Investing

Irrelevant old buffett calling end of cryptos

  • Last Updated:
  • Feb 26th, 2018 10:31 pm
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Jr. Member
Feb 1, 2017
129 posts
23 upvotes
bend3r wrote:
Feb 12th, 2018 9:22 pm
All he said was that he invests in businesses and knows what to do with them. That’s about it. He’s a value investor like Benjamin graham.

Where are the fundamentals of bitcoin or income statements or any independent valuation that a person can look up and invest on? Where is the ombudsman that gets your money out if things go wrong?

Sure I’d gamble with it but I will never call the whole transaction _investing_

Leaving this here: https://www.reddit.com/r/bitgrailexchange
What does the bitgrail hack/scam exit or whatever have to do with bitcoin? There are scams and hacks in other industries.
Deal Fanatic
Apr 8, 2013
8545 posts
300 upvotes
I dont know why everyone is listening to Buffett. The guy is filthy rich for a reason. Why would he tell anyone his secret?. Face With Tears Of Joy

The guy could be spreading FUD and hoarding BTC for all we know. The nocoiners are yelling "yeah I told you so!. Warren Buffett said bitcoin sucks!"

He could be one of the biggest whales out there and we wont even know about it. This guy moves in a way that we wont be able to comprehend.
Diversity Is Our Strength 😎
Jr. Member
Mar 1, 2011
148 posts
70 upvotes
kevindurant1 wrote:
Feb 13th, 2018 10:03 am
I dont know why everyone is listening to Buffett. The guy is filthy rich for a reason. Why would he tell anyone his secret?. Face With Tears Of Joy

The guy could be spreading FUD and hoarding BTC for all we know. The nocoiners are yelling "yeah I told you so!. Warren Buffett said bitcoin sucks!"

He could be one of the biggest whales out there and we wont even know about it. This guy moves in a way that we wont be able to comprehend.
Warren Buffet is spreading FUD and hoarding BTC.

- things bitcoiners say

The guy has been transparent his whole career.

He said bitcoin was stupid in 2014 and he still says it's stupid in 2018.

But we do trust the opinions of john mcafee and andreas
antonopoulos because they make us feel good.

But the worlds leading investors, bankers and economists know nothing.
Sr. Member
Feb 17, 2012
629 posts
120 upvotes
Toronto
Sooooo...... One more time for good luck


Mr. Buffet invests BILLIONS in banks. And banks will never say to invest in their competition.
Jr. Member
Mar 1, 2011
148 posts
70 upvotes
Frank2029 wrote:
Feb 13th, 2018 1:03 pm
Sooooo...... One more time for good luck


Mr. Buffet invests BILLIONS in banks. And banks will never say to invest in their competition.
Counterpoint:

The only investors that think that a deflationary, unbacked, unregulated, virtual currency like bitcoin is a legitimate alternative to fiat (or gold for that matter) are those that hold bitcoin. Of course they are going to sing the praises (misguided as they are)


Let's say bitcoin is my countries currency.

How do I get a loan to buy a house? Or build a shopping mall or apartment building?

How are my wages structured? Do i get progressively less satoshis per month?

How do we deal with a growing population but fixed money supply? How do we promote spending and lending, which drives the economy?

How do we compensate the parasitic miners? What makes bitcoin better than actual gold, if we're using bitcoin as a hedge against inflation like gold?

The bitcoin faithful are a misguided, naive, idealistic and greedy bunch. There are a few that see it for what it is - a chance to speculate on there being a greater fool to buy it at a higher price. The rest - there will be college courses in the future on the bitcoin faithful and their collective delusion.

Warren Buffet a bitcoin whale. Someone actually thinks that. Just a slice of the delusion and tire pumping that goes on in the space. Just like "institutional money".

A fund manager would be fired on the spot for investing customer funds in an unregulated market.
Jr. Member
Mar 1, 2011
148 posts
70 upvotes
And to be clear, bitcoin is not a threat to banks.

There is a very small group of libertarians that do not trust the bank, the government, or anyone. They are the type that would bury their dollars in their back yard. For them, bitcoin is a more practical solution than a shovel and a mason jar. The idea of "being their own bank" is appealing.

For the regular folk, the idea of being their own bank is terrifying and impractical. Most of us are perfectly fine having our lifes savings/investments with a bank, knowing that they are insured and regulated by the government.

At its very best, bitcoin is a threat to the traditional wallet (yes the one you carry around in your pocket). Instead of carrying dollar bills around, you could use bitcoins. Of course existing fiat solutions are already doing this like Apple/Android pay, paypal, facebook pay, etc.

Its a niche market, and I expect it to stay that way. Once the effects of tether on the market in 2017 are exposed, we'll see that this was just a speculative mania fueled by artificial demand, just like the bubble that was orchestrated by the willy and marcus bots in 2013. Hell Tether hasn't issued any USDT since Jan 23 and the market is down 40% or so.

Interestingly enough, they issued about 100M worth of Euro tethers right when BTC broke the 6k mark.

If anyone is reading this, and thinking about "investing" in Bitcoin, I strongly suggest you take the time to read "Attack of the 50 Foot Blockchain" by David Gerard. Its a fairly quick read but it basically breaks down how absolutely stupid bitcoin is as an investment, currency, whatever.
Deal Fanatic
Apr 8, 2013
8545 posts
300 upvotes
officerjimlahey31 wrote:
Feb 13th, 2018 12:23 pm
Warren Buffet is spreading FUD and hoarding BTC.

- things bitcoiners say

The guy has been transparent his whole career.

He said bitcoin was stupid in 2014 and he still says it's stupid in 2018.

But we do trust the opinions of john mcafee and andreas
antonopoulos because they make us feel good.

But the worlds leading investors, bankers and economists know nothing.
A filthy rich gazillionaire is transparent?. LOL.

Do you have all his financial statements?.

He didnt acquire all his wealth for being stupid. He isnt going to broadcast all his investments to the world. Why do you think they have offshore bank accounts?.
But the worlds leading investors, bankers and economists know nothing.
Like Tim Draper, Winklevoss twins, Mark Cuban, etc?.

Who do you think bought all those bitcoins from the FBI?. LOL.

Tim Draper has his hands all over crypto(bancor, cex.io, etc).
Diversity Is Our Strength 😎
Deal Expert
User avatar
Apr 21, 2004
45456 posts
11906 upvotes
The real SB guy speaks:

https://www.marketwatch.com/story/a-cup ... 2018-02-13

Howard Schultz, the executive chairman of Starbucks, discussed bitcoin and blockchain in greater detail. In the Jan. 25 call, he said that “I don’t believe that bitcoin is going to be a currency today or in the future,” but stressed that blockchain technology could become a central technology to businesses over a 20-year time horizon.
Deal Expert
User avatar
Nov 15, 2004
15588 posts
2019 upvotes
Toronto
starbucksguy wrote:
Feb 11th, 2018 11:13 am
https://news.bitcoin.com/venezuela-rele ... llion-ico/

it's coming. Fiat is dying.

How do you think the US will buy oil from venezuela? The US will be forced to buy cryptos in order to pay for oil. Eventually, the USD will be converted to bitcoin
"This online fiat pretend currency will totally kill regular fiat currency you guys!"
Could HAVE, not could OF. What does 'could of' even mean?
Deal Addict
User avatar
Apr 23, 2009
1421 posts
417 upvotes
Obviously OP gets distracted by Buffet when Buffet disses BTC.
kevindurant1 wrote:
Feb 13th, 2018 10:03 am
I dont know why everyone is listening to Buffett. The guy is filthy rich for a reason. Why would he tell anyone his secret?. Face With Tears Of Joy

The guy could be spreading FUD and hoarding BTC for all we know. The nocoiners are yelling "yeah I told you so!. Warren Buffett said bitcoin sucks!"

He could be one of the biggest whales out there and we wont even know about it. This guy moves in a way that we wont be able to comprehend.
Jr. Member
Mar 1, 2011
148 posts
70 upvotes
kevindurant1 wrote:
Feb 13th, 2018 2:02 pm
A filthy rich gazillionaire is transparent?. LOL.

Do you have all his financial statements?.

He didnt acquire all his wealth for being stupid. He isnt going to broadcast all his investments to the world. Why do you think they have offshore bank accounts?.



Like Tim Draper, Winklevoss twins, Mark Cuban, etc?.

Who do you think bought all those bitcoins from the FBI?. LOL.

Tim Draper has his hands all over crypto(bancor, cex.io, etc).
Look. I'm not saying only stupid people buy crypto currencies. A lot of people smarter than me made more money than i could ever dream of in this market. Made money meaning they sold their crypto, to fiat.

I'm saying thinking that bitcoin is anything more than a speculative asset whose dollar value is mainly driven by manipulation and speculative mania is foolish.

To suggest that Warren Buffett is a bitcoin whale even though he's fine nothing but bash it is foolish.

To think that bitcoin is a threat to banks is foolish.

It will never be more than a speculative asset with a niche use.

Just like it was when it was worth $200 a coin.
Just like it was when it was worth $19,000 a coin.
Just like it is right now, trading for $8700 a coin.

It's properties havent changed.

Buy bitcoin with fiat.
Purchase goods with bitcoin
Replenish bitcoin balance with fiat purchase.
Jr. Member
Feb 1, 2017
129 posts
23 upvotes
officerjimlahey31 wrote:
Feb 13th, 2018 2:49 pm
Look. I'm not saying only stupid people buy crypto currencies. A lot of people smarter than me made more money than i could ever dream of in this market. Made money meaning they sold their crypto, to fiat.

I'm saying thinking that bitcoin is anything more than a speculative asset whose dollar value is mainly driven by manipulation and speculative mania is foolish.

To suggest that Warren Buffett is a bitcoin whale even though he's fine nothing but bash it is foolish.

To think that bitcoin is a threat to banks is foolish.

It will never be more than a speculative asset with a niche use.

Just like it was when it was worth $200 a coin.
Just like it was when it was worth $19,000 a coin.
Just like it is right now, trading for $8700 a coin.

It's properties havent changed.

Buy bitcoin with fiat.
Purchase goods with bitcoin
Replenish bitcoin balance with fiat purchase.
I guess Tim Draper is a fool.

https://www.forbes.com/sites/johnkoetsi ... dc54ad576b

Not saying he's right either.
Jr. Member
Mar 1, 2011
148 posts
70 upvotes
phisherman wrote:
Feb 13th, 2018 2:56 pm
I guess Tim Draper is a fool.

https://www.forbes.com/sites/johnkoetsi ... dc54ad576b

Not saying he's right either.
He's not a fool.

He is a salesman.


Selling crypto makes him rich.

Just like the winkle twins. They sell the idea of crypto not only because they own massive amounts of bitcoin, but because they want to bring business to their exchanges.

It's a win win for these guys. For the kids buying their bill of goods, probably not so much.
Jr. Member
Mar 1, 2011
148 posts
70 upvotes
And what is really hilarious, is that bitcoin is a pile of crap as far as cryptos go. Banks provide more privacy than bitcoin wallets.

Satoshi could never remain anonymous if he spent even one of his one million bitcoins.

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