Warren Buffett again cautions on Bitcoin
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CAPE TOWN - American business magnate, Warren Buffett, CEO of JPMorgan Chase, Jamie Dimon and American television personality, Jim Cramer all say that cryptocurrencies will come to a bad ending, reports Inc.
Buffett reportedly said, off the record, that there is no position in cryptocurrencies.
A founder of a cryptographic ledger company allegedly wrote to Dimon in October, explaining the controversial nature of blockchain.
The founder reportedly explained decentralized applications, saying they are simply traditional applications similar to banking and payment processing which do not require a regulated intermediary.
Some analysts agree Bitcoin’s very decentralised structure is what makes it lack credibility.
Business Report reported on February 17 reported on what happens to your bitcoin when you die.
Five years ago, Matthew Moody was killed during an observational flight when the two-seater plane he was in crashed flying over a canyon in Chico, California.
The 26-year old had been mining Bitcoins - today worth thousands of dollars each.
However, the decentralized and unregulated nature of Bitcoin means that without the keys to access his son’s digital wallet, hosted by blockchain.info. This meant that Matthew’s father was not able to access his bitcoins.
“There is no authority that could be appealed to fix this,” Nolan Bauerle, director of research at cryptocurrency analysis website CoinDesk, said of an individual’s Bitcoin stash becoming inaccessible after they pass away. “Those coins would be abandoned.”
- BUSINESS REPORT ONLINE