URGENT NEWS - Warren Buffet declares Bitcoin as a BAD INVESTMENT

[kneim]

buffet invests in stats not feelings.. everyone here is.. one of... greedy day trader, has a feeling this is the new global standard or is a big time drug dealer, or new prophet visitor.. which one are you?

Read the contributions, his name is "Buffett"

[C10H15N]

His late cousin's company makes fantastic chocolates (seriously)   

[S4VV4S]

I love bitcoin, but I also admit that it has no long term future and it's basically rich nerds trading pogs...that said, I will HODL because some smart guy once said: be nice to nerds, one day they'll be your boss / run the world (can't remember). I'm not saying by bitcoiners are nerds, just that I don't see a value proposition that can't be defeated...but I'm also not divesting

I think it was Bill Gates that said that to some students.

[Miz4r]

Buffet is part of the old world of finance, Bitcoin or cryptocurrencies in general are meant to rewrite the entire code of finance. So by investing in Bitcoin you are betting on it being able to start a revolution in the way our financial system works. People who are part of the old framework of finance, especially older people, will not understand this part and can only see Bitcoin as a speculative tool.

[wachtwoord]

I have great respect for Warren Buffet and have learned much from him.

He is wrong here.

[spin]

I think if there was a company that makes widgets (or sells a service, or whatever Buffett can understand) and it just happens to sell them in bitcoin and it also meets Buffett's other investment criteria (large enough - very large, revenue,  etc.) I'd bet he'd be interested.  But just invest in the currency, I think never. 

[Bit_Happy]

Buffet is part of the old world of finance, Bitcoin or cryptocurrencies in general are meant to rewrite the entire code of finance. So by investing in Bitcoin you are betting on it being able to start a revolution in the way our financial system works. People who are part of the old framework of finance, especially older people, will not understand this part and can only see Bitcoin as a speculative tool.

People who are part of the old framework of finance are getting nervous?

[flynn]

The important fact is not whether he likes it or not, the important fact is that he talks about it.

[johnyj]

Although he believes in company's true value, his company crashed 50% in 2008 crisis and he thanked government for bailout and QE. So he is only a player very dependent on the traditional monetary system and he doesn't understand how money works. Without FED, no Warren

[C10H15N]

...he doesn't understand how money works...

With only $58.2 Billion, he has a little wiggle room to learn.  

(he could personally buy and sell the ENTIRE bitcoin market several times over) 

[Miz4r]

...he doesn't understand how money works...

With only $58.2 Billion, he has a little wiggle room to learn.   

(he could personally buy and sell the ENTIRE bitcoin market several times over)

No he can't, only if he could convince all bitcoin holders to sell their coins to him for current market price. Even if he would try to buy say 10k coins every day, after maybe 500k coins the price will get so high that he will be out of all his money before he even gets close to acquiring 1 million coins.

[C10H15N]

In that regard, you are correct.  If Warren were to openly purchase Bitcoin, that alone would create overwhelming demand.

[b!z]

The important fact is not whether he likes it or not, the important fact is that he talks about it.

+1.

Any publicity is good for the Bitcoin price.

[seleme]

I hope Cosmofly Butthurtson didn't really think that Bitcoiners give a shit what people outside of Bitcoinland think about Bitcoin. 

[johnyj]

...he doesn't understand how money works...

With only $58.2 Billion, he has a little wiggle room to learn.  

(he could personally buy and sell the ENTIRE bitcoin market several times over)  

FED is printing $75 Billion per month right now, that is more than all he had during his lifetime. I think Warren is very aware of this, I remember that somewhere he said that his generation's success is largely coming from this huge monetary inflation scheme since 70's. But he selected to follow the game rule and benefit from it instead of changing the rules

[OgNasty]

Although he believes in company's true value, his company crashed 50% in 2008 crisis and he thanked government for bailout and QE. So he is only a player very dependent on the traditional monetary system and he doesn't understand how money works. Without FED, no Warren

This is so false and ridiculous, I'm actually going to take a second to correct you.

Warren Buffett bailed out major companies during the crisis with cash injections, being rewarded handsomely for doing so.  Goldman Sachs and General Electric come to mind...

He thanked the government for the bailout for other reasons I won't begin to discuss since they are so off topic.

[igorr]

So Check this ! Its good or bad INVESTMENT ?  judge for yourself.

[C10H15N]

But he selected to follow the game rule and benefit from it instead of changing the rules

You realize changing the rules just makes new rules that someone later will want to change.

[rohnearner]

I have great respect for Warren Buffet and have learned much from him.

He is wrong here.

Thats the way to disagree..! yeah and he's wrong, I don't think he studied bitcoins or crypto currencies that deeply, Maybe one day he will..! they day he'll understand the concept and each of its aspect he'll not say the same..!

[darkmule]

I'd actually like to see what he'd think about BTC and cryptos in general if he spent more time looking at the issue.  I just don't think it fits into his paradigm, sort of like how Paul Krugman rejects cryptos.  I probably still wouldn't agree with his conclusions, but that doesn't mean they aren't worth hearing.  I'll note Buffett's comments are actually fairly in line with his comments on commodities like gold and silver.  He doesn't like those much either.

His general attitude and the system he uses that comes from it have served him very well over the years, and he can't just be ignored as a senile old fool.  However, that doesn't make him infallible, and even he wouldn't claim that.  Personally, I hope he lives long enough to see whether he was right or wrong, so he can either gloat or we can tell him we told you so.