Last week at his annual shareholder meeting, Warren Buffett went out of his way to say what he thought of bitcoin.
Yesterday, bitcoin struck back!
In case you missed it, Warren Buffett decided to give his thoughts on bitcoin at his annual shareholder meeting early last week.
He used terms like:
"rat poison squared"
and
"bitcoin will come to a bad ending"
to describe what has been going on with bitcoin.
(Source: https://www.cnbc.com/2018/05/05/warren-buffett-says-bitcoin-is-probably-rat-poison-squared.html)
As you might imagine, the bitcoin community didn't take such strong remarks sitting down.
Genesis Mining's bitcoin awareness campaign put up some billboards right across from Buffett's office to strike back at what Mr. Buffett had to say.
They can be seen here:
(Source: https://www.ccn.com/bitcoin-mining-firm-trolls-warren-buffett-with-billboards-outside-his-office/)
The theme behind the billboards was that Buffett has been wrong before about new technology, specifically in the case of Amazon and Google, and that perhaps he is also wrong about bitcoin now.
Genesis Mining launched a bitcoin awareness campaign several years back to help spread awareness and information about bitcoin and cryptocurrencies.
This was a sign put up in 2015 by Genesis Mining:
(Source: https://www.ccn.com/genesis-mining-launches-nationwide-bitcoin-advocacy-campaign/)
Their goal is to educate the public about bitcoin and cryptocurrencies. Specifically, they tend to try and dispel some of the negative spin the mainstream media tends to put on crypto.
Buffett hasn't officially responded to the billboards as of yet, but you can be sure he has seen them.
How could he not, they surround his office building.
Not sure about you, but I think this is a great use of advertising funds. :)
Stay informed my friends.
Follow me: @jrcornel
Buffet, and the rest of these billionaires, have developed enormous God complexes that have completely blinded them from the monumental changes taking place.
Buffet and Dimon better get used to being trolled - soon it will be a daily occurrence.
False advertisement by some of the activist part of the Bitcoin community:
They lie knowingly.
Bitcoin is space and (energy/time, choose your compromise between these two) inefficient.
It will fail, and when it will happen, it will be later than it should have been.
I also saw a picture of Buffett doing the baphamet sign, and if it is not photoshopped, it should be the only picture people should use when they show any picture of him.
You got a 33.33% upvote from @luckyvotes courtesy of @stimialiti!
You got a 18.18% upvote from @sleeplesswhale courtesy of @stimialiti!
Well, Buffet should be praised after all he has been the second richest guy in the World for many years.
That being said when you hear these guys talk in the interview with Munger you realize they are just ignorant and uneducated of the benefits and possibilities of Crypto and Bitcoin.
I mean my gosh I remember 20 years ago Buffet was talking about how he would NEVER invest in tech stocks because he could NOT understand them and how they worked.
My response back then ?? Well MR. Buffet why don't you take the time like everyone else to learn about them.
Seems like the same thing with Bitcoin and his refusal to dig a little deeper and learn a little more. I bet he could not even give a simplistic definition of what a Blockchain is lol
Thanks for sharing this Post @jrcornel
Thanks for you sir
He was also not true with google and apple .. :-)
The Oracle from Omaha doesn’t know shit about emerging Tech. He has proven that over and over again. Rage on BTC & Rage on STEEM! 🧐
Talking to Buffet via (antique last century artifacts) billboards is a nice move. 😂
don`t listen old people telling you something about new tehnology
Yes Buffett has been wrong before on technology stocks. He has a very big ego and says bitcoin is "rat poison" and to "stay away from it." He never says why Bitcoin is bad, he doesn't understand it and can't explain it. He's moronic. Buffett is acting in authority outside of his lane. He needs to stick to blue chip dividend stocks, and not paradigm shifting technologies.
Forget the dinosaur, meet the robot!
He is totally wrong about Bitcoin, but I think he knows it. He missed the boat, and now he's trying to fight back because Bitcoin threatens his power and influence.
I know Warren Buffett reads a lot, but I doubt he reads billboards :) However, it's a nice response, and intended mostly to the general public :)
Exactly what were talking about
Oh he is absolutely wrong on Bitcoin, hell I hate I waited til this year to even buy cryptocurrency for the first time ever.
Yeah, yeah... I know. Shame on me.
Warren Buffet is certainly one of the most greatest bussiness men on US history. But it's also a fact that his point of view is based on a XX century economic model which is also certainly changing.
why try and convince buffet, he has made so much wealth being right, a billboard will not convert him into a bitcoin enthusiast. develop use cases, increase adoption, and if he still alive, he will automatically say he was wrong about bitcoin. and he dismisses everything except stocks, doesn't like gold, doesn't like bonds, doesn't like derivatives. i doubt he will every be convinced.
after all bitcoin doesn't provide ownership of a value creating asset. bitcoin is an asset that has value to some, and may have value to others in the future. buffet would want to own the entity that owns bitcoin, and unfortunately for him, there isn't one.
They are definitely wrong about bitcoin and time will prove it.
We will likely know for sure within the next 2 years or so.
Haha, what a great initiative took by billboard campaign to realize him that he was wrong about Google and Amazon so maybe he's wrong about Bitcoin as well and surely he's wrong about Bitcoin because crypto currency and block chain is the future he have to accept it like #markzurckerberg who blocks ads of crypto on Facebook and now he's joining block chain system, bloody hypocrite.
If you can't beat em, join em, right?!
Haha absolutely right. You got my point.
Nothing can stop the crypto revelation
Optimism is great, however bitcoin goes beyond optimism. I feel like this a bubble growing with bitcoin, though Buffet isn't a fan of bitcoin there may be some truth to what he says.
With huge price jumps, it is doesn't give me confidence in it, it's more volatile than a stable digital currency and anything that is volatile produce great rewards sure, but the risks are high as well.
We are know the truth about bitcoin that it will actually come back to normality, everything is with time. But then let be at the watch. Thanks a lot @jrcornel for ur updat
Buffet is a big giant but it doesn't mean he is right all the time. He already predicted wrong about success of Google and Amazon so it doesn't matter a lot only performance of Bitcoin and people trust will matter. Let's hope for the best @jcornell
I don't think we can talk about a "maybe".
He is definitely wrong about Bitcoin lol.
I think Warren Buffet is really saying, its mine all mine, all you other people stay away from it, while i buy everything.
I don't listen to anyone over 80- they are all senile! Sure he's a billionaire but he also contradicts himself over and over.
He said he doesn't know much about cryptocurrencies, and advises against investing in something you don't fully understand.... then his company invests into crypto?!? That makes a hell of a lot of sense LOL
Also Bill Gates was quoted as saying "Bitcoin is better than currency..." in an interview then goes on to bad mouth it too. The media is putting spin on this kinda stuff intentionally.
Great article! Resteemed. He missed amazon!
Funny we almost share the same information every time ;-)
The more they talk about it the stronger it will become.
Careful... he may teach Bill Gates how to short BTC!
Buffett's criticism reminds me of an interview with Gene Simmons I read a few years ago where he was mocking successful bands who are "famous on the Internet" rather than successful through the legacy channels (i.e. record deals, radio play, arena tours, etc.). Perhaps he felt it a personal slight, as if the very fact of these kids who are "famous on the Internet" somehow invalidates the worth of his own career.
Like Buffett, "the old way of doing things" has been very good to him. What Simmons neglected to mention, of course, was that the system that made him wealthy in fact chewed up and spat out his industry's equivalent of "the 99%", and that same system is/was wired to reward bland predictability (i.e. Justin Beiber, etc.) over innovation (i.e. any truly great artists consigned to near anonymity).
While legacy systems have their place and value, it is the disrupting innovators who will keep it accountable and, ultimately, force the old systems to either adapt to new realities or be replaced altogether. As for the likes of Simmons and Buffett, they are akin to senior citizens who have lived a full life but are too set in their ways to understand whatever newfangled things their grandkids are up to.
Bitcoin has the right balance of pros and cons. That's why it's so popular.
Seems he has missed out on a few great investments due to him being unable to adapt.
We don't think there's any need for Bitcoin to "strike back". If you take a moment and think about where Buffett is coming from, it might actually help you learn something (no matter how bullish or bearish you are on Bitcoin).
Buffett is a really smart guy, and he doesn't say stuff that has no logical backing. Yes, sometimes he's wrong, but then again who is never wrong?
Here's something that illustrates what you can learn from Buffett's comments on Bitcoin written in an objective way: https://steemit.com/bitcoin/@ledger256/is-bitcoin-really-just-rat-poison-nope-but-there-s-still-something-to-be-learned-from-buffett
Nice post! I never though that Genesis Mining had made that kind of advertising. I'm surprised and amuse by that! Thanks for sharing.
Warren Buffet once said, “Never invest in anything you don’t understand”. I think he should add to that statement to include, “Never comment on anything you don’t understand”. He himself has admitted he doesn’t understand the tech behind bitcoin. So why is he commenting on it? The answer is simple, he’s afraid of what is going to happen to his bank investments when bitcoin goes mainstream. He’s doing everything he can to protect a dying system.
Anyway, great post...followed and resteemed.
I think Warren can say whatever he wants to. He has reached the heights that hardly anyone of us here will ever get to, so who are we to blame him? :)
However, no one can make us take his words seriously.
Buffet is old and doesn't understand the tech. I'll assume his assesment is due to ignorance but he may also be doing it to influence the people who view him as a genious. I'm glad the community strikes back.
wow well post i like this keep it up thanks for shearing