Why doesn't Buffet just buy 1,000,000 bitcoins?

SomethingNew
SomethingNew

He could do it over the course of a year, maybe, so the cashflow wouldn't cause a price spike while he was still buying.
Then just announce that he's bought 1/21 of the ultimate bitcoin supply in preparation for mainstream adoption. Dumbasses would flood in, and the increased demand combined with drastically reduced supply would double the price or more within three months.

All urls found in this thread:
https://en.wikipedia.org/wiki/Pump_and_dump
likme
likme

@SomethingNew
Must not think it's a good investment.

kizzmybutt
kizzmybutt

@likme
That's the beauty of it.
It doesn't have to be a good investment.
The amount of money in the bitcoin economy is so low that if Buffet says "it's a good investment," the price will skyrocket.

Deadlyinx
Deadlyinx

@SomethingNew
He very well could be doing it.

Methnerd
Methnerd

@SomethingNew
Read any of his speeches/stories. He believes in long term, utility based investment.

He's also notoriously against buying high tech stocks.

Sharpcharm
Sharpcharm

@kizzmybutt
The amount of money in the bitcoin economy is so low that if Buffet says "it's a good investment," the price will skyrocket.
then he'll be charged with fraud, like most of Veeky Forums would be if they actually made any money off this shit.

SniperWish
SniperWish

@SomethingNew
What part of "tangible assets" don't you understand?

If any of the big guys, and that's a big if, was going to invest in Bitcoin it'd be a high risk forex guy like Soros.

@Methnerd
That's right, because he doesn't believe there is a model for evaluating their long term revenue. Look at Myspace. Do you think Snapchat will be around in 10 years? More to the point, will a share be worth substantially more in 10 years?

ZeroReborn
ZeroReborn

He's too old he doesn't even know how to stream anime fucking scrub

Nude_Bikergirl
Nude_Bikergirl

Buffet is an investor not a speculator.

PackManBrainlure
PackManBrainlure

@SomethingNew
why doesn't a billionaire just dump money into the market so that the price of bitcoin can go up and we can all cash out?

Because that would be stupid. Buffet may be old but he is far from stupid. You buttcoiners are pretty delusional. Reading your posts is like hearing people at the gas station fantasize about what they will do when they win the lottery. If you knew anything you would know that Buffet himself said "The idea that [bitcoin] has some huge intrinsic value is just a joke in my view". So all the sudden he is going to do a full 180 and not only embrace bitcoin but blow half a billion dollars of hard earned money on it? Next time lurk a little before you post and you might spare yourself some embarrassment.

Flameblow
Flameblow

@PackManBrainlure
I don't own any bitcoin.
I'm asking why Buffet doesn't manipulate the market for free money.

TalkBomber
TalkBomber

Buffet doesn't invest anything he doesn't understand.

He's not very tech savvy.

BlogWobbles
BlogWobbles

He endorses hillary clinton, how wrong can someone be

LuckyDusty
LuckyDusty

@PackManBrainlure
You've hit the nail on the head: No one,or next to no one, here actually understands Buffet-Munger's rules and strategies.

Just for the sake of argument, Buffet would be far more likely to buy an array of mining machines than bitcoin itself
revenue generating asset
Of course he wouldn't.

@Flameblow
Hypothetically, let's say he buys into bitcoin, it goes up massively. Buffet wouldn't hold onto it, it's a volatile currency, it has no intrinsic value, so he'll have to sell, and then reinvest that money elsewhere.

There's no guarantee that he could even cash out at market value because cashing out will itself manipulate the market.

I'm not saying there isn't money to be made in Bitcoin, if I had enough lying around, I would buy into it myself, but the simple fact is:
Buffet, would not buy it.

VisualMaster
VisualMaster

@Sharpcharm
Sour graping like a motherfucker as usual

ZeroReborn
ZeroReborn

@Sharpcharm
I don't think you understand how fraud charges work, kid.

Nojokur
Nojokur

@SomethingNew
Because it's a shit investment.

Supergrass
Supergrass

@Flameblow
acts like bitcoin is just "free money"

Where do you think that money comes from? You guys all have the same idea "lets buy bitcoin and hold for a certain amount of time and then when the price rises, lets sell and be rich!". I would love to see how that works out for you. Even if the price rises again to $1k, do you really think that people are going to be rushing out to buy $1000 bitcoin? Supply and demand: urdoinitwrong.jpeg

Crazy_Nice
Crazy_Nice

@SomethingNew
has to sell 1 million bitcoin fast enough while the price is still pumped but not so fast he crashes the market mid dump when people catch wind of it

Good luck with all that. I don't know of any billionaires that are literal madmen.

Harmless_Venom
Harmless_Venom

@ZeroReborn
you clearly don't, but that's not surprising.
most of Veeky Forums doesn't understand fraud or pretends not to because what you dipshits do all day is fraud.

if he buys a ton of something, says it's a good investment, and then sells that something to make money,
that is pump & dump fraud.

just like Veeky Forums spends most of its collective day trying to do.

Spamalot
Spamalot

@Harmless_Venom
First week of high school not going so great? You could read up on fraud to take your mind off of things, you know.

5mileys
5mileys

@Spamalot
"Pump and dump" (P&D) is a form of microcap stock fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements, in order to sell the cheaply purchased stock at a higher price.

https://en.wikipedia.org/wiki/Pump_and_dump

Inmate
Inmate

@5mileys
SEC has no reign over btc like my dix out for harambe you stupid nigger.

likme
likme

@Inmate
which is exactly why no serious investor will hold it.

Boy_vs_Girl
Boy_vs_Girl

Buffet is too old to grasp Bitcoin.

Spamalot
Spamalot

@LuckyDusty
it has no intrinsic value
being able to move money anywhere in the world in a permisionless and undetectable way is not valuable
You are the same nocoiner that keeps auto-convincing himself that Bitcoin is not good to sleep better at night as you are scared of not holding any.

Evil_kitten
Evil_kitten

@likme
You are exactly why long term Bitcoin holders are getting rich.

takes2long
takes2long

@Spamalot
move money
I laughed. You're not really moving money. You're moving little internet funbux that you have to sell for real money at some point. The process is long, annoying, and stupid. Bitchcoin exchanges are scammy, unreliable, and doxx the shit out of you. Localbitchcoins is the same way, unless you are exchanging bitchcoin for hard cash in person which defeats the whole purpose of online transactions.

I would rather just send cash with Paypal which way more people use and pay no fees when I send to friends and family (you will always pay fees with bitchcoin). Paypal is super easy, instant, and will never ask for anything but a phone number and bank account you want to send the money to. Paypal > bitchcoin in all ways.

Inmate
Inmate

@SomethingNew
Bitcoin's success threatens those with traditional (fiat) wealth.

Spazyfool
Spazyfool

@SomethingNew
this is a ofshoot of something I realized years back:

at a certain point, if your wealth grows to a certain amount (Which in itself is huge), you can literally create new money out of thin air

how? use your vast wealth to quietly buy into stocks, individuals/groups can do with stocks what you're asking about bitcoin. when the stock starts to climb people start hopping on it, both because "its going to da moon!" and "its a pump and dump". No matter what outside parties think is happening, the result is the same -they buy into it.

Then you get out, bam. magically instant money.

I assume this is the type of shit that goes on all the time, and I'm guessing this is why after-hours trading is a thing for a select lucky set of individuals

note: i dont trade and i have almost no knowledge of stocks, but this is something ive pondered myself

Sir_Gallonhead
Sir_Gallonhead

@Spamalot
How did you even graduate high school with such shitty comprehension skills? you didn't even bother to read my post all the way through.
I'm not saying there isn't money to be made in Bitcoin, if I had enough lying around, I would buy into it myself

being able to move money anywhere in the world in a permisionless and undetectable way is not valuable
That's not an intrinsic value, that's liquidity.
It still doesn't have an "intrinsic value" it's just a number, a hash, it doesn't produce value in and of itself, it is only a medium which can be exchanged for products and services that do have intrinsic value.

A mining array has intrinsic value because of it's potential processing power.

OP's question was about Buffet specifically, and I and others explained why he, as in Buffet, would not buy bitcoin.

If you're trying to win people over to bitcoin, attacking people who are considering it is not the way to do it. Although I'm sure this basic precept of human behavior is a little to "normie" for you.

Disable AdBlock to view this page

Disable AdBlock to view this page