Bitcoin Forum

Ladies and gentlemen, I present to you Mr. Bob Shiller, Nobel prize laureate in economics of 2013.

Here's him, in a statement in January 2014, at a Davos conference:

https://i.imgur.com/QcmDlUZ.png


And here he is again, less than half a year later, in an interview with Forbes (link (http://www.forbes.com/sites/steveschaefer/2014/06/18/bubbles-bitcoin-and-bob-shillers-worst-stock-call/))

https://i.imgur.com/BQDebiM.png


Notice how you do it? Never admit you were wrong, always gradually backpedal. From "It's a bubble, and not that interesting.", to "It's pretty interesting, but still needs lots of work to become usable". Expect "It's going to revolutionize the financial world, and I _TOLD_ you so years ago." anytime soon...

JorgeStolfi, maybe a role model for you as well? ^__^

Yeah, I hate these douche bags that just backpedal instead of just admitting they were wrong.  And boy, how wrong they are going to be.

I'm sure Paul Krugman, Peter Schiff, and Warren Buffett will just stubbornly hold out to the bitter end, never admitting that bitcoin has merit.  Paul especially, since he has written so much as a naysayer.

Funny you mention Krugman. I remember reading an article a few weeks ago where he, as well, seemed to backpedal a bit already. I'll do a second part when I stumble across it again.

They will all cave in, eventually :D

Warren Buffett is next in line

I kind of doubt it. He's not an academic, so he has really zero obligation to stay "up to date" -- while tenured economists are expected to follow recent developments with at most a 10 year delay :D

As long as Buffet is able to bring in profits by other means, without jumping onto the crypto bandwaggon, he can afford to do so. He will just be known as the "guy who gets everything, but tech". Which is what his reputation is today already.

All these boot-licking establishment 'rent-a-brain' types will back pedal when they begin to twig that Bitcoin is going to be permitted by the Status Quo. Schiff might drag his heels a bit more because Bitcoin goes totally against his libertarian metal-bug 'real money' ideology.

....Krugmann though! The ultimate contrarian indicator!  If I were in his shoes, with his track record for being proven monstrously wrong again and again and again and again and again, I would be to embarrassed to put my 'intellectual' weight behind or against anything in full public view.

the average Bitcoiner will tell you " go fuck your self" and will add " what this PHD holder and nobel winner know about economics", in fact Bitcoin price is a bubble but it doesn't mean that it will die, but it will settle and start a normal growth when it hits the real economy... see the bubble was because of the small userbase but when the user base is bigger and market is bigger it will harder to move the price 10X a year.

look at the weekly chart:

https://i.imgur.com/CUAZ8ax.png


life cycle of a bubble

https://i.imgur.com/W4auDjC.png

Maybe I should make one thing clear:

I'm personally not anti-academic.

I'm just anti-'economy pretending to be an empirical science, when in reality, the field is better described as: ethics, with a thin veneer of empiricism'

One time THAT chart might be right. Your job is figuring out whether its this time.

these are always great threads.

we need to memorialize these mainstream obstructionists and apparatchiks who have actively blocked and impeded the progress of Bitcoin so that years from now maybe they will be held accountable.

As much as I like you, MTC, Krugman, a highly recognized and regarded economist, has a Nobel Prize in Economics; what do you have???

He's trying to backpedal but his statements only get worse ...

He thinks people like price instability because they can make money. No people like to find undervalued assets so you can make money that's called investing and NOT speculating and with your degree I would hope you knew that.

Then he says "we" need sober, banker types. I'm not sure what he means with "we" but I hope he stays the fuck away.

Ignorant person who got where he is by repeating things other people came up with. If some paradigm shift occurs and he needs to have a unique thought for once his lack of ability comes to the surface.

In all fairness, buffett was never really that negative of BTC.

Yes he was. I think the guy is amazing, but right now he should have just answered: "I don't know" like he usually does with tech.

The Nobel Prize in Economics is pretty much BS as it was only added (in 1968) by Sweden's central bank to celebrate its own 300th anniversary.

Krugman has a NB prize..

Obama has a NB prize.. he goes around slaughter 1000's a day............... A peice price?  Only a moron things the NB prizes mean anything any more, only a moron.

Al gore gets one for a Fing speach on global warming.. himself being a large problem... instead of a woman that saved 1000's from the nazis.. like I said.. only a moron.

Last year they gave one to the European Union. It's a fucking joke. Newton's rolling over in his grave.

Don't worry, I have a long list of people that bashed on bitcoin heavily at one point in time.  No mercy, we will organise some proper trolling for all of them  ;D ;D ;D

here is the Bitcoin jihadist... Bitcoin akbar ?

LOL

That was the peace Nobel prize, not the economics one. The former is well deserved imo (hey, 60 years without wars on our continent is kind of a big deal), the latter would have been a joke.

The current EU is an anti-democratic institution. And this seems a good time to drop some Farage: https://www.youtube.com/watch?v=lqovTGjYjM4

Imo academia in general is not all that rosy either. Far too much politics, prestige-seeking, grant-whoring, group mentality etc involved in an institution that should primarily be about attaining knowledge and understanding.

But I guess it's kind of unavoidable. Wherever there are humans involved this is bound to happen.

Yeah, many former naysayers are now saying things like "The bitcoin protocol is interesting and probably has some value, but the currency itself is bad."... Well, trouble is, you can't separate the currency from the network and still retain the features that give the network value, so if they're admitting (as Peter Schiff now is) that the network/tech has value, then that's an implicit statement of support for the currency having fundamental value, regardless of whether or not they actually realize that.

Here's a start:

http://honestnode.com/bitcoin-journalism-for-the-record/

i'd like to see one that focuses on individuals with their pics front and center.  

i'd start with these 2 apparatchiks,  especially Vance, who is clearly a hard ass that operates the way he pleases:

    Cyrus R. Vance, Jr – District Attorney of New York County

    Richard B. Zabel – Deputy U.S. Attorney for the Southern District of New York

Half a year in today's world is like 4 years back in the 80s.

And half a year in cryptocurrencies is like 10 real life today's years  ;D

No offense, but anybody posting this chart should be banned from forums until he goes to school to learn that 350 is more than 100. Since you obviously didn't, can you maybe spare us from your very important observations?

yes Mr. smart who went to school, just ban me.

Yes, it should show pics, small bio and quotes.  And the top people should be "experts" -- economists, CEOs of financial companies, politicians etc.  Journalists can go at the bottom or just be removed, unless they are financial anchors with a following.  Journalists don't have the same impact... because economic forecasting is not their area of expertise.  Actually, journalists could be called out if their articles are factually incorrect... except then we'd have to put them ALL on the list. :-(

Dang; markwilliams.com and marktwilliams.com are both taken.

Well, if you want to play with bubble chart then that weekly one looks like perfect return to mean ;)

You remind me on windsjc when he went bear few weeks ago, lol. Sudden bold bearish statements, strong cockiness.. guess that ltc you bought affect you.

BitcoinObstructionists.com  is still open.

Ok, I just snagged*:

bitiots.com
and
bitsofshame.com

Which is better?


* paid for the registrations with bitcoin, of course.

if you got BitcoinObstructionists.com you should be good.

Casting my vote for bitsofshame. It's catchy, gets right to the point and shouldn't offend the PC crowd too much.

bitsofshame sounds good to me.

I've been keeping a personal 'list of idiotic predictions', with a short recap and the author and publication. I do however think regular journalistic pieces should be included, at least in cases where they represent the "official position" of an entire (important) newspaper *cough* NYT *cough*

I'm a little bit confused here though... Wasn't the $1000+ a bubble? And isn't Bitcoin volatile currently?

+1 bitsofshame, great website idea...

Would be nice to see the main page with a randomised "quote of the day". Pic, small bio, plus a quote.

Perhaps also for each entry, show the %rise of Bitcoin since then? Phrased as the return on investment you missed out on by listening to the person in question.

--> Actually, perhaps calling it even "shame" is a bit... cultist. Or at least could be considered that way. It might be better to call it something like "BitcoinIsBad.com", "BitcoinIsABubble.com". Then the humour is more self-referential.

Yeah, I don't think that particular quote is the best example of a bit-idiot. But,
>I'm amazed by how people are so excited about it
Shows a considerable lack of foresight.

The reason "shame" works is that the PC crowd use it themselves, as a primary "debate" tactic. They can't openly oppose it.

Your other suggestions don't work because then they can point and say "See, even the cultists call it bad/a bubble!". No that doesn't make sense, but the kinds of people this site is for and the readership that follow them don't use logic.

I think what the guy was insinuating was that bitcoin in itself is a bubble.
Not referring to the temporary high values.
Glad he's changing opinion. So subtle, and yet so telling ;D

Half a year is an eternity in BTC, wonder what took him so long to change his mind :P

Re: bitsofshame website idea, be sure to add video clips (separate clips for each person and/or a monatge) of the bit-idiots spouting their ignorance on tv to each of their blurbs as well. The conviction on their faces as they poo-poo bitcoin just adds to the pricelessness.

Some good examples in this video: https://www.youtube.com/watch?v=G314jRumV_8&index=41&list=PL28BA397BA32231A0

Can also show the progression of their gradual backpedaling as well to drive home just how full of sh!t they are.

........................................... ..................... are you serious right now?  I can't.. the argument types people use...  What country could of possible attacked NA in the past 60 years... Do you remeber what happend to Japan?

All Nobel prizes are a Fing joke.

"The economics profession is the only field where two people can win the Nobel Prize for saying the exact opposite thing."

I'm sure there was some kind of sentence in there, but try as I might, I can't discover it.

Want to give it another shot?

Nice tracking work oda and I agree with torque that is how a douchebag moves.

It is only a matter of time till he becomes a bull, in other words this is how you backpedal.
It makes it seem like you know what your talking about when just making it up as you go.
Bitcoin is a Bubble oh wait Bitcoin is boring nvm Bitcoin is interesting hehe.

And that is how douchebags do it. Make a claim, have their claim back fire then slowly backpedal like a wussy.

"oh no can't be proven wrong now"  ;D ;D ;D

Watch in a year he will be "BITCOIN IS AWESOME...TO DA MOOON!" lol  :D

For some reason I think in half a year there will be people around saying "$2000 was definitely the top, price is going to collapse to $1500" and on and on and on  :)

Yeah.  This fella definitely has the twat-waffle back pedal move down to a tee.

Hoping to see $1500-$1600/btc by years end personally

Maybe so, but the only way for bitcoin to have more users is for the price of bitcoin to rise. Since the number of bitcoin is limited, the only way to have more users is by increasing the value if bitcoins. Therefore once we have a large user base we will already have a strong bitcoin price.

I believe you underestimate the number of PhDs in the Bitcoin community.

Sober, banker types? Yes, they have done so much good these nice bankers.

http://i664.photobucket.com/albums/vv10/JimboToronto/MartiniLunch.jpg (http://s664.photobucket.com/user/JimboToronto/media/MartiniLunch.jpg.html)

I don't, when you own Bitcoin the greed owns you, regardless of the education, I've seen very few reasonable people around here, people who talk some-sense and are not a perma-bull or a perma-bear all the time, people who openly and objectively talk about issues Bitcoin is facing.

Really? I've seen many. Must be your join date ;)

where are they now ? and you are surely not one of them ;)

Yes, many "experts" and journalists could use some bitcoin education. imho this should be done in a friendly manner.  those who do not want to engage in some dialogue can still get pilloried...