Bitcoin manipulation theory
“If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth.” — Warren Buffett
Warren Buffett is certainly not how he publicly portrays himself. There’s the character Warren Buffett that is framed as some folksy old-time investor just buyin’ good old stocks like you buy your fast food and television sets!
Then there’s the reality where he’s much closer to someone like George Soros, Stanley Druckenmiller who famously “broke the Bank of England”, or Paul Tudor Jones.
But why doesn’t Warren Buffett fuck with Bitcoin?
Ever ask yourself that?
Concerning his views on Bitcoin earlier this year, he said, “I’ve seen people do stupid things all my life.” Savage and based, old man. Love or hate him, Buffett is the most successful investor of all time, so today I wanted to go through some of his strongest criticisms of Bitcoin, whether right, wacky, or completely wrong.
By asking very simple questions:
1) does anyone use this coin?
2) if not, will it be used in the future?
3) can it reduce costs?
4) is the team qualified?
5) whats the GitHub activity?
6) do devs write good code?
7) do developers have incentives ($$$) to keep this thing alive?
8) Making sure the GitHub repos actually have real updates and not just “moving stuff around” updates (very important)
You can’t really predict the future, but you can evaluate viable use cases.
Kind of true. Buffett is right to some extent; 99% of cryptocurrencies will end in either a final crash or a slow bleed. This year, trust in cryptocurrencies…
