Warren Buffet: "Stay away from Bitcoin"

[ns12123]

Well this is not for old generations.

[corebob]

As far as I can tell he was quite positive about bitcoin this time around.
The fact that bitcoins doesn't have intrinsic value is a no brainer really. Its what the bitcoin represents, or what you can get for it that has intrinsic value.

[hyunsookmom]

Well this is not for old generations.

What dumb ass ageist thing to say. I know plenty of 20 year olds that have laughed at the idea of Bitcoin. While you have people like Ron Paul recognize its ability to become a major force. Seems like sexism, racism etc is jumped on these days but people can be ageist without a single person questioning it. Age doesn't mean ignorant, you posting that however means you are.

[meAbdullah]

....
the markets need not care about your lack of understanding.

The ironic thing is, the whole "lack of understanding" comment was exactly the same thing that that people made fun of Buffet for right before the tech crash.  Buffet said the companies were being overvalued because the cash flow didn't support the valuation.  People laughed at him for not understanding new financial metrics like "value per page views".

Then most of those people promptly went broke.

Many others besides Warren Buffet predicted many things that come out dot on. Before Lehman Brothers, say just 3 years after the Nasdaq bubble burst when the authorities had to pump up the stock markets (2003), many people already warned about the coming housing bubbles. People too were openly saying the 'strongest' US banks like BoA, and some others heavily invested in derivatives, had  zero net worth. It was proven in 2008 when BoA/Citi's shares drop to a dollar a piece. So there are smart and sharp people around all the time, not just Warren Buffet. We too can list many, many stupid bums around.   

God created the world and also, at this point in time, gives permission for Bitcoin to come into being - according to His image. The image and design just happens not to be compatible to the image of what Warren Buffet think is a huge BTC making opportunity - so he cannot partake of its grace, Opps! So the right thing for him is that he should not get involved; or he could not get involved, at least not at this point in time.

Buffet got it right about the bursting of the Nasdaq tech bubble and so did many, many others. With some hindsight, not rocketscience, Tech companies are just corporations and any corporation building on hope may vanish if reality finally deviate far from the initial hope and wish. Bitcoin is indeed a completely different beast and Buffet's whole "lack of understanding" is correct - at least in my view and opinion. No one person or organization, in general, can control the character of bitcoin or the way it would develop. Open source means it is truly democratic, decided only through the consensus of the internet - and the internet means the whole world nowadays!

Intrinsic values are relative as all of us know and even talking about the intrinsic values of things is extremely boring. Just say, for simplicity, that value, like beauty, is only in the eyes of the beholder or valuer. (Stupid) People can say whatever they like about why something with no "real" existence like 1 bitcoin should never be valued almost equal to half an ounce of gold. Why should it not be? Can anyone answer. Or can anyone give the true valuation of bitcoin as at today. Warren Buffet too don't have an answer. We have to decide for ourselves what the value of bitcoin should be or whether it has a future.

[LiteCoinGuy]

Whenever I want tech advice, I always ask a senior citizen. 

true visionär 

[bananas]

"Buffett also said he would steer clear of bitcoin. Buffett said the cryptocurrency is an effective payment system, but “so is a check.” The idea that bitcoin has some “intrinsic value is just a joke.”

If you could argue back, you could point out the intrinsic value of the us dollar is a joke as well, but it seems to work as method to store value and is the backbone of the US and much of the world's economy.

Dollar does not have intrisic value really, that's why 1 dollar is worth nothing more then one dollar and you can only obtain thru' your work that has a value to others.

[bananas]

People are pissed, but Warren just said a fact.

Bitcoin is just a money transfer system. A valuable technology if it were not open source. The currency aspect is fictional, and does not have any INTRISIC value.

As for "Scarce", it is not. One bitcoin contains 100 million satoshis, and can be changed in the source or swtching to other system of same technology.

[roslinpl]

His 4th largest investment is a $12.5B holding in IBM.

Ok ok
You got me. IBM is IT company indeed

So when he is telling to stay away from Bitcoin we should listen to him?

He was not tempted to buy into the it-bubble around 99/2000 and survived the it-crash while other investors lost billions.
He got many billions, how many do you have?
So don't underestimate him.

I have none :-)
But because of bitcoin many people get rich. Isn't?
I just underestimate him as a bitcoin expert (and IT expert).

[btcxyzzz]

just another NWO puppet. completely irrelevant.

[HappyFunnyFoo]

Warren Buffett is being generious with his praise of Bitcoin.  Bitcoin is the tulip of the 21st century, destined to be obliterated by a better-implemented altcoin.

[QuestionAuthority]

just another NWO puppet. completely irrelevant.

And a leading member of the Illuminati. lol

[roslinpl]

just another NWO puppet. completely irrelevant.

Maybe :-) but we will show them our NWO.

[RixDollar]

Anyone calling Buffet an "idiot" clearly does not understand the history and depth of this man's successful long history of entrepreneurship and investing.

But his long-time success does not preclude him from being wrong, as he was with internet investments not so long ago.

Clearly he appears to be wrong again.

I wonder how much of this recent statement regarding Bitcoin comes from him directly, and how much comes from his advisers.

[fran2k]

Remember, this is the same guy that said to avoid investing in internet companies.

Ahahah, really?

This happens when some guy which has not born playing videogames tell you things about disruptive technology.

[Feri22]

Warren Buffett is being generious with his praise of Bitcoin.  Bitcoin is the tulip of the 21st century, destined to be obliterated by a better-implemented altcoin.

Oh my god, another florist. Please explain to me what has a flower to do with Bitcoin protocol? Can you send with your tulip on sunday at 1pm money from China to USA without middle-man within 1 hour almost for free? No? So stop comparing it...you guys with your tulips. If you really believe it is the same, why are you even here man/woman? Your comparison is just stupid, i am sorry to being rude.

[SLAPMODE]

just another NWO puppet. completely irrelevant.

And a leading member of the Illuminati. lol

hereeee we gooooo >>

http://images2.bidorbuy.co.za/thumbnail/458/2264458/2264458-2668276271-l.gif


*~=)

[Feri22]

Anyone calling Buffet an "idiot" clearly does not understand the history and depth of this man's successful long history of entrepreneurship and investing.

But his long-time success does not preclude him from being wrong, as he was with internet investments not so long ago.

Clearly he appears to be wrong again.

I wonder how much of this recent statement regarding Bitcoin comes from him directly, and how much comes from his advisers.

If he will be wrong (if bitcoin will have 100x more value than now for example - so investors would make money), can we remember these moments and THEN call him an idiot please?   If he will be right, we will all be just idiots here anyway, so what does it matter

[xyzxyzxyz]

Bitcoin has outperformed Berkshire Hathaway. Warren Buffett bought BRK at $8 in 1962 by 2013 it peaked at $178,900, an increase of 2,236,250%. Bitcoin went from $0.01 to $1243, a 12,430,000% move in 4 years.

[bitcasino]

Buffet is an investor, not a speculator.
Investing in bitcoin now is just pure speculation.
He would never invest in something he is not sure it will still exist in 10 years.
Plus if you buy bitcoin and you don't sell them, you don't get any dividends.

[Gabi]

Well this is not for old generations.

What dumb ass ageist thing to say. I know plenty of 20 year olds that have laughed at the idea of Bitcoin. While you have people like Ron Paul recognize its ability to become a major force. Seems like sexism, racism etc is jumped on these days but people can be ageist without a single person questioning it. Age doesn't mean ignorant, you posting that however means you are.

Well that excalated quickly