What does Jow Forums think of this? Is he babbling or is Jow Forums just amateur investors wasting their money away?
>"That's because it lacks intrinsic value. If you buy something like bitcoin or some cryptocurrency, you don't have anything that is producing anything." Buffet says in an interview with Yahoo Finance. "You're just hoping the next guy pays more and you only feel you'll find the next guy to pay more if he thinks he's going to find someone that's going to pay more. You aren't investing when you do that, you're speculating."
>You're just hoping the next guy pays more and you only feel you'll find the next guy to pay more if he thinks he's going to find someone that's going to pay more
Literally the same reason people buy stocks too.
Adam Rivera
>2019 >listening to boomers If you owned 10 bitcoin in November 2009 you would have over 6million Buffet is dead
Noah Thompson
He's right, may be unpopular opinion but the reason I got into crypto in the first place wasn't to change the world. It's because we're fucking low life nerds and there might be a slight chance we get our money in the game before all the greedy normies flood in. One day the carousel is going to stop, but I don't see that happening anytime soon. The 2017 mania revealed crypto to the mainstream normies for the first time, a lot of them are still skeptical. When the entire market goes to the moon again, the mainstream FOMO will be so large it will probably stay in history books as one of the largest transfer of wealth in recent history.
Don't put your life savings into it, but if you don't put anything, you'll hate yourself 10 years from now.
>Buffet is dead A multi-billionaire dollar boomer that's played with stocks since he was 11 vs. a Jow Forums crypto investor
Joshua Gray
he is right about most crypto but bitcoin is special not because it was first but because its the only trustless permissionless public ledger to date that is secure. and that is the purest intrinsic value.
Let's put it this way to help you get it. You buy 100% of the stock of a company, you own the company and the assets of the company. On the other Han you buy 100% of a crypto coin, coin goes to zero as it's not useable anymore.
David Smith
The only thing that helps me sleep at night is that Buffet has been wrong on everything tech related.
Facebook and other social media shit, adds no value it is unironically a blight on humanity. Buffet told tech companies to get fucked, he was right about them but he was wrong how retarded the general public became since he learned how the markets worked.
Lucas Brown
He is correct. It's certainly possible to speculate on crypto and make money, but as an investment it's trash.
Jack Sanders
>t. mr chartblind
Jaxon Jones
>Let's put it this way to help you get it. You buy 100% of the stock of a company, you own the company and the assets of the company. On the other Han you buy 100% of [literally any finite material], material goes to zero as it's not useable anymore.
Bentley Richardson
The first shall be last, and the last shall be first.
Tyler Evans
Look for coins that have utility value and is not purely speculative then. It's not rocket science.
Jacob Price
>what worked in the 70s works in 2020
k. enjoy your dairy queen and coca cola those surely will be pillars of the economy in the 21st century how could they ever wane?
Asher Miller
>"Warren Buffett has often said he avoids investing in the technology sector because he does not like to own stocks in companies whose business he does not understand. Even during the dotcom boom, Buffett shied away from buying stock in hot internet companies."
He doesn't know anything about crypto, I'm not really sure why he would voice his opinion about it like that. Either way let me remind you all again, Warren buffet was not in on the dotcom bubble.
Having a ton of money doesn't mean you know everything.
Connor Jenkins
If you buy 100% of a company, you buy all its liabilities as well as its assets. And it's possible for a company's liabilities to become greater than the assets on the company's balance sheet. Classic accounting equation: assets=(liabilities+equity). your stake in a company can literally become a negative value, and even after selling all your assets at market value you still haven't paid off your creditors. What do?
Your analogy doesn't make sense. If a crypto goes to zero, that's all there is to that. You're not encumbered with the issues of owning actual stuff.
Parker Murphy
Bill Gates personally shilled Buffet on Microsoft in the 90s and still he didn't buy because 'he couldn't understand why anyone would need it.' If you can't understand the value of computers that are millions of times more efficient than people, you will never understand the value of crypto. Buffet's opinion is worth less than pajeet's saturday morning street log.
Dylan Ortiz
He doesn't invest in things he doesn't understand on an ground floor level. He's one of the richest men in the world, and worth more than the entire market cap of all crypto in existence.
His strategy isn't for everyone but to dismiss him as a fool is laughable.
Josiah Hill
Also Gates joined Berkshire board of directors and Buffett was avoiding insider trading allegations
Asher Gomez
Him playing stocks at 11 is literally us playing crypto at our age.
Your point being?
Isaac Sanders
Does an unreachable gold vein have intrinsic value? You're being tricked.
Carter Lee
He's on the inside, trading while knowing the future is easy
Ethan Anderson
There is decent criticism against crypto, but these old boomers clearly don't understand what they are talking about with these statements. Tokens, especially smart contract platforms and dapps, have value as the network provides a service. This is the same with BTC. To say BTC is valueless is to say the BTC network is valueless. It is ridiculous to say that a trustless and secure exchange network that processes billions daily is inherently worthless. You could argue over valued, but not worthless.
Brody Morgan
It's the same with money. You are hoping the new person accepts it and it is guaranteed to diminish in value over time thanks to inflation. Money has no intrinsic value, retarded to even mention it.
Good job Bullet you've made billions over your lifespan of almost 100 years. Nobody cares. We want money now while there's a possibility of enjoying it. You won't get that from conventional investment vehicles that return 8% in a good year.
Kayden Reyes
That's a shit argument because it applies to the housing market.
Jaxon Bell
This post really makes me go mmm
Evan Hall
>the tech is amazing >bitcoin is shit
This is basically what he says, and he is right. Notice that he knows the potential of the blockchain, he's not a clueless old boomer. Bitcoin, for the past 10 years has just been hopes and dreams, pure hopes and dreams of real adoption, which never happened. Institutions will never adopt a public project as a currency. Bitcoin has too many problems to be used by financial institutions. Its P2P only.
Xavier Flores
He also isn't taking into account that some of these protocols are not currencies but actual services that people will use, atleast a few of the good ones with real use cases and good tokenomics. They are a way of monetizing open protocols. He is kind of right but very wrong at the same time.
