Warren Buffet: "Stay away from Bitcoin"

[chronicaust]

Warren Buffet is probably the most undeserving of a good reputation in the whole of the world I can think of. He is 100% a crony capitalist masquerading as some kind of lovable old long term value investor like Mr Monopoly.

Yes, so well said. He has the best publicists that money can buy, and all the dumb people just eat up the propaganda.

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[altnoob]

Buffet is famous for saying that he doesn't invest in what he doesn't understand.

He simply doesn't understand this therefore he wouldn't invest.  His comments were off the cuff.

He has been investing and making billions since many of us were in diapers.

If he wanted to invest in bitcoin he would.  He would not launch a smear campaign against it watch it fall a couple of dollars and swoop in.

When he invests, he does so in billions.  He could purchase a substantial amount of coin, he could create mining conglomerates in Antarctica ...he could pretty much do whatever he likes.

He loves money.  He is good at making it.  He is a capitalist.  He is smarter in that vein than 99.999 people on this planet.  I don't personally care much about his personal reputation as its none of my business but when people buy what he buys or sells what he sells they make money.

[bitjoint]

Buffet is famous for saying that he doesn't invest in what he doesn't understand.

He simply doesn't understand this therefore he wouldn't invest.  His comments were off the cuff.

I was going to say this. Obv he doesnt have a f*cking clue about what bitcoin is, so he just says: stay away. The always-sensationalist media does the rest.

[AnonyMint]

Buffet was relevant when we required factories, retail distribution, and a tangible world.

But the world has changed. We are moving towards a virtual economy and Buffet's capitalism is just a middle man that needs to be routed around in order to the make the economy more efficient.

This is his swan song, supporting Obama and Gneithner in order to prop up the global debt for another decade past 2007, in order to double the global debt from $100 trillion to the now $223 trillion (plus China's shadow economy debt, plus $1000 trillion in "weapons of mass destruction", plus $1000 trillion of unfunded actuarial liabilities/promises to the public in the form of social welfare and retirement).

He helped make everything worse and he is going to pay dearly for it.

Stop looking up this man. That form of capitalism is dying. The new form of capitalism is high tech. It is mostly what it is your brain. The $ is becoming a smaller and smaller portion of what is needed to develop a high tech project.

This is his swan song, predicting there won't be another major financial crash soon, when in fact the NYSE will double by 2015, then we will have global collapse 2016ish.

This is his swan song, not understanding the new money of the world and how that new money will propel the high tech knowledge age.

The industrial age is dying. China has massive overcapacity.

The future is about making unique things that people really need (such as this new technology that can predict if you will get Alzheimers by studying you eye twitching), not all this Wallstuff crap imported from Chinky land.

Stop admiring $billionaires. They are by definition dumber than when they were poorer. Do you not understand mathematically why that must be so?

It is a mathematical fact that smaller capital can grow faster because it able to chase smaller investments. Early Bitcoin investors made 1000X return on investment. That low hanging fruit is gone now. You will be lucky to make 10 to 100X from here. There will be competition for Bitcoin, because Bitcoin is flawed and will be easily regulated by the government.

Some altcoin has to fulfill that unregulated market demand, because the knowledge age will demand to be unregulated. That will be a smaller market for a decade, but then in the end it will be the larger market and surpass Bitcoin in the long run.

[Beliathon]

The model of business he invests in is dying. We are leaving the tangible capital age and entering the knowledge age, wherein you don't need large stored capital to launch a business. For example the 3D printer (which can print itself) will eventually obliterate factories, retail stores, and shipped goods. There are already 3D printers which can print multiple materials on the same object.

Absolutely correct.

We are entering the age of knowledge, and all things built on lies and deception (governments, corporations) will melt away like snow in the morning sun.

[xavier]

So far everyone has revealed themselves to be ignorant. Warren Buffet is not some aging idiot who doesn't know exactly what he is doing.


But you're also wrong that he thinks its a bad investment. Warren Buffet is probably the most undeserving of a good reputation in the whole of the world I can think of. He is 100% a crony capitalist masquerading as some kind of lovable old long term value investor like Mr Monopoly.


Warren Buffet was bailed out in 2009 or he would now he collecting unemployment benefit and for that he is paying back the global elite and US government be it ridiculous advice about how he wants to pay more tax when he pays himself a pittance so to avoid it or making high profile criticisms of Gold and now Bitcoin. His last big deal was he invested billions in the railways just before his buddy Obama decided not to allow keystone pipeline therefore needing loads of trains, cue gas explosions in small town America, trust me he really is that much of an asshole.

He is, was and will die a crony capitalist, his criticism of Bitcoin which is a threat to the global elite is just part of his role.

Agree 100%

[vpitcher07]

While i obviously don't agree with warren buffet's comments calling him an idiot for them is ignorant and just makes you look like an idiot. He's made BILLIONS from investing - he knows what he's talking about. The reason he made such comments about BTC, I believe, Is because he doesn't fully understand the technology.

[AnonyMint]

While i obviously don't agree with warren buffet's comments calling him an idiot for them is ignorant and just makes you look like an idiot. He's made BILLIONS from investing - he knows what he's talking about. The reason he made such comments about BTC, I believe, Is because he doesn't fully understand the technology.

Idolatry much.

I stand by my comments upthread.

He is dumber now. He was super smart when his capital was small and the industrial+tangible+socialism age was still young. Now it is peaking and dying with him too.

I don't hate him, but I sure don't idolize him. I don't want to follow him into his coming massive failure.

Perhaps his underlings and managers of his businesses are savvy enough to adjust to the knowledge age. We will see.

As I wrote upthread, he is correct that Bitcoin is not yet treated as a unit-of-account.

And I do think he might end up being correct about Bitcoin and wrong about an altcoin. Because I think the government is going to tax BTC as a commodity, which will insure it can't be a unit-of-account because legal tender is not taxed on VAT and capital gains. And then merge Bitcoin into some digital fiat plan (the mining is already centralized in few pools so easily to force those owners to sell to Goldman Sachs, JP Morgan, etc). I believe this is why those banks have been patenting designs for the coming plan.

So that is why I don't think you will get 1000X gains that you BTC holders are extrapolating.

As I said in my first post upthread, he is somewhat correct, but only because Bitcoin is not designed to resist government regulation.

[roslinpl]

Leave him alone he is 84 years old so I wish him 200 years of life
But perhaps he will dismissed himself in next decade or maximum two...

But I do not wish him that - this is just how it works. Isn't?

[Beliathon]

I think the government is going to tax BTC as a commodity, which will insure it can't be a unit-of-account because legal tender is not taxed on VAT and capital gains. And then merge Bitcoin into some digital fiat plan...

I think you are out of your mind if you believe any such government-bankster hijacking of Bitcoin will be even remotely successful or tolerated by the cryptocurrency community.

World governments will have no more success taxing Bitcoin than the US government has had stopping the spread of piracy or winning the insane war on drugs.

And proper decentralized exchanges are coming sooner than you think.

[ashapasa]

I love warren Buffet  , Can we say bitcoin is not risky. We folks are mostly risk takers investing in bitcoin, any conservative investor will say the same as Warren Buffet.

[AnonyMint]

I think the government is going to tax BTC as a commodity, which will insure it can't be a unit-of-account because legal tender is not taxed on VAT and capital gains. And then merge Bitcoin into some digital fiat plan...

I think you are out of your mind if you believe any such government-bankster hijacking of Bitcoin will be even remotely successful or tolerated by the cryptocurrency community.

World governments will have no more success taxing Bitcoin than the US government has had stopping the spread of piracy or winning the insane war on drugs.

And proper decentralized exchanges are coming sooner than you think.

Decentralized exchange won't help you. Because your IP address is still visible to the government, and Tor+VPN can't help you.

And the block chain is fully traceable and the available mixers won't really help you.

And CoinJoin is DOS-attackable in decentralized mode.

Sorry I speak the facts.

Eventually it will hit you like a brick. Then you will realize what the real future of Bitcoin is and that is going to be depressing realization for you.

I am not happy about, which is why I have been investigating potential solutions.

[jonald_fyookball]

I have studied and debated all of this with the core developers and won the argument.
 

I just love people who self proclaim themeslves winners of internet debates....

Your agenda to bash Bitcoin every chance you get is clear.

now please piss off... stop linking to your own threads and go away.

[AnonyMint]

Ignorance won't help you. Investors ignore facts at their own peril. Continue on.

You can find the technical discussion between gmaxell and myself in the CoinJoin thread, which is not my thread. He is the moderator as well as core Bitcoin developer. Malevolent was also in that discussion. He is the moderator here.

Go cry in your milk now waterboy.

[jonald_fyookball]

Ignorance won't help you. Investors ignore facts at their own peril. Continue on.

You can find the technical discussion between gmaxell and myself in the CoinJoin thread, which is not my thread. He is the moderator as well as core Bitcoin developer. Malevolent was also in that discussion. He is the moderator here.

Go cry in your milk now waterboy.

Damn right I will continue on... Don't be mad because I'm exposing your
pathetic MO and agenda.   This thread is about Warren Buffet and you try to turn it into
"why bitcoin will fail".

At this point, you're becoming extremely predictable. 
I wouldn't be shocked if you're a paid shill working for JP Morgan.

[AnonyMint]

You remind me of a Rottweiler. Very vicious in protecting his master, but not very smart.

My MO is very simple. I believe in decentralized crypto-currency. I am grateful Bitcoin exists and will promote it as such.

I am realistic about the flaws in Bitcoin. And I expect an altcoin to fix those issues. And then I expect the two things to coexist and we will profit from it.

You can go chew on your bone now.

[Beliathon]

Ignorance won't help you. Investors ignore facts at their own peril. Continue on.

You can find the technical discussion between gmaxell and myself in the CoinJoin thread, which is not my thread. He is the moderator as well as core Bitcoin developer. Malevolent was also in that discussion. He is the moderator here.

Go cry in your milk now waterboy.

Damn right I will continue on... Don't be mad because I'm exposing your
pathetic MO and agenda.   This thread is about Warren Buffet and you try to turn it into
"why bitcoin will fail".

The clueless fiat-troll / NSA agent has spoken!

Quick, everyone divest the only real money you have ever owned (excluding gold), and buy back into nation-state ponzi-scheme currency!

Related: https://www.youtube.com/watch?v=iFDe5kUUyT0

[Beliathon]

Sigh. Okay you two will miss your chance at 1000X gains. Fine with me. Good luck.

Hey noob, I'm doing okay. I went in pre-100. I've already gained 1400% on my original BTC investment, and completely divested myself from the very dubious, artificially-inflated dollar. You should too.

That's what happens when you buy and hold. Cryptocurrency's value increases logarithmically year over year, and there's nothing you or anyone else can do to stop it. Pandora's box has been opened.

Every obstacle the terrified governments of the world throw at crypto is a mere speedbump in the big-picture, long view of the evolution of this new technology.

[AnonyMint]

Sigh. Okay you two will miss your chance at 1000X gains. Fine with me. Good luck.

Hey noob, I'm doing okay. I went in pre-100. I've already gained 1400% on my original BTC investment, and completely divested myself from the very dubious, artificially-inflated dollar. You should too.

That's what happens when you buy and hold. Cryptocurrency's value increases logarithmically year over year, and there's nothing you or anyone else can do to stop it. Pandora's box has been opened.

Every obstacle the terrified governments of the world throw at crypto is a mere speedbump in the big-picture, long view of the evolution of this new technology.

And trees grow past the moon to ur-anus too.

Rather adoption curves are logistic.

So the question is at what point is Bitcoin fully adopted?

Most people in the world don't give a rats ass about our idealistic goals with decentralized crypto-currency.

They would prefer to use Paypal or a credit card.

So Bitcoin will only continue going up if:

1. More investors drink the Koolaid.

2. There is some compelling mainstream use of Bitcoin that we haven't seen yet.


So it is quite easy to displace Bitcoin, simply invent an altcoin that has some very important use which Bitcoin can't do, and which many people need desperately.

[Bit_Happy]

Leave him alone he is 84 years old so I wish him 200 years of life
But perhaps he will dismissed himself in next decade or maximum two...

But I do not wish him that - this is just how it works. Isn't?

If he really lives to 200, then is he an alien/human hybrid?