A Bitcoin miner named Marco Krohn has taken the audacious but hilarious step of rebuffing Warren Buffet’s constant criticism of cryptocurrency by posting Buffet’s biggest investment blunders (he dismissed both Google & Amazon) on enormous billboards outside his home and office. The image has now gone viral, with countless millions witness to Buffet’s gaffs, which cost his company billions.
Warren Buffet has reached the ripe old age of 87, and has done so while maintaining his position as one of the richest men in the world, worth $90.1 billion. However, while Buffet projects the image of a genial old philanthropist, he cannot resist hurling what has been a steady stream of insults at the latest vogue in investments; cryptocurrency. In particular, Ol’ Warren seems to enjoy nothing more these days than taking potshots at Bitcoin, most recently referring to it as: “Rat poison squared.”
Because Warren Buffet is a very influential man, when he opens his mouth, people tend to listen, no matter the gibberish he is verbalizing. When that gibberish starts damaging a market that people rely on to make a living, or place their life-savings to make an investment, it’s not funny. In fact the more Buffet’s criticisms are taken seriously by potential cryptocurrency investors, the more harm it does to blockchain based businesses and businesspeople. People just like Marco Krohn.
Who Is Marco Krohn & Genesis Mining?
— Marco Krohn (@mkrohn5) May 16, 2018
Marco Krohn is clearly not much of a fan of Warren Buffet, nor should he be. Krohn is the co-founder of Genesis Mining, an Icelandic cryptocurrency mining company, one of the biggest and best of its kind. Anyone who would like to have a go at mining for a crypto can do so via Genesis Mining, and with a little patience, they can have some fun and make themselves some money. His fellow co-founder and the current CEO of Genesis Mining is Marco Streng.
Back to the first Marco; he seems to be the mastermind behind the recent appearance of some strategically placed billboards featuring a few home truths in what could only be described as an attempt to troll Warren Buffet – as said billboards are outside his offices and his home in Omaha, Nebraska.
On the Genesis Mining official blog, someone within the company, possibly also Krohn has posted a few historical facts, and some more home truths:
Warren Buffett… Don’t Hate Things Just Because You Don’t Understand Them
Throughout history, we’ve seen credible industry experts voice their opinions about disruptive technologies, only to be proven wrong time and time again.
Here are a few of the more famous examples:
“This ‘telephone’ has too many shortcomings to be seriously considered as a means of communication. The device is inherently of no value to us.” – Western Union
“The world potential market for copying machines is 5,000 at most.” – IBM
“The horse is here to stay, but the automobile is only a novelty – a fad.” – Michigan Savings Bank
And a more recent one…
“[Bitcoin] is probably rat poison squared.” – Warren Buffett
Krohn ends the post with these wise words:
“Warren, we do have tremendous respect for you and what you’ve achieved in your amazing life. But you are dead wrong about Bitcoin. We encourage you to take a step back and give it a second look because just as with Amazon and Google, time will eventually tell just how wrong you were. But this time, it will be on a much larger scale.”
Warren Buffet Gaff Cost Berkshire Hathaway Billions
The irony is that even though they admit they got it wrong with Google and Amazon, Warren Buffet and his partner Charlie Munger have admitted they know “nothing whatsoever about cryptocurrency and blockchain technology”. Buffet himself freely admits that he was a skeptic when internet-based companies such as Google and Amazon were searching for investment, and took a pass on both. He acknowledges that doing so meant that his holding and investment company Berkshire Hathaway missed out on tens-of-billions of dollars in revenue, because he knew next to nothing about the internet or its potential to generate business.
Now along comes a brand new concept that on paper sounds impossible, in theory seems possible, and in practice works extremely well – cryptocurrency. What’s more, people want to be a part of it in a big way. People want to own it, invest in it and use it. It’s highly unlikely that crypto will ever replace fiat currency, but in the future both will exist side-by-side.
What’s more, blockchain technology clearly has many benefits that can be absorbed and utilized in the business world across multiple sectors and on many levels. If it’s good enough for corporations like Samsung and Mitsubishi, and banks as prestigious as Goldman Sachs and The Bank of Tokyo, why shouldn’t it be good enough for Buffet and Munger?
Even George W Bush wasn’t prepared to make the same mistake twice, when he famously said: “Fool me once, shame on me, fool me twice… ya can’t get fooled again!”
Shame Warren and Charlie aren’t as smart as George Dubya!
Buffet & Munger’s Comments Set To Haunt Them Forever
Yet still, Buffet, Munger and their prematurely-geriatric sidekick Bill Gates (all pictured above), a kind of Crosby Stills and Nash of old relics with archaic opinions, keeps cutting lose with anti-crypto rhetoric at every opportunity. Some of it is so offensive, its actually hilarious: Charlie Munger – who looks like a 94-year old “Stewie” from Family Guy – recently said:
“I like cryptocurrencies a lot less than you (Buffet) do. To me, it’s just dementia. It’s like somebody else is trading turds and you decide you can’t be left out.”
Those are a particularly vile and unsavory set of words delivered by a man who has been in business since the stone-age, yet only just qualifies as a billionaire, even though his longtime partner is worth ninety times as much – which is odd in itself. And while they may have some shock-value and raise a laugh, it’s no laughing matter when a high-profile individual makes such comments on CNBC, which quite possibly leads to millions of peoples investments plummeting in value.
However, thanks to people like Marco Krohn, sane, open minded individuals can see there is two sides to any story, and that Warren Buffet hasn’t always gotten it right – Google and Amazon are all the proof anyone needs of that.
We’ll leave the last words to Marco :
“The power of Blockchain, the technology that underpins Bitcoin, is that it lives forever. For the rest of history – your comments knocking bitcoin will exist on the blockchain for everyone to find. The world’s most famous investor will always be associated with being completely wrong about the most famous investment class and technology that we’ve seen in decades.”
“Though you have been proven to be a successful investor – you haven’t always been right about technology. As a reminder of this, we’ve taken out a number of billboards around your office and home in Omaha Nebraska that will stay up for the next several months.”