Buffett has always had a downer on gold too, even though it's been a SoV for millennia and is a core holding of most Central Banks. Gold serves little purpose either. There are a few niche applications but generally it's too expensive to use other than for jewellery. Most of it just sits in vaults doing nothing.
Are you so stupid? Who it is? These scammers hide their positions and names in all ways they can. That's already proof that it is fishy. Do you know who it is? If you see a scam you stay far away from it. 99% of all BTC holders never made as much money as Buffett in the same period. So that is the ultimate proof that BTC is a scam. So going short makes no sense as risk/rewards in other financial products are far more interesting. And at least there you have a bigger chance that these products are not manipulated so hard as crypto's.
Buffett knows it is difficult to win with gold, like penny stocks, manipulated to hell, pumped then dumped. Imo, bitcoin will be similar.
I have a confession to make. I always thought that Ethereum was an improvement on Bitcoin. I have to say I was wrong: "Blockchain trilemma is security-decentralization-scalability. Every project out there currently solves two of those some way or another but it is very hard to get all three. Ethereum solves security and decentralation but as we see in this post it does not scale. To solve this third piece of a puzzle there are projects built on top of Ethereum network that are called L2 or layer twos. These will utilizate the security and decentralation of Ethereum and will add scalability. Currently these solution have their limitations like for example they dont work together and they dont support all base layer features but they are young and they need time to mature. The idea is that the base Ethereum layer will be used just as consensus layer and all users will move to these L2 solutions. In the end everything should work so smoothly that end users dont even need to know they are using L2 and everything just works but it is years away."
I didn't know Dan Peña, he is more entertaining that I thought. Thank you for bringing it up, guys. That xmas jumper is something to look at.
buffet is just an old man that used insider info to get to where he is. Anything other than the US dollar he doesn't want nothing to do with since it will interfere with his earnings, and he is too old to try or learn anything new. His opinion means nothing, and it shows by the global adoption of Bitcoin not only by governments who are forced to adopt it, but by normal citizens as well. So, that old man can cry all he wants, it's not going to change anything. In fact the more he hates it, the more I embrace it.
I think you mean buffet is insider information. He creates it by his actions (the way Elon musk creates it for Tesla and now Twitter stock).
I found some more context for his Bitcoin hatred... "Having announced that Berkshire Hathaway suffered a $1.58 billion loss in the first quarter of 2022 (a huge reversal from the nearly $5 billion gain it saw at the same period of 2021), Buffett spoke at length during his annual shareholder meeting Saturday about one of his favorite targets for criticism: investment banks and brokerages." https://www.zerohedge.com/markets/buffett-blasts-bankers-turning-stock-market-gambling-parlor So it sounds like the cranky old fool is mad he lost money. So first lets blame banks and brokerages, and then we will also get mad at everything else that isn't helping his stock grow!
That too, but in his early days, he is only profitable from cheating while acting like he is some kind of trading wizard. I've got no respect for him, nor do you see me kissing his ass by making a bunch of threads about him