Warren Buffet statement again

[pixie85]

At the end of last February, Warren made a sensation again by saying that BTC was only a Delusion. He also said that BTC does not have a unique value, BTC cannot make a profit.

Would you care to provide us with a source of this statement?

But regardless of that, I don't know why we should give his opinion a lot of attention. Especially since he doesn't have anything interesting to say about bitcoin and has the same opinion as pretty much everyone else in that sector. Sure he has proven to be successful in the past but that doesn't make your opinion on a new technology any more valuable than anybody else. We also know that bitcoin is something Buffet wouldn't naturally invest in since bitcoin doesn't produce income, so it's only logical that he doesn't have anything positive to say about bitcoin.

It's not difficult to find it online
https://www.cnbc.com/2019/02/25/warren-buffett-says-bitcoin-is-a-delusion.html

Warren and his company have a history of missing technology bull runs. He's not a tech investor! Asking him if Bitcoin is good or bad is like asking a house electrician to fix your PC. He might have a general idea but he's not an expert.

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[Ucy]

What exactly does the unique value mean? I thought value depends on how much useful something is to people? The price would not have risen to this hight if it were not that useful.
 
More work needs to be done though. We need to get more businesses and people to Bitcoin to make it more useful.  I think this depends on the media and developers.  Negativity is bad for adoption.



Lest i forget...
Let see how this sounds: He praises the bottle but not the wine OR He  praises the skeleton but not the flesh.

[jseverson]

Would you care to provide us with a source of this statement?

Here you go:

https://www.cnbc.com/2019/02/25/warren-buffett-says-bitcoin-is-a-delusion.html

He loved the technology but never loved the mainstream manifestation of the Blockchain, who cares?

To be fair, this isn't unique to him, and I think it's a perfectly valid position to take. It's like saying you like the Internet but hate Google or something along those lines.

[cellard]

Warren Buffet's empire depends on the USD remaining the hegemonical currency as world reserve currency, so obviously he's going to criticize anything that could challenge this status quo. It doesn't matter if it's China, Russia, or anything else, it really doesn't matter.

His argument seems to be that he doesn't think Bitcoin has any value because it doesn't produce anything. It seems for him if an investment doesn't deliver dividends it's useless.

[Dudeperfect]

Well, even if he has a different opinion about the crypto industry, we cannot ignore his authority when it comes to trading and investing. I have observed that his rules and strategies also work while trading and investing in the crypto market. As far as crypto is concerned, I believe that it is necessary for blockchain projects to survive as if we are considering blockchain as the vehicle then cryptocurrency is a must needed fuel for it.

* Warren Buffett Says He Was Wrong About Google and Amazon | Fortune.

Who knows, he might say the same words regarding cryptocurrencies after the 10 years come now.

[meanwords]

Let him be. At this point, people are already getting tired of him. People are to decide what he/she is going to do with cryptocurrency. I don't really like him either though. I think he is secretly trying to accumulate Bitcoin too, lowering Bitcoin's price by making bad statements.

[pooya87]

He loved the technology but never loved the mainstream manifestation of the Blockchain, who cares?

To be fair, this isn't unique to him, and I think it's a perfectly valid position to take. It's like saying you like the Internet but hate Google or something along those lines.

actually it is more like saying you love the internet but tell people if they invest in Google their money will be lost as Google is going to crash and burn. because that is exactly what he has been doing when every time he says things along the lines of bitcoin is a delusion and is not going to end well.

[mirakal]

Let him be. At this point, people are already getting tired of him. People are to decide what he/she is going to do with cryptocurrency. I don't really like him either though. I think he is secretly trying to accumulate Bitcoin too, lowering Bitcoin's price by making bad statements.

Majority of people would still believe in his statement because he is a successful businessman and he is a mirror of success.
Some investors would not, including me of course, because I've been here in crypto for many years and I've proven that those who publicly criticize BTC are  wrong most of the time.

[J. Cooper]

-snip-

-snip-

It's not difficult to find it online
https://www.cnbc.com/2019/02/25/warren-buffett-says-bitcoin-is-a-delusion.html

Luckily, in this case, it wasn't hard to find. But usually, if you want to discuss a certain statement you link the source in the original post. This makes it easier for people to check the context and makes sure everyone is discussing the same statement.

Warren and his company have a history of missing technology bull runs. He's not a tech investor! Asking him if Bitcoin is good or bad is like asking a house electrician to fix your PC. He might have a general idea but he's not an expert.

Exactly my point! And that is why we shouldn't give his opinion any more importance than someone with the same level of expertise simply because he made a lot of money from investments that are fundamentally different from bitcoin.
His investment strategy made him miss out big time on technology bull runs but that doesn't mean he hasn't changed his opinion. In fact Bufett's Berkshire Hathaway currently owns a 5.22% stake in Apple. So it's totally possible he will change his opinion on bitcoin as well. Only time will tell.

What exactly does the unique value mean? I thought value depends on how much useful something is to people? The price would not have risen this hight if it were not that useful.

That's a valid question. I am guessing you are referring to intrinsic value as opposed to 'monetary' value. You can't deny bitcoin has monetary value because there's a demand for it and it's accepted as payment in hundreds of stores off- and online. Intrinsic value is a tougher nut to crack. This is where lots of people disagree. For someone as Buffett who lives in a first world economy, it's a lot harder to see the intrinsic value that bitcoin offers but as soon as you go to economies who don't have a  'stable' national currency or access to services like PayPal, Chase or QuickPay the intrinsic value becomes a lot more clear.

[jossiel]

I also hate him for criticizing bitcoin and always giving bad review about bitcoin but that's just being him. I realized that I shouldn't hate him just for doing that and there's an idea that starts to build on my mind that he's probably acting like Jamie Dimon.

He calls it whatever he wants and it's always televized, written on news article, etc. Good or bad publicity for bitcoin is still publicity which I'm taking the good part of it. Maybe, he's too old enough to understand bitcoin and he's really sticking to his tasted way of investing.

[audaciousbeing]

At the end of last February, Warren made a sensation again by saying that BTC was only a Delusion. He also said that BTC does not have a unique value, BTC cannot make a profit.

Warren Buffet always praised blockchain technology, but he never praised BTC. I think he is not objective.

but on the other hand, the Warren Buffet company has a large loss of $ 4.3 billion. I don't like this person, he always has a bad statement to make the crypto market fall.

I think you are missing things up. The statement by Warren is not what is making the price of bitcoin or crypto falls but the reaction of the market participants to such information which makes the aftermath of his statement a bleeding state for crypto. The point is if everyone should just continue their activities like normal before the said statement, it would only mean a mere expression of opinion on the part of Warren and that would continuously guides is way of talk.

Yes the blockchain project itself is a great technology but trying to separate the two from each other completely is going to be an illusion on its own in my opinion.

[Mometaskers]

Warren Buffet's empire depends on the USD remaining the hegemonical currency as world reserve currency, so obviously he's going to criticize anything that could challenge this status quo. It doesn't matter if it's China, Russia, or anything else, it really doesn't matter.

His argument seems to be that he doesn't think Bitcoin has any value because it doesn't produce anything. It seems for him if an investment doesn't deliver dividends it's useless.

Isn't Warren Buffet famous for saying "Don't lose money!"? He does seem to be into what they call "value investing". Maybe that's why even when he acknowledges the benefits of a blockchain, he's not enthusiastic with the idea that one can "lose" money in bitcoins and may have to wait years for the value to go back again to what it was on entry. I do know people like this, those who don't want their money "sleeping".

[nikola22]

I dont get this person, blockchain was deliverably made for crypto and the very first one that was made was Bitcoin, maybe this dude is a delusion himself.

he is a man from traditional finances so he doesn't like innovations like bitcoin that disrupt his traditional vews.

[peonminer]

At the end of last February, Warren made a sensation again by saying that BTC was only a Delusion. He also said that BTC does not have a unique value, BTC cannot make a profit.

Warren Buffet always praised blockchain technology, but he never praised BTC. I think he is not objective.

but on the other hand, the Warren Buffet company has a large loss of $ 4.3 billion. I don't like this person, he always has a bad statement to make the crypto market fall.

That's just Warren's speculation. He doesn't see a balance sheet or profit and loss statement for Bitcoin so he doesn't see value in it.

[Kakmakr]

At the end of last February, Warren made a sensation again by saying that BTC was only a Delusion. He also said that BTC does not have a unique value, BTC cannot make a profit.

Warren Buffet always praised blockchain technology, but he never praised BTC. I think he is not objective.

but on the other hand, the Warren Buffet company has a large loss of $ 4.3 billion. I don't like this person, he always has a bad statement to make the crypto market fall.

Well if you do not like the person then stop following him and posting his statement here, we do not want any fuds and negativism from people who do not believe in Bitcoin and it's technology, I prefer listening to believers and leaders of this technology.

Sometimes you have to follow people like him to monitor your enemy and to react on their strategies to destroy you. A lot of people like to kiss rich people's asses, because they admire their money and their power. I like to bring them down to earth, because their shit stinks too. <They are humans, just like us>

Money does not make the man.     So, follow them, analyse their strategies and counter comment on their stupidity. <Be the other side of the discussion> 

[malikusama]

I don't like this person, he always has a bad statement to make the crypto market fall.

then why are you quoting him here and starting a TOPIC about him?!!

That's the reason why the market is falling, after quoting these statements we are spreading FUD in the market.
Let them do whatever they want, it's their own point of view, but by sharing these statements across internet you are spreading FUD among the new users.

[cellard]

Warren Buffet's empire depends on the USD remaining the hegemonical currency as world reserve currency, so obviously he's going to criticize anything that could challenge this status quo. It doesn't matter if it's China, Russia, or anything else, it really doesn't matter.

His argument seems to be that he doesn't think Bitcoin has any value because it doesn't produce anything. It seems for him if an investment doesn't deliver dividends it's useless.

Isn't Warren Buffet famous for saying "Don't lose money!"? He does seem to be into what they call "value investing". Maybe that's why even when he acknowledges the benefits of a blockchain, he's not enthusiastic with the idea that one can "lose" money in bitcoins and may have to wait years for the value to go back again to what it was on entry. I do know people like this, those who don't want their money "sleeping".

Warren Buffet has lost plenty of money. Being a value investor means that you will lose money. When he bought a ton of shares of the Washington Post or the New York Times (I don't remember, it was one of the currently huge newspapers) he lost money for the first couple of years and then years later he obviously was high on the greens. If you don't sell you don't lose money. Warren Buffet believes in patience and studying and understand the fundamentals. The big problem with Buffet is that he doesn't understand the fundamentals of Bitcoin. If he did, he would understand the fact that blockchain without Bitcoin has no fundamentals basically. This is a huge mistake by most mainstream figures. They are the ones that will keep asking why Bitcoin keeps hitting all time highs if it has "no value".

[gabmen]

I don't like this person, he always has a bad statement to make the crypto market fall.

then why are you quoting him here and starting a TOPIC about him?!!

That's the reason why the market is falling, after quoting these statements we are spreading FUD in the market.
Let them do whatever they want, it's their own point of view, but by sharing these statements across internet you are spreading FUD among the new users.

Well you can't really control statements from such a prominent figure. A lot of people look up to warren buffet since he is a guy who knows how to handle business and his status will show for that. Aside from his critisizms on bitcoin, he's a guy you'd want to take advice from when it comes to money.

[CryptoBry]

He got his immense success being an old school and as such he is very skeptical with new technologies especially those having some downsides or dark sides (with cryptocurrency these can be the scams which many perpetrated dragging along the good name of the industry). I read somewhere that he failed to invest in Facebook and Google in their early years all because of his dislike with new technology or trend. Anyway, I am sure that Bitcoin and the whole cryptocurrency industry does not need the attention and advice of Warren Buffet and in the same manner he does not need this industry as he is already very rich no matter what will happen to the global economy. Let's just leave things at that.

[Malam90]

At the end of last February, Warren made a sensation again by saying that BTC was only a Delusion. He also said that BTC does not have a unique value, BTC cannot make a profit.

Warren Buffet always praised blockchain technology, but he never praised BTC. I think he is not objective.

but on the other hand, the Warren Buffet company has a large loss of $ 4.3 billion. I don't like this person, he always has a bad statement to make the crypto market fall.

He praised Blockchain technology but he ignores Bitcoin, this is radiculas from the point of view. This type of person should be avoided and  shouldn't heed upon their words.