URGENT NEWS - Warren Buffet declares Bitcoin as a BAD INVESTMENT

[mgburks77]

LOL! USD is a BAD investment.

Who has made money by keeping US Dollars tucked away in their drawer???  Anybody???

good call

[GigaCoin]

I don't believe Warren Buffet is "secretly" buying Bitcoins, it's just not his turf.

[boumalo]

I don't believe Warren Buffet is "secretly" buying Bitcoins, it's just not his turf.

I would be very surprised if he was buying bitcoins secretly

I can see a lot of public figures and politicians having bitcoins and Gold but Warren Buffet is probably (rightfully) sticking to what he knows, he makes his 2-4 buys every year and seek value and good management

[BitchicksHusband]

Warren Buffet also said that computer and internet companies were bad investments.  But I'm pretty sure that Apple, Microsoft and Google are three of the best performing stocks available to the average person of all time.

[cdooer]

Looks like Mr Buffett is back in the news talking about BTC today. At least its not all bad this time?

"Buffett said he'd advise people to "stay away" from bitcoins because they do not have any intrinsic value, although they are an efficient way to transfer dollars."

http://www.cnbc.com/id/101494538

Bullish?

[Grinder]

Warren Buffet also said that computer and internet companies were bad investments.  But I'm pretty sure that Apple, Microsoft and Google are three of the best performing stocks available to the average person of all time.

That's survivorship bias. If you look at the NASDAQ index as a whole it is only the last couple of years that it has almost recovered from the crash in 2000. Even Microsoft was priced about 50% higher when it peaked in 2000 than it is today. Warren Buffet did the smart thing by avoiding what he didn't understand and couldn't evaluate.

[GigaCoin]

Looks like Mr Buffett is back in the news talking about BTC today. At least its not all bad this time?

"Buffett said he'd advise people to "stay away" from bitcoins because they do not have any intrinsic value, although they are an efficient way to transfer dollars."

http://www.cnbc.com/id/101494538

Bullish?

He really is attacking Bitcoins, he just called Bitcoins a "Mirage", interesting..

[pandher]

Buffet is right, crypto is not going to be accepted as a valuable means of mass bartering. Its just like a niche market, the entire market is just a speculation, a bubble. Technology cannot be trusted as a means of safe wealth exchange. Tech is highly volatile

[the_sunship]

He's not going to embrace something which has the power to disrupt the banking sector. I mean, if you were in his position and ran his investment fund - would you?

Also, bitcoin is a world wide financial tool. People at Warren's age still think highly of separate countries with separate armies and separate economies. The "US against them" mentality. Bitcoin is based on worldwide cooperation and it's one of the first steps towards removing national boundaries (the internet was another). This is not particularly good news for nationalists, but very good for those who see the world as one community.  

[SeaofBTC]

Buffett is not "always right" as you said. He "didn't" see the housing bubble either.

Buffett does not invest in technology because he does not understand it, by his own admission. If he cannot understand the business model of a company like Goolge or Apple, how can he ever possibly understand Bitcoin protocol? It's out of his world.

Why he's willing to comment on bitcoin and not on tech companies is beyond me. Smells of agenda... which is sad because I always looked up to this guy. Now I just see him as buddy buddy with the bankers... In the past, Buffett would have not done business with the bankers on the grounds that their model is defunct, but now he's so deeply in bed it's gross. Deep enough to now be commenting on things he knows nothing about, which is also something he would have not done in the past.

[ibminer]

I don't believe Warren Buffet is "secretly" buying Bitcoins, it's just not his turf.

May not be his turf, but his turf usually involves making money and he probably wants to get involved for that reason. But Warren Buffet is too big headed to buy at rates like this.
Maybe if he barks enough he can drive the price down... but I don't think he's that important of a figure to listen to about Bitcoins, so I don't think he will succeed.

Who knows what he's doing, but its obvious he knows nothing about technology and shouldn't be commenting on it at all, which IMO implies there is a motive for his comments. 
But good try Mr. Buffet. 

[bitbouillion]

"Buffett said he'd advise people to "stay away" from bitcoins because they do not have any intrinsic value, although they are an efficient way to transfer dollars."

Then you can make the same argument of gold, because it was "just" collected in streams or dug out of the ground, although it was an efficient way to transfer money.

[CoinKiddo]

Warren Buffet may be a genius when it comes to buying, renovating, and selling property. He is good at these things and it has made him very rich.

It does not mean that he knows shit about technology, much less cryptocurrency.

I consider his opinion to be somewhat interesting (like watching a train wreck), but ultimately worthless.

I just spent a couple months in Kenya. I can see how popular M-Pesa is there. I was walking with my youngest wife and she said that she wanted a coke, so I mentioned that neither of us had brought no money. She said no problem, walked into the nearest store with an M-Pesa sign (there are a couple every block on the main streets), did something with her phone, and they handed her 500 shillings.

People in Kenya are already using electronic currency everywhere. My wife pays her electric bill with it. She sends money to her parents using it. Some of the buses even use it. My wife is even using her phone as a wallet.

Bitcoin will work so much better here (and the rest of Africa - everyone has a cell phone) in place of M-Pesa. It is the future.

An interesting breakthrough. Eventually, every part of the world will appreciate the convenience of using electronic currency.

[pandher]

"Buffett said he'd advise people to "stay away" from bitcoins because they do not have any intrinsic value, although they are an efficient way to transfer dollars."

Then you can make the same argument of gold, because it was "just" collected in streams or dug out of the ground, although it was an efficient way to transfer money.

Gold is an ornament, it is worn, and its rare. That makes it valuable, gold cannot be compared to crypto

[pandher]

Bitcoin will work so much better here (and the rest of Africa - everyone has a cell phone) in place of M-Pesa. It is the future.

An interesting breakthrough. Eventually, every part of the world will appreciate the convenience of using electronic currency.
[/quote]

What happens when ur cellphone battery dies? Nothing can ever replace paper money. How can we say electronic money is more convenient than paper, you need to be connected to the network, your battery should be charged, and other blah blah. Whereas you just need to give out a sheet of paper

[minime]

great old man... master of money...
who does not invest in things he does not understand... so his statement is not surprising at all...

[iarsenaux]

Bitcoin will work so much better here (and the rest of Africa - everyone has a cell phone) in place of M-Pesa. It is the future.

An interesting breakthrough. Eventually, every part of the world will appreciate the convenience of using electronic currency.

What happens when ur cellphone battery dies? Nothing can ever replace paper money. How can we say electronic money is more convenient than paper, you need to be connected to the network, your battery should be charged, and other blah blah. Whereas you just need to give out a sheet of paper
[/quote]

When your battery dies, you should charge your phone then using the charger that comes in its package when you buy one. Have you ever bought a phone before? :)D

[pandher]

Bitcoin will work so much better here (and the rest of Africa - everyone has a cell phone) in place of M-Pesa. It is the future.

An interesting breakthrough. Eventually, every part of the world will appreciate the convenience of using electronic currency.

What happens when ur cellphone battery dies? Nothing can ever replace paper money. How can we say electronic money is more convenient than paper, you need to be connected to the network, your battery should be charged, and other blah blah. Whereas you just need to give out a sheet of paper

When your battery dies, you should charge your phone then using the charger that comes in its package when you buy one. Have you ever bought a phone before? :)D
[/quote]

You understand what i said, but you couldnt come up with an assuring answer, isnt that right? You are buying some chips and boo, you lost network? taking forever to confirm? dont worry just sit there waiting for your payment to confirm or ask the shopkeeper for a charger

[bitbouillion]

Gold is an ornament, it is worn, and its rare. That makes it valuable, gold cannot be compared to crypto

Bitcoin is rare too. And there is increasing cost to produce it.

The ornament feature ads very little value. Before gold was used as money, it was just as valuable as ornamented bones. The intrinsic value of gold is basically the price to extract it. When gold gets ornamented, the value increases barely.  

[ArticMine]

When your battery dies, you should charge your phone then using the charger that comes in its package when you buy one. Have you ever bought a phone before? :)D

This depends on the kind of phone. For a typical Android phone all that is required is a common USB cable connected to a 5V USB source. The latter could for example be provided by a solar panel. Now if you are talking about an iPhone, they require their own propriety cable in order to satisfy Apple's DRM and censorship; however the iPhone case is moot here because Apple has already used their DRM to censor Bitcoin.