Buffet trashes Bitcoin (again), r/bitcoin returns the favor

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May 6, 2019

Warren Buffet is back to his BTC-hating way, and r/bitcoin is having none of it.

After dubbing it ‘rat poison squared’ last year, the Berkshire Hathaway CEO provided an update on his views of the world’s biggest crypto asset in a recent interview, where he described Bitcoin as a ‘gambling device’ that ‘hasn’t produced anything’:

“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me. It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything.”

Buffet’s comments were received as well as you’d expect over at Bitcoin’s biggest subreddit. In an angry thread titled ‘Why is Warren Buffett obsessed with Bitcoin?’, the crypto community argued Warren’s apparent hypocrisy, dissected his connection to the big banks and even attempted to psychoanalyze his relationship with his father.

So where does Buffet’s hate for Bitcoin stem from exactly, according to r/bitcoin? Well, perhaps it’s coming from his ‘central banker buddies’:

The comments could also be out of pure self-preservation:

Or maybe, he’s just too old to understand this whole blockchain thing:

Oh, and let’s not forget my favorite theory by far - that this is all just Warren’s thinly-veiled attempt to rebel against his father:

In another thread on the same topic, a discussion was also had about which currency - fiat or btc - is actually backed by tangible value:

Finally and as always, between the armchair psychology and intense philosophical back-and-forths, there was the good old ‘this is good for Bitcoin’ crowd:

While the discussion eventually branched into several competing threads, you can see most of the main points covered here and here.

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May 6, 2019

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