Warren Buffet saids: “Stay Away From Bitcoin”

[ijphlrnxewho]

One of the high ranking family member of the 13 inbred terrorist European Bloodline "Warren Buffet" tells his fans & investors to "stay away from Bitcoin."

You can find his excuses in the following articles below:

https://www.cryptocoinsnews.com/warren-buffet-stay-away-from-bitcoin/
http://www.forexminute.com/bitcoin/warren-buffet-oracle-omaha-suggests-investors-stay-away-bitcoin-2015-52383


Do you have any thoughts?

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[LiteCoinGuy]

he said that MONTHS ago dude... 

[vvv8]

This old man isn't tech Savvy , and doesn't understand the true potential of bitcoin .

Therefore , he can stay sat in a corner letting hot air slip between his crinkled nasty ass for all i care .

Unless you understand something , don't try or pretend to be an expert


i think he's in on a joke tho

[mindrust]

Warren Buffet is an oldschool master. (master of the masters actually)

I would listen whatever he says. I am not saying i would do whatever he says but what he says there is important to me.

BUT,,

“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.”

This answer is so god damn stupid. The ways he mentioned, non of them provides the anonymosity and more importantly they are not free. He is right about one thing though, btc is only good for transferring money for now. Volatility is killing this things true potential.

[Warren Buffet]

One of the high ranking family member of the 13 inbred terrorist European Bloodline "Warren Buffet" tells his fans & investors to "stay away from Bitcoin."

You can find his excuses in the following articles below:

https://www.cryptocoinsnews.com/warren-buffet-stay-away-from-bitcoin/
http://www.forexminute.com/bitcoin/warren-buffet-oracle-omaha-suggests-investors-stay-away-bitcoin-2015-52383


Do you have any thoughts?

Bitcoin is the worst investment of 2014. It performed worse than war hit Ukrainian hryvnia.

[jbrnt]

Didn't Warren Buffet said the same thing about Facebook too? Facebook is still here and worth billions. Buffet is not a tech guy and he is not very good at valuating technological innovations.

[Triffin]

He has a huge investment in AXP and
significant stakes in MA and V so you would have
to assume he has some sense of the 'value' of transaction networks ..

Triff ..

[iluvpie60]

One of the high ranking family member of the 13 inbred terrorist European Bloodline "Warren Buffet" tells his fans & investors to "stay away from Bitcoin."

You can find his excuses in the following articles below:

https://www.cryptocoinsnews.com/warren-buffet-stay-away-from-bitcoin/
http://www.forexminute.com/bitcoin/warren-buffet-oracle-omaha-suggests-investors-stay-away-bitcoin-2015-52383


Do you have any thoughts?

how is it an excuse to say something like this. he could ultimately be right and you zealots could be wrong. oh well who cares.

[Q7]

Everyone has a right to his own opinion.
Everyone can say what they want to but whether you want to believe in it is up to you.
But nobody can predict anything with 100% accuracy. Even the best mind made wrong assumption or even decisions.

[rubberduck]

I dont think Warren Buffet understands what Bitcoin truly is about.

Its unconventional (in his perspective) and nothing like the usual investments he looks into.

[v0yager]

Only Cryptologist(mathematician) or programmer(geek) could truly understand what exactly Bitcoin is and love this thing.People won't like a thing that they can't even understand.

[Brewins]

I would agree if he said: stay away from HODLING and hoping the time the price hits 1M each.

There are good money making opportunities in BTC

[resya]

please no more bad news....bitcoin can't handle this much bad news....we are going to kill it

[Sythyn]

I really don't think he understands the concept. The main positives are the low cost transaction fees and borderless transactions this is what it gives inherent value with security and privacy. This is like saying email has no value because we have the postal service.

[tyrexs]

some people try kill bitcoin with bad news.

[Vessko]

Bitcoin is the worst investment of 2014.

No, it isn't. Many investments performed much worse than Bitcoin. Some stocks are down 98% - and that doesn't even include the companies that went bankrupt this year.

It performed worse than war hit Ukrainian hryvnia.

No, it didn't. It is down only about 60% for the year. The Ukrainian currency is down some 95%. The Russian rubble is down some 70%.

Didn't Warren Buffet said the same thing about Facebook too?

Yup. He said it generally about the Internet companies. In the late 90s. Guess what happened in 2000? He also said it about gold in 2010, if I remember correctly. Guess what happened in 2011? Yeah, he's just a stupid old man without a clue (but with lots of money). /sarcasm

I really don't think he understands the concept.

A wise investor never invests in something he doesn't understand.

The main positives are the low cost transaction fees

Speaking of transaction fees. I saw some research that currently the miners get about 0.5% of their income from transaction fees. Wouldn't be fair to say that when no new bitcoins can be mined any more, the transaction fees would have to increase at least 200 times?

it gives inherent value with security and privacy.

This is at least arguable. Regarding security, I have no hard data but have the definite feeling that a larger percentage of Bitcoin users have fallen victim to Bitcoin-related scams than the percentage of credit card users have fallen victim to credit card-related scams. Regarding privacy, I definitely disagree. Pseudonymity does not provide sufficient privacy. Recent research paper demonstrated that it is possible to deanonnymize (down to their IP address even when they were behind a NAT firewall) a large percentage of the Bitcoin transactions (some 80%).

This is like saying email has no value because we have the postal service.

It is like saying do not invest in a free e-mail provider with no revenues - which is a perfectly valid statement. (I wish I could add "unlike a postal service" but in most countries these are state-owned and deep in the hole pretty much since their creation.)

[1Referee]

Haven't more "highly respected" investors adviced people to not invest in Bitcoin because it will crash to zero?

If I were to believe some of them then Bitcoin at this point would be worth $0.01 

He should focus on retiring and spend his free time on the golf course.

[Divinespark]

Fortunately, even a genius like Buffett is not always right
He is wrong about bitcoin. Period.

[Muuurrrrica!]

Buffet obviously can read charts

[galbros]

Buffet is an investing genius.  However, he also has said he wont invest in things he doesn't understand and that includes technology.  This is a guy who was reluctant to invest in MICROSOFT because he didn't understand it.

Buffet views bitcoin like he does gold, a non-income producing investment.  He's opposed to gold and so he's even more opposed to bitcoin since it's just gold he does not understand.

To his credit, his call this year has been right, bitcoin's price is down.  Does that mean I no longer believe in it, of course not!