[2019-05-05] Warren Buffett Calls Bitcoin A Gambling Device

[ruthbabe]

Warren Buffett has never been a big fan of Bitcoin. In the past, he has called out Bitcoin as a scam and made predictions of its demise. According to a recent publication, he has again bashed the crypto leader.

“It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything,” Buffett stated.

Though Bitcoin continues to be challenged by a couple of shortcomings, it is far from being a gambling device. Additionally, it has produced quite a lot in its existence and it is hard not to imagine that the only reason Buffett is not a fan of crypto is that it poses a threat to the system that has enabled him to become the multi-billionaire he is today.

Source: ZyCrypto

We know that Warren Buffett is super rich, he's a multi-billionaire and a philanthropist. But I do not believe everything he says is right. You guys, do you believe Bitcoin is a gambling device?!

[coolcoinz]

Let me break it down:

It’s a gambling device… there’s been a lot of frauds connected with it.

Still much less than with fiat money, especially USD. We all know that USD is the favourite currency of drug dealers and mobsters.

There’s been disappearances, so there’s a lot lost on it.

Are we talking in riddles now? Could you be more specific? Nothing disappears in the blockchain it's all there. You can lose keys, you can lose value, but bitcoin dioes not disappear. One man's loss is another man's gain, you should be aware of it as an investor.

Bitcoin hasn’t produced anything.

It sure produced a lot of millionaires, jobs, hype, taxable income, we could go on and on...

[Lucius]

I have to admit it really surprises me that users of forum related to bitcoin / cryptocurrency so hold to the opinion of a person such as Buffett. After he called the bitcoin users charlatans and bitcoin rat poison squared his thinking should not be worth mentioning at all.

Many people appreciate it because it's rich, and because he know how to make more money. But he also making mistakes when it comes to investment, and losing billions of $. Last year he was buying Apple stocks, and then he lost over 3 billion $ on that deal, but nobody paid much attention to that.

People like him are past, and he will soon perish same as his buddy Jack Bogle who say : "bitcoin should be avoided like the plague".

[BitHodler]

People like him are past, and he will soon perish same as his buddy Jack Bogle who say : "bitcoin should be avoided like the plague".

He couldn't care less about anyone's opinion here, and it's not that he's missing out on a life changing opportunity by ignoring Bitcoin. The only thing you can blame him for is speaking out against something he sees no value in.

Buffett also trashes gold, so it's not that he's solely against Bitcoin. It doesn't produce anything for him, neither for any of us here. By hodling and screaming Bitcoin is life changing we can only hope that the price goes up.

[gentlemand]

I have to admit it really surprises me that users of forum related to bitcoin / cryptocurrency so hold to the opinion of a person such as Buffett. After he called the bitcoin users charlatans and bitcoin rat poison squared his thinking should not be worth mentioning at all.

Because there's an innate desire in many here for a Daddy to hold their hand and tell them what to think or do. Despite the boasting about financial sovereignty most are looking for authority figures.

Can you imagine the crowing if Warren turned up with a Trezor on a gold chain around his neck?

It's unseemly but more prevalent than many want to think. Same goes for many other areas too. Back in the day the Western markets slavishly followed the Chinese casinos because of their 'volume'. In reality it was 3-4 teenagers and their bots. That didn't stop them obeying their tweenie moves all the same. As soon as those fuckholes were exterminated the real people on real exchanges took over and it flew.

[Kakmakr]

Bitcoin has not produced anything? Really? How many people are creating online businesses and generating jobs and income from Bitcoin related sites? <How much money goes through this forum daily?>

My father once said to me, do not listen to rich people, rather find out what they are doing in secret and do the same. A lot of rich people will never share their secret to their success and some will even give the wrong advice to push other people down. <They would rather donate to charities and get huge tax benefits from that, than share any of their investment secrets.>  

[tyz]

I have just read the news and had to smile. Compared to his earlier statements about Bitcoin he expressed himself a little more positive. Warren Buffet has learned a little bit (at least as far as the blockchain is concerned) but he still has an enormous demand to learn at Bitcoin.
I mean, he's 88 years old, you can't expect to understand Bitcoin right away. After all, it took him years to understand Amazon, Facebook and Google. Bitcoin is another level. Give him more time.

[rodel caling]

Whatever he want called bitcoin is part of his freedom of speach, we can't blame warren buffet because I think he is very dispointed during the bitcoin bear market due to he get a lot of lose.
Perhaps in my analysis since from the start of price droppins he is number hated for bitcoin as currency, that is only I seen why warren buffet hate bitcoin.

[buwaytress]

I think it's about time we understand that journalists love baiting a known nocoiner. A couple of interviews ago, the guy's admitted that he personally hasn't researched Bitcoin and that everything he knows is second hand information based off trusted sources. So he's already acknowledged he doesn't know crap and yet journalists keep egging him on to say more... of course he's also got to figure out more ways to say the same thing.

Is a gambling device better than rat poison squared? Because if it is, is Mr Buffett actually softening his stance?!?!

Says the big gambler, by the way!

[bL4nkcode]

Saw this article and trying to share it here, but the fact that sentiments of this man towards bitcoins don't really matter, so I didn't.

I mean, he's 88 years old, you can't expect to understand Bitcoin right away. After all, it took him years to understand Amazon, Facebook and Google. Bitcoin is another level. Give him more time.

I'm afraid how an 89, or +90-year-old (for few more years) man can still understand this mathematical currency if his thoughts already opposed to that.

[1Referee]

It doesn't produce anything for him, neither for any of us here.

Bitcoin "produced" dividend income in form of shitforks. We have been generously rewarded in the last couple of years just holding it.

---

Bitcoin and other crypto currencies for most people are gambling devices. People come here to turn $1000 into $2000 before the end of the week/month/year/etc.

In the end, I think he generalizes the whole crypto space by using Bitcoin. In reality he's talking about the plenty of shitcoins that this ecosystem counts, and we can all agree that it's a complete mess. Scams everywhere. Call a spade a spade.

[hatshepsut93]

I have to admit it really surprises me that users of forum related to bitcoin / cryptocurrency so hold to the opinion of a person such as Buffett. After he called the bitcoin users charlatans and bitcoin rat poison squared his thinking should not be worth mentioning at all.

Because there's an innate desire in many here for a Daddy to hold their hand and tell them what to think or do. Despite the boasting about financial sovereignty most are looking for authority figures.

Can you imagine the crowing if Warren turned up with a Trezor on a gold chain around his neck?

I remember when Buffet was making his previous statements about BTC - rat poison and such, people on this forum were defending him, saying that he doesn't hate Bitcoin, but hates Bitcoin traders because they are dumb and just got lucky, lol. This is so weird, because this place seem to be so anti-establishment, yet Buffet, who is a part of establishment, gets so much praise, becaise he is apparently a genius trader and every aspiring trader wants to be like him.

[mindrust]

He is trying to protect his investments. Probably too old to understand bitcoin and he is afraid to invest in a business he doesn't understand. This is his famous quote by the way:

"Never invest in a business you can not understand." -Warren Buffett

That's mostly it about him. He sees bitcoin as a casino and many crypto people like me see the stock market as a casino. He wants you to play the game where he owns the casino rather than playing in the casino which we own. He doesn't understand bitcoin and he probably never will. If he did, he would be buying with both hands already.

[gentlemand]

That's mostly it about him. He sees bitcoin as a casino and many crypto people like me see the stock market as a casino.

I would say overall he's talking more about how its users are choosing to treat it today rather than the baseline technology. He's a value investor and someone taking an unemotional look at it will see speculation and little else.

When you look at it from that angle I'd say overall he's correct about it in its present position in the minds of many.

No doubt it's going to change the world. While it's figuring that out a lot of people are going to get raped.

[bigvito19]

So stocks and bonds are not considered gambling devices???

[Theb]

I have saved Warren Buffet in the past and I will still do it again now. Warren Buffet is the right guy who is asked in the wrong topic. He is the type of guy who built around his wealth looking at investments on its fair value as well as it's fundamentals which most of the cryptocurrencies we have (including bitcoin) now don't have one. When it comes to stocks I always read his books and if you are like me you will know where Buffet is getting at, assets such as cryptocurrencies are a big NO for him and you won't really make him give positive or even a neutral opinion about the topic since he is not the type of guy who sugarcoats things like this.

[Siren]

Warren Buffett has never been a big fan of Bitcoin. In the past, he has called out Bitcoin as a scam and made predictions of its demise. According to a recent publication, he has again bashed the crypto leader.

“It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything,” Buffett stated.

Though Bitcoin continues to be challenged by a couple of shortcomings, it is far from being a gambling device. Additionally, it has produced quite a lot in its existence and it is hard not to imagine that the only reason Buffett is not a fan of crypto is that it poses a threat to the system that has enabled him to become the multi-billionaire he is today.

Source: ZyCrypto

We know that Warren Buffett is super rich, he's a multi-billionaire and a philanthropist. But I do not believe everything he says is right. You guys, do you believe Bitcoin is a gambling device?!

What i do believed is Warren Buffet's Word must not be welcomed or given importance of cryptonians

What do you expected from this man that from the start saying nothing good about bitcoin?and always spreading stupidity towards our precious coins?

Move on Mate and just ignore this puppet because this will bring only panicking to the community

[TheKeyLongThumbI]

I thought he said it's a scam but now a gambling device? I bet in the future he'll change the term he use to treat bitcoin but in a positive note. Gambling device are casinos and bitcoin is a innovative tech so there is a huge difference. I'm very certain that he will say the same things if ever the internet was introduced today.

[onrise]

I thought he said it's a scam but now a gambling device? I bet in the future he'll change the term he use to treat bitcoin but in a positive note. Gambling device are casinos and bitcoin is a innovative tech so there is a huge difference. I'm very certain that he will say the same things if ever the internet was introduced today.

I am not sure why he does not consider or why don't he gives some suggestion which can help to channelize it and bring under the great use for the world. It could be the best thing to happen as the world get influenced by him and his speech.

[CryptoBry]

We know that Warren Buffett is super rich, he's a multi-billionaire and a philanthropist. But I do not believe everything he says is right. You guys, do you believe Bitcoin is a gambling device?!

In my opinion, money is a gambling device because that is the one we used in gambling. Now, right now, instead of the fiat money, one can easily use Bitcoin to do gambling online and offline. Therefore, Bitcoin can indeed be a gambling device...but am sure this is not what sir Warren Buffet is referring to. As to scams, yes that can be true but the same thing can be said about the Dollar or any fiat money for that matter. I am sure that Warren Buffet does not have anything to say really positive about Bitcoin because he does not really like it.

[Harlot]

Just to make things a little clear for members here before you judge and say Warren Buffett is a nocoiner. Buffett today announced that he won't be participating Uber's anticipated IPO as well as with other IPOs in the past with this news it says a lot on what Buffett's investment style is. Just like cryptocurrencies an IPO doesn't have any assurances on where will it go on the opening day Buffett himself doesn't know where Uber will land when the market will close. He is one of those guys that are not risk takers and wants assurances with their money which he won't really get to any crypto in the market.

[Lucius]

He couldn't care less about anyone's opinion here, and it's not that he's missing out on a life changing opportunity by ignoring Bitcoin. The only thing you can blame him for is speaking out against something he sees no value in.

This old fart could make a fortune if he invest in bitcoin back in 2013 / 2014, and I think this is an indisputable fact. Instead of that he urges people to stay away from bitcoin, calling this coin “a mirage”. His real problem is he does not see the value in bitcoin, and with his negative statements discourages many small and big investors to invest in bitcoin.

They consider him one of the most influential investor, and public follow him like a flock of sheep - so I blame him for talking about something he does not understand, and in doing so it does a great deal of damage for bitcoin.

[davidtld]

Well, of course the tecnology its not a gambling device. But the way the prices move in short term i think its kind of it. He is not completely wrong in that way. But of course he belong to another generation that its harder to understand new technologies.

[RodeoX]

He also was showing off his new "phono-telegraph machine" as he holds up a mobile phone.

Why do people think W.B. would understand bitcoin? 

It reminds me of BlockBuster video explaining why Netflix won't work.

[Vladdirescu87]

Isn't forex or stock trading a gambling device then?

[Lanatsa]

We know that Warren Buffett is super rich, he's a multi-billionaire and a philanthropist. But I do not believe everything he says is right. You guys, do you believe Bitcoin is a gambling device?!

If you've been here on this crypto world for how many years then treating this word came from these people is a must or i would say i already get used to it.
Attacking bitcoin from any angles but without even knowing these big fellas already accumulated bitcoin from behind which they do just spread out negativity for
possibility to shake up the market and creating price dumps on where these people do able to accumulate cheaper.No one knows.

[ruthbabe]

I thought he said it's a scam but now a gambling device? I bet in the future he'll change the term he use to treat bitcoin but in a positive note. Gambling device are casinos and bitcoin is a innovative tech so there is a huge difference. I'm very certain that he will say the same things if ever the internet was introduced today.

Yes, before he said it was a scam, and now he called it a "'gambling device' but sees promise in blockchain". I do not know what he really meant but I know when you said device it's something you could physically see, touch, hold or grasp by your bare hands. Bitcoin and/or any other crypto can't be because they're digital.

[shamc]

So I guess no one gambles with money, they use salt and bread to bet on the races. Bitcoin is a gamble, but it's a good one that is so far paying off really well