Warren Buffett Gets Trolled Via Billboard ‘Maybe You're Wrong About Bitcoin' Advertisement by Genesis Mining
Genesis Mining is at it again with yet another poke at Warren Buffeet after their recent stunt at Consensus 2018, Bankers Against Bitcoin. The Lamar Billboard advertisement read,
“Warren: you said you were wrong about Google and Amazon. Maybe you're wrong about Bitcoin?”
ha ha ha – this is in leui of the recent comments he, Bill Gates and Charlie Munger had to say on CNBC recently.
Warren Buffett Reminded He’s Been Wrong Before
Warren Buffett may be a billionaire, but he’s far from perfect. He was never a believer of tech giants like Google and Amazon and looked what happened with those companies. Buffett has also been critical and skeptical of cryptocurrencies. Well, now Genesis Mining, one of the top cloud mining companies, is reminding him of his previous faults.
Genesis Mining has posted a pair of billboards right in front of Buffett’s office to remind him that he was wrong about Amazon and Google, implying that he will also turn out to be wrong about the growth and impact of cryptocurrencies. Bitcoin mining kingpin Genesis co-founder Marco Krohn tweeted out a few pictures of the billboards, and the crypto community on social media took it from there.
The billboards appear to be, at least in part, a response to Buffett’s comments at the annual Berkshire Hathaway shareholders meeting earlier this month.
“Cryptocurrencies will come to a bad ending,” Buffett mused. “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.”
Buffett went on to say that Bitcoin is “probably rat poison squared.”.The response from the crypto community was not kind. In fact, Ecoinmerce, a cryptocurrency marketplace, started producing a line of t-shirts, hats, and other merchandise that included the slogan “Rat Poison Squared.”
During a recent blockchain conference, Square CEO Jack Dorsey shared his thoughts on the future use of money on the Internet, expressing his belief that the Internet will one day have its own distinct currency.
“The internet is going to have a native currency, so let’s not wait for it to happen, let’s help it happen,” said Dorsey. “I don’t know if it will be bitcoin but I hope it will be.”
These remarks are someone in contrast to what Dorsey said during a March interview in which he predicted that within the next 10 years the entire world would operate on one currency. Naturally, he has hope Bitcoin will end up being that currency. However, he knows we’re not yet at that stage for a number of reasons.
Meanwhile, Sean Neville, co-founder and President of Circle, has other ideas. He says a dollar token could be the world’s future currency.
“One of the things that’s interesting for us is how we take fiat money and put in on blockchains,” Neville told Bloomberg. “How do we get the benefits of a public blockchain infrastructure, which might underpin something like HTTPS of money.”
Neville also says cryptocurrencies may be too unpredictable to use for everyday payments. He believes a central currency such as the U.S. dollar is still necessary in order to exchange or transfer with any cryptocurrencies. Neville envisions a “hybrid world” in which centralized and decentralized financial systems can operate in perfect harmony with one another.
Coinbase, one of the most well-funded crypto organizations, is exploring the idea of providing banking services. The Wall Street Journal is reporting and Coinbase representatives have actually held meetings with regulators from the US Office of the Comptroller of Currency to discuss a possible application for a banking license. If that happens, it would be a game-changer in the crypto community, as Coinbase wouldn’t have to partner with banks, essentially enabling them to exist outside the fiat money ecosystem.