el doria (OP)
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October 28, 2017, 04:40:11 AM |
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Billionaire investor Warren Buffett has claimed that the market for the leading virtual currency Bitcoin is already in bubble territory. He also issued a criticism of the proposals for applying a value to the cryptocurrency.
Based on a report by MarketWatch, Buffett presented his views on Bitcoin and the cryptocurrency market during an annual question-and-answer session in Omaha, Nebraska in early October 2017. During his remarks, Buffett claimed that Bitcoin is a “real bubble.”
"People get excited from big price movements, and Wall Street accommodates. You can’t value Bitcoin because it’s not a value-producing asset."
Performance of Bitcoin in the market
Bitcoin sustained its phenomenal performance after fluctuating at about $4,300 in early October. Bitcoin price has jumped to over $6,100 on Oct. 20.
Meanwhile, the negative view of Buffett on Bitcoin is not surprising as the well-known investor has already expressed such comments in the past. In 2014, the billionaire advised that investors should keep away from Bitcoin because the cryptocurrency is “basically a mirage.”
Other opinions on Bitcoin and the cryptocurrency market
Aside from Buffett, other virtual currency market observers have also issued their opinions on the latest developments in the market. In his comment, Prince Al-Waleed bin Talal of Saudi Arabia has claimed that he does not believe in Bitcoin completely and expects the digital currency to fail.
"It doesn't make sense. This thing is not regulated. It's not under control. It's not under the supervision [of] any federal – elect – United States Federal Reserve or any other central bank. I don't believe in this whole thing at all. I think it's going to implode."
However, in his new blog post, New York University’s “Dean of Valuation,” Aswath Damodaran, asserted that Bitcoin is a true currency and not a fraud.
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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junoreactor
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October 28, 2017, 04:53:19 AM |
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Hi. Thanks for posting. I can see where he is coming from. I do believe Bitcoin price will keep rising but no way we get +200% next year. We'll have to get used to slower rises in the future, you can't hope for a return of *3 or *4 every year. That being said, I am confident we need to hold, but expect to be more patient from 2018 and forward. The hype is a bit over the top lately, and not very healthy. My 2 satoshis of course  |
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lzby2000
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October 28, 2017, 05:10:50 AM |
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Bitcoin is a true currency and not a fraud. now says that bubbles and frauds are traditional investors and companies. They didn't like bitcoin at all. There's not much inventory. I think bitcoin is the biggest advantage of the center. It's not a person or a country, a company can control it. It's good for people!
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HabBear
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October 28, 2017, 05:16:51 AM |
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Technically, Bitcoin has had about 6 bubbles this year and the crashes to follow. And what's followed the crashes? Immediate support and a rally. Bubble this may be, but bubbles can be rebounded from.
There's a was a dot com bubble that burst in 2000. Did that signal the end of the internet? Did that signal the end of dot com companies? No. If the underlying asset has value to the community, it cannot die.
What's most important about these contrarian opinions is that it keeps Bitcoin in the news. And it keeps people reading about Bitcoin and watching the price.
Awareness is the key to adoption!
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amishmanish
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October 28, 2017, 05:29:42 AM |
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I don't understand how some like WB would say that "Its not a value-producing asset".
Its a whole new internet technology that has given us the concept of using blockchain like an immutable ledger. The open source developer community has spawned hundreds of startups around the world who slowly and steadily will start coming up with real products. (Fine 99% of ICO will fail, but some WILL survive, right?).
This new ecosystem depends on BTC as a trusted source of financing, investing and transacting. That is what gives it value along with its "store of value" characteristics, and its history of having been battered by every possible shake up and still coming out unscathed.
People continue to scream that "There is nothing inherent or supporting the value of bitcoin" because :
1.) They are too lazy to try to understand because yeah, its complicated.
2.) It doesn't feel good to them that there are a bunch of people who are making money on this and they've likely missed the train, when they should realize that it has just started.
3.) There is an inherent propensity to resist change and say "funny internet money".
So frankly, WB statement shouldn't bother anyone. He is a smart man. He'll come around..
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SUDARMONO
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October 28, 2017, 05:39:20 AM |
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yes I also think I know really bitcoin that bitcoin currency is the true currency is not a fraud, thanks for your post your support on bitcoin, and I really love even everyone is happy if the price of bitcoin always go up, and in the year 2017 this bitcoin very felt the price is up to doubled, and I'm sure the future bitcoin prices will always go up even slowly, hopefully bitcoin always smooth and successful.
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Herbert2020
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October 28, 2017, 06:18:29 AM |
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calling bitcoin a "bubble" is not at all a new thing. it has been happening for year by the same people! according to them bitcoin has been in a bubble for as long as it existed. in other words it doesn't matter what the price is, it can even drop down to $1 today and they will still call it a bubble and predict its failure some more.
and things that Warren Buffett says about bitcoin is mostly because his world is being threatened by this decentralized digital cash that he neither understands nor can control. and that scares the hell out of him.
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Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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