Warren Buffett, Charlie Munger Slam Bitcoin Again, Resort To Elementary School Insults

Submitted by Helen Partz of CoinTelegraph

Source: CoinTelegraph

Billionaire investor and Berkshire Hathaway’s Chairman and CEO Warren Buffett reiterated his negative stance towards cryptocurrencies at the annual meeting of his company Saturday, May 5. Buffet repeated his idea that cryptocurrencies will come to a “bad ending,” and claimed that Bitcoin (BTC) is "probably rat poison squared," according to CNBC.

In response to a question on Buffet’s view of cryptocurrencies raised by an attendee from Ukraine, the “Oracle Of Omaha” has made yet another anti-crypto statement. According to Buffet, Bitcoin is not a “productive” asset, unlike land or corporate shares. As a result, investors’ demand for it is the only price-determining factor, making digital currency a handy tool for “charlatans,” Buffet said.

The billionaire investor claimed that cryptocurrency community is in for a “bad ending” after the “euphoria wears off.”

Berkshire Hathaway’s Vice Chairman Charlie Munger echoed Buffet’s criticism of cryptocurrency investment, albeit in much harsher terms:

"Someone else is trading turds and you decide I can't be left out."

Earlier in February, Munger called Bitcoin “totally asinine” and argued that people get involved in crypto ”because everybody wants easy money.”

87-year-old Buffet is known for his skepticism towards cryptocurrencies. The billionaire investor has made repeated statements claiming that Bitcoin is neither a currency, nor a way of investing. In October 2017, Buffet claimed that Bitcoin had entered the “bubble territory,” and is “going to implode.”

Some institutional players, on the other hand, are much more enthusiastic about Bitcoin. For example, the banking giant Goldman Sachs has launched a Bitcoin trading operation earlier this week, commenting that Bitcoin “is not a fraud.”

Comments

Fireman Sun, 05/06/2018 - 08:47 Permalink

Blipcon...the banksters way of herding the thingy wielding "smart" phone jabbing sheeple into their beloved safe space electronic gulags.... "all watched over by machines of loving grace."  The bankster app was not quite what old Dick had in mind, I imagine.

 

All Watched Over By Machines Of Loving Grace

I like to think (and
the sooner the better!)
of a cybernetic meadow
where mammals and computers
live together in mutually
programming harmony
like pure water
touching clear sky.

I like to think
(right now, please!)
of a cybernetic forest
filled with pines and electronics
where deer stroll peacefully
past computers
as if they were flowers
with spinning blossoms.

I like to think
(it has to be!)
of a cybernetic ecology
where we are free of our labors
and joined back to nature,
returned to our mammal
brothers and sisters,
and all watched over
by machines of loving grace

 

What in fact is "money"? Surprisingly or not, it is not an un-backed electrical impulse manifested in blips, beeps or pulses of light, be that in reference to fiat IOU Saudi Mercan petroscrip digital dollahs created out of thin air barely backed by Pentacon Inc. Despite what Millennials imagine their beloved Millennial App to "be" i.e. their imagined "safe store of wealth", Bitcoin, cannot realistically be seen as a substitute for real wealth such as commodities or assets.

However, contrary to the usual hubris and arrogance of Western banksters and so-called €conomist$ the future of money is being decided by those countries that actually have physical reserves and resources and the military power to control them. For Russia and China "reserves and resources" does not mean the unpayable debt that so-called Western capitalists imagine "wealth" to be as they continue to impoverish their hostage nations with their anti capitalist cant that has turned the so called Western "democracies" into impoverished welfare ruins over run by Soros' migrant hordes to distract the masses from the real enemy among them. One gets it or one doesn't as the case may be but the Anglozionazi centric world is already a thing of the past.  That future does not include a "global reserve currency" style Fedcon slash Blipcoin owned by the money changers and globally imposed as the Pentacon Kissinger Saudi Mercan IOU petroscrip toilet paper dollah was, whatever about being imposed on USSAN and Europeon debt slaves only too happy to exist in their cashless, electronic gulags "all watched over by machines of loving grace" as they jab their electro thingies In lieu of using a brain to "purchase" their Latte dumbass I'm a moron five buck starschmucks zio piss "coffee".

In a world of NSA slash CIA hacking gone mad, run as these criminal enterprises are by murderous thugs and sociopaths, how the hell can an unknown App like Blipcoin suddenly be "wealth" and how in God's name can gold be purged from human DNA after 3000 years functioning as real money simply because the shamanic Satanic banksters in the West and the Pedophile Politburo in Natostan ghetto Brussels no longer have any and the brain dead Millennials with their prosthetic blinking plastic gizmo brains, never managed to grasp what in fact  real money is? The simple answer is that actual physical money such as gold can't be purged and replaced with fiat or blips or BS and try as the globo mob might it won't get purged and in the end when the electricity inevitably goes out the surviving Millennials will wake the hell up or go belly up when their "survival" Apps no longer bring home the bacon.

Bitcoin at the incredible velocity of 5 transactions per second is positively Flintstonian in its power, Visa can pump debt at 50 thousand scams a second and Youtube can process over 350 thousand delusions per second. And still some folks imagine this ethereal "currency" WILL go global and can't be jammed and hacked! Good luck with that when the big money decides to pull the plug not to mention the much ballyhooed Korean EMP fries USSA and the lights go out for 20 years, then of course you will be able to "invest" your leftovers in their "Fedcoin" scam and the rigged "market" can continue on its merry way in our bankster rigged cashless dystopia. In a world of NSA slash CIA hacking gone mad how the hell can an App like Blipcoin be "wealth" and how in God's name can gold be purged from human DNA simply because the banksters in the West no longer have any?

The cliché "If you don't hold it you don't own it" may seem tiresome for those welded to their hand held thingies, (tumor sprouting morons who can hardly read and never learned to write, counting their blips and pulses in their own virtual half-lives) but Bitcoin meets few if any of the criteria of the historic definition of true wealth.

 

Shlomo Nakamoto (first Blipcon millionaire) say big tanks to all tulip pickers from refuge of his heavenly Blipcon Temple and to not forget wise words of warning..."not so easy to leave electric tulip garden when one come in.....unfortunately not everybody come back out."

FireBrander Shemp 4 Victory Sun, 05/06/2018 - 08:58 Permalink

that cryptocurrencies will come to a “bad ending,”

DUH! Such wisdom.

Can anyone name for me an "investment" that, at some point, didn't hit a "bad patch in the road" and eventually have a "bad ending"?

Crypto is in it's "Wild West" stage; free to run wild...like the DotCom era...there was "no way" that was going to "end badly" according to all the starry eyed "investors".

Hopefully, WFC has it's "Bad ending" soon, or at least in the amount of time I have left...witnessing them fold is on my bucket list.

One day, the Sun is going to run out of fuel; and this entire planet is going to "end badly"

In reply to by Shemp 4 Victory

FireBrander Pearson365 Sun, 05/06/2018 - 09:09 Permalink

Bitcoin is neither a currency, nor a way of investing

Currency: a medium of exchange for goods or services within an economy.

Umm, I think Crypto meets that definition...

If you can buy something high, and sell it low, then it's most certainly a "way of investing".

What Buffet is upset about is that the Government can't give him an advantage to guarantee his profits...if he tries to trade Crypto using only his "investment skills", he'll lose his ass in front of the world and expose himself as the fraud we all know him to be.

In reply to by Pearson365

Brazen Heist FireBrander Sun, 05/06/2018 - 09:14 Permalink

Coming from Buffet, the guy who trashed the Tech boom, I'll pass up on his advice here. The Internet stayed on post-tech boom and crypto is also here to stay. The guy is a conservative old school white shoe investor that isn't your go-to man for investment advice on emerging tech.

In reply to by FireBrander

Gaius Frakkin'… J S Bach Sun, 05/06/2018 - 09:51 Permalink

If you want a "one world currency" you probably shouldn't force "irredeemable" people and entire countries out of it, or they will have to use something else.

Also, you probably shouldn't expend it on pointless wars while your people suffer.

So it's no wonder that young people, who aren't feeding off the fat of a dying empire, understand the necessity of cryptocurrency.

In reply to by J S Bach

jcaz Buckaroo Banzai Sun, 05/06/2018 - 12:05 Permalink

Not a fan of Bitcoin,  but Buffett's rebuke is pretty funny, coming from the guy who refused to buy any Microsoft because it was "too complex for him to understand", even tho he played bridge with Bill Freakin' Gates.....

When you really break down Buffett's track record, it's nothing special- he's just lived long enough for his shit to compound...  The only truly impressive wins Warren has had over the years are when he's strong-armed deals to his favor- which he's done often and to the demise of others. There is no magic to legal extortion.   

Buffett can't even control Wells Fargo at this point-  go back to your sundae, Warren........

In reply to by Buckaroo Banzai

52821740 FireBrander Sun, 05/06/2018 - 09:47 Permalink

Wrong.  

An investment has INTRINSIC VALUE. 

what is the intrinsic value of one cyrpto coin? Pick any one you like. 

Every time a crypto head opens their mouth on this site they demonstrate they know nothing about fundamental analysis. 

And the truth is they dont care about fundamental analysis because cryptos are speculation that survive solely on supply and demand.  Effectively a huge ponzi scheme.  Sure the block chain itself is brilliant and is  here to stay but that doesn't necessarily mean your beloved cyrpto will. 

In reply to by FireBrander

Brazen Heist 52821740 Sun, 05/06/2018 - 09:56 Permalink

Well, fundamental analysis is always there for me. Bitcoin is a platform for storing value electronically in a decentralized fashion.

Ethereum is a platform for doing just that but to also build smart contracts and apps on top of it.

Ripple is a centralized proxy to apply blockchain for financial institutions.

And so on. Each one of them has "value" according to users and investors. The market is naturally very speculative because this is still an unfinished product and a work in progress...so hedge accordingly and trade accordingly.

All I can say is that, there will be winners in the race.

And lots of losers.

My approach is to try before you buy, so to speak. I've traded many different cryptocurrencies......to get a feel for them. Some of them I just trade on technicals, I don't even give a fuck about more than that. The ones I do delve into, well, I got to get my hands dirty.

Test out the technology. Use it. How it transfers. Do I like their wallets? What is management doing? What is their vision? Interact with them if necessary. How reliable are they sticking to roadmaps? What are the type of people that support these coins? How do they trade in markets? What can you learn about trader sentiment for these coins? How is liquidity? How do they correlate with other coins? What real world problem are they solving? What is their competition doing? This shit can get research intensive. Plus I read whitepapers and try to understand the technical aspects as well. Does it make sense in theory?

In reply to by 52821740

GoFuqYourself boattrash Sun, 05/06/2018 - 11:13 Permalink

Fully agree. Very articulate, with valid points. Obviously Brazen, you have thought this out. I agree with pretty much everything you wrote.

Personally, I like Cardano. I lost my private key to a cold storage crypto wallet several years ago, hence lost the whole wallet. Cardano's Daedalus wallet uses a pass phrase that can be used to restore your wallet. I can memorize the 12 words.  I tested it by deleting my Daedalus wallet, then entering my pass phrase on another computer. My funds were restored. 

In reply to by boattrash

smallblockchevy350 Brazen Heist Sun, 05/06/2018 - 11:08 Permalink

Well put, Brazen Heist. Go test out NANO and get ready to be impressed. Anybody who wants $0.50 worth of NANO to fuck around with for testing purposes, post your wallet address or message me and I will send it over later after I get done working on my house today. I can send large or small amounts of NANO back and forth from my PC wallet to my Android phone wallet in less than 10 seconds and there are ZERO TRANSACTION FEES because there is NO MINING with NANO. That alone makes it perfect for micropayments, which every other crypto sucks at. I have used and tested every top 20 market cap crypto and NANO blows them all away. I wouldn't buy a coffee or a beer with any other crypto. This is the only one I'm really bullish on.

https://coinmarketcap.com/currencies/nano/

https://nano.org/en Go here and follow the links to get the wallet off Github.

In reply to by Brazen Heist

Mine Is Bigger 52821740 Sun, 05/06/2018 - 12:55 Permalink

I automatically discount anyone who throws around "intrinsic value," because that person must have not really thought through if such thing as intrinsic value really exists. If you don't pay much attention, intrinsic value sounds like a rock solid concept. But is it really a sound idea? I encourage you to think a little harder.

You don't seem to separate btc and all other cryptos. If you think the blockchain is brilliant, then you should think btc is brilliant, too. BTC is the only real blockchain that exists today. All other blockchains that people are talking about are just fancy, giant spreadsheets.

In reply to by 52821740

U4 eee aaa FireBrander Sun, 05/06/2018 - 11:03 Permalink

What he doesn't understand is that BTC is a way for the economy to transfer money between people and across borders without having to pay trillions of dollars to banks and other intermediaries to certify the transactions. That is money that businesses, consumers and investors can keep in their pockets and spend on themselves.

But I wouldn't expect someone who owns a bank and leeches off the economy via those transfer fees to understand that. When your paycheck is derived from not understanding, you will fail to understand. It is that simple

In reply to by FireBrander

Global Douche Pearson365 Sun, 05/06/2018 - 09:37 Permalink

I get their funniest attempts at humor. A feeble attempt no less as the Genie is out of the bottle. Warren and his buddy haven't come to grips with the Great Reset that will surely come. Even they haven't begun to realize certain companies accept crypto for.... phyzz gold and silver? Where did Warren's significant sta$h of the latter go to? It's laughable they're doubling up as Trump does, especially in this instance. They won't win!

In reply to by Pearson365

cornflakesdisease Pearson365 Sun, 05/06/2018 - 11:01 Permalink

Most of what it can buy is illegal.  It records every transaction to transaction.  No central bank to lean against the wind.  Make the clearinghouses illegal and it's game over.  Dollar inc can ban it in a few seconds.  Yeah, this is what I want to store my wealth in. /s

 

Blockchain has a future, but not bitcoin.

In reply to by Pearson365

Endgame Napoleon FireBrander Sun, 05/06/2018 - 09:58 Permalink

Gold is sounder money. But in said resource-holding countries, the sound money is concentrated in fewer and fewer hands, just like most of the money—sound or otherwise—in Western democracies, although the debt is spread over the wider population in the West. That is what will end badly, weakening commerce even for top 20% of babyvacationing, dual-high-earner parents in the high-paying jobs and most of the 1% business class. Eventually, everything will dry up for them, too, as most of the once-bigly middle class has already dried to a shrivel, leaving only a few kings holding 99% of the surviving coins, whether they are physical or digital. It does not matter. 

In reply to by FireBrander

Jackprong Endgame Napoleon Sun, 05/06/2018 - 10:22 Permalink

On the outside, a one percent debt lord over the serfs is probably happening.  Under all this surface economy lies an underground economy of garage sales, manufacturing and services.  When Rome fell (and a whole bunch of other rackets before and afterwards), BARTER became the economic support mechanism.  When you can't eat gold, you give it away in exchange for food (from a food producer).  Gold is limited to production capabilities.  However, a sound monetary policy tames inflation, provides stability, stores of value.  After the strong monetarism of the 1980s, followed by the book cooking of Greenspan and Helicopter Man, sound monetary policy is more than ever compromised by human managers.  Cryptocurrency may have the potential of providing a sound monetary policy.  I would promote the Fed policy of a minimum FIVE PERCENT SAVINGS ACCOUNTS for all savers at banks, credit unions, etc meaning interest rates must allow it.

In reply to by Endgame Napoleon