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by hawkharris 4494 days ago
Buffet is famous for having strong convictions as an investor. He refuses to invest in any business, industry or technology if he doesn't understand how it works.

Though his point about Bitcoin may be valid, we should take it with a grain of salt. Buffet is often predisposed to be standoff-ish about emerging (digital) technology.
2 comments
maratd 4494 days ago
> Though his point about Bitcoin may be valid, we should take it with a grain of salt.

Why? His point is valid. Just because something is digital doesn't make it magical and certainly doesn't make it a good idea.

For all intents and purposes, the dollar has been digital for a while. Certainly, there is the analog equivalent and certainly it is centralized, but it's definitely digital.

I want a pure decentralized digital currency as much as the next guy, but bitcoin is definitely not there yet.

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chii 4494 days ago
> a pure decentralized digital currency as much as the next guy, but bitcoin is definitely not there yet

i would say bitcoin is the closest contender yet, compared to all prior art in digital currency.

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iambateman 4494 days ago
What Buffett means by "understands how it works" is to say he understands how the businesses finance works. As an investor in coke, I'm sure he doesn't know much about making the drink.

When WB says he doesn't understand the business of bitcoin, it's because NO ONE understands the business of bitcoin. The market is a wild west of boom and bust every year. Buying bitcoin is speculating, not investing.

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