the face of an avalanche of evidence that they have missed out on huge gains.

I certainly believe this is a factor, but to my understanding, he doesn't really talk about cryptocurrencies unless asked about it. He's one of the more famous investors in the world, so I'm sure he gets this question a lot. If he really wanted to ruin crypto's image, he could have disparaged it without conceding that he doesn't know anything about it. What he's basically saying is it's his gut feel, given that Bitcoin is driven only by demand without any backing whatsoever.

I disagree with him, obviously, but I feel that people are making too big a deal out of his admittedly uninformed opinions.

The article did make great points about him being anti-innovation though, so that could also explain his stand, and why he takes it despite not knowing about the subject.
Of course he is anti progress you need to understand he is a billionaire the last thing he wants is something that changes the way things work, he does not want to have to adapt to new circumstances, he wants things to remain the same because in that reality he is powerful but if bitcoin begins to become massive no one is going to invest in stocks when they are going to be able to get a lot more profits investing in bitcoin and icos.
copper member
Activity: 2940
Merit: 4101
Top Crypto Casino
Or perhaps he is too old to like all related to the new technologies like it's often the case with senior people (who know if he knows how to use internet lol). He maybe hasn't read something else than what the media spread as negativity toward Bitcoin
legendary
Activity: 2156
Merit: 1393
You lead and I'll watch you walk away.
He might be wrong because he’s 135 years old and the last car owned was a Ford Model T.
hero member
Activity: 1834
Merit: 759
From the article:

Quote
The question is: Why in the world should he take a position on cryptocurrencies, even in the public debate? The answer probably lies in the pressure that traditional banks, hedge funds and investment companies like his are feeling from their shareholders. Those shareholders are seeing others get 1000 percent returns or higher while they are forced to make do with typically low single-digit results. The leaders of these companies need a response to the pressure and have to justify why they shy away from Bitcoin, Ethereum and top technology tokens in Initial Coin Offerings. They sound shrill in the face of an avalanche of evidence that they have missed out on huge gains.

I certainly believe this is a factor, but to my understanding, he doesn't really talk about cryptocurrencies unless asked about it. He's one of the more famous investors in the world, so I'm sure he gets this question a lot. If he really wanted to ruin crypto's image, he could have disparaged it without conceding that he doesn't know anything about it. What he's basically saying is it's his gut feel, given that Bitcoin is driven only by demand without any backing whatsoever.

I disagree with him, obviously, but I feel that people are making too big a deal out of his admittedly uninformed opinions.

The article did make great points about him being anti-innovation though, so that could also explain his stand, and why he takes it despite not knowing about the subject.
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