Do you think Buffett was right?

[dothebeats]

He really doesn't understand tech.
He is trying to stay away from things he doesn't understand.

His generation don't trust computers or anything to do with them.

We are the next generation after him. Then maybe we trust computers because we are experiencing what tech can do to us, either good or bad.

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[Q7]

I always believe value is somehow attached to or I would rather say is assigned by the community. If I were to pay someone using bitcoin, both parties must basically agree on a predetermined amount. That amount somehow translate to what we call value. Forget about intrinsic value and that sort of stuff. If I pay in bitcoin and the seller is happy, likewise, I feel the bitcoin is worth spending in exchange for the goods and services the seller provides, who cares about the rest on what the others think.

[dothebeats]

I always believe value is somehow attached to or I would rather say is assigned by the community. If I were to pay someone using bitcoin, both parties must basically agree on a predetermined amount. That amount somehow translate to what we call value. Forget about intrinsic value and that sort of stuff. If I pay in bitcoin and the seller is happy, likewise, I feel the bitcoin is worth spending in exchange for the goods and services the seller provides, who cares about the rest on what the others think.

Well fiat money also works this way. We "magically" agree that fiat can buy these things with this price. It is true that the community that determines the value of things, be it service, goods, or even money itself.

[BitMos]

No, I think that we all know better than one of the world's most successful and experienced investors.

this guy with out the federal reserve? LoL... please a raccoon will beat him easy.

[ChuckBuck]

Buffett's been right so many times in the past, been right about stock picks for so long, and where to invest, and what makes a good investment that it really is hard to argue against anything he says.  He is the most successful investor of the 20th century and for good reason.

That all said, this is the 21st century, and even legends like Warren Buffett, see their time pass.  He's what they call "Old Money".  He along with others of his ilk like George Soros and Carl Icahn did it their way, with brilliant stock picks and positions, brilliant hedges, dealing with risk, holding onto winners, and cutting losers quick.  They all grew up around the Great Depression and know the other side of the coin in dealing with adversity.

Now with this new era of Digital and Cryptocurrencies, their era is now coming to a close.  They've all accumulated so much fiat during the 20th century, it really doesn't what the dollar does in the next decade or so before they pass.  For the 21st century, if all goes as planned, these new innovators and investors will be new Buffetts and Soros and Icahns.  It'll be the Vers, the Winkleviis, the Andresens, Voorhees, Drapers, and last but not least Nakamotos that'll be considered the brilliant financial minds of our time.

Long story short, yea Buffett's wrong.  

[RodeoX]

He also said it could not be trusted because "this Satoshi guy" could have hidden something in the code to steal your coins. Warren Buffet does not know dick about bitcoin. Why would he?

If "this Satoshi guy" hid some code to steal our coins, he/she/they could have probably done that when bitcoin's price reached $1200.

And of course since it is open source there is no way to hide anything in the code. Clearly the concept of open source was new to him.  

[Syke]

He really doesn't understand tech.
He is trying to stay away from things he doesn't understand.

He obviously fears bitcoin, quite likely because he knows he can't understand it.

[ajareselde]

He really doesn't understand tech.
He is trying to stay away from things he doesn't understand.

He obviously fears bitcoin, quite likely because he knows he can't understand it.

He seam to always made his buck the same way, like he is still doing now, and bitcoin threatens the way he learned to do business, so no wonders there why he is against it.
I remember watching his speech where he was proud to say how he likes longterm businesses that have the same brand advantage and certain prestige that doesnt fade out, too bad he didnt realise how bitcoin is the next one to dominate the market, increasing strenght with every passing year.
Its time for changes, and all that wealth he accumulated over the years is going to be worth a lot less soon enough, leave the old man in the past where he belongs.

cheers

[thejaytiesto]

He really doesn't understand tech.
He is trying to stay away from things he doesn't understand.

He obviously fears bitcoin, quite likely because he knows he can't understand it.

He seam to always made his buck the same way, like he is still doing now, and bitcoin threatens the way he learned to do business, so no wonders there why he is against it.
I remember watching his speech where he was proud to say how he likes longterm businesses that have the same brand advantage and certain prestige that doesnt fade out, too bad he didnt realise how bitcoin is the next one to dominate the market, increasing strenght with every passing year.
Its time for changes, and all that wealth he accumulated over the years is going to be worth a lot less soon enough, leave the old man in the past where he belongs.

cheers

He is a total dinosaur of finances like it has been said before, he doesn't see the paradigm shit coming, or indeed he sees it and sees it as something that can damage his classic-style assets since once Bitcoin goes global it will disturb things at unseen levels.

[Amph]

he is too old, for a thing like bitcoin, old generation can't really predict(even if they are that good like Buffett) something about new tech like bitcoin

and for those reason i don't think he is right

[uki]

No, I think that we all know better than one of the world's most successful and experienced investors.

Very good point, that should be reminded over and over again to many BTC-fanatics in this forum.
One thing is what we believe about Bitcoin, the other is how the market values it.

[billyjoeallen]

Everybody worships at the feet of the Oracle, but he's way overrated, IMHO. He made some smart moves, got really fucking lucky, and after he made it big, just levraged his market clout for risk free returns. The last few years he's been really unimpressive, relying on the bailouts in 2008 to save his ass.

It's despicable how he lobbied to kill the Keystone pipeline so that all the oil has to be transported on his railroads, as if that's better for the environment (not). His father was actually a good man as far as politicians go. He is a disgrace to that legacy. He is now a political entrepreneur. "Value investing" my ass. He externalizes costs to the taxpayer in almost countless ways.

[manis]

No, I think that we all know better than one of the world's most successful and experienced investors.

Very good point, that should be reminded over and over again to many BTC-fanatics in this forum.
One thing is what we believe about Bitcoin, the other is how the market values it.

Warren Buffet is not exactly the market.
Just because he is not a big fan of Bitcoin doesn't mean the market doesn't value it.

[uki]

No, I think that we all know better than one of the world's most successful and experienced investors.

Very good point, that should be reminded over and over again to many BTC-fanatics in this forum.
One thing is what we believe about Bitcoin, the other is how the market values it.

Warren Buffet is not exactly the market.
Just because he is not a big fan of Bitcoin doesn't mean the market doesn't value it.

Nope, he is not the market, but he is on of these successful investors (proven by his track of records) whose opinion is always cited in the press. Meaning it is always better to have him on your side, rather than against you.

[cr1776]

He has famously said that you shouldn't invest in something you don't understand.

He doesn't. Yet. There is always hope.

'Never invest in a business you cannot understand.' 'Always invest for the long term.' '

[korila]

He has famously said that you shouldn't invest in something you don't understand.

He doesn't. Yet. There is always hope.

'Never invest in a business you cannot understand.' 'Always invest for the long term.' '

i doubt he will invest on bitcoin, even if he understands

[maku]

Buffet does not have to invest anything in bitcoin, he already is rich beyond belief. But at least he is not fully sceptical like some equally know figures from the world of finance and business. Heck. Even Bill Gates was less enthusiastic of the bitcoin at first.

[Monetizer]

He has famously said that you shouldn't invest in something you don't understand.

He doesn't. Yet. There is always hope.

'Never invest in a business you cannot understand.' 'Always invest for the long term.' '

i doubt he will invest on bitcoin, even if he understands

Exactly, it probably works against an investment that he may have or something. (I mean if he invested in some credit card company or something)

[aso118]

Buffet does not have to invest anything in bitcoin, he already is rich beyond belief. But at least he is not fully sceptical like some equally know figures from the world of finance and business. Heck. Even Bill Gates was less enthusiastic of the bitcoin at first.

He might possible come around, once Bitcoin is well established.
Right now, the risks are still great.

[picolo]

No, I think that we all know better than one of the world's most successful and experienced investors.

Buffet would admit he doesn't know much about new technology and doesn't invest in them. He likely thought Facebook was not worth much.