Bitcoin Forum

I have been asked a lot recently by members in here, what my position is on the current Bear market for Cryptos.
I think that this man is brilliant, and he gives the sentiment of myself and many members in here. So, this is your reminder.....  :)


Warren Buffett suggests you read this 19th century poem when the market is tanking.

Published Mon, Dec 17 2018 • 3:48 PM EST • Updated Mon, Dec 17 2018 • 4:04 PM EST
Kathleen Elkins
@KATHLEEN_ELK

Warren Buffett, Chairman and CEO of Berkshire Hathaway.Adam Jeffery | CNBC
The stock market has had a volatile year, and it’s not over yet: The Dow Jones Industrial Average lost more than 520 points on Monday and the S&P 500 fell 2.1 percent. Both are in correction and on pace for their worst December performance since the Great Depression in 1931.

But for the average person, shifts in the market, even ones as dramatic as the ones we’ve seen this year, shouldn’t be cause for panic. During times of volatility, seasoned investor Warren Buffett says it’s best to stay calm and stick to the basics, meaning, buy-and-hold for the long term.

So, during downturns, “heed these lines” from the classic 19th century Rudyard Kipling poem “If—” which help illustrate this lesson, Buffett wrote in his 2017 Berkshire Hathaway shareholder letter:

If you can keep your head when all about you are losing theirs ...
If you can wait and not be tired by waiting ...
If you can think – and not make thoughts your aim ...
If you can trust yourself when all men doubt you ...
Yours is the Earth and everything that’s in it.

Market downturns are inevitable, Buffett pointed out, using his own company as an example: “Berkshire, itself, provides some vivid examples of how price randomness in the short term can obscure long-term growth in value. For the last 53 years, the company has built value by reinvesting its earnings and letting compound interest work its magic. Year by year, we have moved forward. Yet Berkshire shares have suffered four truly major dips.”

He went on to cite each of the steep share-price drops, including the most recent one from September 2008 to March 2009, when Berkshire shares plummeted 50.7 percent.

Major declines have happened before and are going to happen again, he says: “No one can tell you when these will happen. The light can at any time go from green to red without pausing at yellow.”

Rather than watch the market closely and panic, keep a level head. Market downturns “offer extraordinary opportunities to those who are not handicapped by debt,” he says, which brings up another important investing lesson: Never borrow money to buy stocks.

“There is simply no telling how far stocks can fall in a short period,” writes Buffett. “Even if your borrowings are small and your positions aren’t immediately threatened by the plunging market, your mind may well become rattled by scary headlines and breathless commentary. And an unsettled mind will not make good decisions.”

HODL

Very true...great opportunity to buy cheap on the dips and corrections. Thankyou for sharing :D

I am just wondering about the board to post this topic. Is this the correct board for this topic? Collectibles surely is not the board. May be this topic belongs to Bitcoin Discussion board.

By the way, nice article

Cheers :-)

Only problem with using the "teory" for others markets like crypto is you don't know if you are in bear market because the crypto technology is at a dead end.

All here think we are the future. But maybe not :o

After bear market we see bull market. Until we don't.

It wouldn't be the first time that a post of mine was taken down, I don't take it personally.   :) 

It's not personal it's just the mods keeping the different sections in order so that you can find what you are looking for.  Great topic, just dont think it will stay here in collectables for obvious reasons.  :D

Hey Krogo, thanks for the merit  ;)

There's nothing new in Buffet's words,if you ask me.It's the good old "nobody knows where the prices will go tomorrow or next month" just calm down and keep your self-confidence.
Buffet is a bitcoin hater,I don't think that he finds any correlation between the stock markets and the crypto market.

Thank you for the post!
"Investors" need to memorize that poem ;-)


"If you can trust yourself when all men doubt you"

and internalize the understanding of the thing they invest in...no matter what it is.
That is how you can stand and stay focused when no one else can, and it's how the rest of the poem falls into place.

This is a very wise word, many people complain when bitcoin price keep on reducing, but when it reach its peak everyone regret of not buying early, and some of them think crypto as an investment that going to make them rich in an instant, now the bear market had happened for a long time, its time to buy and wait for the reversal

This is, sadly the truth. In the end, as many people suggest, investment is moving the wealth from the masses to individuals, and hopefully, I can be one of those individuals with my holding bags. Last year I learned it the hard way that holding is not always profitable, so it is really important to watch the market periodically in crypto. Unlike traditional assets, crypto is very volatile and this nature makes people hope that they can get rich quickly. Most people are here for the money, they don't care about the tech.

Just look at BTT, as long as it gives them profit it is not a scam.

Shares are not less volatile than crypto

And this is exactly what Warren Buffett himself says specifically about Berkshire Hathaway stock which plummeted 50.7 percent in less than half a year. Today I read a post by some dude around here who brought forth the very example of Berkshire Hathaway stock as something which can't possibly fall in value, and here you see Warren Buffett in person saying that Berkshire shares have suffered four "truly major dips". Can it really be more ironic than that?

in practice, especially in bearish market conditions, people tend to avoid any loss, including being very careful in choosing coins when trading, they just realize crypto is very dangerous when it comes in this term. Buy and Wait is not a solution to all problem from our previous loses.

Those are wise words, better than the crap that comes from john mcafee's twitter posts. Bitcoin will fall, it has fallen many times, buy now at the bottom then sell when it peaks, easy

Absolutely agree with this

People should listen less to publicity whores and drama queens like John McAfee, Craig Wright and their likes, who obviously have their own agenda, while listen more to people like Warren Buffett and Charlie Munger, who don't make empty promises, who are clear and honest about their true intentions

For example, many of us are not quite happy with what Warren Buffett thinks and says about cryptocurrencies in general and Bitcoin in particular but in no case we can call him a liar or hypocrite. In other words, whenever you see or hear John McAfee mentioned, skip it and ignore it

Warren Buffet is right on this, as CRYPTO is related to the stock market  and base on his experience his words are loaded with wisdom. thou lots of investors are tired of hearing the word HOLD, My Quote is "WHEN YOU GIVE UP, THEN IT IS OVER" Thou we have experience unbelievable market crash, let us keep holding the bull run is near

Well i do agree with his statement though and i also know of this popular statement which was made by him that says "The stock market is a tool for moving money from the inpatience to the patience. Currently so many people are panicking in this bear market to the extent that they are selling their cryptocurrencies at a very cheap price. Those who are able to hold their coins till a rise in market are the ones that are going to make huge profits of their investments.

I do not see why people who are involved in cryptocurrency show so much admiration for Buffett? Is that because of the enormous wealth he created for himself and some people around them, and in the same time has created a poverty all around the world? Why one man need 87$ billion, and tens of thousands of people die each day from starvation and curable diseases?

Buy low, sell high - hold for long term, most of people know that. Even Buffett make mistakes, he is not some amazing man who can predict future. He lost close to 4$ billion in one day just on Apple's stocks (https://www.cnbc.com/2018/11/02/warren-buffett-loses-nearly-4-billion-in-single-day-on-his-apple-stake.html), and few more billions on other investments.

What's more tragic for him that he bought more Apple shares just few months before big crush.

This is true not only on stocks or cryptocurrencies but also on other aspects in life. Warren Buffet has all the experiences he needs to influence and help other people in starting out their own ventures. While the man is a known critic of cryptocurrencies, citing that they bring 'no value to the table,' he still deliver some great knowledge on investing and handling investments as well. He might not know it but bitcoin is also facing similar events that happen on stocks and bonds, albeit the former experiencing these things quite often. Nevertheless, Warren Buffet is someone to be respected, and his words are applicable to crypto whether he likes it or not.

Wise words and quite nice poem to improve the self esteem in hard times, whether we talk about stocks or crypto, whether we talk about the every day struggle in life.
Thanks for sharing.

Warren buffet had a shorter version of this, he said "fear when others are greedy and be greedy when others fear".

Basically, a low market means cheap stocks, if you look at stocks right now most of them do not even deserve the price they are in and basically all cheap just because the market went down, sometimes a company can do well, stock can go up and everything can seem like its going great and all of a sudden stock could take a crash down just because market is bad even if the company is doing well.

Even during these times all the tax cuts made by the government is used to purchase buybacks and that didn't happen during 2008 year as much, that is because during 2008 many companies actually went bankrupt whereas this years deal wasn't because of bad performing companies and they realized their own companies worth more than the stock and did a buyback.

Definitely could apply to bitcoin and crypto in general.

Let's cut the crap here, mate

Most people are involved in Bitcoin for profits, even if some of them may claim to the contrary, and it is kinda normal. Buffett has proved that he certainly knows his shit, i.e. knows how to earn money. So it doesn't matter what he thinks about Bitcoin (we all know what he thinks). It is his skills, expertise and life experience in general which are of interest to us. Yes, he does mistakes (which he evidently admits) but it doesn't take anything from his wisdom (actually, it may even add more value to it). Well, this is what I think at least (you may think different, I don't mind)

Actually, I less able to make people aware against who have an investment specially when they had experienced a loss and charge them to keep believing in the place of investment that he chooses, in this case the choose cryptocurrency. Agree, cryptocurrency experienced a violent clash last year and made many investors went home with a loss and force them to spread bad suggestions to new investors who intend to invest, might many people have seen several FUDs that spread in this forum.

I believe this thread (article) can provide a new perspective for everyone who experiences a loss, not all investment places will provide benefits at any time even though it's gold. Many phases must be passed to become an investment place that can be trusted by many people. And I'm sure cryptocurrency is meeting a phase where the phase provides a challenge for each investor. Yeah, everyone who gives up will always find a dead end wherever he goes, in contrast to someone who is always sure of the way he chooses, he will always pursue the desired target despite finding a steep road.

Well done OP.

I see you are just one of them, and because of people like you we have what we have today, a world in which one spends billions in a day and others work for 1$ a day or even less. Buffett knows nothing, he is just one more greedy person, nothing more. I do not like him, and more than that I can not stand people who respect him just because he is sickly rich.

I am not interesting in some quick profit with BTC, it is much more for me - but if you think Buffett is smart person you should listen to him back from 2014 and stay away from BTC.

Ironically, Buffett is really a smart person

As he was telling what was going to happen and really happened. If people actually listened to him and what he was telling about crypto, we wouldn't have so many disappointed and despaired, hapless and hopeless bagholders now. And even more ironically, without them, without all this relentless speculation, we might have been much better off in terms of adoption by now. As you can see, things are more complicated than they look at first glance

It may be smart for you, but for me it's a pretty stupid person if we look at his statements from 2013/2014 (https://www.cnbc.com/2018/06/27/warren-buffett-has-been-ragging-on-bitcoin-since-2013.html) where he say bitcoin is just a mirage or tulips. How a smart person can miss the opportunity to make big profit, was not it wise to invest in bitcoin back in 2013 maybe?

Let's look at an example of investment back in 2013. Buffett have around 49$ billion at that time, and bitcoin price was 130$, so if he was smart and invest in bitcoin maybe only 1$ million, today value of that coins would be 7692 BTC times 3400$ = 26 152 800$.

Many others (maybe even you) listen Buffett at that time, and many follow him today when he say bitcoin is mirage, tulips or rat poison. He was wrong at that time, and he is wrong today - and he is against bitcoin and cryptocurrency, but you say he was right? Very strange thinking, but maybe not for person who buy at the time when others sells...

Well, Warren Buffett is not a god after all

Personally, I don't agree with him and his words on Bitcoin, but we should take into account which business and investment environment he comes from. It just means that we shouldn't blindly trust anyone and their word, be it in favor of crypto or against it. On the other hand, I perfectly well understand why Buffett and investors of his caliber may not be interested in Bitcoin. It is simply too small and too risky, so it is not worth it to them


If he invested 1M, he might in fact have been able to profit handsomely in %% terms. But 26M millions is simply dust to him in absolute terms. But if he invested 1B, he would be a bagholder by now. I leave it to you to guess why

very interesting article. that's what we really have to do now when the bear market doesn't go away, and the anticipated bull run doesn't come. so we have two decisions, become survivors, or become surrenders.

Need to take big risk when we want to make more money like warren Buffet so you also have to buy the cryptos at very cheaper prices to make more out of it when the prices keep going bullish.The time taken for the prices to increase may be longer but you need to sustain your Hold until to make you as successful investor or there is no point of investing onto something.

With all due respect (to Warren Buffett), I don't think his words are fully applicable to cryptocurrencies. All in all, Buffett's logic is pretty simple and straightforward. He correctly assumes that after some years of decline, there will inevitably be a new rise, even a new life if you please, and the companies which are producing real value will be more valued in the future. And then it makes sense to buy them when the market is bleeding. That's what his famous "fear when others are greedy and be greedy when others fear" is all about

But with cryptocurrencies it is way different

I appreciate the comparison and it is true that timing the markets is nearly impossible to do.  The stock market has alwars recovered and will most likely continue to do so but Warren Buffet would be the last person to ever invest in cryptocurrency :D

Cryptocurrencies are not like stock

I mean like blue chips and other top level stocks. The companies behind these stocks have been sticking around for decades, with some for over a hundred years already (for example, IBM), so it is unlikely they are going to disappear soon, though there is no 100% certainty or guarantee either (for example, Lehman Brothers)

In other words, it is highly unlikely that you will lose your investments even if the whole economy goes downhill tomorrow. Obviously, it is not the case with cryptocurrencies. Even Bitcoin is not guaranteed to stay afloat in the next 5-10 years, while the rest of the pack is more like trash stocks anyway

This is the only things I understand on Warren buffet wise words, which I think has applicable in crypto and this was
" During times of volatility, seasoned investor Warren Buffett says it’s best to stay calm and stick to the basics, meaning, buy-and-hold for the long term." Since Bitcoin and crypto so far was declined or down market we really should take advantage to buy and hold for the long term, this was a very effective methods for us to have a huge profit in the future.

I do not see why some people have so much hate on Buffett either. Even if Warren Buffett does not exist, his 87 Billion net worth would simply spread out and be owned by many different wealthy individuals and that will not change the fact that people will still die from starvation and curable diseases everyday. In fact, he is making things better for those people since he donated a big chunk of his wealth towards that cause and has pledged to give the rest away when he dies.
Are you telling me if he did not own those 87 billion, the world would be better than it is now? Wake up please, if the 87B is owned by other people, I am sure not even 20% of that is going towards those dying from hunger.

From your comments I can tell you don't even understand what value investing is. The 4B you are talking about is "Quotational Loss". You only incur loss when you sell the stock. For Warren it is actually an opportunity to  buy more Apple stocks at discounted prices, not tragic at all like you said it was.

Warren is just an individual like you are, the burden of saving people from hunger and diseases is not his alone. Have you contributed to humanity more than he did?

I don't think that people over here hate him so much for his wealth (we are not that cheap) as for his words on cryptocurrencies and overall negative stance on crypto in general. Personally, I don't care what he thinks about crypto at all (this doesn't change my high esteem of him in the least), but I do understand that his words may sound very insulting to a lot of people here

That essentially proves how much they care about his opinion and attitude, whatever they may say to the contrary


Governments are wasting literally trillions they get in taxes and via inflation (aka money printing), while his 87 billions is a drop in the bucket (even if he was literally idly sitting on all those billions)

Those quotes of Berkshire Hathaway shareholder letter are written in so different way, this words would be better instead of what I quoted now: Light will find us even if it blinds us. This light is bitcoin's high price which will happen in anyway, bitcoin will reach it's all time high, but current low price blinds us and makes us to make wrong decisions. When price will rise, those who didn't hold will be dissapointed because of current mistake.

People like you promoting equality doesn't make the world better anyway. It's just all theory and talk. In theory it sounds good and all but in reality You have no way of implementing it.

Socialism and Communism eventually lead to extreme corruption. Plenty of examples right now if you look around.

You saying Buffett knows nothing in investing is like a high school basketball player saying Michael Jordan doesn't know how to play basketball.

By the way, I don't respect him because he is rich. I respect him because he is humble and genuine.

But isn't blockchain supposed to fight corruption?

Kidding aside, people may say various things but all people will be very much alike when the question is about their own profits. As the saying goes, charity begins at home. It is not like people envying Buffett (he is too rich for that and too far away), it is more like criticizing him makes people feel like they are on par with him, and still more so because his ways are humble, genuine and authentic

I do not know what you are doing at all in the forum for cryptocurrency defending some old fart like Buffett? He was and he is still against BTC, and by spreading lies he did and he still make a lot of damage for cryptocurrency. He is individual with lot of money, and money is power which people admire, so many listen to his advice spreading same stupid things he say about BTC.

He is not only one in this dirty game of getting richer day by day, but he is one of 1% of world population richest people who own 50% of world's wealth. On the other side 3.5 billion people have only 2.7 % of all global wealth, and they need to live with that.

I know what Buffett is lost, shares lost value, but one day they can go up again - same as BTC, so if you hold, there is chance you will get your money back. I did not say that because of what you think, but for a reason to show Buffett is not a so smart person as some people want to show it.

I help people in any way I can every day, and I am not sitting on billions and pretend to doing some good work for people by donate crumbs from my table.

 That's what I want to tell the panicked investors when they lose too much money. I studied finance at university and I had a look at the economic situation statistics from 2000 to 2016. It happened 4 periods of recession and only one crisis period economy.
We are in a recession and we need to be calm. It will take 2 years for the market to go down and it will take 2 years for the market to grow again.
So I advise people to hold on instead of shooting and exit the crypto market.

I think you can't judge Buffett

And not because he is wealthy while you are poor as a church mouse (you may not be that poor, of course), though it is also a factor here (try walking in his shoes first). It is so because you simply don't know the real circumstances which would allow you to draw reasonable conclusions. Basically, you are making value judgments straight out of your ass (sorry for the language but it fits here)

Of course I can say my opinion about Buffett or anyone else from that 1% extremely wealthy people who control 50% world wealth to the detriment of all those who live a life unworthy of human being. I would never try to walk in his shoes, this is completely the opposite of what I consider to be normal in life.

I see you are having very strange opinion how world should work, and you support people like Buffett who are doing all they can with the aim to become even richer, and others every day the poorer. In the same time all of them are against BTC, and they poison broad masses with their ideas.

I can tell you that my judgments come from my brain, and not from place that you are mentioning. Real circumstances in this story is that you support people who make this world a very lousy place to live just because they want to get few billion more on their accounts. This is nothing else then legalized robbery of most people in this world.

Next time your bills go up, or your wage reduce be happy, Buffett is added new billion $ to his account...

It may backfire strongly

As it doesn't say so much about Warren Buffett as it is telling about yourself. But who am I to judge you, after all? So you are on your own here. With that said, though, I can't add that you are basically calling Buffett an arch-villain (like "next time your bills go up, Buffett is added new billion $ to his account") without providing any solid evidence for that. So the question is begging to be asked, that is, can you substantiate your claims in any plausible way?

Buffet is a great investor. No question. He only has one problem. He belongs to a generation for whom change is always happening slowly. For this reason, many of this generation find it difficult to overlook epochal changes through digitization and automation. That's why Buffet missed the tech industry. He has not invested in companies like Microsoft, Facebook, Amazon, Netflix etc. for a long time. As he admitted, because he did not understand it for a long time. It's the same with the new area of decentralizing everything. An important part of it are cryptos, blockchain, smart contracts and so on. He does not understand it again and makes the same mistake as before. That is also the reason why he is always negative about it.

That made a good read until you spoiled it by making reference to everything being decentralized

"Decentralizing everything" is an example of hype gotten out of control. It has little to do with reality, if anything at all. So while Warren Buffett may have been wrong about the companies you mentioned, though I'm not sure about Microsoft at all (I mean that he didn't invest in it), it doesn't on its own make him wrong on crypto. In other words, we have yet to see him proved wrong provided he ever lives up to that, of course

Warren Buffett is a reputable person in crypto world and his wording/ saying matter a lot in crypto field. Just like John Macfee statement can move market up and down, similarly any positive wording by Warren can bring positive sentiments in the market and any negative statement can bring negativity in the market.

In no case I would equal Warren Buffett and John Macfee

And I'm not sure if the latter is really able to move the market in either direction. I suspect many people now think of him as a clown. Truth be told, when I read some article and see John Macfee mentioned in it in a serious manner, I stop reading any further as the value of it instantly falls below 0. Basically, he's become highly toxic

On the other hand, Warren Buffett is very reserved in respect to what he says (regardless of the topic discussed) and that makes his opinion matter (given his expertise and understanding)

Nice lines that Warren Buffet got. It is so inspiring especially when there is at times that I am in urge of giving up waiting for the price pump. I envy Buffet so much, engaging himself in cryptocurrency and leaving some inspiring words when this market is so volatile.

in this case their statements can affect the psychology of traders, because they seem to be role models and what they say are believed to be able to bring the cryptocurrency in the direction they want. but on the other hand, we must be realistic with the market, and make their statements a consideration, and decisions remain in our hands

It looks and works like that

Though I don't agree that common people should follow types like John McAfee as role models. Even if Warren Buffett himself is a good example to follow on his own, we should be critical of his thoughts and ideas at all times (and of everyone else's, for that matter), in a constructive way, naturally. However, if you fail to live up to people's expectations (or just fail miserably), you may quickly become a toxic "asset", so to speak, with people going from admiring you to hating you at the end of the day (and there's no way back)

You judge me all the time, just because I say truth about that old fart which you perceive as an important and special person in this world, and actually he is nothing. I do not know what you and people similar to you doing on this forum, it is forum for cryptocurrency and people who support changes in this corrupt world.

You defense a man who is all the time against the idea of a decentralized currency, and in same time you are get pay by promoting something crypto related in your signature.

I explain everything what was supposed to be explained, you have serious problems with understanding how the world works. If 50% of world wealth is in possession of 1% of world population, then it is not available to you, me or anyone else.


Try to read some article, but I doubt you can understand anything :

https://www.theguardian.com/global-development/2017/jan/16/worlds-eight-richest-people-have-same-wealth-as-poorest-50

Okay, let's make things simple

You remove your signature and then we continue talking (about being altruistic and all that bullshit). Until then, you sound like a hypocrite. Note that I'm not calling you a hypocrite but it looks exactly like that in my eyes. So I'm giving you the benefit of doubt. What you are going to do with it is up to you to decide. And while we are at it, I also support changes to the better, though our understanding seems to differ a lot as to how it should be done in practice and what it actually comes down to


I'm not defending him as anyone with a half functioning brain can see. It doesn't mean anything but you definitely don't. If a liar tells a truth, it doesn't become a lie and he doesn't stop being a liar

Warren Buffett is generally a very unique person quotes his creation. You can write I think the whole book only one of his statements which can set an example.
No wonder he said that the Best time to buy companies is when the company has problems!
Now we can say that the cryptocurrency market is a Big problem and when it is worth buying. I think if Warren Buffett was engaged in trading cryptocurrencies now he would certainly buy tokens for a couple of billion dollars.
Buffett is a man who in any situation, not against apreci brains and for that he commands respect!

I'm not sure that he actually said that

Or something to that tune. In fact, he said quite a different thing (to the point of being opposite to what you might think). What he said could be rephrased in the following way: when there are problems with the market as a whole (for example, there is recession or economic downturn), it is time to start buying good companies (i.e. companies without problems). And when things get back to normal (which they will sooner or later), you will be able to reap profits from your buys (via dividends or whatever)

Warren Buffet is reputable investor and most people admire him. I am agree with his word that we should keep optimism on this market condition and believe the market will recover again

You are just one more signature spammer, nothing more. Instead of a constructive discussion you use some twisted theories that I am "poor as a church mouse" or that my ideas comes "straight out of my ass" or calling me hypocrite with a half functioning brain. Is this best you can do?

Why you not remove your signature and make new one, with picture of Buffett and text "Bitcoin is rat poison" ?

That's all I have to say to you in this thread or any other.

So you have nothing else to say?

Okay then, as this is what I expected since you are evidently not happy when I started to use your own little shenanigans against yourself. Doesn't feel quite right when your attitude backfires, I understand. But somehow I'm not surprised at all as the direction you were going was quite clear right from the start (as well as where you were going to end, so no surprise here either)

Indeed, Buffett can't respond to you (and I guess he wouldn't even if he could), so you were in a safe zone when you started to sling mud at him. But I'm not him evidently and I won't let you get away with this, so you had to either shut up or put up. So you chose to shut up, here and elsewhere. But I'm okay with that, I just hope it will eventually help you with your little grudge against Warren Buffett

You keep saying as if cryptocurrency will change the current wealth distribution but I can tell you that is not the case.
If you invested in cryptocurrency and made profit from it, you are simply doing the exact same thing Buffett does to profit from businesses as owners.
If you own cryptocurrency and it appreciated in value, you contributed nothing to the world yet you received money for merely investing in it,
that is the same thing as owning a business and the managers and workers do all the work and owners get all the profit. It is essentially the same thing painted differently.
Those who will profit in crypto the most are the ones who invested early or those who still have faith in it when the majority are losing theirs.
Can you justify the tremendous wealth those people will get (and for some they already got) when they profit from the appreciation of cryptocurrencies for doing absolutely nothing (as you pointed out)?

Cryptocurrency if anything is the transfer of wealth from the masses to a selected few, not the other way around.

The rich are getting richer because money earns returns, the more you have the more return you will earn in absolute terms. That is how the world is right now, unless you have a better proposal and can implement it, you are just complaining but not providing solutions. We do not live in the perfect world, so this is what you got right now. So far the alternatives you provided will not change the world for better.

I can't quite agree with you on this part

People which invest in businesses are quite different from people investing in crypto. Money that you invest in a business (other than trading stocks at an exchange) goes to that business and allows it to develop and deliver a working product (I'm not talking about vaporware here). Then you profit by receiving dividends. This is exactly what Warren Buffett had been doing for years. In fact, even entire Berkshire Hathaway was bought by him in 1960's if I'm not mistaken

In this way, Buffett is a lot better than most cryptocurrency "investors" as they are not investors in the strict sense of the word but rather profiteers (i.e. speculators). It looks like people are inadvertently confusing Warren Buffett the investor with George Soros the speculator

I agree with Buffet on this.  "during depression it is better to buy and hold for long-term" people are not buying bitcoin now that it is very cheap but they are busy complaining that bitcoin is death and some are even saying bitcoin cannot recover again but we can see it very clear that this has happened before and during depression like this those that buy and hold for long-term are making serious profits.

You kind of missed the point I am trying to make but I will respond to what you said.


This only applies if you buy stocks in IPO stage, after that it is just ownership exchanging hands, it doesn't really go into the business per se.



Warren does not profit by receiving dividends. He profits from real business growth, the owners' earnings business make every year. He doesn't take those earnings out as dividends because they will get taxed which will reduce the average annual compound rate. That is why you don't hear Berkshire paying dividends.
 

I made this comparison simply to show the guy that be it an investor or speculator, both can profit from merely owning the asset in question. It doesn't make you a better person profiting from cryptocurrency versus someone who is profiting from the stock market.  Based on his posts it seems that he is not happy with how the world is now and he thinks that there should be more equality regarding wealth distribution.

Thanks for making this clear

So Warren Buffett is a type of investor that we should all be proud of (even if he doesn't like cryptocurrencies much) as he doesn't speculate but invests wisely in businesses. And since he is definitely good and successful at it, he invests only in projects which actually contribute to increasing the common good (i.e. economic well-being of the society) by producing real value. Why could anyone then come to blame him if he gives money to businesses which make us better off overall? Are people really so short-sighted or obsessed with hate so much, I don't get it?

This old wolf knows very well what he says and explains the issue in a clear manner as to why some things in the markets became classic. Instead of making instant purchases, choosing the right investment tools and waiting patiently has always make an investor a winner. This also can be applied to the crypto currency market.