Bitcoin is a bubble - Nobel Laureate in Economics

[Dr Bloggood]

Just like the whole internet...





If a nobel says it, it is true. word.

Lol, is that a true, actual quote?

And judging by what he is saying about BTC, he didn't even learn something from it!

I especially like the part of the statement in between the "-" because after all it's just there to make the whole sentence sound more respectable and academic. That part really doesn't add any meaning, ha ha!

[jdbtracker]

It's a true quote, Metcalfe's law may be true, but it's just a theory to understand a particular phenomenon, which is part of a greater whole... the internet will stop growing, yes... but there is just so many of us, there are so many factors involved beyond the number of possible connections of a particular system, topic, or correlations; You can only apply it to each particular case one by one, all of them. There will always be things we will never know, so we will always have new things to spread, and it doesn't help that we can forget. He just had the timing wrong... and thought that costly communication infrastructure(Telephony) would ever be dismantled. If the possibility is inherently there... people will use it, a little or a lot, like economics we can't calculate all the factors that move a single stock... there are just too many and each is constantly changing dynamically; people, always in motion.

But to be fair the piece was about how things would look back to the now, as if it would be in 2098.

[ElectricMucus]

The impact the fax machine had on business was pretty serious, in that way krugman was right.

Some of you weren't around in those early days of the (public) internet, but let me tell you on the height of the dotcom bubble so much of this bullshit was going on that krugmans quote entirely makes sense in that context. People claimed to be in a new paradigm where accounting and business models do not matter any more. It was an "idea guy economy"...



On the topic, you guys seem pretty mad about that, eh?

[dadach]

Bitcoin is a bubble - Nobel Laureate in Economics

Robert Shiller, 2013 Nobel Prize winner in Economics, and an expert in the nature of market excesses, has come down on bitcoin and said that the tremendous jump of the virtual currency was a 100 percent bonified “bubble”.

"It is a bubble, there is no question about it.... It's just an amazing example of a bubble," the Business Insider quotes Shiller, talking to the World Economic Forum in Davos, Switzerland.

http://rt.com/business/bitcoin-shiller-bubble-davos-127/

they give those to literally anyone these days...

[bitbitcoins]

Yeah just like the Internet is a bubble, what loser uses Internet nowadays right!

well said !

[Sonny]

Just like the whole internet...





If a nobel says it, it is true. word.

Lol, is that a true, actual quote?

FYI: http://www.businessinsider.com/paul-krugman-responds-to-internet-quote-2013-12

[superresistant]

Bitcoin is an idea and an open source technology.

It is free.

[ElectricMucus]

Cryptocurrencies are an idea and Bitcoin an open source proof of concept.

It is free.

FTFY

[bitjoint]

FYI: http://www.businessinsider.com/paul-krugman-responds-to-internet-quote-2013-12

Yeah, that's a hyperinflated ego pretending to fix past mistakes, but he can't. If you have read his 1998 article you can't notice if that was written with the perspective of a visitor from 2098. He should have made it explicit, specially when he is addressing such a big and diverse audience. So, that probably falls into the "lame excuses" realm. He was ambiguous enough in his article, but ambiguity does not make a false statement true.

Here's another quote from that article, and it was stated before his "funny forecasts", so technically was serious about it:

"The raw power of computers has advanced at a stunning speed, but has this advance translated into a comparable improvement in their usefulness? Word processing, to take the most obvious example, hasn't fundamentally improved since the late '80s. And in the view of many people I know, WordPerfect 5.1 for DOS was actually better for their purposes than any of the bloatware that has followed."

Really? Word processors is all he can think about when talking about computing applications? Prob he could have also included the minesweeper in the predictions.  . Then he goes and says that Silicon Valley has peaked, and he says it the year google was incorporated.

Fact is Nobel is not what it used to be, even medical doctors can school them... live

http://www.youtube.com/watch?v=jEmKIRqz9AI

[spyro]

Have any other currencies (irl) seen a bubble effect? A revolutionary currency is quite different to the standard stock/share bubbles!

[Sonny]

If you have read his 1998 article

It has a good title "Why most economists' predictions are wrong" lol.

[Dr Bloggood]

FYI: http://www.businessinsider.com/paul-krugman-responds-to-internet-quote-2013-12

Thanks, man! I just read the original article and then this piece - that's probably the lamest excuse I have ever heard.

[Dr Bloggood]

Yeah, that's a hyperinflated ego pretending to fix past mistakes, but he can't. If you have read his 1998 article you can't notice if that was written with the perspective of a visitor from 2098. He should have made it explicit, specially when he is addressing such a big and diverse audience. So, that probably falls into the "lame excuses" realm. He was ambiguous enough in his article, but ambiguity does not make a false statement true.

Incredibly lame - there is no trace of irony or 2098 in this article. Just stupidity.

And if he wants to say so, his forecast about the internet was a social one (not a technological one). Nevertheless, it was a forecast. If he doesn't know, he shouldn't write about it.

I can't find any line about "St Petersburg having more skyscrapers than New York" in there.

Krugman saying that BTC will fail gives me more confidence in BTC.

[guybrushthreepwood]

FYI: http://www.businessinsider.com/paul-krugman-responds-to-internet-quote-2013-12

Thanks, man! I just read the original article and then this piece - that's probably the lamest excuse I have ever heard.

Yeah. Very lame.

First, look at the whole piece. It was a thing for the Times magazine's 100th anniversary, written as if by someone looking back from 2098, so the point was to be fun and provocative, not to engage in careful forecasting; I mean, there are lines in there about St. Petersburg having more skyscrapers than New York, which was not a prediction, just a thought-provoker.

But the main point is that I don't claim any special expertise in technology -- I almost never make technological forecasts, and the only reason there was stuff like that in the 98 piece was because the assignment required that I do that sort of thing. The issues about Bitcoin, however, are not technological! Everyone agrees that it's technically very sweet. But does it work as money? That's a very different kind of question.

And the fact that people are throwing around my 98 quote actually shows that they don't get this point -- that they're confusing technology with monetary economics.