Warren Buffet Is Pretty Certain That Cryptocurrencies Will End Badly

Megalith

Megalith

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One of the most successful investors in the world has doubled down on his skepticism toward cryptocurrencies: Warren Buffet seems convinced that bitcoin and other crypto “will come to a bad ending." While his comments have already been thoroughly criticized, Buffet is probably just being cautious and not investing because he doesn’t know enough about it.

Buffett said he would not take a short position on bitcoin futures. "We don't own any, we're not short any, we'll never have a position in them," he said. "I get into enough trouble with things I think I know something about," he added. "Why in the world should I take a long or short position in something I don't know anything about."
 
Of course they'll end badly, all of them have long since (yes, even for the new ones) been perverted from their original ideas as a new form of currency that provides anonymity and security into being nothing more than a commodity that fucking stupid people are putting excessive value upon.

I really wonder what "Satoshi Nakimoto" does or would (assuming he/she/it is still alive) think about the situation. Yes I suppose some people are doing well speculating on value and exploiting that stupidity of people, and yes I'll admit that I regret losing the 3 bitcoin I had from mining long long ago but, that's how it goes nowadays and that's basically that.

Buffet is a very rare individual and he's had a proven track record of success so, he's probably the one individual in any financially related fields that people should actually listen to but, alas, stupidity will overtake the masses as usual and cause a lot of damage before those idiots realize it.
 
Suddenly there are American Dollars, American Dollarinos, American Dollarydoos, America Buckeehoosits, American Spendybits, American Monetyboneties, American Coinieboingers, American Paperpoopers, American Pennypointers, American Murkabucks, American Moneybunnies and a thousand other currencies in the USA.

Now the market is driven by fools as they jump from one currency to the next, speculating for a better return. The result is crash after crash after crash. The problem is not the e-coins themselves but the endless, pointless proliferation of new coins. The whole purpose has been lost, now it's all lottery tickets fuelled by big dreams.

Fortunately the tech is still excellent, it's worth keeping. Even if all of the Johnny-come-latelies are wiped out.
 
A lot of them seem to be just flat pump and dump scam/shit coins. You can still make money off them if you play your "coins" right. Some of them have actual feature sets and offer something different or improved. Lots of shades of gray with these coins as far as that goes.
 
Twisted Kidney said:
American Paperpoopers
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SOMUCHWIN.jpg
 
NickJames said:
That's the worst analogy I have ever seen. You're literally comparing apples to staplers.
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Put anyone in a position with followers and have them state anything, even if they are ignorant, and people will mistakenly follow. Buffet is widely followed in the financial world... Try to follow the bouncing ball bro.
 
craigdt said:
NiceHash. So- bitcoin I guess. Just a 1080ti and 1060 3GB at this point.
Easy money!
Averaging about $12.50 a day
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Legit question here. I defiantly do not know a whole lot about the specifics of mining or investing in Crypto. So if you are making 12 bucks a day in Crypto, how often do you actually get the 12 bucks a day back out? A lot of people mining say that they are making this or that per day/ month but if the bottom falls out then you spent a ton on electricity etc over months and you actually didn't make anything. That is the gamble I suppose. I would need to take the money out monthly or weekly even to feel like I was making SAFE money. And I realize that "holding" is better as value goes up but like I said when it comes crashing down you are just holding the bag. The big virtual empty bag.
 
craigdt said:
NiceHash. So- bitcoin I guess. Just a 1080ti and 1060 3GB at this point.
Easy money!
Averaging about $12.50 a day
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12.50 a day, I assume that you already deducted electricity cost and are amortizing the hardware cost over ? days, months, years?

Sorry I have a lot more hardware than that and have done run the numbers, waste of my time unless I move to a Chinese location next to a hydroelectric source or perhaps Iceland for a little geothermal.
 
oblox said:
I know nothing about something so I am going to comment on it... cool.

Someone quick, phone up the Kardashians for thoughts on how to handle the USA/NK situation.
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The difference is he said he doesn't know anything about it. He probably said this to get people to stop asking him about it. They want to hear what he has to say about them, since, you know, he's really good at investing.
 
TheHig said:
Legit question here. I defiantly do not know a whole lot about the specifics of mining or investing in Crypto. So if you are making 12 bucks a day in Crypto, how often do you actually get the 12 bucks a day back out? A lot of people mining say that they are making this or that per day/ month but if the bottom falls out then you spent a ton on electricity etc over months and you actually didn't make anything. That is the gamble I suppose. I would need to take the money out monthly or weekly even to feel like I was making SAFE money. And I realize that "holding" is better as value goes up but like I said when it comes crashing down you are just holding the bag. The big virtual empty bag.
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Every 3 days or so I transfer about $35 to my PayPal account, so in any crash event, I'm not really hurt.

But that adds up to about $350/month and about $25 in electricity.

Its not generating as much heat as I was expecting. It's in one of those Roswill 4u server cases, so that my cats don't ruin an open air rig.

Like I said, this is off a 1060 3GB in my daily use desktop and a 1080ti I bought just for this reason.
If the market crashes, I'll have a sick gaming machine.

If not, I'll add another card in a few months and increase my revenue.

Its really a win/win for me, and I think anybody with a 9 or 10 series Nvidia card in their desktop should be doing this. It's really easy with NiceHash and Coinbase.
 
oblox said:
Put anyone in a position with followers and have them state anything, even if they are ignorant, and people will mistakenly follow. Buffet is widely followed in the financial world... Try to follow the bouncing ball bro.
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That has nothing to do with a super model with absolutely no experience in politics questioned for political advice being compared to a financial investment genius who's explaining his rationale on an electronic currency market.
 
Kinda tempted to sell my 1070 and hold out until the next generation comes out... I can get by with just integrated video + consoles... right?

Though, of course, there's no guarantee that the next generation of cards will be any easier to get a hold of.
 
Tiberian said:
Of course they'll end badly, all of them have long since (yes, even for the new ones) been perverted from their original ideas as a new form of currency that provides anonymity and security into being nothing more than a commodity that fucking stupid people are putting excessive value upon.

I really wonder what "Satoshi Nakimoto" does or would (assuming he/she/it is still alive) think about the situation. Yes I suppose some people are doing well speculating on value and exploiting that stupidity of people, and yes I'll admit that I regret losing the 3 bitcoin I had from mining long long ago but, that's how it goes nowadays and that's basically that.

Buffet is a very rare individual and he's had a proven track record of success so, he's probably the one individual in any financially related fields that people should actually listen to but, alas, stupidity will overtake the masses as usual and cause a lot of damage before those idiots realize it.
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Buffet is correct on this one. Crypto is getting split into too many versions with everyone joining in. Also when the "black friday" hit a currency it will never recover.
 
Krenum said:
I hope he's right.
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even if he is right and the bottom falls out and everything goes to zero. I still paid off my 2017 Volt for free, and got 22 GPUs mid to high and GPUs for free from the mining profits. The great thing about being prepared for all scenarios is that I win no matter what happens :)
 
Buffet is also the person that thinks higher taxes is a good thing, except his own, of course. :rolleyes:
 
collegeboy69us said:
even if he is right and the bottom falls out and everything goes to zero. I still paid off my 2017 Volt for free, and got 22 GPUs mid to high and GPUs for free from the mining profits. The great thing about being prepared for all scenarios is that I win no matter what happens :)
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You should thank Trump for all your winning as of late :cool:

56689ebb52f41.image.jpg
 
infinity9 said:
Buffet is correct on this one. Crypto is getting split into too many versions with everyone joining in. Also when the "black friday" hit a currency it will never recover.
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Just like it never recovered after hitting huge highs of $1000 in 2013, then losing 80% of it's value in the coming months, doing nothing for a few years, then breaking out again in 2017?

People that think in absolutes like that are great at missing opportunities. There will be dark times again at some point I'm sure, BTC as a technology is pretty old by today's standard in terms of it's speed/cost, there are far better crypto solutions out there these days. In addition I actually agree that there are too many shitcoins out there these days that don't actually really do anything, doesn't mean the whole world will forever be dark for cryptos.

It's still the wild west out there in crypto world - there are smart ways to make money and at the same time insulate yourself, just like there are lots of stupid get rich quick types out there who are dumb enough to re-finance their house and go all in while the market is on a high.
 
if the market collapses people will no longer have to wait for their "bank" to steal their coins and run off or for haxors to steal them and also then run off... it will save a great amount of time...
 
Krenum said:
You should thank Trump for all your winning as of late :cool:

56689ebb52f41.image.jpg
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While I don't get into politics or give a rats ass what either side says or does, I do have to say that did make me laugh. Mostly what I thank is myself for my very early positions in XRP and XVG, those have been my big money makers :)
 
As an investor, I don't really follow Buffet's way of trading. His thinking isn't wrong. From his standpoint and following what he knows, it is a bad investment. The way he invests is by doing research, history, earnings, etc. He's a technical trader.

As far as saying that it will "end badly" everything will end "badly" when given enough time in the universe to allow it to happen. What I think he should say is you need to approach crypto currencies with caution and do a lot of research about them. For many, this won't be a get rich scheme and realize that you don't really make any profit until you cash your earnings. A lot of people I see go into mining to drop out once they hit ROI and get their money back - which will take a lot of months. You've got to have luck or a lot of capital to make a lot of money in it.


Now there's a lot of talk about nVidia dropping production of the 10 series to make way for Volta. Miners will soon be dropping their 10 series like a brick wall on the economy if the 11 series is better.
 
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