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

[The_Krakenite]

Are you so stupid?
Who it is?

I guess you didn't understand sarcasm.

But to educate you, the rest of us all know it was Hal Finney. But since he died in 2014, it is pretty much certain you won't ever see those Satoshi coins move. This is one of those rare cases, where someone really did take their riches to the grave with them.

Now, maybe you are one of those rare people who looks for someone to sell a bridge to them, reads the National Enquirerer regarding Elvis sightings on the moon, or follows the theory that Satoshi for (reasons), is really alive and well and just sitting on his billions and hasn't cashed any out for well over a decade simply because he doesn't feel like it.

 

[Trader Curt]

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.

Yes but have you ever heard of the Whale Shark?

 

[NoahA]

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).

I'm not that well informed either to be honest. It seems like there are many addresses that own more than a thousand coins and the majority of coins I think are held by these huge addresses. But at the same time I also read that it is the least concentrated when compared to other assets like gold which the central banks have the majority of apparently.

It is very true that a big whale can easily dump the price on anyone exchange since there are a ton of exchanges but of course there will be algos that well bring this arbitrage opportunity to an acceptable level I think.

Going forward though I think Bitcoin is the best chance we have for creating a world where the system is fair for most. If Bitcoin falls apart and the power goes back to the governments and corporations then we are truly all screwed.

 

[kmgilroy89]

Buffett is a value investor, meaning he has to see the cash flow. He's not putting his money into something with zero intrinsic value. While the technology behind crypto is interesting, Bitcoin is essentially a pyramid scheme that became legitimized by the masses.

 

[JackMorgan]

https://www.bloomberg.com/news/arti...ized-finance-projects-lose-77-million-in-hack

you see, in the waning days of crypto , they are not satisfied to just rug pull or let the scams go to zero, they just rob it and cash in .

who can blame them

 

[SunTrader]

...... essentially a pyramid scheme that became legitimized by the masses.

Sure you do mean the U.S. dollar?

 

[M.W.]

Really? Where have you pledged most of your wealth for good causes rather than consume it all or pass it on to your children (aka nepotism)? Happy to follow your lead if your walk is better than your talk. So far it looks to me like Buffett has a lot more to offer to the world than you do...

And this right here is the golden nugget. Buffet is of course very happy with the old way of doing things. The old way certainly doesn't serve the most people nearly as well as the ones on the very top. Its not surprising that a person who has everything doesn't want anything to change. If you ask smart people "what is the best way to bring equality to the most people", I am sure that somewhere in there would be a phrase along the lines of "get the government out of the business of manipulating money".

When you are benefiting from any type of manipulation, of course you don't want that manipulation to stop. I don't see what Bitcoin has to produce. The fact that it doesn't produce anything is a benefit. It only has one purpose really, a store of value.

Look at housing. It used to be for providing a roof over people's heads. Now its used as a store of value, inflation hedge, income stream, and along with this has caused homelessness, inequality, money laundering, and the list goes on. Housing was much better when it did only one thing.

Considering how closely Buffet is tied to the government politics, I don't expect him to praise Bitcoin. But its very obvious to me that he isn't trying to make the world a better place for the majority, but rather just for his inner circle.

 

[M.W.]

And who are YOU? which empire have you built? And who gives a rat's ass whom you respect or not? You are just an anonymous nobody shilling crypto. A fool trying to piss at the tree that generated a fortune. Too funny..

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

 

[M.W.]

He is the guy who reimbursed for stamps used for personal mail that were paid for by corporate funds. Those crypto fools here have zero backbone, ethics, nor moral values but try to denigrate perhaps THE most honest guy in the financial world.

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.

 

[Trader Curt]

And who are YOU? which empire have you built? And who gives a rat's ass whom you respect or not? You are just an anonymous nobody shilling crypto. A fool trying to piss at the tree that generated a fortune. Too funny..

Well I am someone that makes an honest living, trading the RIGHT WAY. As far as I'm concerned that's enough to deserve more respect than someone that cheated for their money. And even then money isn't what makes someone respectful in the first place. Only a damn fool would worship someone because of the amount of money they have.

Nuff said