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Warren Buffett tells CNBC the recent craze over bitcoin and other cryptocurrencies won't end well.

By MrMagic following x   2018 Jan 10, 1:28pm 761 views   14 comments   watch   sfw   quote     share    


"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," the chairman and CEO of Berkshire Hathaway said.

Billionaire investor Warren Buffett told CNBC on Wednesday the recent craze over bitcoin and other cryptocurrencies won't end well.

"When it happens or how or anything else, I don't know," he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska. "If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth."


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.

https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html
#economics
1   MrMagic   ignore (11)   2018 Jan 10, 1:30pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Warren Buffett says cryptocurrencies headed for a 'bad ending' .

Billionaire investor Warren Buffett is confident the cryptocurrency story will end in tears, but he isn't putting any money on it. "In terms of cryptocurrencies generally, I can say with almost certainty that it will come to a bad ending," the Berkshire Hathaway chairman and chief executive told CNBC in an interview.

https://www.marketwatch.com/story/warren-buffett-says-cryptocurrencies-headed-for-a-bad-ending-2018-01-10
2   APOCALYPSEFUCKisShostikovitch   ignore (34)   2018 Jan 10, 1:30pm   ↑ like (4)   ↓ dislike (0)   quote   flag        

But everyone in the universe MUST! HAVE! fantasy money backed by bug-eyed mania that can lose all its value for any reason or no reason in an instant!

WHO! IS! THIS! ASSHOLE! ?
3   TwoScoopsOfSpaceForce   ignore (4)   2018 Jan 10, 1:33pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

I would be more supportive of bitcoin if you could use them more often IRL. Not just to buy yourself an E or hire FBI-agents posing as hit men on the Dark Net or donate to some Linux project.
4   NuttBoxer   ignore (2)   2018 Jan 11, 11:25am   ↑ like (0)   ↓ dislike (1)   quote   flag        

There are business's that take bitcoin, and a big reason for the recent community split was one side has in interest in a crypto-currency that has faster turnaround time on transactions, making it a more viable purchasing currency.
6   Strategist   ignore (3)   2018 Jan 11, 11:40am   ↑ like (3)   ↓ dislike (0)   quote   flag        

Sniper says
"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," the chairman and CEO of Berkshire Hathaway said.

Billionaire investor Warren Buffett told CNBC on Wednesday the recent craze over bitcoin and other cryptocurrencies won't end well.

"When it happens or how or anything else, I don't know," he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska. "If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth."


When Warren Buffett speaks, people listen.
7   Tenpoundbass   ignore (11)   2018 Jan 11, 11:48am   ↑ like (1)   ↓ dislike (0)   quote   flag        

The only practical use crypto currency has is to exchange money. But isn't that what Western Union is for?

I certainly wouldn't buy it and sit on it, expecting it to hold its value for a long term investment strategy.
You need money to buy it, you use Bit Coin, the person on the other end converts it back to cash.
Even that's risky and volatile. The price could drop 25% before you converted it back. Then what? Now you're sitting on Bit Coin hopping it comes back.
That doesn't happen with Western Union. But Western Union isn't anonymous. In fact if I were WU, I would demand to be allowed to create an anonymous money transfer system. To where all you need to send money is the cash to do it. You get a pin number, give that to the person receiving the money no Identification tracking. If the Gov allows BC then they should allow that. It would put BC out of business. As anonymity is the only thing BC has going for it.
8   APOCALYPSEFUCKisShostikovitch   ignore (34)   2018 Jan 11, 12:39pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

The KodakCoin is an interesting deployment of the old company scrip idea, but even more narrowly focused to the application of management of images. Nifty, limited, useful for a well defined task.
9   anonymous   ignore (null)   2018 Jan 11, 12:50pm   ↑ like (1)   ↓ dislike (2)   quote   flag        

All of the people that are powerful because of the USD$ keep saying the same thing. It’s a bubble and it will end badly

"When it happens or how or anything else, I don't know," he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska. "If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth."

Five year put lol. Yet he’d never short a dimes worth. I’m curious to know how great of an understanding the old geezer who eats McDonalds everyday has of blockchain and the different crypto currencies

Plenty of us have made a buttload of money on them to date.

Then you have all the negative nancies who don’t really know what they’re talking about, haven’t made any money, but are certain that crypto is doomed.

I’ll never understand that mentality
10   Goran_K   ignore (1)   2018 Jan 11, 1:24pm   ↑ like (0)   ↓ dislike (1)   quote   flag        

TinFoil hat:

BitCoin won't succeed because the Illuminati at the FED would never allow their power to shrink so vastly. They assasinated Kennedy for trying to take their power, killing a crypto currency would not be hard for them.

Also, BitCoin has so many competitors, it's going to lose ground fast unless all of these stores (amazon, ali baba, etc) start accepting it.
11   anonymous   ignore (null)   2018 Jan 11, 1:45pm   ↑ like (1)   ↓ dislike (1)   quote   flag        

Goran_K says
TinFoil hat:

BitCoin won't succeed because the Illuminati at the FED would never allow their power to shrink so vastly. They assasinated Kennedy for trying to take their power, killing a crypto currency would not be hard for them.

Also, BitCoin has so many competitors, it's going to lose ground fast unless all of these stores (amazon, ali baba, etc) start accepting it.


How would they kill it?

Bitcoin is definitely under pressure from it’s main competitor, Ethereum, for numerous reasons
12   Goran_K   ignore (1)   2018 Jan 11, 1:50pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

errc says

How would they kill it?

Bitcoin is definitely under pressure from it’s main competitor, Ethereum, for numerous reasons


Plenty of ways but the primary one being legislation. Once they legislate it out of the U.S, it would become like SilkRoad and wouldn't have the reach. Another way could be a virus that corrupts the blockchain.

But I don't see the Fed just giving up their power. Like I said, Kennedy tried to do this and they killed him.
13   HEYYOU   ignore (18)   2018 Jan 11, 2:11pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

cryptocurrencies!

They are real! I tell you! Real!
14   Ceffer   ignore (1)   2018 Jan 11, 3:46pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Who wouldn't want a currency that allows you to buy ten pounds of heroin or a tank, no questions asked?




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