Trolling Buffett Is a New Hobby in the Cryptoverse

Many public personas have expressed their skepticism in regards to cryptocurrency, but none so vocally as Warren Buffett, the legendary stock investor and long-time bitcoin skeptic. However, crypto fans do not take very well to criticism – especially if all the arguments sound uninformed and unimaginative, as well as loud.

This is why Marco Krohn, the cofounder of Genesis Mining, a cloud mining company, decided to place some billboards outside of Buffett’s office in Omaha, not very different from the Oscar-winning Three Billboards Outside of Ebbing, Missouri movie plot, albeit much more light-hearted, Business Insider reported. Referring to Buffett’s heavy-hearted admission that he was wrong to be pessimistic about tech giants Amazon and Google in their early days, the signs imply he may be repeating the same mistake.


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“Warren: you said you were wrong about Google and Amazon. Maybe you’re wrong about Bitcoin?” the billboards say, with a hashtag #BitcoinAwareness.

Buffett also recently called Bitcoin “rat poison squared,” and of course the community wouldn’t let him get away with it so easily. The first reactions were, surprisingly, understanding: Buffett’s tastes lie elsewhere, for example with slow, steady, stable, proven industries.

But crypto enthusiasts put their sense of humor about the situation to good use. ECoinmerce is selling everything from t-shirts to coffee mugs bearing the “Rat Poison Squared” logo, having said that, “We don’t know exactly what ‘rat poison squared’ is supposed to mean. What we do know is that Bitcoin created a very productive ecosystem and spawned the entire cryptocurrency revolution, which is driving innovation in nearly every industry.”

The investor’s reaction to these well-meaning jokes is yet to happen.


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Author: Sead Fadilpasic
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Buffett: Bitcoin Is More Gamble Than Investment

“Oracle of Omaha” Warren Buffett, whose aphorisms and advice many investors take as gospel, has laid into bitcoin, saying it’s a gamble, not an investment.

The Berkshire Hathaway chairman and CEO – and the world’s third-wealthiest person, according to Forbes – has long been skeptical of bitcoin. In his latest comments on the subject, he told Yahoo Finance on Saturday, “If you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.”

He continued:

“There’s nothing wrong with it. If you wanna gamble somebody else will come along and pay more money tomorrow, that’s one kind of game. That is not investing.”

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Buffett bought Berkshire Hathaway, a struggling textile mill, in the early 1960s and turned it into one of the world’s most successful investment vehicles. According to his most recent letter to shareholders, the firm’s share price has increased by 2.4 million percent since the takeover, compared to 15,500 percent for the broad stock market.

That success has been attributed to a strategy of buying strong firms with business models that are simple to understand and difficult to disrupt. That philosophy has led Buffet to be sceptical of the technology sector and of bitcoin in particular, which he called a “mirage” in March 2014.

Bitcoin was trading at around $600 when Buffett made that comment. In January, when the price was around $14,000, Buffett doubled down, saying cryptocurrencies “will come to a bad ending.” The cryptocurrency’s price is close to $9,300 at the time of writing.

One of Buffett’s most famous quotes is “our ideal holding period is forever.” In Saturday’s comments, he further criticized bitcoin, arguing its value is too dependent on trading.

“Now if you ban trading in farms, you can still buy farms and have a perfectly decent investment,” he said, but if trading in bitcoin was banned, people would have no reason to invest.

He did not address the bitcoin “hodler” movement, whose advocates urge investors never to sell.


 

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author David Floyd

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