Guest Post from Maria-Magdalena Dimitrova

It all started with Warren Buffett’s statement at the Berkshire Hathaway annual meeting that was held earlier this month.
If you are a cryptocurrency fan and supporter, you’ve probably heard of the debate around Warren Buffett who called Bitcoin “rat poison squared,” then Bitcoin enthusiasts started trolling him with the “Rat Poison Squared” clothing line.

Yes, that dogfight affected not only the crypto community but also all the investors that believe cryptocurrency will disrupt the financial system. And we talk about a global movement which makes the things a little bit more complicated than Mr. Buffet was probably assuming.
On the other hand, according to MarketWatch, the number of crypto critics are growing every day including Jamie Dimon, Robert Shiller, the Shark Tank guru Mark Cuban and even Bill Gates, who recently said, “I would short bitcoin if I could.”

Yet, Peter Tchir from Forbes magazine tried to simplify and explain the situation with his material ‘Can Bill Gates Short Bitcoin?’. According to him ‘the total amount short bitcoin is minuscule relative to its size and relative to the amount of time and effort spent supporting it’.
Buffet’s statement provoked a lot of reactions in the crypto community and even inspired some creative business ideas. At the beginning of last week ECoinmerce, a decentralized and tokenized marketplacethat will offer consumers and retailers a decentralized platform similar to Amazon and Alibaba, announced the Rat Poison Squared Clothing Line.

By the end of the last week, it was already clear that there was another phenomenon – the company has launched Rat Poison Squared Coin, a free token for Bitcoin enthusiasts to continue showing their support.

The token, which will be available for free on the ECoinmerce website, has a total supply of 21M to mirror Bitcoin’s total supply. One thousand free tokens will be available to the first thousand visitors to the site and will be followed by an additional 300 tokens for the next ten thousand visitors.

“If enough people agree something has value, it does. The same is true of greenbacks or gold, or Bitcoin or any other coin. Perception shapes reality, influencing everything from investments to the cost of goods and services. One person’s rat poison (or Rat Poison) is another’s potion for success,” said ECoinmerce COO Rex Chen.

Another supporter towards cryptocurrency community was a bitcoin advocacy campaign from one of the largest cloud mining companies, Genesis Mining. They started posting billboards near Buffett’s office. It’s an appeal with the goal of showing Mr. Buffett that he was all wrong about Google and Amazon. Maybe he’s wrong about Bitcoin?

As explained, the idea was accepted very well from the crypto community on social channels, especially on Twitter where the Genesis co-founder Marco Krohn posted photos of the message. He was joking with Buffett writing: “Some new billboards outside of Warren Buffett’s office! :)”

Bloomberg magazine also joined the ‘debate’ by posting material about “Bitcoin Bulls and Bears: Who’s hot, who’s not on crypto?” They reminded us the U.K. Prime Minister Teresa May who commented in an interview at Davos: “Cryptocurrencies like Bitcoin, we should be looking at these very seriously, precisely because of the way they can be used, particularly by criminals.”
Regardless of all the critics and negativity, Rat Poison now belongs to the public. Consumers can show, share – and even wear – their support for this clothing line. They can get the Rat Poison token, too or post and share photos of their favourite message. The choice is theirs to make.

If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking

Pin It on Pinterest

Share This

Share this post with your friends!