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Author Topic: Bitcoins labelled a gambling device  (Read 13055 times)
samputin
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May 08, 2019, 04:32:08 AM
 #61

Warren butter has admitted he doesn't understand technology and that's basic tech, of course he wouldn't get crypto.

If that's the case, then he surely is saying something against bitcoin just because he doesn't get it. Someone has always something to say about bitcoin. As for Buffett, all he can say is the negative. Just like this one:

“Bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day and no little bitcoins come out. It’s a delusion basically.”

What?! Well same thing goes with fiat, right? You can stare at it all day and no fiat will also come out. And same goes with almost everything. The point is, in order for something to produce something is to let it circulate, to let it out and be on the market. You have to do something about it unless, it really won't give you an outcome.

(Source of the above statement from Buffet: https://www.ccn.com/warren-buffett-still-clueless-about-bitcoin-calls-it-delusional)



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May 08, 2019, 04:33:39 AM
 #62

It sounds like he's using a metaphor, because bitcoin is not literally a gambling device. If it was, the government would have banned or restricted it by now. What he means is it's a highly risky asset, and in that sense he's right. However, I think he'll be proved wrong about his predictions of its adoption or price.
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May 08, 2019, 05:06:02 AM
 #63



While there is a slight truth to what Warren is saying,  its not however created for such purpose just like fiat its been used to just about any payment for crimes and gambling as well. All of these are currencies so there is nothing wrong with it. If gamblers used it online, its up to them as to which state they are whether its illegal on thier area.

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May 11, 2019, 09:56:32 PM
 #64

https://ihodl.com/topnews/2019-05-05/warren-buffett-claims-bitcoin-gambling-device/

According to the sources Warren Buffet apparently thinks of Bitcoin as a gambling device.
What do you guys think ?
Is this true or something that is disrespectful for our community.

I would say my answer is somewhere in the middle , we are unaware of the fact so as what it might be in the future , in the past 10 minutes but we still hold onto this thing because of hope.
I would rather compare it to share market , rather than a gambling device.
Obviously no, it is not a gambling device as a whole. Yes maybe some of us when bored, like me when I'm bored, I usually play on a gaming site where I play multiple games to ease my boredom and I even earn money while playing, and I am not the only one to do that,  many of us do that, but to label bitcoin as a gambling money, that is not right. Yes it can be use in gambling but that is not the only purpose of bitcoin, it can be used in trading and even in purchasing items. So no, bitcoin isn't a gambling device.
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May 11, 2019, 09:59:34 PM
Last edit: May 11, 2019, 10:10:19 PM by TimeBits
 #65

https://ihodl.com/topnews/2019-05-05/warren-buffett-claims-bitcoin-gambling-device/

According to the sources Warren Buffet apparently thinks of Bitcoin as a gambling device.
What do you guys think ?
Is this true or something that is disrespectful for our community.

I would say my answer is somewhere in the middle , we are unaware of the fact so as what it might be in the future , in the past 10 minutes but we still hold onto this thing because of hope.
I would rather compare it to share market , rather than a gambling device.

Bitcoin does not share the opinion or views of any gambling site that uses bitcoin.

Bitcoin itself has nothing to do with it.

Use clams on just dice it is funner anyways, I want to make a justdice with 0% edge, I bet I would still win even if it was 50-50, Because I know how most gamblers are, they are almost like alcoholics or smokers, they have a addictive personality. So long as there was a reasonable max bet, I bet I win with 0% edge as the house because the players would of played themselves.
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May 11, 2019, 10:03:43 PM
 #66

 ~ snip ~
Obviously no, it is not a gambling device as a whole. Yes maybe some of us when bored, like me when I'm bored, I usually play where I play to ease my boredom and I even earn money while playing, and I am not the only one to do that,  many of us do that, but to label bitcoin as a gambling money, that is not right. Yes it can be use in gambling but that is not the only purpose of bitcoin, it can be used in trading and even in purchasing items. So no, bitcoin isn't a gambling device.

when he say gambling device he does not mean that bitcoin will be only use as bets to play online gambling but i think he generally means that bitcoin is like a gambling becuase once you own a bitcoin  , the value of it can suddenly rise or fall  ( risky in short , like playing a gambling  ) . i do agree on the person who said it but this isnt new to us  ,  people are already used to it   . being volatile is not a disadvantage but its an advantage
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May 16, 2019, 03:24:57 PM
 #67

He’s not a stupid man and he propbably has his reason to think so, as well as his sources. but he’s just human and human make mistakes. Not because they’re stupid but because they have to evolve.


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May 16, 2019, 03:34:21 PM
 #68

Earlier bitcoin was much used on gambling and dark market. This surely had a negative opinion among the people as people will get to know about the negative things relative to bitcoin very easily than the good associated with it. Gambling has helped with a big circulation of bitcoin during its earlier days when bitcoin was not much recognized to be a valued asset. Now people knew better and they take it in the right way.

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May 16, 2019, 03:52:45 PM
 #69

He's a good businessman and a good investor in stocks but it's clear to see that this guy does not have an inch of a care in bitcoin. "Bitcoin doesn't reproduce. It doesn't speak to you." He's a businessman but he don't know the essence of being unique in investments.

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