|Buffett Bashing Bitcoin…Again… Warren Buffett’s newest bitcoin comments seem even harsher. In an interview before Berkshire’s annual meeting, Buffett called bitcoin “a gambling device” and also pointed out that there’s been lots of fraudulent activity in the bitcoin world. “It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me,” Buffett said.
Un-Tether… After a week of drama surrounding iFinex Inc., which operates Bitfinex and owns Tether Ltd., CoinMarketCap has decided to remove Bitfinex’s price data from its calculations.. Tether and Bitfinex confirm USDT is not fully backed by fiat, only 74% of tethers backed with cash. According to court documents from Bitfinex’s legal representation, the company needed the $900 line-of-credit to cover the loss of access to $850 million from payment processor Crypto Capital.
Takeaways: I am Buffett fan as much as the next person but if you understand Buffett investing philosophy his judgement towards Tech Stars hasn’t been spot on from missing out on Microsoft and just recently investing in Amazon and Apple. Tether has been in the spotlight before regarding shady activity and this is just another sign that has me stay far away from Tether (USDT).