| operations |
| comment | | "parent_author":"",<br>"parent_permlink":"bitcoin",<br>"author":"cryptoticker",<br>"permlink":"crypto-experts-disagrees-with-warren-buffet-over-rat-poison-claims",<br>"title":"Crypto Experts Disagrees With Warren Buffet Over \u201cRat Poison\u201d Claims",<br>"body":"https:\/\/cryptoticker.io\/wp-content\/uploads\/2018\/05\/Featured-1.jpg\n\nBitcoin recently received a barrage of criticisms from none other than Warren Buffet,<br> the President of Berkshire Hathaway who has always been a long-time bear of cryptocurrencies.\n\nAfter claiming that Bitcoin is <a href=\"https:\/\/cryptoticker.io\/warren-buffet-bitcoin-is-more-gambling-than-investment\/\">\u201cmore gambling than investment\u201d<\/a> about a week ago,<br> the billionaire doubled down on his disapproval for Bitcoin during Berkshire\u2019s annual shareholder meeting on May 5. According to <a href=\"https:\/\/www.cnbc.com\/2018\/05\/05\/warren-buffett-says-bitcoin-is-probably-rat-poison-squared.html\">CNBC<\/a>,<br> he reiterated his idea that cryptocurrencies will \u201ccome to a bad ending\u201d and that Bitcoin is <a href=\"https:\/\/cryptoticker.io\/bitcoin-flash-crash-amidst-warren-buffet-slam\/\">\u201cprobably rat poison squared\u201d<\/a>.\n\nAs a result,<br> the price of Bitcoin took a dive just when it was about to cross the $10,<br>000 mark,<br> falling past the $9,<br>500 support level and recorded a low of $9,<br>220. This affected the general crypto market as well,<br> as the total valuation of all cryptocurrencies dropped by $50 billion.\n\n<img class=\"alignnone wp-image-33522 size-full\" src=\"https:\/\/cryptoticker.io\/wp-content\/uploads\/2018\/05\/smaller.jpg\" alt=\"Crypto Experts Disagrees With Warren Buffet Over \u201cRat Poison\u201d Claims Darren Marble Daniel Rice Daniel Worsley Berkshire Hathaway\" width=\"2340\" height=\"1156\" \/>\n\nSource: <a href=\"https:\/\/coinmarketcap.com\/charts\/\">CoinMarketCap<\/a>\n<h3><strong>Backlash from the Crypto Community<\/strong><\/h3>\nBuffet\u2019s strongly-worded criticisms of Bitcoin has brought about waves of counterarguments from the crypto community. Darren Marble,<br> CEO of CrowdfundX,<br> believes that Buffet\u2019s Luddite approach towards technology,<br> in general,<br> is one of reasons why his bearish stance on Bitcoin will prove to be erroneous.\n<blockquote><em>\"Although Warren Buffet has made the right call on many investments,<br> he is dead wrong on Bitcoin,<br> because he is totally clueless to the technology,<br>\u201d said Marble. \u201cHow could someone who doesn't use email possibly appreciate Bitcoin? They can't.\u201d<\/em><\/blockquote>\nMarble then compares the progress of Bitcoin to that of Berkshire Hathaway over the last three years.\n<blockquote>\u201cFor the record,<br> if you had invested in Berkshire Hathaway stock three years ago,<br> you would be sitting on a 30% profit,<br> whereas had you invested in Bitcoin in three years ago,<br> you would have done 100 times better literally.\"<\/blockquote>\nIf we were to look at the grand scheme of things,<br> Berkshire Hathaway has underwent a 2.4 million percentage increase ever since Buffet acquired it 56 years ago,<br> as stated in a <a href=\"http:\/\/www.berkshirehathaway.com\/letters\/2017ltr.pdf\">letter<\/a> he wrote to his investors in late February. In contrast to that,<br> Bitcoin has increased by over 330,<br>000 percent ever since its inception <em>just 9 years ago<\/em>.\n\nThis shows the amount of potential that Bitcoin has to grow over the next few decades,<br> which prompts Marble to predict that Buffet\u2019s bearish view will prove incorrect in the long run.\n<blockquote>\u201cYears from now,<br> when the dust settles,<br> Warren Buffett's miss on Bitcoin will be the biggest miss of his career and will make his misses on Amazon and Google look forgivable.\"<\/blockquote>\nMarble\u2019s claim is supported by fellow cryptocurrency expert,<br> Daniel Rice,<br> who is the Chief Technology Officer (CTO) of Sagewise.\n<blockquote>\"We disagree with Warren Buffet that Bitcoin is a zero-sum game,<br>\u201d says Rice.\u201cWhile it\u2019s true that Bitcoin acts differently from more traditional investments,<br> this is not a negative in our view. Too often traditional investors forget Bitcoin is actually a technology infrastructure.\u201d<\/blockquote>\nDaniel Worsley,<br> COO of LocalCoinSwap,<br> is also one of the opponents of Buffet\u2019s bearish sentiments about Bitcoin\n<blockquote>\u201cBitcoin has fueled huge amounts of innovation over the last few years. Its revolutionary blockchain technologies have shown that there are alternatives to many industries and assets...Money,<br> Insurance,<br> contracts,<br> computing power and even voting are now more fair and efficient all thanks to Bitcoin and the blockchain.\u201d<\/blockquote>\nWorsley then ends the argument in a mic-drop fashion by citing one of Buffet\u2019s quotes in an attempt to give the Oracle of Omaha a taste of his own medicine.\n<blockquote>\u201cWarren Buffet has in the past quoted that you should \u2018invest in what you know\u2019. That is one piece of advice that we should all definitely follow!\u201d<\/blockquote>",<br>"json_metadata":" \"tags\":[\"bitcoin\",<br>\"cryptocurrency\",<br>\"crypto\",<br>\"crypto-news\",<br>\"news\" ,<br>\"image\":[\"https:\/\/cryptoticker.io\/wp-content\/uploads\/2018\/05\/Featured-1.jpg\",<br>\"https:\/\/cryptoticker.io\/wp-content\/uploads\/2018\/05\/smaller.jpg\" ,<br>\"links\":[\"https:\/\/cryptoticker.io\/warren-buffet-bitcoin-is-more-gambling-than-investment\/\",<br>\"https:\/\/www.cnbc.com\/2018\/05\/05\/warren-buffett-says-bitcoin-is-probably-rat-poison-squared.html\",<br>\"https:\/\/cryptoticker.io\/bitcoin-flash-crash-amidst-warren-buffet-slam\/\",<br>\"https:\/\/coinmarketcap.com\/charts\/\",<br>\"http:\/\/www.berkshirehathaway.com\/letters\/2017ltr.pdf\" ,<br>\"app\":\"steemit\/0.1\",<br>\"format\":\"markdown\" " |
|