Bitcoin Forum

If the price discovery mechanism on gox was more rigged than a Bernie Madoff scheme on crack, then propped up by china and the pumpers; early adopters and gox hackers cashing out we could see some serious mean reversion to the levels of the bubble to $30 as the music comes to a halt  ;D

Another self professed moron.  Thanks for sharing, you guys certainly make it easy to know whom to place on ignore.

Cheers!

Who's Professor Bitcorn?

I realise this isn't anything new, arguments and discussions around organic growth have been made.  To me the data dump from the from the Mt Gox data base and subsequent Willy report is still the elephant in the room. Claims that Willy began trading in November 2013 before the $1200 bubble leading to speculation that another bot has been operating as early as feburary 2013  when the price of BTC was $20 and before the run up to $260. Granted many bulls will say that we have had a massive correction already and this is old news the price has dipped into the $300s and since recovered.  Or was this just a bull run in a very long bear market? Illustrated from the price action from the $420 sideways and then break out and run up to $680.  Beyond trolling, some people here must have genuine concerns as to whether we need to have a proper reset to correct this folly.

I'm 90% sure that's referring to the BU finance professor that called bitcoin a ponzi (or something similar) and said we'd be trading at $10 this year. If we make it to double digits, I won't look at him like an idiot anymore.

Well, he missed his deadline already, so unless the Bitcoin price transcends space and time, he already is, and will always be, wrong with the statement he made there. Sure he can make additional statements, but that specific one clearly turned out to be bogus. Period.

I wish I could buy at $10 right now.  Hell, double it to $20 and I'd buy a SHIT TON.  I'd even buy some kind of option that wouldn't allow me to unlock value for 5 years.

Man, I hope the Professor is right!  But unfortunately, I won't be able to accumulate at that price.  So sad.

But hey, you're able to accumulate at today's prices :) A lot of people will agree that today's prices may be the $10 or $20 of 2019 or some years in the future. I'd like to come back to this thread in 5-10 years :)

Yeah, well he already turned out to be wrong, since he put up a time-frame during which this incident had to occur - which it didn't. Even leaving that aside for a moment, I really don't believe Bitcoin to go to $10 again. Really don't.

again, is this the same price, that bitcoin was before the pump to 600? it really seems the same, and now is pretty stable

Yes, of course it's stable! We will remain on this level for the time being! This is the perfect equilibrium and everyone who claims we will rise or fall from this level are simply wrong, it's irrefutable!

The same was said when the price was at about 3$, but we know what happened then...

So if I would sell all my btc holdings now and then buy back when the price will be $10 I will be rich in the future?

http://lmgtfy.com/?q=profesor+bitcorn

Huge influx of new members predicting bitcoin apocalypse posting outdated, irrelevant, or fabricated facts to draw arbitrary conclusions. Bullish if you ask me.

Regarding professor bitcorn: http://www.professorbitcorn.com/

ya.ya.yo!

It seems your Professor Bitcorn isn't quite accurate  :P

https://i.imgur.com/naK36iO.png

Please don't jump to premature conclusions! He said it will trade below $10 a share! He could still be right after we find out what a bitcoin share is...  ;D

ya.ya.yo!

He should not give a time frame.

Like fiat, even bitcoin will be replaced eventually. So given long enough time, he will be right.

That made me laugh too.

How did this dingbat ever get to be a professor without knowing what a share is?

Does he think Bitcoin is a company?

I wonder what he thinks a Dollar share or a Euro share will be worth.

Maybe he'd better ask the CEO of Dollars or the CEOs of Bitcoin and Euros.

The guy's a laughingstock.

Would you waste your money on tuition to send your kid to Boston University if they keep airheads like this on faculty?

How come he got the name Professor Bitcorn?

Obviously it's a derisive putdown but it's unclear where it first appeared.

I seemed to be used almost immediately both here at Bitcointalk and at Reddit and quickly became a meme  of sorts, spawning countdown-to-$10 websites, a spoof Twitter account and getting prominent mention in his Wikipedia entry.

Like many memes the actual creator remains obscure.

Anyone have more info?

We need to get below ten dollars to shake out all the weak hands. Only then can a true, sustainable growth phase begin.

If it will go below 10$ than will mean that bitcoin failed and will be replaced by something else.

I'm not sure I follow. The success or failure of the protocol isn't really tied to the price. Sure, if we go back to single digits, it might be an indication that mainstream adoption is unlikely. But if mainstream adoption isn't achieved, that means bitcoin failed?

Yes. If* we fall below $10, it will be an irrefutable indicator that people have abandoned Bitcoin in such a drastic way that the experiment may be regarded as failed. It will have been a great experiment, but Bitcoin will have proven itself faulty for most cases.

*Remember, big if

We've been seeing predictions like this for years now, you can search for older posts. Guess what: All of them failed misserably. Just another post to revisit in a year and laugh at. Fucking lol.

It is already a functioning worldwide payment network backed by a 500million infrastructure, with constantly growing adoption numbers. And you propose to value all the "shares" of this network at measly 1 billion dollars ($100 per btc)? This is a total joke. And please, if btc is ever traded at $10 per one that would mean lights are off and every last bit of money has left elsewhere. Provided that the idea can not die, that would mean there is a much larger network for some other crypto in place already, you'd notice if that happens...

So the price now is very much near the $300-400 bottom, from where the new rally would start once capital reassesses total value of the network and the rush to get in starts. Nobody knows when that happens, but the recent training moves to $550 region were pretty solid and quick, while retractions are getting weaker and slower. Three months ago, we ran from these levels to $600 in just 10 days. Retraction is taking three months and we're still not at $400 yet...

I have read some interesting predictions about bitcoin but this one won't happen at all.

It's simple, a lot of people haven't been around for that long. They only see Bitcoin's price going down, so they think the big bubble is over. They don't even consider there have been quite a few bubbles before! They need to experience some bubbles first, before they see that prices do go back up afterwards.

All in all I agree. But Bitcoin is not a one-way street. There is no assurance that it will go up again.

What I think most people lack here is some patience. Bitcoins has risen from near-zero to multiple hundreds of $$$ in a very short period of time compared to any other traditional investment, yet people seem to demand further price increases every day. I think Bitcoin needs quite another few months to digest the latest rally.

ya.ya.yo!

bitcoin is heading back to where it came from, $0.000001

Not agree, you scammer

LOL

Last year $30 was the magical number that some people deemed necessary for capitulation. This represented the ATH of the Great Bitcoin Bubble that saw the price increase 30-fold.

Needless to say, it never fell that low.  During the crash of 2013, following a smaller bubble that only saw a 20-fold increase, it briefly touched $50 between dead cat bounces but true capitulation occurred  at $66.

During the crash from last December's little bubble that barely saw a 10-fold increase, it briefly touched $350 between bounces but capitulation appears to be occurring well over $400.

Ten bucks? LOL

Wishful thinking at best. More likely a fantasy of delusion.

IIRC, one of his early tv appearances on the subject actually saw him refer to bitcoin as 'bitcorn', in such a way to suggest he knew absolutely nothing about the subject. Don't quote me on that, I could be wrong, but my understanding is that he did call it 'bitcorn' at one point because, well, he's a conditioned idiot who speaks first and checks facts later.

Yeah well, of course it isn't a one-way street, but if it should still continue to succeed, I guess we haven't seen the top of the mountain. There's still untapped potential, quite a lot of it, actually. That's why I remain optimistic about Bitcoin's future!

Or a parody of the bulltards.

I hope so this will happen. I can wait till early 2015 if needed. Would be awesome.

Now that price discovery has been slightly decentralised it would be significantly harder to rig the market again and we are potentially in a make it until you fake it moment. It seems to be doing pretty well so far and no doubt there will be some short term rallies in the future. Ultimately those conducting big OTC purchases will be the supreme bag holders.

What kind of Professor is doing such shitty predictions? i hope he doesnt teach economy.

Nobody cares.

He is a faculty member in the Finance and Economics Department at Boston University where he teaches courses in banking, risk management and capital market activities.

http://en.wikipedia.org/wiki/Mark_T._Williams

Does that count as teaching economy?

Im going to buy all of it so all these theories of Bitcoin crashing at these low prices are stupid lol.

Professor Bitcorn is wrong. 8)

The good prof. came up with the meme,  he called it "bitcorn" during the hearings.

Goofy name, even goofier advice.

Bingo  ;) but I think theres an element of truth to it, on a serious note, I am genuinely bearish and we will make new lows, $10 sounds extreme but double digits isn't out the question, anyway back into character...



We can use Professor Bitcorn's Crypto Currency Theory which states the underlying value of coins proportionally increases in infrastructure spending, yet decreases from the minting of new coins and is equal to total infrastructure expenditure divided by the coins in circulation, Divided by Pi.

So using these figures:
$500M in infrastructure and 13M coins in circulation

500 000 000/ 13 000 000 = 38.461538

38.461538 / 3.1415= $12.24304

You have been warned, cut your loose