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This is a case of a famous, high status person making a statement without credible arguments. In other words, if a non-famous person said this, nobody would tak
by nawitus 13y ago
This is a case of a famous, high status person making a statement without credible arguments. In other words, if a non-famous person said this, nobody would take him seriously (or noteworthy), because he doesn't really contribute anything to the discussion about bitcoin. The internet is full of good comments about bitcoin (for and against), but more visibility is given to Buffet's comments because of his status.
I guess media is to be blamed here to some degree. If someone is famous, then the media will make a story about anything that increases ad revenue. And also users of social media like Hacker News.
- thatthatis 13y agoThe last time he made similar statements in 99-01 about zero intrinsic value in most Internet stocks he was fairly rapidly vindicated.
- atestu 13y agoPeople don't just listen to him because he's famous – do you think they'd listen to Kanye about Bitcoin? – they listen to him because he's the greatest investor alive.
- nawitus 13y agoIf he can't provide good arguments then his opinion is all but irrelevant.
- deleted 13y ago[deleted]
- omarrr 13y agoI disagree. Here's a comparison of the interest of the public in Bitcoin and Myspace. Now consider the value of Myspace in the present and the value of Bitcoin in the future: http://www.google.com/trends/explore#q=bitcoin%2C%20myspace&cmpt=q http://www.google.com/trends/explore#q=bitcoin%2C%20myspace&... There's no telling what will happen to bitcoins, but my point is, interest is no sign of value. Now if I could invest in cats, that would be a different story.
- sillysaurus3 13y agoJust in case this was a reply to my now-deleted comment: Sorry about that. I deleted it because I replied to the wrong comment. I reposted it elsewhere: https://news.ycombinator.com/item?id=7405339 https://news.ycombinator.com/item?id=7405339
- colechristensen 13y agoBuffet's status and fame come more or less entirely from his nearly unequaled life-long skill at picking long-term quality investments. He has more than earned the respect to be able to say something like this and be believed.
- nawitus 13y agoStatus is irrelevant, but arguments are relevant.
- bliti 13y agoYou should read about his involvement with Blue Chips. Here is a Wikipedia link[0] that sheds some light into the subject. Buffett is not against different currencies. Its mostly the fact that bitcoin is not supported by anything. It is merely a bubble. [0]http://en.wikipedia.org/wiki/Blue_Chip_Stamps http://en.wikipedia.org/wiki/Blue_Chip_Stamps
- deleted 13y ago[deleted]