Do you hate bitcoin?

It’s a common knowledge that Warren Buffett, the greatest stock market investor of all time, hates bitcoin and most of the other cryptocurrencies. Here’s what he famously stated regarding bitcoins:

  • “Bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day and no little bitcoins come out. It’s a delusion basically.”
  • “Cryptocurrencies will come to bad endings… 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.”

I, myself, was also not a big fan of cryptocurrency, two years back. Being a follower of Warren Buffett, I
always thought that he would have a better insight compared to average investors like us given the resources and tools available to him. However, instead of blindly following my idol, I decided to give bitcoin ‘a benefit of the doubt’ and started reading about it. After around two years of consistently reading about cryptocurrencies and bitcoin, now I differ from Warren Buffett. I believe that bitcoin is not evil. They might not have intrinsic value like stocks or gold, but they do create their own value by offering the advantages and services that traditional coins can never offer.

Anyways, in this thread, I want to discuss how many of you hate bitcoins given you exactly understand what it is and what it does?

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People don’t like things that they don’t understand

Hello Kritesh. I fancy blockchain and cryptocurrency. I’ve worked on Ethereum smart contract and found it very attractive. I’m not particularly engaged in investing in bitcoin, yet as you said, I agree that it is not evil.

Hi,

Most of the countries not accepted cryptocurrency investment and transaction. How can we trust and invest in cryptocurrencies particularly Bitcoin.

I somehow integrated crypto into my hobbies. I don’t invest my money in crypto, but I’m holding it and waiting for what will happen if I get it. Lately, I’ve been playing freeroll bitcoin poker just for fun and I’m holding py profits in BTC. You never know what can happen in the future. I also spend my crypto with Elly POS if the provider offers this option

I feel like Bitcoin will get overtaken by an altcoin very soon but I don’t really hate Bitcoin at all. Banks, institutions, and even countries are now starting to look into it and is even offering BTC to it’s clients.

This forum is specific to stocks but there are also some public companies who has embraced BTC as a whole. a perfect example is $TSLA and SpaceX who owns Bitcoin, another public company is $BTCS who stakes the 2nd larges cryptocurrency in the world which is $ETH.

I think that crypto is the future, it’s just a matter of time before that happens.

How can you hate something that doesn’t exist?

The kind of news we are getting all over the world regarding crytpocurrencies, I guess we have to stop investing in them. Recent news came that " PBOC Says All Crypto-Related Transactions Are Illegal" * The People’s Bank of China (PBOC) has said that as cryptocurrencies don’t form a part of the payment system, the cryptos such as Bitcoin, Ethereum etc cannot be circulated in the market. * On Friday, Bitcoin was perhaps one of the first one to react to the statement as its prices immediately dropped by 3.70% and was trading at US $42,455.50. Now every crypto coin just dipped.

Nope, but I prefer to trade. It is more stable at the moment.

Not at all. I see bitcoin as the future of currency and money. I might appear to be a more optimistic but one needs to understand that Bitcoin occupies a separate category as an asset. If you have only known equity and companies then it can be difficult wrapping your head around such an asset class which really does not produce anything and there are no fundamentals or ratios here upon which one’s investing decision can be based. But if you value, freedom, democracy and privacy then you can surely appreciate the existence of Bitcoin and it’s use.

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In my opinion, Bitcoin will not reach the point where it can replace classic money. But the future is definitely in state-controlled crypto. I agree with that.

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