Bitcoin Forum

https://ihodl.com/topnews/2019-05-05/warren-buffett-claims-bitcoin-gambling-device/ (https://ihodl.com/topnews/2019-05-05/warren-buffett-claims-bitcoin-gambling-device/)

According to the sources Warren Buffet apparently thinks of Bitcoin as a gambling device.
What do you guys think ?
Is this true or something that is disrespectful for our community.

I would say my answer is somewhere in the middle , we are unaware of the fact so as what it might be in the future , in the past 10 minutes but we still hold onto this thing because of hope.
I would rather compare it to share market , rather than a gambling device.

The community has started ignoring Mr. Buffet's advice on bitcoin. It's true that he is indeed a legendary investor himself and also a admirable businessman. But without any disrespect to him, he can't be right in everything! He has his own expertise and he is great at it but when it comes to cryptos, he is an avid naysayer! He will keep on saying the same thing over and over again and it wouldn't have any impact on the market!

However, I am surprised that the article also talks about his investment in Paytm and StoneCo Ltd because none of these companies are anywhere related to blockchain or cryptos. They are strictly payment processors and uses fiat money with few additional benefits. But since GooglePay came into the picture, Paytm is loosing their market share very significantly! But they are nowhere related to crypto market!

Depending on the content of the heart, if someone does not like bitcoin, they will think bitcoin is gambling and even consider it a ponzi scheme. No need to think dizzy with other people's words, and most importantly your own belief in bitcoin.

A hundred percent agree. People are free to speak their mind and it is common thing that there are always pro and cons on everything in this world. In this case, Warren Buffet is indeed a well known experienced investor but   it is not a reason to trust what he says. If we believe that bitcoin is good then we should not care when there are some others says the opposite.

I don't know warren buffet that much but i think the reason why he sees bitcoin as a gambling device because it doesn't make money, and it contains alot of risk compare to traditional stock, his opinion about bitcoin is irrelevant for me, but i can't really blame him of how he views it.

Seconded, whatever an expert, influencer, known personalities say, you will have your own opinion about things. It is their own opinion and it doesn't really imply that you must have the same as them. You can use their opinion as an idea or something to compare your idea with, but in the end, you will stick with what you think.

All cryptocurrencies in general may be considered as a some kind of gambling. And only markets like BTC and ETH are a small exaption simply because they are more mature than the others. But the other shitcoins and the way people trade them are surely may be considered as gambling. I've already seen many people around this forum (especially somewhere around trading sections) that are buying like 10+ shitcoins and waiting until they get lucky and at lest one of those shitcoins will moon like it was for example with ETH. IMHO that's a pure gambling.

How can bitcoin be likened to a gambling device do we now play games on the bitcoin as a currency, the fact is bitcoin is a machine that is run by different components and all working toward the same direction. But were we are heading and were we will be in the future is unknown to all of us.

It's somewhere in between. I think it's no secret that many Bitcoin investors are speculating on its future value more than anything else. Betting on whether Bitcoin will take off or realize mass adoption is a matter of speculation. It's a gamble. Any number of things could happen today or tomorrow that will hamper adoption.

The odds in favor of Bitcoin's success are getting better everyday, though. In several more years, it may not be fair to call it a gamble anymore.

At least he stands strong on his opinion, not like JP Morgan who makes a complete U-turn. Regarding the opinion, I don't think it is disrespectful for the community, we should aware that he is an old-school investor, but the currency world is vastly changing, and today generation should be more aware and able to understand Bitcoin as a general especially in term to be the solution of the conventional currency that heavily relies on trusts.

Yep strongly agree with you .
It all depends on us some see's it that way because of their own reason.
But if we could correct them why not talk to them about it .
But I think he stated it because most of the crypto owners are gamblers.

He doesn't know what he's talking about again. If I came to a mechanic and told him how to repair cars he would kick me out.
Warren doesn't research bitcoin and he's not invested but he keeps going on and on about how stupid the idea is. I guess he can't get over being wrong about it years ago.

We should really give him less air time. He's too old to grasp the idea.

As for me, it's a yes. Just like gambling, we have to take some risks and it depends on the market situation if we're going to have a good gain or lose our earnings. Our investments serve as our bet and our profits serve as our winnings. The volatility of Bitcoin is the main reason why it's comparable to gambling.

Well that is his own opinion. We have so many people also talking about bitcoin being a scheme. To the best of my knowledge and experience, I have come to realize those people that have negatively vocal about the use of bitcoin do not know how bitcoin works because if they are aware, nobody will term it as a gambling device. Everything we do in life involve risk. Even our businesses and all decision we take in life involve risk. Maybe he is talking about the risk involved in using and holding bitcoin which is also the same as other currencies

Here is the original article: https://www.foxbusiness.com/business-leaders/warren-buffett-bitcoin-is-a-gambling-device

Who cares about what he say? we're already done with everything that he say.

He keeps on flaming bitcoin and I think he should stop talking every useless word he say about bitcoin. I admire him as one of the best investor but he needs to take a rest if the topic is all about bitcoin, we'll never hear him say something good about bitcoin.

I don't find it disrespectful when he said it can be a gambling device since it's somewhat true there's a risk in having Bitcoin we can't avoid the way it fluctuates. What annoyed me in the clip is when he compared Bitcoin to a seashell it shows that no one should listen to what he says about Bitcoin.

He has always said worst things about bitcoin, he was the same person that said bitcoin is a bubble waiting to burst some time ago and nothing have happen to bitcoin uptil now so I think it high time we stop taking his word's serious because to me he is just like all the other whales who have being looking for ways to bring bitcoin down.

He is not totally wrong when he said that. This is an investments and it could also fail. There is no assurance at all and we should not think that it would always go as what we have predicted. We don't know the unseen here and anytime the value of our investments can go to zero and that is a total lost so we are just making a hunch here. Two outcomes are only available, win or lose.

Nothing should be seen from an old business man who accustomed himself with the outdated analogistic method of business, they are very behind the digitalistic world, so, nothing far from this should be expected from them. Bitcoin is not a gambling device rather is a digital currency with the sole aim of been a  payment method as an alternative to fiat to those who need freedom and transparency.

Warren Buffet might be too old to understand how the cryptocurrency and blockchain technology works. His mind is is well-focused on the daily activities in stock market and on his stock investments so he did not have enough time for the crypto market. We already knew in this forum that bitcoin or any cryptocurrency is a kind of virtual currency that can be use in any online transactions and can be traded. Gambling is said to be a game of chance and bitcoin is a not a game but a currency.

yeah many say that if you play with bitcoin or cryptocurrency it is tantamount to playing gambling because we are hoping for a significant increase given by bitcoin as before but that is not necessarily the case. be bitcoin if you hope that by getting direct profits it can be considered as gambling. for me i would like to use bitcoin as it should be like doing transactions and others but this bitcoin can also be an investment tool for the future

Soon after its existence bitcoin was much used as a token carrying value. Further the same got its increased usage on gambling and for illegal transactions. When popularity of bitcoin keeps growing people began to understand the true value of bitcoin and the same gave it multiple usage, importantly gambling industry is the one that helped with the increased circulation during the early days.

he needs to stay in his lane

I think mr Warren is too narrow minded, he only accepting old traditional investment and doesn't want to learn something new, all investment are like gambling but if we focus on the potential then the chances we making profit is going to be bigger and for me bitcoin is not created to be investment, but more as a new transaction payment system

But your signature promotes a cryptocurrency gambling site!

Old school investors like Mr. Buffet and Mr. Dimon will have difficulty finding value in new technologies like cryptocurrencies.

GenX and Millennials are the ones seeing the possible huge change in the financial system that Blockchain and cryptocurrencies  could bring to the world.
The evolution of internet is bound to include the financial system that's why Mr. Nakamoto tagged the "Times Bailout" in the Bitcoin genesis block.

The intention with the comparation between gambling and bitcoin was to be disrespectful, to underestimate bitcoin potential, proposal and usage, as many people see gambling in a negative way. However, thinking deeply about gambling concept, what isn't gambling in life?
We are gambling each new day on the big or small choices we make. If it will be bad or not, we have to wait to see, no one can assure for now, Warren Buffet or anyone else.

Clicking threads on bitcointalk is a far bigger gamble than bitcoin

For example:

https://bitcointalk.org/index.php?topic=5139678.0

Gambling device is not very appropriate to define bitcoin. Though we have different opinion about bitcoin so we cannot blame him if he will labelled it as gambling device.

Though he is a well known person but only idiot people will believe him especially if you are in crypto community. If you know bitcoin already and you've been using it wisely then you can surely say that his opinion is very shallow. And I am pretty sure that he never used bitcoin or if he uses it, only in rare conditions.

You have to acknowledge that plenty of people use Bitcoin in this way though. Given the market's volatility and the tendency to grow (and lose) money instantly, what crypto investors are doing could be described as gambling. Not that that's a bad thing.

We can't really shake off these labels until Bitcoin establishes its utility beyond speculation and store of value. We're seeing plenty of progress on that end, so it's only really a matter of time.

Warren buffet actually doesn't really know what bitcoin is like. For him it is just a scam and it will pop out in the future. Now he is saying that bitcoin is a gambling device which is not applicable in bitcoin. I believe he will enlighten after bitcoin increase in the future.

Im afraid that warren buffet still functional om our conversation here in.crypto?and most specially when we talk about bitcoin?because from the very start everytime this man opening his mouth all the comes out is bad words towards Bitcoin so i am asking myself why we still need to entertain the man?what you think mate?

Well that is his own opinion, and we all know that Warren B. really hates bitcoin so don't be surprise by such statements.

Of course bitcoin can be used as gambling devices but it doesn't mean that it is created for that sole purpose only. We all know that bitcoin is being treated as a investment and online payment scheme and that is the thing that Warren Buffett didn't understand. All he see is the negative things about it.

What do you expect from a old fart like Warren Buffett?

Obviously, he is anti-crypto that's why he continues to religiously attack it whenever he has a chance in the media.

So no need to give him attention though, bitcoin though has proven many times and let us see his reaction once he see the price goes to the moon and he misses the boat again and expect him to give bitcoin a bad mouth.

Because Bitcoin is money, a digital money... and gambling involves money.

Respect to Mr. Warren Buffet but he's too old to get an advise from him with the modern technology that's occuring these days so I'd not take his statements very seriously in this matter and besides they've a lot of advisers backing him with his decisions nowadays.

Anyone can give their sentiments regarding to Bitcoin no matter how good or bad it is and we can't stop them if they hate it or not but the bottom line is it'll continue despite of negative outputs.

well, we know that everyone is free to argue about this. but it seems like he doesn't really know that. well, maybe just those who saw bitcoin, they would think that it was indeed related to gambling. but, in general, they are right. bitcoin is digital money, so there will be people who use it as a tool for gambling, even fiat is like that.

I do not agree with what Warren Buffet said, in my opinion bitcoin is a digital asset that we can analogize with gold but in digital form. Speculative nature in market trading is not the same as complaining luck, here we are familiar with the term fundamentalist. if you always associate bitcoin trading is gambling, then they should audit their forex market first because the point is the same different from Egypt, the minister of the Indian economy itself is even more ridiculous, they issued a bitcoin statement is a ponzi scheme I think they just "just know" and "don't understand" if they trace what China did, in the end they will change their statements slowly, even though China hates it very much, but eventually they make a breakthrough by developing e-fiat algo to mediate .

Labelling bitcoin as a gaming machine is an understatement. Well it’s true that bitcoin can be used in gambling but it does not mean that its a gambling device. Bitcoin being a digital money does not translate to being a gambling device.

Their generations belief in something of value should be relatively stable like what he is involved with being stocks and bonds. He has said bitcoin is a passing fad and will more then likely fail in the end.
Well 10 years later he was wrong because it has grown and strives to out do those stocks and even oil and gold to some extent.
https://coinidol.com/bitcoin-surges-stocks

He most likely assumed that Bitcoins are labelled as a gambling device or system due to the progressiveness on how more Casinos are coming to life.
You can see more and more Casinos including the ones in real life providing Bitcoin as a payment option for the gambling currency.
In some parts he's right but not in general where Bitcoin is considered a cryptocurrency for virtual transactions.

I know a lot of people have used bitcoin for gambling purposes, but I don’t think it would be considered as that. In general,  it should be considered as a way to transfer money/value to other people as the real purpose. It should be eliminating the middleman in those transactions. Maybe Warren Buffet doesn’t know why it was created and is already judging the technology. He had his time as the prime, but now, we are on The technological world. It has been a great time knowing that he became the number one richest person. I think that is already okay.

because the fact is that bitcoin is very perfect to use as a currency in gambling. more practical than coins in casino, more flexible, and certainly anonymous, making users free to gamble in any country, even though there are restrictions in that country, its natural to labelled like that

Warren Buffet is obsolete, he doesn't even know what Bitcoin is:


This just in: People use USD for fraud too!

If it does end up being classified as a gambling device, then at least you can't get taxed.

Well in some ways Warren Buffet is right because cryptocurrency investing is risky like gambling as the volatility and the decentralized is hindering us to be accepted by the world
Maybe what he wanna say is that if you are investing in bitcoin then you are gambling the money involved and may lose in a matter of short time likw gambling playing

I doubt though that that's what warren buffet was pertaining to when he called it a gambling device. It's more of bitcoin not being anchored on any physical asset. There's nothing backing it up aside from speculation and the crypto community. Of course that's what he's going to say lol. All his statements about bitcoin seem to aim in bringing btc down. I just think he doesn't understand it yet or he doesn't really want to.

This is not the first time we hear a negative approach from Warren Buffet regarding bitcoin and it will not be the last time, he is an old guy who is not aware of the technological improvement and i really doubt whether he understands what bitcoin is all about, i am sure he understands how the market moves, but Warren being a stock guru who made his fortunes in the stock market he might find it difficult to understand the entire decentralized concept of bitcoin.

Just look:

https://i.imgur.com/n15MO36.png

His opinion does not affect the market, people do not care what he talks about bitcoin, so why are there still people who waste their time posting what he talks about? maybe some people want to gain visitors on their sites by posting what he talks about?

I guess that he thinks cryptocurrencies are dangerous for what he achieved throughout the years. His position in the modern economic world is very strong, and upcoming changes in economy strongly corelated with blockchain technology and cryptocurrencies are going to undermine his legacy and devaluate his opinions. He don't want this change, so he demonizes it.

categorically, will not blame whosoever that labelled Bitcoin as a gambling device becasue that's there understanding of a new technology; that's welcome by it lovers. Using Bitcoin for gambling platforms doesn't equal that is a gambling device, maybe he's saying that the rate at which online casinos are using Bitcoin has increase than before and then labelled it a gambling device.

As I've read the title of your thread, I thought you will be discussing about the beginners or uneducated people not only about btc but to the concept of crypto as a whole which have a bad impression to it but I was wrong. As I was reading the content of your post and bumped to Buffet's name I suddenly nod (in a bad manner) and think of "Okay! Another public stunt again ::)".

Bitcoin is not only a gambling device, everyone knew that. It is only one of its applications. Besides, what's wrong if it was used as a form of payment for gambling? I don't see any thing bad against that. Warren Buffet is a well known antagonist of btc, don't believe on his FUDs. He was just threatened because there are chances for btc to beat fiat in the future thus he is scared to get kicked from his throne.

There's nothing disrespectful if Bitcoin is considered as a gambling device. As long as it is legal in your area. And as long as you play responsibly.
In my opinion, using Bitcoin for gambling is positive because its shows that Bitcoin is recognized as a trustworthy and legal way of payment.

Do you really don't see that reducing independent money to a gambling device is disrespectful? He's trying to belittle it and make it look less important and less real than it really is. He can see a growing economy that is beyond his comprehension and it makes him angry. Maybe he thinks that bitcoin is attacking the current world order and he made money there so he stands to protect it?

People invest in bitcoin with the hope that they will sell when its price grow higher. Platforms like bitmex are used where people short and long bitcoins to gain profit. The main purpose of Investing in Bitcoin is not gambling, its the usage which makes it look like a gambling activity.

I think people overestimate the opinions of Warren Buffett and rich people. Don't get me wrong, I respect this man for its knowledge and for what he became but this doesn't mean I will trust 100% whatever he says on everything. People are sometimes wrong, even the smartest ones, and this could be the case here. I think Buffett made his opinion related to bitcoin as soon as he find out about it and that's never going to change because no one wants to accept that he's wrong especially not such kind of people.

My answer is not because bitcoin is a form of new gold of treasure gives opportunity for those people want to earn for long term hold.
Even the fiat money of any kind of things that have value is they can use for gambling therefore people choices want they want to use bitcoin or their valuable things. Everyone has an own opinion about bitcoin so we need to respect it.

Good things that are built to last take time for development and eventual acceptance. Bitcoin is still young as to what it aims to achieve, and we shouldn't forget that the government and the banks think bitcoin was created to take financial power from them, hence they are fighting with all their might to see how to keep it under check since they can neither control nor destroy it. So Warren Buffet supports the banks, and he will have to defend his business line until something takes a drastic change in the future. 

Of course bitcoin investment in general is not a gambling but honestly if there are some newbies who don't know about bitcoin and how it's market works then those newbies start to do day trading then I think it is a gambling. Hold bitcoin for long term is not a gambling because the price will rise but day trading that done by newbies who don't have skill then it is what I call gambling.

If that's the case, then he surely is saying something against bitcoin just because he doesn't get it. Someone has always something to say about bitcoin. As for Buffett, all he can say is the negative. Just like this one:

“Bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day and no little bitcoins come out. It’s a delusion basically.”

What?! Well same thing goes with fiat, right? You can stare at it all day and no fiat will also come out. And same goes with almost everything. The point is, in order for something to produce something is to let it circulate, to let it out and be on the market. You have to do something about it unless, it really won't give you an outcome.

(Source of the above statement from Buffet: https://www.ccn.com/warren-buffett-still-clueless-about-bitcoin-calls-it-delusional)

It sounds like he's using a metaphor, because bitcoin is not literally a gambling device. If it was, the government would have banned or restricted it by now. What he means is it's a highly risky asset, and in that sense he's right. However, I think he'll be proved wrong about his predictions of its adoption or price.

While there is a slight truth to what Warren is saying,  its not however created for such purpose just like fiat its been used to just about any payment for crimes and gambling as well. All of these are currencies so there is nothing wrong with it. If gamblers used it online, its up to them as to which state they are whether its illegal on thier area.

Obviously no, it is not a gambling device as a whole. Yes maybe some of us when bored, like me when I'm bored, I usually play on a gaming site (https://vegascasino.io/casino/video-slots/durian-dynamite?utm_source=ccdd) where I play multiple games to ease my boredom and I even earn money while playing, and I am not the only one to do that,  many of us do that, but to label bitcoin as a gambling money, that is not right. Yes it can be use in gambling but that is not the only purpose of bitcoin, it can be used in trading and even in purchasing items. So no, bitcoin isn't a gambling device.

Bitcoin does not share the opinion or views of any gambling site that uses bitcoin.

Bitcoin itself has nothing to do with it.

Use clams on just dice it is funner anyways, I want to make a justdice with 0% edge, I bet I would still win even if it was 50-50, Because I know how most gamblers are, they are almost like alcoholics or smokers, they have a addictive personality. So long as there was a reasonable max bet, I bet I win with 0% edge as the house because the players would of played themselves.

when he say gambling device he does not mean that bitcoin will be only use as bets to play online gambling but i think he generally means that bitcoin is like a gambling becuase once you own a bitcoin  , the value of it can suddenly rise or fall  ( risky in short , like playing a gambling  ) . i do agree on the person who said it but this isnt new to us  ,  people are already used to it   . being volatile is not a disadvantage but its an advantage

He’s not a stupid man and he propbably has his reason to think so, as well as his sources. but he’s just human and human make mistakes. Not because they’re stupid but because they have to evolve.

Earlier bitcoin was much used on gambling and dark market. This surely had a negative opinion among the people as people will get to know about the negative things relative to bitcoin very easily than the good associated with it. Gambling has helped with a big circulation of bitcoin during its earlier days when bitcoin was not much recognized to be a valued asset. Now people knew better and they take it in the right way.

He's a good businessman and a good investor in stocks but it's clear to see that this guy does not have an inch of a care in bitcoin. "Bitcoin doesn't reproduce. It doesn't speak to you." He's a businessman but he don't know the essence of being unique in investments.