Warren Buffet was right?

[lightcar]

"cryptocurrency will end very badly" Maybe the oracle was right all along.  Guess a guy worth 88 billion knows what he is talking about.

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[Rambotnic]

If the people who said bitcoin will rise up to 100,000$ will you ask the same question ?
That kind of posts are useless...

[mk4]

Take a look at the charts yourself and see how many times bitcoin or the cryptocurrency markets has gone through the same or even bigger crashes in the past. And guess what? The cryptocurrency markets are still here! Sure, Warren Buffet might be a good economist, a good businessman and a good investor, but he sure does know nothing about the technology.

[NUnuasod]

no, he realizes the potential of cryptocurrency and worry about it  he's old to start with crypto, he scare of the money flow from his fields, stock run into cryptocurrency.

[pooya87]

if you want to call:
- going from being worthless ($0) to $4000+ in less than 10 years
- having a trading volume of $4-$5 billion per day
- handling 200k-300k transactions per day
- transferring about $1 billion worth of transactions per day globally
- being accepted by thousands of merchants around the globe
- introducing one of the biggest technologies that is being used by banks, governments, and a lot of financial institutes
and a lot more...
as "end very badly" then you are right. it ended very badly

[Lakai01]

It may end very badly for people who got caught by the media hype and invested (lend) money they cant afford to lose, yes. But this has nothing to do with bitcoin and its technology, which already started to change the world.

[squatter]

"cryptocurrency will end very badly" Maybe the oracle was right all along.  Guess a guy worth 88 billion knows what he is talking about.

Is it already over?

I've been through this before -- back in 2014 or so. Almost everyone agreed that the Bitcoin bubbled had popped forever and it was destined to be nothing more than a niche currency for geeks. Fast forward to now, the price is 20x higher.

From a long term perspective, Bitcoin continues to grow in adoption and legitimacy by virtually all metrics. Buffet may end up being right, but we're a long ways off from proving it.

[virendarnagpal]

The market flooded with so many crypto coins ; the statement is correct because we see several coins dying their premature natural death.  But if we talk about bitcoin and some other coins like ether it does not look true.  
Top and popular coins like bitcoin are in demand not only for trading activities ; services but also these are accepted as commission by miners for trading dying coins.  Everybody wanting to get rid of shitcoins are selling these coins at through away prices (whatever price is available in the market).  So these coins in themselves may not be good and may be dying prematurely but these give oxygen to bitcoin ether etc.  
Moving in a circle is universal truth.  Currently it is running a bear phase and bull phase is to replace it to complete the circle. In bull phase the prices will further shoot up.
So I do not see that good coins will die in near future.  And also the coming bull run will give strength to bitcoin / ether etc Which as a result will give strong life to bitcoin for several more years and above mentioned statement will again be applying when there will be bear phase (due to nature of business).

[TBboys]

Buffet just said his opinion on crypto from his stock experience, but the facts tell us that crypto and stock are two completely different things, and the set of stocks is totally unsuitable for crypto.
If you think you can play crypto with stock's way, then you can agree with Warren Buffet.

[PieceOfPaper]

if you want to call:
- going from being worthless ($0) to $4000+ in less than 10 years
- having a trading volume of $4-$5 billion per day
- handling 200k-300k transactions per day
- transferring about $1 billion worth of transactions per day globally
- being accepted by thousands of merchants around the globe
- introducing one of the biggest technologies that is being used by banks, governments, and a lot of financial institutes
and a lot more...
as "end very badly" then you are right. it ended very badly

- handling 200k-300k transactions per day

would be interesting on how much of those transactions are made by tradingbots ?

[Juggy777]

"cryptocurrency will end very badly" Maybe the oracle was right all along.  Guess a guy worth 88 billion knows what he is talking about.

Hey there's no doubt Mr Buffet is worth lot of money, has a huge amount of experience when it comes to stock market, but when it comes to technology he has zero experience. In his own words he won't invest in a business he can't understand, does this make the business bad, no it only shows his inability to see the bigger picture. Also it's pertinent to note that prior to this bloodbath, bitcoins prices have gone down many times only to bounce back, so don't let your fears guide you just hodl for the long term, all will be good.

[BrewMaster]

- handling 200k-300k transactions per day

would be interesting on how much of those transactions are made by tradingbots ?

trading is also a part of bitcoin and its usage. it is one of many.

additionally trading bots are working on exchanges, a trader who is using a bot wants the maximum speed possible which means they have to leave their coins on exchanges and constantly trade them by going in and out. and as a result they don't make that many on-chain transactions.
this is also why when exchanges get hacked so much money is lost.

[Dudeperfect]

Well, I respect the authority of Warren Buffet and I also believe that his principles and rules also work in the crypto market but I disagree with his opinion regarding cryptocurrencies. I believe that cryptocurrency is here to stay and we will see growth in the user base over the period of time, the year 2017 was the year when bitcoin and blockchain technology went mainstream which attracted a high number of users, this growth will continue in the coming years too.

[BlaineEvans]

I feel like Warren Buffet might eat his words when this year ends.  Crypto showed potential and opportunities, no one will let this innovation/technology fail. It's being utilized worldwide and is providing good stability in transactions adn record keeping.  This bearish market is just a phase since we all know how volatile crypto can be.   But this is just my opinion

[CryptopreneurBrainboss]

Do you think the cryptocurrency market is the only market experience downtrend?. this year has not been bullish as expected by all. No disrespect to Warren buffet but he's now old and has no understanding on the technology behind bitcoin. His experience are in the traditional ways of investing (which was stock buying) but now we have blockchain so he's a novice.  below is what the media won't tell you because they're all hating on bitcoin and other cryptocurrency.

[molecularman]

A lot of what Buffet is into can be directly impacted by blockchain and crypto.      He is the epitome of the old guard,  the elite class of money that wants to keep it that way.


If I made trucks full of money off the backs of the poor and working class,  then saw a totally new segment that allowed these people to get a piece of the pie.. I'd do my best to talk it down and convince those people it isn't worth their time.

[monmatias]

We still can't say for sure because the market is still ongoing.  He may be correct, he might not be, crypto investing is a risk so nobody can say 

[emmysteven_]

"cryptocurrency will end very badly" Maybe the oracle was right all along.  Guess a guy worth 88 billion knows what he is talking about.

The best of men can go wrong, remember He didn't invest in Google because He thought Google will not succeed.
History is littered with men of great wisdom and insight going wrong
History is littered with the best of men going wrong and with the least of men being right

I will say you should not run with another man's conviction(s) and opinions(s)

[Ciscopro2000]

Only time will tell whether Buffet is right.  He is a very good investor in industries he understands like banking, industrials, consumerables, insurance, etc.  But he certainly doesn’t understand technology or crypto currencies. 

[Kemarit]

"cryptocurrency will end very badly" Maybe the oracle was right all along.  Guess a guy worth 88 billion knows what he is talking about.

Did you know that he regret this decision not to invest on Amazon earlier? because he didn't understand the business model and he doesn't understand techs at that time.

That's perhaps why Warren Buffett, the chief executive officer of Berkshire Hathaway, chose not to invest in Amazon when he had the chance. At Berkshire Hathaway's annual meeting in May, the self-made billionaire said he didn't appreciate the value of tech stocks at first.

https://www.cnbc.com/2017/11/28/if-you-put-1000-in-amazon-10-years-ago-heres-what-youd-have-now.html

So its not a clear path for WB as he made a lot of mistakes and I see the same will happen to bitcoin in like 10 years from now. The price will grow exponentially and those who have the chance to buy a couple years back will have their biggest regret, including the Oracle of Omaha.