Warren Buffett loves giving advice. On investment, on honesty in business, and on Bitcoin, which he called a “mirage”. Well, his 10% stake in Wells Fargo may not be a mirage, but it did lose him close to $1.5 bln in a matter of a couple of days, as a result of the Wells Fargo scam. Buffet has yet to comment on what he thinks of this largest financial identity theft, which was essentially done to increase his profits.
Honesty is our policy, kinda
To meet their sales goals, the Wells Fargo’s employees have opened 2 million fake accounts for non-existent clients. While moving real customers’ money around to create a semblance of legitimacy, those employees have pushed many real accounts into overdraft, costing their respective owners several million dollars in fees.
Following that, CFPA and several other government agencies have issued substantial fines for the bank. The scandal already caused Wells Fargo’s shares to drop 6 percent in three days.
Investment in Clinton a headache
Other Buffett’s investments also aren’t doing well. He endorsed Hillary Clinton, the democratic frontrunner in the US presidential elections, but she too fell down, quite literally.
It happened after several months of Clinton’s campaign insisting that their candidate was in excellent health and whoever says otherwise is a right-wing conspiracy theorist. When footage got out, the polls naturally showed Clinton losing several swing states to her competitor, Donald Trump.
Big banks and big government obsolete
Both Wells Fargo and Hillary Clinton represent two things, which seem to be more obsolete with each passing day; big banks and big government.
The intransparency, which allows the former to manipulate the clients’ money in whatever way they want and the latter to omit issues that are very important to the public and get away with it, comes at the expense of regular people and thus should and can be dealt away with.
In fact, the obsolescence of banks is so thorough that even they themselves realize that, and are actively trying to co-opt cryptocurrencies - the very technology that is supposed to make them irrelevant.
“We suggest Mr Buffett to read our brochure”
What’s going on? Has Warren Buffett, the genius investor whose decisions have, at one point, made him the richest man on Earth, started losing touch with the times? Is he betting on the wrong horse over and over again, like in a perpetual nightmare?
Seeing as that scenario would be quite disconcerting, Cointelegraph decided to get in touch with several experts from the cryptocurrency industry and ask them for emergency advice, which could let Buffett escape the world of antiquated investment decisions unscathed.
Spencer Lievens of Silk Network Ltd had the following remarks: “We ourselves are quite experienced with losing grip on reality. Having marched through a financial desert, we’re experts in pulling up mirages and breaking through phoney horizons. What matters is that one always gains from being paid out of his own pockets. We suggest Mr Buffett to read our brochure and put the cart before the camel as soon as possible!”
Mitchell Loureiro of Ardor had this advice: “As an expert, I'd advise him to invest into the future of financial technology, which is the blockchain and digital token space. If he wants a great investment, I'd recommend the upcoming Ardor Blockchain, if he just wants to play with money he'd have more fun with Dogecoin than Wells Fargo.”
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