Bitcoins labelled a gambling device

[Rooster101]

Warren Buffet might be too old to understand how the cryptocurrency and blockchain technology works. His mind is is well-focused on the daily activities in stock market and on his stock investments so he did not have enough time for the crypto market. We already knew in this forum that bitcoin or any cryptocurrency is a kind of virtual currency that can be use in any online transactions and can be traded. Gambling is said to be a game of chance and bitcoin is a not a game but a currency.

[naufals4]

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.

yeah many say that if you play with bitcoin or cryptocurrency it is tantamount to playing gambling because we are hoping for a significant increase given by bitcoin as before but that is not necessarily the case. be bitcoin if you hope that by getting direct profits it can be considered as gambling. for me i would like to use bitcoin as it should be like doing transactions and others but this bitcoin can also be an investment tool for the future

[n0ne]

Soon after its existence bitcoin was much used as a token carrying value. Further the same got its increased usage on gambling and for illegal transactions. When popularity of bitcoin keeps growing people began to understand the true value of bitcoin and the same gave it multiple usage, importantly gambling industry is the one that helped with the increased circulation during the early days.

[Ben K.]

he needs to stay in his lane

[Indrawan77]

I think mr Warren is too narrow minded, he only accepting old traditional investment and doesn't want to learn something new, all investment are like gambling but if we focus on the potential then the chances we making profit is going to be bigger and for me bitcoin is not created to be investment, but more as a new transaction payment system

[odolvlobo]

Nothing should be seen from an old business man who accustomed himself with the outdated analogistic method of business, they are very behind the digitalistic world, so, nothing far from this should be expected from them.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.

But your signature promotes a cryptocurrency gambling site!

[Alpha0One1]

Old school investors like Mr. Buffet and Mr. Dimon will have difficulty finding value in new technologies like cryptocurrencies.

GenX and Millennials are the ones seeing the possible huge change in the financial system that Blockchain and cryptocurrencies  could bring to the world.
The evolution of internet is bound to include the financial system that's why Mr. Nakamoto tagged the "Times Bailout" in the Bitcoin genesis block.

[uneng]

The intention with the comparation between gambling and bitcoin was to be disrespectful, to underestimate bitcoin potential, proposal and usage, as many people see gambling in a negative way. However, thinking deeply about gambling concept, what isn't gambling in life?
We are gambling each new day on the big or small choices we make. If it will be bad or not, we have to wait to see, no one can assure for now, Warren Buffet or anyone else.

[CryptoGamblingSites]

Clicking threads on bitcointalk is a far bigger gamble than bitcoin

For example:

https://bitcointalk.org/index.php?topic=5139678.0

[BlackFor3st]

Gambling device is not very appropriate to define bitcoin. Though we have different opinion about bitcoin so we cannot blame him if he will labelled it as gambling device.

Though he is a well known person but only idiot people will believe him especially if you are in crypto community. If you know bitcoin already and you've been using it wisely then you can surely say that his opinion is very shallow. And I am pretty sure that he never used bitcoin or if he uses it, only in rare conditions.

[jseverson]

You have to acknowledge that plenty of people use Bitcoin in this way though. Given the market's volatility and the tendency to grow (and lose) money instantly, what crypto investors are doing could be described as gambling. Not that that's a bad thing.

We can't really shake off these labels until Bitcoin establishes its utility beyond speculation and store of value. We're seeing plenty of progress on that end, so it's only really a matter of time.

[Alpinat]

Warren buffet actually doesn't really know what bitcoin is like. For him it is just a scam and it will pop out in the future. Now he is saying that bitcoin is a gambling device which is not applicable in bitcoin. I believe he will enlighten after bitcoin increase in the future.

[Johnzky]

Im afraid that warren buffet still functional om our conversation here in.crypto?and most specially when we talk about bitcoin?because from the very start everytime this man opening his mouth all the comes out is bad words towards Bitcoin so i am asking myself why we still need to entertain the man?what you think mate?

[Jating]

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.

Well that is his own opinion, and we all know that Warren B. really hates bitcoin so don't be surprise by such statements.

Of course bitcoin can be used as gambling devices but it doesn't mean that it is created for that sole purpose only. We all know that bitcoin is being treated as a investment and online payment scheme and that is the thing that Warren Buffett didn't understand. All he see is the negative things about it.

[TravelMug]

What do you expect from a old fart like Warren Buffett?

Obviously, he is anti-crypto that's why he continues to religiously attack it whenever he has a chance in the media.

So no need to give him attention though, bitcoin though has proven many times and let us see his reaction once he see the price goes to the moon and he misses the boat again and expect him to give bitcoin a bad mouth.

[leonair]

Because Bitcoin is money, a digital money... and gambling involves money.

Respect to Mr. Warren Buffet but he's too old to get an advise from him with the modern technology that's occuring these days so I'd not take his statements very seriously in this matter and besides they've a lot of advisers backing him with his decisions nowadays.

Anyone can give their sentiments regarding to Bitcoin no matter how good or bad it is and we can't stop them if they hate it or not but the bottom line is it'll continue despite of negative outputs.

[Farma]

Warren buffet actually doesn't really know what bitcoin is like. For him it is just a scam and it will pop out in the future. Now he is saying that bitcoin is a gambling device which is not applicable in bitcoin. I believe he will enlighten after bitcoin increase in the future.

well, we know that everyone is free to argue about this. but it seems like he doesn't really know that. well, maybe just those who saw bitcoin, they would think that it was indeed related to gambling. but, in general, they are right. bitcoin is digital money, so there will be people who use it as a tool for gambling, even fiat is like that.

[rahmatullah9305]

I do not agree with what Warren Buffet said, in my opinion bitcoin is a digital asset that we can analogize with gold but in digital form. Speculative nature in market trading is not the same as complaining luck, here we are familiar with the term fundamentalist. if you always associate bitcoin trading is gambling, then they should audit their forex market first because the point is the same different from Egypt, the minister of the Indian economy itself is even more ridiculous, they issued a bitcoin statement is a ponzi scheme I think they just "just know" and "don't understand" if they trace what China did, in the end they will change their statements slowly, even though China hates it very much, but eventually they make a breakthrough by developing e-fiat algo to mediate .

[chengha937]

Labelling bitcoin as a gaming machine is an understatement. Well it’s true that bitcoin can be used in gambling but it does not mean that its a gambling device. Bitcoin being a digital money does not translate to being a gambling device.

[rdbase]

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

Their generations belief in something of value should be relatively stable like what he is involved with being stocks and bonds. He has said bitcoin is a passing fad and will more then likely fail in the end.
Well 10 years later he was wrong because it has grown and strives to out do those stocks and even oil and gold to some extent.
https://coinidol.com/bitcoin-surges-stocks