Warren Buffet: The Idea that Bitcoin has Value “Is Just a Joke”

[cjmoles]

I think that Warren Buffet is missing the point ---> the big picture.  It's not the ones and zeros, the op_codes and hashes, or the combination of cryptographs which people are trading ---> it is TRUST!  The ability to engage in the markets without the interference of those third parties which Warren Buffet so dearly relies upon.  Cryptocurrencies have value because they keep those money grubbing thieves out of our business!

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[dave111223]

He is right, bitcoin is only good for speculation, when people will be tired of speculating...

[finthebar]

Warren is very successful in his own right and he often says that he will not invest or comment on things that he does not understand. Bear in mind that some of his larger investments are in very traditional things like Railroads, Coca Cola and BANKS including Bank of America BNY Mellon etc. So he is good buds with Jamie.

Whats interesting is that BNP came out today all guns blaring against Bitcoin today as well, and still, it grows?

[dimastegar]

The jokes he said do not apply now. Bitcoin develops every day and its value continues to rise. All transactions are transparent, making Bitcoin users always clear what they are doing. Big technology with high value. "Bitcoin and Blockchain"

[coinycoiny]

fiat has value. its backed by debt. which is backed by assets namely eg mortgages.

bitcoin is based on belief.

What's gong to happen if eth gets above btc. Or something else in the future?

Warren Buffet isn't a fool you know.

[cjmoles]

fiat has value. its backed by debt. which is backed by assets namely eg mortgages.

bitcoin is based on belief.

What's gong to happen if eth gets above btc. Or something else in the future?

Warren Buffet isn't a fool you know.

Well, if he didn't invest in bitcoin when it was cheap, then he's certainly missing something. Maybe he's just not a fan of capital flight!  Bitcoin is all about decentralization and distribution of control ---> it's worth way more than that dirty paper he worships!

[coinycoiny]

Bitcoin is all about decentralization and distribution of control ---> it's worth way more than that dirty paper he worships!

ah yes, who controls it? Is it the Chinese or roger Verr lol

[AmXProX]

What statement do you expect from Warren Buffet, he is a known investor for more than 40 years and all of his investments and assets are based on a fiat currency. How will you expect him to embrace the use of crypto currency if it will somehow affect his existing investments and businesses.

[AltsBoom]

Hmm where to start. Well technically he is not wrong so there is that but I think that is where it stops being good for him. First off the only reason he is taking a huge shot at bitcoin is because there is a lack of disconnect

there. Not saying he doesnt understand it but for some reason on some level the dude is having a hard time understanding why real money is flowing into something that does not seem real. It challenges the very nature of

what his financial world was built on and understandably he is not going to accept it as a part of his world. That is my main gripe with his statement that and the underlying negative connotation behind it.

[m.vina]

With all respect to the man, Warren Buffet is a traditional banker. If he fails to embrace innovations like Bitcoin, his time is done. Obviously he already missed out on the opportunity to get 800% gains on bitcoin this year. Whether or not it is a joke or not it was an opportunity to make a lucrative amount of money and he missed it. Why? Because he is an arrogant old man whose success has gotten to his head.

[splat44]

He don't even know what's the flow of bitcoin, technology is rising he must understand that bitcoin is dominating the world, well he thinks that bitcoin is just transferring money to another user well in fact bitcoin has a value but digitalize asset that will give an impact to a modern technology

[Yaunfitda]

I think Warren is just trolling. Because he didn't really understand how bitcoin is being considered today. Right now many people is considering bitcoin as money. With that said, its no joke for most of us here. Bitcoin is not only an asset or commodity but is becoming a currency. So the idea that is a joke is thrown out of the window.

He is maybe just a old school investors that's why he can't really grasp what bitcoin is. See why bankers are afraid of bitcoin? Because the flow of the cash in going to the bitcoin ecosystem. Which means they are losing real cash here. Those that are really involved in fiat investing doesn't really know how crypto's work, that's why they don't like investing on it. For them fiat(money) is the best investment, however if you see bitcoin its becoming 'real cash' as well.

[pinkflower]

In his latest visit to his hometown of Omaha, Nebraska, where he hosts a casual event for business students, one of the attendees asked Warren Buffett a question about Bitcoin. As a clarification, Buffett went on to say that cryptocurrencies like Bitcoin are “a very effective way of transmitting money, and you can do it anonymously and all that”, but it doesn’t mean much in the grand scheme of things: “A check is a way of transmitting money, too.

Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.

The fact that he's trying to compare BTC with a check in value transmission actually shows his ignorance when it comes to the technology behind cryptocurrencies. In the grand scheme of things, it's really the system behind the check that's becoming irrelevant. It's inefficient and it's costly in its own way.

Doesn't he also see that banks are starting to do R&D on distributed ledgers?

He's old but I hope he'll have enough time to think deeply about BTC and have his own aha moment.

[jman0war]

Warren Buffet is an old timer, he believes in commodity based assets.
Debt has no intrinsic value either.
Like Fiat currency, it's backed only by legislation.
But legislation is only words on paper, ultimately backed by coercive measures and hard power.

If legislation and coercive measures made 'value', then China must have a very high valued currency.
But they do not.

No, there's something else going on here and Warren Buffet is too old or too smart to say it.

What gives Fiat it's value, is consensus.
The other world currencies pegged their own currency to the dollar, which used to be backed by gold.
Now the dollar is not.
But there is still a consensus it's worth something.

Bitcoin codifies that consensus into hard math, which is immutable.

[jseverson]

That's sad. I respect Warren Buffet, and will continue to do so. I respect his views.

That doesn't mean I find his opinion a little misguided though. True, checks and cryptocurrencies are both ways to transmit money, but the biggest difference is you have to bring your check physically to a bank. You can do all your Bitcoin transactions at home, on the other hand. One other fundamental difference is that Bitcoin is decentralized. You yourself are sending your Bitcoins, not having banks send your money for you. It's a trustless process with your full control subject to much less, if any at all, limitations.

But eh, at least he's not disparaging on Bitcoin openly without provocation right?

[KingScorpio]

In his latest visit to his hometown of Omaha, Nebraska, where he hosts a casual event for business students, one of the attendees asked Warren Buffett a question about Bitcoin. As a clarification, Buffett went on to say that cryptocurrencies like Bitcoin are “a very effective way of transmitting money, and you can do it anonymously and all that”, but it doesn’t mean much in the grand scheme of things: “A check is a way of transmitting money, too.

Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.

Buffett tends to lean towards investing in things that have a sustainable inherent value. Meanwhile, Bitcoin is surging past the $8,000 mark even after the SegWit2x drama left its future uncertain.

Although there’s no denying that it’s subject to more volatility than most fiat currencies, there’s a lot to be said about its utility in the market as more stores begin to accept payments in the cryptocurrency. Warren Buffett might not be keen on the idea of pumping capital in Bitcoin’s direction, but other players want a piece of the pie, each for their own reasons.

https://cryptovest.com/news/warren-buffet-the-idea-that-bitcoin-has-value-is-just-a-joke/

the established capitalists cant befriends new that want to become capitalists, they have to find ways to surpress them,

after all the american civil war was about the central bank, slavery was later used as a scapegoat.

regards

[KingScorpio]

Warren Buffet is an old timer, he believes in commodity based assets.
Debt has no intrinsic value either.
Like Fiat currency, it's backed only by legislation.
But legislation is only words on paper, ultimately backed by coercive measures and hard power.

If legislation and coercive measures made 'value', then China must have a very high valued currency.
But they do not.

No, there's something else going on here and Warren Buffet is too old or too smart to say it.

What gives Fiat it's value, is consensus.
The other world currencies pegged their own currency to the dollar, which used to be backed by gold.
Now the dollar is not.
But there is still a consensus it's worth something.

Bitcoin codifies that consensus into hard math, which is immutable.

legislation is important, it gives the people that work for money a security that their work is beeing guided towards a certain goal, hard math of bitcoin is insignificant because you are more like a sect, claimings its valuable and wasting a ton of electricity, the moment you will lose popularity your bitcoin dream will collapse, others will simply take over cryptography and create national cryptocurrencies powered by legislation

regards

[jman0war]

legislation is important, it gives the people that work for money a security that their work is beeing guided towards a certain goal, hard math of bitcoin is insignificant because you are more like a sect, claimings its valuable and wasting a ton of electricity, the moment you will lose popularity your bitcoin dream will collapse, others will simply take over cryptography and create national cryptocurrencies powered by legislation

If legislation was important, then why does Argentina have so many problems?
Legislation cuts both ways, it can insure your money in the bank. But such legislation was quickly deleted when the government decided it wasn't in their interests.
Argentina, Cyrpress, Greece - the governments used legislation to freeze bank deposits, restricted access to money and then imposed a 'haircut' (raid on people's savings).
Legislation has no intrinsic value.
It's only value is in coercive measures, and that sucks.

[craZyLovE0916]

In his latest visit to his hometown of Omaha, Nebraska, where he hosts a casual event for business students, one of the attendees asked Warren Buffett a question about Bitcoin. As a clarification, Buffett went on to say that cryptocurrencies like Bitcoin are “a very effective way of transmitting money, and you can do it anonymously and all that”, but it doesn’t mean much in the grand scheme of things: “A check is a way of transmitting money, too.

Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”.

The fact that he's trying to compare BTC with a check in value transmission actually shows his ignorance when it comes to the technology behind cryptocurrencies. In the grand scheme of things, it's really the system behind the check that's becoming irrelevant. It's inefficient and it's costly in its own way.

Doesn't he also see that banks are starting to do R&D on distributed ledgers?

He's old but I hope he'll have enough time to think deeply about BTC and have his own aha moment.

These old people are going to say whatever they can to try and hold onto whatever wealth they have left. Or maybe he just is a complete idiot and doesn't understand the value of BTC. This is huge because he made a lot of money, but from centralized systems so he is an expert on greed. People who don't know compassion and cooperation, don't get Bitcoin that's just what it comes down to.

[Aquazi]

I’d like to know what he thinks of gold then and if that differs from his opinion over Bitcoin, why that is.

Gold is irreplaceable: Almost half of the gold sold is used in electronics and medicine. It's not just about jewels.

Gold is unique: it has unique properties.

Gold is scarce. You could fit all the gold in the world on a tennis field.

Bitcoin might be considered scarce as well, but I fail to see how it's irreplaceable: you can fork it, community can decide it's not worth a penny anymore and shift their (financial and technological) resources elsewhere. Bitcoin to fiat exchanges could be banned anyday, who's gonna give a fuck about Bitcoin anymore if not the few anarchists and libertarians left here?

Anyway I find it hilarious how a bunch of no ones criticizes so lightly the most intelligent and successful the world has ever seen.

If Warren Buffet tells you something, you should probably rethink 100 times why you disagree with him rather than pushing this "he's old, he doesn't understand".

Like it or not, Bitcoin has no intrinsic value, if it has one, it's no different than any other coin out there, including the worst shit coins with a 20$ market cap.

Bitcoin has a price.