Bitcoin not for Warren Buffet

quad · May 7, 2020

At the moment Bitcoin is actually up 35% since January from $7,258 to $9,817. In February it went over $10,000 for a short time. I think he is just too old to accept or understand it.

"Billionaire investor Warren Buffett says he's having a hard time finding attractive investments as the coronavirus ravages the global economy. Bitcoin, the cryptocurrency the 89-year-old Buffett described in February as having "no value," is up 23% this year to about $8,870. The Standard & Poor's 500 Index of large U.S. stocks, which Buffett routinely endorses for amateur investors, is down 12%. CoinDesk's First Mover team reports, shares of Berkshire Hathaway, Buffett's insurance-to-utilities conglomerate, are down 21% in 2020."

Hyperledger Makes Inroads, Bitcoin Is Harder, Warren Buffett - CoinDesk

ViciousJay · May 7, 2020

Inflation on the dollar with no backing, what is bitcoin's true value thus the same?

ashleyroachclip · May 7, 2020

if bitcoin is a crypto currency, made on line and electronicly produced ....
..What happen if the power and internet fails i
I really dont know , educate me please .

musclefan21 · May 7, 2020

There is money to be made in crypto that’s for sure and people make millions all the time. I mean bitcoin has been pumping and dumping for the last two years I have been following it. It’s insane. A simple pump and dump and someone adds millions to their millions. I hold some crypto and gonna hold it a few more years. Hoping to come ahead, but you never know

quad · May 8, 2020

ashleyroachclip said:
if bitcoin is a crypto currency, made on line and electronicly produced ....
..What happen if the power and internet fails i
I really dont know , educate me please .

The power and internet would have to fail all over the world long term. What do you think is going to happen then? That is a SHTF scenario where guns, bullets, water and food are essentials. All currencies will then be useless.

If the power only fails in one or two large countries it would not destroy Bitcoin or some of the other cryptos but certainly cause a disruption or price change. I am not sure how much Bitcoin mining is concentrated in China so this could have an impact if China went offline. But what's the chance of that happening short of a nuclear war or a large asteroid hitting Earth?

I know many talk about sending nukes to China because of Covid-19 but that's just talk. I would not want that because it would harm the whole world even more.

ajaf1656 · May 8, 2020

I'm pretty sure bitcoin is just computer nerds playing tricks on people.

quad · May 8, 2020

Ethereum will be switching to Proof of Stake in the near future. Not sure exactly when this will be implemented because they have been talking about it for a while. Currently it is in Proof of Work mode where miners are used to confirm transactions. The minimum amount that will be required to stake is I believe 32 ETH in a special wallet. Quite a few people are accumulating enough so they can participate in staking. This could drive the price up more. We'll see.

https://captainaltcoin.com/ethereum-staking-eth-pos/

ETH 2 Staking Calculator

quad · May 8, 2020

ajaf1656 said:
I'm pretty sure bitcoin is just computer nerds playing tricks on people.

quad · May 8, 2020

I don't have much Bitcoin. I wish I took it more serious 10 years ago when I heard about it. I do have quite a few alt coins like Ethereum, Ripple, ZCash, IOTA etc.

Ernst & Young Doubles Down On Its Bet With Ethereum

q6543 · May 8, 2020

This is all pump for the halving... let's see in 6 months. Pros are selling this pump.

Blown 89 · May 8, 2020

q6543 said:
This is all pump for the halving... let's see in 6 months. Pros are selling this pump.

This. I made my money and I'm out until the halfening.

Warren Buffet understands crypto just fine and has demonstrated as much in interviews over the years. He's also right. Bitcoin doesn't have real value, it's massively risky/volatile, and it's based on pure speculation.

nxhappy · May 9, 2020

you might as well pull a slot machine. ****. that. nonsense.

mysticsvt · May 10, 2020

I had some extra money a few years ago and bought one share of Amazon at 1400 and 2K of Bitcoin and a few others. The Amazon share is currently around 2400 and the other around 1K. Wish I had done more Amazon. I believe is still has much growth. The Bitcoin was for shits and giggles and curiosity. I doubt I'll ever sale and just watch it.

wowsers · May 10, 2020

who cares if bitcoin is up 35% for the year. its down ~60% since December 2017.

quad · May 10, 2020

Blown 89 said:
This. I made my money and I'm out until the halfening.

Warren Buffet understands crypto just fine and has demonstrated as much in interviews over the years. He's also right. Bitcoin doesn't have real value, it's massively risky/volatile, and it's based on pure speculation.

Can you post that video of Buffet where it shows his understanding of blockchains / cryptos? And apparently he does have cryptos. Tron CEO Justin Sun gifted him a few million dollars worth of Tron and Bitcoin on Samsung phones.

The benefit of cryptocurrencies is that you can send an amount to someone on the other side of the world for smaller fees than traditional fiat transactions. You don't have to wait for the bank to be open. Fiat currencies are printed by governments and will inflate drastically over time - all of them.

<rant>In my opinion governments are there to serve the people. They are our employees. I think they need to be slapped down a few pegs since they have become too big for their shoes. They will speak when asked to speak otherwise they will keep their traps shut!</rant>

wowsers said:
who cares if bitcoin is up 35% for the year. its down ~60% since December 2017.

True lol! 2017 was the worse time to get into it at the peak. I know people that bought Bitcoin at $18,000-$19,000!

However since 2009 it is up ‭around 10,853,487.5‬% based on today's price.

Bitcoin Price History
Bitcoin has had a very volatile trading history since it was first created in 2009. The digital cryptocurrency has seen a lot of action in its fairly short life. Bitcoins initially traded for next to nothing. The first real price increase occurred in July 2010 when the valuation of a bitcoin went from around $0.0008 to $0.08 for a single coin.1 The currency has seen some major rallies and crashes since then.

Bitcoin's Price History

I agree it's a gamble and you should be prepared to lose all the money you "invested" into it. I would not advise anyone getting into this unless they are prepared to lose it all.

I see it as a hedge against inflation but also a gamble - like the stock market.

Blown 89 · May 10, 2020

quad said:
The benefit of cryptocurrencies is that you can send an amount to someone on the other side of the world for smaller fees than traditional fiat transactions. You don't have to wait for the bank to be open. Fiat currencies are printed by governments and will inflate drastically over time - all of them.

I can send currency to anyone around the world instantly and free using any number of apps, including my bank's app. I do it all the time for business.

Let's be honest here, crypto's only real use is as a worldwide ponzi scheme. It's not a currency anyone actually transacts with.

nxhappy · May 11, 2020

Blown 89 said:
I can send currency to anyone around the world instantly and free using any number of apps, including my bank's app. I do it all the time for business.

Let's be honest here, crypto's only real use is as a worldwide ponzi scheme. It's not a currency anyone actually transacts with.

it's for drug dealers lol. Think about it.

FIVEHOE · May 11, 2020

nxhappy said:
it's for drug dealers lol. Think about it.

Exactly this. It originated due to websites like silkroad and the internet black market, and people wanting to pay for illegal services and drugs without being tracked. It's not something to invest in unless you're doing it very short term, and flipping for quick profits. I would never hold this shit long term. it's so ****ing volatile.

nxhappy · May 11, 2020

FIVEHOE said:
Exactly this. It originated due to websites like silkroad and the internet black market, and people wanting to pay for illegal services and drugs without being tracked. It's not something to invest in unless you're doing it very short term, and flipping for quick profits. I would never hold this shit long term. it's so ****ing volatile.

exactly. they cant touch shit if you have millions worth of bitcoin LOL

98SVTContour98 · May 11, 2020

Happy Halving Day!!!!

Bitcoin not for Warren Buffet

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

southernmustangandford

Active Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Users who are viewing this thread