Allen
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Joined: Oct 1999
Posts: 8,854
Ohio USA
Quote
Buffett blasts Bitcoin
Rat poison "squared"
Billionaire investor Warren Buffett has lashed out at cryptocurrencies and dubbed Bitcoin "rat poison squared".
Buffet claimed that Bitcoin creates a rising price, creates more buyers. If you don’t understand it, you get much more excited. "People like to speculate, they like to gamble.”
"Bitcoin is creating nothing. When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along."
He said it was a bit like "tulip mania"..it is reported that a single tulip bulb could be sold for roughly 10 times the annual salary of a skilled craftsman.
Bitcoin mining profitability is up 20 percent over the last month -- a small bounce back after the recent fall. However, mining difficulty is also steadily rising -- difficulty doubled since the new year began.
AMD GPU prices very slowly falling -- but high. For example, AMD Polaris RX580 currently runs in the $300+ range (one RX580 4G on sale today for $280). Last Black Friday, a friend got an RX580 8G on sale for about $190. Hopefully, things will be back to normal by next Black Friday.
