Warren Buffett gives his most expansive explanation for why he doesn’t believe in bitcoin

Trader Curt said:
buffet is just an old man that used insider info to get to where he is. Anything other than the US dollar he doesn't want nothing to do with since it will interfere with his earnings, and he is too old to try or learn anything new.

His opinion means nothing, and it shows by the global adoption of Bitcoin not only by governments who are forced to adopt it, but by normal citizens as well.

So, that old man can cry all he wants, it's not going to change anything. In fact the more he hates it, the more I embrace it.
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Nailed it . Feel better ? See Ya at BTC 5000
 
NoahA said:
I found some more context for his Bitcoin hatred...

"Having announced that Berkshire Hathaway suffered a $1.58 billion loss in the first quarter of 2022 (a huge reversal from the nearly $5 billion gain it saw at the same period of 2021), Buffett spoke at length during his annual shareholder meeting Saturday about one of his favorite targets for criticism: investment banks and brokerages."

https://www.zerohedge.com/markets/buffett-blasts-bankers-turning-stock-market-gambling-parlor

So it sounds like the cranky old fool is mad he lost money. So first lets blame banks and brokerages, and then we will also get mad at everything else that isn't helping his stock grow!
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how was lose to mtm of portfolio vs operating pnl?

he’s never been a fan of investment banks. If you’ve ever worked with one, you would understand. On the other side, he would rather not have a bank on the other side of a deal because they will squeeze him for more.
 
themickey said:
Buffett knows it is difficult to win with gold, like penny stocks, manipulated to hell, pumped then dumped.
Imo, bitcoin will be similar.
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I strongly disagree with this. Sure you can have futures contracts allowing traders to make money off Bitcoin without holding it, but the fact that every last satoshi has to be shown where it is, and can't be counted twice, means that it will be impossible to manipulate in the long term. With gold, we really don't know who has what, and with all the trading around paper gold, we also are in the dark.

When bitcoin gains even more acceptance, the idea of holding "paper" bitcoin will become too risky. Nobody will trust someone who says they have it, unless its shown on the blockchain. These games played today with short squeezes and tons of leverage I think will be too difficult to do because wanting physical delivery might be impossible for those playing games to carry out. It will come down to either having bitcoin in your offline wallet or not having it. And it will all be on the blockchain for anyone to verify. You can't come close to this with gold.
 
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Trader Curt said:
That too, but in his early days, he is only profitable from cheating while acting like he is some kind of trading wizard. I've got no respect for him, nor do you see me kissing his ass by making a bunch of threads about him
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ive not read any stories of him cheating or trading on inside information. He’s cut some pretty sweet deals for himself (like the Goldman one in 2008) but that was him selling his reputation for equity. Nothing dishonorable about that.

I am a fan of warren buffet. He is the case study in how to maximize your potential. Purely brilliant how he has manages his career.
 
NoahA said:
I found some more context for his Bitcoin hatred...

"Having announced that Berkshire Hathaway suffered a $1.58 billion loss in the first quarter of 2022 (a huge reversal from the nearly $5 billion gain it saw at the same period of 2021), Buffett spoke at length during his annual shareholder meeting Saturday about one of his favorite targets for criticism: investment banks and brokerages."

https://www.zerohedge.com/markets/buffett-blasts-bankers-turning-stock-market-gambling-parlor

So it sounds like the cranky old fool is mad he lost money. So first lets blame banks and brokerages, and then we will also get mad at everything else that isn't helping his stock grow!
More...
Yeah, when blowtorch is on your ass blame someone, not yourself.
See that trait in politics hugely.
 
Trader Curt said:
That too, but in his early days, he is only profitable from cheating while acting like he is some kind of trading wizard. I've got no respect for him, nor do you see me kissing his ass by making a bunch of threads about him
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One could say a whale (pun intended) is an apex creature, but its actually the shark.
Nothing nice about sharks but they get the job done. :)
 
It would be cool as hell if Bitcoin would go that low
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Every time I pray for that, someone gets mad at me for wishing that :(

There were a couple times where ETH fell to the 2400-2200 market level this year. As I had warned, that firesale may not last very long, and it didn't. Those who delayed watched the opportunity run away, just like they did when the fire-sale happened weeks before the EIP1559 update came out.

Best those can do now is HOPE that the Nasdaq tech-wreck continues, and spawns massive margin selling in crypto to meet margin calls on Nasdaq. It is very possible that opportunity may arise, but no guarante.
 
NoahA said:
I strongly disagree with this. Sure you can have futures contracts allowing traders to make money off Bitcoin without holding it, but the fact that every last satoshi has to be shown where it is, and can't be counted twice, means that it will be impossible to manipulate in the long term. With gold, we really don't know who has what, and with all the trading around paper gold, we also are in the dark.

When bitcoin gains even more acceptance, the idea of holding "paper" bitcoin will become too risky. Nobody will trust someone who says they have it, unless its shown on the blockchain. These games played today with short squeezes and tons of leverage I think will be too difficult to do because wanting physical delivery might be impossible for those playing games to carry out. It will come down to either having bitcoin in your offline wallet or not having it. And it will all be on the blockchain for anyone to verify. You can't come close to this with gold.
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I'm not up to speed with crypto like you guys, but I was thinking in terms the majority of bitcoin is held by a few whales who can push it around (maybe).
 
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