[2017-05-21] Study Shows Forum Comments Can Predict Bitcoins Price with Over 80%

[tyz]

Study Shows Forum Comments Can Predict Bitcoin’s Price with Over 80% Accuracy

A research paper entitled “When Bitcoin encounters information in an online forum: Using text mining to analyse user opinions and predict value fluctuation” was published last week. It is co-authored by five researchers from two universities in South Korea; Korea University and Kangnam University.

This study was supported by Basic Science Research Program through the National Research Foundation of Korea (NRF) funded by the Ministry of Education, Science, ICT and Future Planning. It is also funded by the Korean government through Institute for Information & communications Technology Promotion (IITP).

https://news.bitcoin.com/study-forum-comments-predict-bitcoins-price-80-accuracy/

[Kprawn]

You do not have to thumb suck the predictions, you just have to look at the price history. Bitcoin goes up a little and then it goes down, but never

back to the level where it climbed from.. always a little higher.... and this process repeats itself over and over. So many people are getting used

to this trend and they base their investments on that. 

[Gotottack]

Study Shows Forum Comments Can Predict Bitcoin’s Price with Over 80% Accuracy

A research paper entitled “When Bitcoin encounters information in an online forum: Using text mining to analyse user opinions and predict value fluctuation” was published last week. It is co-authored by five researchers from two universities in South Korea; Korea University and Kangnam University.

This study was supported by Basic Science Research Program through the National Research Foundation of Korea (NRF) funded by the Ministry of Education, Science, ICT and Future Planning. It is also funded by the Korean government through Institute for Information & communications Technology Promotion (IITP).

https://news.bitcoin.com/study-forum-comments-predict-bitcoins-price-80-accuracy/

Well, it is possible. But take note that prediction heavily relies on historical data, preferably at least five years of age, so as to obtain a possible expected outcome.

I think it is a good paper though, considering that they make use of the online forum as one of its many variables. 

[freedomno1]

Wait so the alt-coin rally was because I postulated a position Drrp.
That said this is an interesting study cool to see the Koreans doing research on this, co-authored by five researchers from two universities in South Korea; Korea University and Kangnam University.

[darkangel11]

You do not have to thumb suck the predictions, you just have to look at the price history. Bitcoin goes up a little and then it goes down, but never

back to the level where it climbed from.. always a little higher.... and this process repeats itself over and over. So many people are getting used

to this trend and they base their investments on that.  

It's easy to predict the price when it's constantly rising (long term). You can pick any period in bitcoin's history and if someone asked "should I buy or sell" answer buy and you'll always be right. Bitcoin has its small falls, but whenever you decided to buy, all you had to do was hold for about a year and you ended up with a profit. That's crazy if you think about it. The currency has over 8 years and it's always gaining value.