Bitcoins labelled a gambling device

[fiulpro]

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.

[avikz]

The community has started ignoring Mr. Buffet's advice on bitcoin. It's true that he is indeed a legendary investor himself and also a admirable businessman. But without any disrespect to him, he can't be right in everything! He has his own expertise and he is great at it but when it comes to cryptos, he is an avid naysayer! He will keep on saying the same thing over and over again and it wouldn't have any impact on the market!

However, I am surprised that the article also talks about his investment in Paytm and StoneCo Ltd because none of these companies are anywhere related to blockchain or cryptos. They are strictly payment processors and uses fiat money with few additional benefits. But since GooglePay came into the picture, Paytm is loosing their market share very significantly! But they are nowhere related to crypto market!

[normanz]

Depending on the content of the heart, if someone does not like bitcoin, they will think bitcoin is gambling and even consider it a ponzi scheme. No need to think dizzy with other people's words, and most importantly your own belief in bitcoin.

[Bitinity]

Depending on the content of the heart, if someone does not like bitcoin, they will think bitcoin is gambling and even consider it a ponzi scheme. No need to think dizzy with other people's words, and most importantly your own belief in bitcoin.

A hundred percent agree. People are free to speak their mind and it is common thing that there are always pro and cons on everything in this world. In this case, Warren Buffet is indeed a well known experienced investor but   it is not a reason to trust what he says. If we believe that bitcoin is good then we should not care when there are some others says the opposite.

[Script3d]

I don't know warren buffet that much but i think the reason why he sees bitcoin as a gambling device because it doesn't make money, and it contains alot of risk compare to traditional stock, his opinion about bitcoin is irrelevant for me, but i can't really blame him of how he views it.

[Ailmand]

Depending on the content of the heart, if someone does not like bitcoin, they will think bitcoin is gambling and even consider it a ponzi scheme. No need to think dizzy with other people's words, and most importantly your own belief in bitcoin.

A hundred percent agree. People are free to speak their mind and it is common thing that there are always pro and cons on everything in this world. In this case, Warren Buffet is indeed a well known experienced investor but   it is not a reason to trust what he says. If we believe that bitcoin is good then we should not care when there are some others says the opposite.

Seconded, whatever an expert, influencer, known personalities say, you will have your own opinion about things. It is their own opinion and it doesn't really imply that you must have the same as them. You can use their opinion as an idea or something to compare your idea with, but in the end, you will stick with what you think.

[Beerwizzard]

All cryptocurrencies in general may be considered as a some kind of gambling. And only markets like BTC and ETH are a small exaption simply because they are more mature than the others. But the other shitcoins and the way people trade them are surely may be considered as gambling. I've already seen many people around this forum (especially somewhere around trading sections) that are buying like 10+ shitcoins and waiting until they get lucky and at lest one of those shitcoins will moon like it was for example with ETH. IMHO that's a pure gambling.

[okala]

How can bitcoin be likened to a gambling device do we now play games on the bitcoin as a currency, the fact is bitcoin is a machine that is run by different components and all working toward the same direction. But were we are heading and were we will be in the future is unknown to all of us.

[squatter]

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.

It's somewhere in between. I think it's no secret that many Bitcoin investors are speculating on its future value more than anything else. Betting on whether Bitcoin will take off or realize mass adoption is a matter of speculation. It's a gamble. Any number of things could happen today or tomorrow that will hamper adoption.

The odds in favor of Bitcoin's success are getting better everyday, though. In several more years, it may not be fair to call it a gamble anymore.

[vv181]

At least he stands strong on his opinion, not like JP Morgan who makes a complete U-turn. Regarding the opinion, I don't think it is disrespectful for the community, we should aware that he is an old-school investor, but the currency world is vastly changing, and today generation should be more aware and able to understand Bitcoin as a general especially in term to be the solution of the conventional currency that heavily relies on trusts.

[xvids]

Depending on the content of the heart, if someone does not like bitcoin, they will think bitcoin is gambling and even consider it a ponzi scheme. No need to think dizzy with other people's words, and most importantly your own belief in bitcoin.

Yep strongly agree with you .
It all depends on us some see's it that way because of their own reason.
But if we could correct them why not talk to them about it .
But I think he stated it because most of the crypto owners are gamblers.

[pixie85]

He doesn't know what he's talking about again. If I came to a mechanic and told him how to repair cars he would kick me out.
Warren doesn't research bitcoin and he's not invested but he keeps going on and on about how stupid the idea is. I guess he can't get over being wrong about it years ago.

We should really give him less air time. He's too old to grasp the idea.

[Genemind]

As for me, it's a yes. Just like gambling, we have to take some risks and it depends on the market situation if we're going to have a good gain or lose our earnings. Our investments serve as our bet and our profits serve as our winnings. The volatility of Bitcoin is the main reason why it's comparable to gambling.

[thesmallgod]

Well that is his own opinion. We have so many people also talking about bitcoin being a scheme. To the best of my knowledge and experience, I have come to realize those people that have negatively vocal about the use of bitcoin do not know how bitcoin works because if they are aware, nobody will term it as a gambling device. Everything we do in life involve risk. Even our businesses and all decision we take in life involve risk. Maybe he is talking about the risk involved in using and holding bitcoin which is also the same as other currencies

[odolvlobo]

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

[boyptc]

Who cares about what he say? we're already done with everything that he say.

He keeps on flaming bitcoin and I think he should stop talking every useless word he say about bitcoin. I admire him as one of the best investor but he needs to take a rest if the topic is all about bitcoin, we'll never hear him say something good about bitcoin.

[ralle14]

I don't find it disrespectful when he said it can be a gambling device since it's somewhat true there's a risk in having Bitcoin we can't avoid the way it fluctuates. What annoyed me in the clip is when he compared Bitcoin to a seashell it shows that no one should listen to what he says about Bitcoin.

[okala]

I don't find it disrespectful when he said it can be a gambling device since it's somewhat true there's a risk in having Bitcoin we can't avoid the way it fluctuates. What annoyed me in the clip is when he compared Bitcoin to a seashell it shows that no one should listen to what he says about Bitcoin.

He has always said worst things about bitcoin, he was the same person that said bitcoin is a bubble waiting to burst some time ago and nothing have happen to bitcoin uptil now so I think it high time we stop taking his word's serious because to me he is just like all the other whales who have being looking for ways to bring bitcoin down.

[kaya11]

He is not totally wrong when he said that. This is an investments and it could also fail. There is no assurance at all and we should not think that it would always go as what we have predicted. We don't know the unseen here and anytime the value of our investments can go to zero and that is a total lost so we are just making a hunch here. Two outcomes are only available, win or lose.

[Becky666]

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

Nothing should be seen from an old business man who accustomed himself with the outdated analogistic method of business, they are very behind the digitalistic world, so, nothing far from this should be expected from them. Bitcoin is not a gambling device rather is a digital currency with the sole aim of been a  payment method as an alternative to fiat to those who need freedom and transparency.