Bitcoins labelled a gambling device

[DreamStage]

He most likely assumed that Bitcoins are labelled as a gambling device or system due to the progressiveness on how more Casinos are coming to life.
You can see more and more Casinos including the ones in real life providing Bitcoin as a payment option for the gambling currency.
In some parts he's right but not in general where Bitcoin is considered a cryptocurrency for virtual transactions.

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[crwth]

I know a lot of people have used bitcoin for gambling purposes, but I don’t think it would be considered as that. In general,  it should be considered as a way to transfer money/value to other people as the real purpose. It should be eliminating the middleman in those transactions. Maybe Warren Buffet doesn’t know why it was created and is already judging the technology. He had his time as the prime, but now, we are on The technological world. It has been a great time knowing that he became the number one richest person. I think that is already okay.

[Pattart]

He most likely assumed that Bitcoins are labelled as a gambling device or system due to the progressiveness on how more Casinos are coming to life.
You can see more and more Casinos including the ones in real life providing Bitcoin as a payment option for the gambling currency.
In some parts he's right but not in general where Bitcoin is considered a cryptocurrency for virtual transactions.

because the fact is that bitcoin is very perfect to use as a currency in gambling. more practical than coins in casino, more flexible, and certainly anonymous, making users free to gamble in any country, even though there are restrictions in that country, its natural to labelled like that

[Artemis3]

Here is the original article: https://www.foxbusiness.com/business-leaders/warren-buffett-bitcoin-is-a-gambling-device

Warren Buffet is obsolete, he doesn't even know what Bitcoin is:

“[Bitcoin] doesn’t reproduce. It doesn’t speak to you. And it doesn’t do anything. It’s like a seashell or something, and that is not an investment to me”

“I’ll tear off a button here, and we’ll have this as a little token, and I’ll offer it to you for a $1,000 and I’ll see if I can get the price to $2,000 by the end of the day,”

“People will create a gazillion of them naturally. There’s been a lot of fraud connected with them; there have been disappearances. So there has been a lot lost on it.”

This just in: People use USD for fraud too!

[DrDoctor1234]

If it does end up being classified as a gambling device, then at least you can't get taxed.

[Siren]

Well in some ways Warren Buffet is right because cryptocurrency investing is risky like gambling as the volatility and the decentralized is hindering us to be accepted by the world
Maybe what he wanna say is that if you are investing in bitcoin then you are gambling the money involved and may lose in a matter of short time likw gambling playing

[Malsetid]

He most likely assumed that Bitcoins are labelled as a gambling device or system due to the progressiveness on how more Casinos are coming to life.
You can see more and more Casinos including the ones in real life providing Bitcoin as a payment option for the gambling currency.
In some parts he's right but not in general where Bitcoin is considered a cryptocurrency for virtual transactions.

because the fact is that bitcoin is very perfect to use as a currency in gambling. more practical than coins in casino, more flexible, and certainly anonymous, making users free to gamble in any country, even though there are restrictions in that country, its natural to labelled like that

I doubt though that that's what warren buffet was pertaining to when he called it a gambling device. It's more of bitcoin not being anchored on any physical asset. There's nothing backing it up aside from speculation and the crypto community. Of course that's what he's going to say lol. All his statements about bitcoin seem to aim in bringing btc down. I just think he doesn't understand it yet or he doesn't really want to.

[uray]

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.

This is not the first time we hear a negative approach from Warren Buffet regarding bitcoin and it will not be the last time, he is an old guy who is not aware of the technological improvement and i really doubt whether he understands what bitcoin is all about, i am sure he understands how the market moves, but Warren being a stock guru who made his fortunes in the stock market he might find it difficult to understand the entire decentralized concept of bitcoin.

[Slow death]

What do you guys think ?

Just look:



His opinion does not affect the market, people do not care what he talks about bitcoin, so why are there still people who waste their time posting what he talks about? maybe some people want to gain visitors on their sites by posting what he talks about?

[niguezz]

I guess that he thinks cryptocurrencies are dangerous for what he achieved throughout the years. His position in the modern economic world is very strong, and upcoming changes in economy strongly corelated with blockchain technology and cryptocurrencies are going to undermine his legacy and devaluate his opinions. He don't want this change, so he demonizes it.

[XCANA]

categorically, will not blame whosoever that labelled Bitcoin as a gambling device becasue that's there understanding of a new technology; that's welcome by it lovers. Using Bitcoin for gambling platforms doesn't equal that is a gambling device, maybe he's saying that the rate at which online casinos are using Bitcoin has increase than before and then labelled it a gambling device.

[finzyoj]

As I've read the title of your thread, I thought you will be discussing about the beginners or uneducated people not only about btc but to the concept of crypto as a whole which have a bad impression to it but I was wrong. As I was reading the content of your post and bumped to Buffet's name I suddenly nod (in a bad manner) and think of "Okay! Another public stunt again ".

Bitcoin is not only a gambling device, everyone knew that. It is only one of its applications. Besides, what's wrong if it was used as a form of payment for gambling? I don't see any thing bad against that. Warren Buffet is a well known antagonist of btc, don't believe on his FUDs. He was just threatened because there are chances for btc to beat fiat in the future thus he is scared to get kicked from his throne.

[otandelapaz]

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.

There's nothing disrespectful if Bitcoin is considered as a gambling device. As long as it is legal in your area. And as long as you play responsibly.
In my opinion, using Bitcoin for gambling is positive because its shows that Bitcoin is recognized as a trustworthy and legal way of payment.

[pixie85]

There's nothing disrespectful if Bitcoin is considered as a gambling device. As long as it is legal in your area. And as long as you play responsibly.
In my opinion, using Bitcoin for gambling is positive because its shows that Bitcoin is recognized as a trustworthy and legal way of payment.

Do you really don't see that reducing independent money to a gambling device is disrespectful? He's trying to belittle it and make it look less important and less real than it really is. He can see a growing economy that is beyond his comprehension and it makes him angry. Maybe he thinks that bitcoin is attacking the current world order and he made money there so he stands to protect it?

[nauane]

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.

People invest in bitcoin with the hope that they will sell when its price grow higher. Platforms like bitmex are used where people short and long bitcoins to gain profit. The main purpose of Investing in Bitcoin is not gambling, its the usage which makes it look like a gambling activity.

[MakeMoneyBtc]

I think people overestimate the opinions of Warren Buffett and rich people. Don't get me wrong, I respect this man for its knowledge and for what he became but this doesn't mean I will trust 100% whatever he says on everything. People are sometimes wrong, even the smartest ones, and this could be the case here. I think Buffett made his opinion related to bitcoin as soon as he find out about it and that's never going to change because no one wants to accept that he's wrong especially not such kind of people.

[rodel caling]

My answer is not because bitcoin is a form of new gold of treasure gives opportunity for those people want to earn for long term hold.
Even the fiat money of any kind of things that have value is they can use for gambling therefore people choices want they want to use bitcoin or their valuable things. Everyone has an own opinion about bitcoin so we need to respect it.

[Leonardo7]

Good things that are built to last take time for development and eventual acceptance. Bitcoin is still young as to what it aims to achieve, and we shouldn't forget that the government and the banks think bitcoin was created to take financial power from them, hence they are fighting with all their might to see how to keep it under check since they can neither control nor destroy it. So Warren Buffet supports the banks, and he will have to defend his business line until something takes a drastic change in the future. 

[Afnan_faizah]

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.

Of course bitcoin investment in general is not a gambling but honestly if there are some newbies who don't know about bitcoin and how it's market works then those newbies start to do day trading then I think it is a gambling. Hold bitcoin for long term is not a gambling because the price will rise but day trading that done by newbies who don't have skill then it is what I call gambling.

[samputin]

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)