Bitcoin News in Review: Warren Buffet, Evolution, Bitcoin Bowl, and More

Journalist:
December 29, 2014

Welcome back to another Bitcoin News in Review, where we feature some of the top stories of the week here on CryptoCoins News. This week, Warren Buffet spoke out against bitcoin, we looked at a new dark net market that replaced Silk Road 2.0, watched the Bitcoin Bowl, and more. Keep scrolling for this week’s top articles.

Warren Buffett: “Stay Away from Bitcoin”

“Stay away from it. It’s a mirage, basically. … It’s a method of transmitting money. It’s a very effective way of transmitting money, and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it. I hope Bitcoin becomes a better way of doing it, but you can replicate it a bunch of different ways, and it will be. The idea that it has some huge intrinsic value is just a joke in my view.”

This is what master investor Warren Buffett had to say on bitcoin. As most people know, Buffett has had incredible success with his investments and is currently one of the richest people in the world. Throughout 2014, bitcoin has steadily declined in price. However, it’s arguable that Buffett doesn’t entirely understand the technology behind bitcoin, especially when he compares it to a paper check. Do you think Buffett’s advice is correct? Or does he not really understand what he’s talking about?

The “Evolution” of the Silk Road

Back in November, just about a month ago, the FBI shut down several popular dark net markets in “Operation Onymous“. The operation affected Silk Road 2.0, Hydra, Cloud 9, and more. However, a relatively new marketplace has seen explosive growth since then: Evolution. Evolution offers illegal drugs, weapons, stolen credit cards, and more, as would be expected on a dark net market. How long Evolution lasts before the feds shut it down, if they ever shut it down, remains to be seen. However, the constant cat-and-mouse game between the feds and the dark net continues as ever.

Bitcoin Bowl Kickoff on ESPN

NC State’s Wolfpack and the University of Central Florida’s Knights faced off on Friday in the first ever Bitcoin Bowl, a college football game sponsored by bitcoin payments processor BitPay. The idea of Bitcoin Bowl was to introduce bitcoin to a more mainstream audience. Interestingly, Bitcoin Bowl may have also had the reverse effect of introducing football to bitcoiners.

Rappers Nas and 50 Cent Promote Bitcoin

Those who listen to rap have undoubtedly heard of Nas and 50 Cent, two very famous rappers. These two are also supporters of bitcoin. Just recently, Nas posted to his Facebook followers that he had opened a contest on theraptest.com where the top 100 scorers would be awarded in bitcoin. Nas is also an investor at Coinbase.

“[Bitcoin] will evolve into an industry as big, if not bigger, than the Internet. My man Ben Horowitz really opened my eyes to that point. This isn’t of the Internet age, bitcoin is its own age.”

50 Cent also supports bitcoin and has recently started accepting the cryptocurrency. He reminded the public that he accepts Bitcoin because “all money is money.” He has previously explained:

“Stay with times. technology is what’s changing the business gotta get with it. I take money no matter if its coins or dollars.”

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That’s it for this week. Be sure to follow CryptoCoins News on Twitter to stay up to date with the latest cryptocurrency news.

Images from Shutterstock.

Neil Sardesai @@neilsardesai

I enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.