Warren Buffet advise not to buy bitcoin. Expect bitcoin price to collapse.

[thms]

Warren Buffet saying bitcoin is a scam:

http://www.businessinsider.com/warren-buffett-money-tips-for-2015-2014-12

How is this going to affect price?

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[Dilla]

Warren Buffett has all his investments based on the success of fiat. Bitcoin is a potential threat to fiat, what do you think his position on Bitcoin is going to be? Buffett is the biggest fudster of them all.

[Q7]

I always treat bitcoin as a long term investment and I believe once it manages to take off, the rise would be exponential. Maybe we are not seeing the progress moving so fast but I can tell you most investors will aim for quick return. What they want is basically investment opportunities that guarantee fast payoff so that they can use the money to turn to another investment. 

[TrailingComet]

Buffett is a great but he is not always right. By his won admission, he doesn't understand technology which is what btc ultimately is.
Just sayin'

[TLW]

Buffett is a great but he is not always right. By his won admission, he doesn't understand technology which is what btc ultimately is.
Just sayin'

^this

Buffett is just not the guy you turn to for evaluation of a disruptive computer technology, especially in its early stages.

[montreal]

Warren Buffet says he likes his money in fairly stable & certain investments, where major change and disruption are unlikely. It is not surprising he says steer clear of bitcoin. Unfortunately I think his advice will be quoted in a lot of upcoming articles that are critical of bitcoin and some people will take his advice. But imo this won't have any notable impact on price

[unent]

He's been saying bitcoin's shit for ages. His 2015 advice is no different to his 2014 advice.

[Armis]

He's been saying bitcoin's shit for ages. His 2015 advice is no different to his 2014 advice.

AGES?  really, "ages"?   come on ...  Bitcoin is barely 5 years old, only really active for 2 years (2013 and 2014). 
BTC nor the internet has been around for ages, heck not even electricity has been around for ages.   




As for Buffet,  if he has the pleasure to enjoy another 20 year of sanity, by that time BTC will have become
a stable, reliable, safe, and responsible currency worthy of a Buffet nod.  Until then, there's no need to look
to Buffet for his blessing; as indicated above, it simply doesn't fit his investment profile or personal character.

[NotLambchop]

...it simply doesn't fit his investment profile or personal character.

No.  There are many things Buffet doesn't understand or invest in.
His taking the time time to comment on Bitcoin & call it shit likely means just that--he thinks it's shit.
Don't overanalyze

[Armis]

...it simply doesn't fit his investment profile or personal character.

No.  There are many things Buffet doesn't understand or invest in.
His taking the time time to comment on Bitcoin & call it shit shit likely means just that--he thinks it's shit.
Don't overanalyze

Clearly Buffet is speaking of Bitcoin more out of ignorance than intelligence:

“Stay away from it. It’s a mirage, basically. … It’s a method of transmitting money. It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope Bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways and it will be. The idea that it has some huge intrinsic value is just a joke in my view.”

He's comparing bitcoin's system to checks and money orders instead ACHs and wires.    Nevertheless it cost more to process a $5000 check than $5000 worth of BTC, a postal money order cost more, a bank money order cost more, an ACH cost less but is faster, and a wire cost more than them all and faster than them all but still not faster than a BTC transaction and yet the btc transaction goes far faster.  

Based on that alone, his intelligence about the value of BTC falls flat on it's face.  Everyone know time is money, which is the only reason why people are willing to pay so much for a wire transfer, or a cash advance on a credit card.  

BTC is not a consideration for Buffet because its 'none of his business', it's not what he does, and he could do without it -- for now anyway.

Cryptocurrency is making its way around very fast, anything tied to the internet has a way of doing that. 2015 will be a better year for crypto, but as soon as we clean up the crypto trash (scams, schemes, and foolishness) we will produce billionaires, trillionaires, and quads (quadriliionaries). No other industry can produce such wealth.   All we need is security, real security and mega wealth is on the way.

[ElectricMucus]

as soon as we clean up the crypto trash (scams, schemes, and foolishness) we will produce billionaires, trillionaires, and quads (quadriliionaries).

So essentially get rid of everything this community is made of.

[Mieehayii]

is this advice form Warren Buffet? lol, i think i should buy a lot.

[NotLambchop]

.@Armis:
A claim was made that "[Bitcoin] simply doesn't fit [Buffet 's] investment profile or personal character."
In response, i pointed out that there's a bit more to it than that:

There are many things Buffet doesn't understand or invest in.
His taking the time time to comment on Bitcoin & call it shit shit likely means just that--he thinks it's shit.

Note my lack of comment on teh validity of Buffet's thinking, or on Bitcoin being the awesomest thing ever.
Not an oversight on my part--I actually meant not to opine, because don't care

[thms]

no matter whether he's right or wrong, the guy is viewed as an investment God, so surely a massive number of people will stay away from bitcoin.

[Cassie.Jill]

He is no longer a lucky dog again, just any other experts suggest you buy, we can listen to him, then do trading as usual

[bitcoin_bagholder]

...it simply doesn't fit his investment profile or personal character.

No.  There are many things Buffet doesn't understand or invest in.
His taking the time time to comment on Bitcoin & call it shit shit likely means just that--he thinks it's shit.
Don't overanalyze

Clearly Buffet is speaking of Bitcoin more out of ignorance than intelligence:

“Stay away from it. It’s a mirage, basically. … It’s a method of transmitting money. It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope Bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways and it will be. The idea that it has some huge intrinsic value is just a joke in my view.”

He's comparing bitcoin's system to checks and money orders instead ACHs and wires.    Nevertheless it cost more to process a $5000 check than $5000 worth of BTC, a postal money order cost more, a bank money order cost more, an ACH cost less but is faster, and a wire cost more than them all and faster than them all but still not faster than a BTC transaction and yet the btc transaction goes far faster.  

Based on that alone, his intelligence about the value of BTC falls flat on it's face.  Everyone know time is money, which is the only reason why people are willing to pay so much for a wire transfer, or a cash advance on a credit card.  

BTC is not a consideration for Buffet because its 'none of his business', it's not what he does, and he could do without it -- for now anyway.

Cryptocurrency is making its way around very fast, anything tied to the internet has a way of doing that. 2015 will be a better year for crypto, but as soon as we clean up the crypto trash (scams, schemes, and foolishness) we will produce billionaires, trillionaires, and quads (quadriliionaries). No other industry can produce such wealth.   All we need is security, real security and mega wealth is on the way.

An infinite number of cheques can be printed and distributed to be put in use, as opposed to a max of 21 million bitcoins.

Bitcoin is a payment system with a built-in unit of account. The unit of account has to have a value attached to it. I'm waiting for bitcoin to grab a good chunk of the remittance market. A 5 billion market cap wouldn't be enough. 

[ElectricMucus]

bitcoin_bagholder, your username is ironic if it's meant to be sarcastic.

[bitcoin_bagholder]

bitcoin_bagholder, your username is ironic if it's meant to be sarcastic.

My username was chosen in jest. I'm a Bitcoin supporter holding for the long haul. The naysayers will call me bagholder. 

[Miz4r]

I've seen this exact same thread at least twice in the past, I believe the last time was just before the run up to 1000+ last year...

[Wilhelm]

If you had a billion dollars would you want your investment in fiat to go to shit?

That said I would still throw in a few million for fun 😀