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Title: What Warren Buffett Gets Wrong About Bitcoin Post by: tyz on October 30, 2017, 07:56:59 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. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: joseafonso123az on October 30, 2017, 08:06:49 PM 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.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: dreamer81 on October 30, 2017, 08:09:34 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. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: BitcoinPanther on October 30, 2017, 09:22:49 PM 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.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: MiningSensei on October 30, 2017, 09:33:09 PM 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?
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: soham on October 30, 2017, 09:35:36 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. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: maokoto on October 30, 2017, 09:38:57 PM 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.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: swogerino on October 30, 2017, 09:40:54 PM 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 ?
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: Tszunami98 on October 30, 2017, 09:43:15 PM 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. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: Murloc on October 30, 2017, 10:12:56 PM 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?
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: SaShiRaJaVu on October 30, 2017, 10:28:25 PM 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. :P
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: Actor_Tom_Truong_ on October 30, 2017, 11:02:30 PM 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. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: Hallmader on October 30, 2017, 11:07:17 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. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: grermezter on October 30, 2017, 11:09:23 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. 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.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. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: The Sceptical Chymist on October 30, 2017, 11:12:35 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. 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.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. 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. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: batang_bitcoin on October 30, 2017, 11:18:00 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.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: BitHodler on October 30, 2017, 11:26:31 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. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: JanpriX on October 30, 2017, 11:35:52 PM You are indeed correct here sir. Warren is looking at it with an spectacle which focuses on the other aspects of BTC and not the main purpose of it. We can also assume that he is rather skeptical about it because BTC somehow battle the classical financial system that he believes in. We wouldn't know what he really thinks but one thing is for sure, people who became filthy rich with the help of banks will always be doubtful of what BTC can do and what it really is. They will always turn their eyes away from it and see it at as an "enemy" which could disrupt the way they see money.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: bitart on October 30, 2017, 11:41:30 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. He does not need to spend any time in front of the computer I guess, because he has all the advisory staff that can search for something that they don't already know. He does not need to change his way of thinking about bitcoin because it doesn't matter to him. He has already reached a such high standard of living that he doesn't need to search for some investment that's unfamiliar to him. If he's negative about bitcoin it's only bad for us, not for him. What bitcoin needs is time and mass adoption yet. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: Lenzie on October 31, 2017, 12:19:10 AM 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 ? Indeed. Maybe he has an idea about what bitcoin is, but he only looks at a piece of it. There is more about bitcoin. There is a lot to learn. We will mind our own business in regards of perspective about bitcoin. Alot of people will push there perspective that bitcoin is a scam, that bitcoin is just a mere digital money, that it has no future. But who cares? I doubt the whales don't even read things like those, because they are busy earning a lot. It doesn't matter what they believe, what they advice, or what someone influential believes. What matters is we paddle our own success in this field. Mahatma Gandhi said: Quote First they ignore you, then they laugh at you, then they fight you, then you win. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: Nerman on October 31, 2017, 12:45:26 AM Warren Buffet is one of the smartest and successful investors in the world. Not only that but he is also one if the richest man in the world. I can say that i have followed some of his advice specially on stocks and CFD but one i can say is warren buffet is not a high risk trader and indeed every trade he made that are publicly known are really calculated. Since Bitcoin is fairly a new technology he cannot compare it to another asset. He is an old man and to successful to bother studying and researching about bitcoin and thats why his bitcoin opinion would not matter to me.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: specimen23 on October 31, 2017, 12:57:25 AM i m not surprised about Warren's commment. He is not inclined to information technology, and he doesnt know JACK about blockchain.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: SUDARMONO on October 31, 2017, 01:44:17 AM maybe some people initially also look like that, but the facts are also true and there is the other side of the best is the best investment place in my opinion, from the beginning the price of the emergence of bitcoin up to now has increased multiples, and bitcoin many make billion new in this world that early from the beginning has invested bitcoin, it is very good.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: batang_bitcoin on October 31, 2017, 07:25:15 AM 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. He does not need to spend any time in front of the computer I guess, because he has all the advisory staff that can search for something that they don't already know. He does not need to change his way of thinking about bitcoin because it doesn't matter to him. He has already reached a such high standard of living that he doesn't need to search for some investment that's unfamiliar to him. If he's negative about bitcoin it's only bad for us, not for him. What bitcoin needs is time and mass adoption yet. He just can't trust his staffs regarding it, the knowledge from himself alone is better way to understand what's happening on the trend. Many are thinking here that he's going to be a big vacuum for a lot of investors when he talks about good things with bitcoin, it can really pull a lot of investors but in this situation that's opposite way. ~snip~ 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. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: ZaynDale on October 31, 2017, 07:30:58 AM Warren Buffet and with other rich people around the world is concluding that Bitcoin and Altcoins are nothing but a bubble. It's his own perspective view since mpney can be earn only through hard work with special skills. He's referring it to Bitcoin investors that investors should be careful about investing into quick rich or bubble money that has very high risk of losing anytime of the day.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: dimastegar on October 31, 2017, 07:36:40 AM Bitcoin has been talked about ever since its price has risen slowly. With the growing interest of investors worldwide Cryptocurrency from various countries. Because Bitcoin prices were once small, maybe that's why Buffett was less optimistic at the time. And now if he's still holding BTC, maybe he'll be more optimistic for the future.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: Yankeestyle on October 31, 2017, 07:57:13 AM 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. He does not need to spend any time in front of the computer I guess, because he has all the advisory staff that can search for something that they don't already know. He does not need to change his way of thinking about bitcoin because it doesn't matter to him. He has already reached a such high standard of living that he doesn't need to search for some investment that's unfamiliar to him. If he's negative about bitcoin it's only bad for us, not for him. What bitcoin needs is time and mass adoption yet. He just can't trust his staffs regarding it, the knowledge from himself alone is better way to understand what's happening on the trend. Many are thinking here that he's going to be a big vacuum for a lot of investors when he talks about good things with bitcoin, it can really pull a lot of investors but in this situation that's opposite way. ~snip~ 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. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: kenkoy on October 31, 2017, 07:59:23 AM Someone who invests so much money and time to stocks is hardly can accept Bitcoin and cryptocurrency. he is entitled to his own opinion, however, his opinion values so much to his followers. Somewhat, this can also affect Bitcoin value.
"You can’t value bitcoin because it’s not a value-producing asset."- Warren Buffet. The stock master is somewhat confused about here, Bitcoin is being valued as its technology has great potentials than any other asset there. Decentralized, secured, anonymous. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: bitcub on October 31, 2017, 08:07:36 AM I believe Warren Buffet is a Bitcoin holder. Wayback 2001 when Warren sell everything to buy the collapsed Market due to Terrorist attack. The market recovers, look what happened to Warren's investment. He become one of the world's richest man.
I do believe he bought a large amount of BTC before it become so huge right now. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: mashort on October 31, 2017, 08:26:41 AM Warren is entitled to his opinion and i dont think everyone has to get it right. no innovation in history has ever been supported by many. when you look about any innovation, it starts with a small group of enthusiasts and believers who are mainly ignored and off the radar, before everyone knows it, it has become mainstream. any innovation that begins from big corporate or government honchos rarely survives. so Warren's thoughts actually strengthens my believe in Bitcoin and blockchain even more.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: salihno71 on October 31, 2017, 08:46:07 AM Most of the big sharks in the financial world are making one essential mistake - they define the bitcoin through the terms they know. They try to understand it as a bond or as a stock. They don't see it as something essentially new and different.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: niisarearning on October 31, 2017, 08:57:14 AM Even nobody can predict about bitcoin i am working in IT sector where most of the people involved with technology but most of them were saying its just a bubble or Ponzy scheme . After massive growth in bitcoin price now most of them interestd but cant able to afford bitcoin . Most of the veterans failed predict bitcoin . So new millionaires and Billionaires happened because of bitcoin.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: bitvalak on October 31, 2017, 09:08:37 AM We know Warren Buffet is a big player in the investment world. It is undeniable that he is very smart in choosing what he should do to market behavior. But the difference here is the virtual world business and the real world. Buffets are more realistic to choose a business in the real world like a property than have to invest business in cyberspace. And bitcoin is not a market where it can be easy to analyze.
Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: yyz13857180757 on October 31, 2017, 09:12:55 AM Everyone has his own opinion.He thinks the government is his friend. He's too old to know how this new technology works.
;D Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: Pursuer on October 31, 2017, 09:24:22 AM sometimes these public figures that talk about bitcoin and make statements like this have other motivations behind what they say. to be honest I would not be surprised to learn that they had some government affiliation and was forced to make such statements against bitcoin.
of course there is also always the possibility of them trying to manipulate the market in their own advantage to make some profit out of it. he wouldn't be the first one to do it for sure. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: Lucius on October 31, 2017, 09:33:20 AM His opinion and attitude about BTC for me is not really important,I hope he'll be able to see how he was wrong if he live long enough.Like many others similar to him who are not willing to change and accepting that there is something new and better,they only represent a weak opposition of minds.When Buffett say in 2014 to investors to stay away from BTC, I bet many listen him,today they are certainly not happy about it.
He is just one 87 years old man which is already with one foot in the grave,I hope he will not express his "expert opinion" for long time. Title: Re: What Warren Buffett Gets Wrong About Bitcoin Post by: jseverson on October 31, 2017, 10:13:44 AM Did he offer a more recent opinion? When did he say his initial thoughts? I'm guessing it's a few hundred or thousand dollars to one Bitcoin less before. That might have been the case then, but it has recently cemented its status as a great investment and storage of value.
I respect Warren Buffet tremendously, and I can't really fault him for viewing Bitcoin in the way Satoshi envisioned it. It has obviously become much more. |