Well-known venture capitalists Fred Wilson and Balaji Srinivasan (last technical Director of Coinbase) on 16 may gave an interview to a reporter of The Wall Street Journal Vigne on the Floor of the conference Consensus. During the conversation, Srinivasan and Wilson were asked to give their opinion about the recent comments of Warren Buffett, Nouriel Roubini and other prominent bitcoin skeptic. This writes for Bitcoin Magazine.

In their responses to investors (but mostly Wilson) pointed to the differences between Buffett’s approach to investing and the work of the cryptocurrency market. It is these fundamental differences between cryptocurrencies and traditional stocks can explain why the Oracle of Omaha criticizes bitcoin.

Recall that Buffett recently called bitcoin “rat poison in the square” at the annual meeting of shareholders of Berkshire Hathaway.

One of the key counterarguments Wilson stated:

It seems to me that calling a cryptocurrency rat poison, they did not find the time to understand what’s going on. If you think about cryptocurrency as a new class of assets available to trade, then you will come to the same conclusion. But, really realizing that this is a fundamental innovation in Internet technology that provides a bunch of new functionality which was not there before, I see them in something like a LAMP stack. This is a brand new stack, which we intend to develop new applications and tokens are just fuel for this stack.

LAMP stack, referenced by Wilson, is a platform open source and a set of tools (Linux, Apache, MySQL, and Python or any other scenario language), which was used to create dynamic web sites and applications at the stage of web 2.0. By analogy, consider a blockchain technology, the first realization of which is bitcoin, as a key component of the new decentralized Internet, known as web 3.0.

Wilson also added that his work in venture capital investing is very different from the approach of Warren Buffett. If Buffett is looking for assets that will rise in price, Wilson makes a large number of “Moonshadow” (high risk investment) in the expectation that some of them will lead to a hundredfold profit.

More specifically about the world of scriptaction, Wilson explained that this market has more to do with the choice of networks, rather than companies built on their basis. He said

In the end value, I think, will be based on the token and not on operating the business that you are building on the Foundation of these networks.

In other words, evaluation of scriptaction very different from the usual business that employs Buffett. A fundamental evaluation of these scriptaction remains an open question, which adds to the market uncertainty. Wilson acknowledged that there are a few token high grade a, and Srinivasan added that the blockchain technology and bitcoin as a whole has reached the point where people like Buffett, is often asked to Express their opinion.

In addition, Srinivasan mentioned that other authority figures such as the Director of the IMF, Christine Lagarde, and CEO of Goldman Sachs, Lloyd Blankfein, more positive about the future of cryptocurrency.