Robert Shiller "Bitcoin a Fad"

[Thekool1s]

So i read the article yesterday, He said that Bitcoin is a "Fad" and it will disappear just like bimetallism, well i disagree with him, Managing metals is and can be a pain in the a**, While bitcoin and other crypto-currencies don't carry that sort of burden. Why do people comment on things that they don't understand properly. Why has he made a comparison in 2 different things? plus why is that when bitcoin reaches new heights and somebody comes forward with FUD. Do let me know what you think of his comments.

http://www.newsbtc.com/2017/10/17/robert-shiller-bitcoin-fad-ill-take-bitcoin/

[diguyo]

Agree and disagree. Agree on metals being a bit of a pain. In terms of the fad he's referring to, well it bitcoin faces similar challenges - widespread adoption of the masses, plus business' embracing it. Bitcoin has made a few inroads here, and is accepted in some places, but is still a long long way away from being a FIAT alternative. So I can see what he means. He also doesn't say that it's a bad investment and believes there's still money to be made - this is true, and it's not your usual FUD from the likes of Jamie Dimon.
The thing to bear in mind though, metals and the possession and use as a currency didn't work out that way, but it wasn't a risky move per se - precious metals have and maintain worth and value. They won't just disappear and be worthless.
Now, I'm not saying that bitcoin will do that, but it's not essential to day-to-day human life nor is it close to. The tech is amazing, the project is amazing, decentralised currency is an amazing concept....but it's still a work in progress. It's headed in the right direction, but it's not there yet.

[bennybeezy]

A fad, by definition, is a short-lived craze. Bitcoin has been around since 2009, which means it's coming close to the 10-year mark and that, in my opinion, hardly constitutes a fad. If anything, it's only now beginning to mature as people begin to recognize and appreciate not so much the speculative value of the coin but rather the underlying blockchain technology that has begun to revolutionize the digital age. If Bitcoin were indeed a fad, why are the major world powers now giving so much attention to it and trying so hard to reel it in? Australia, China, United States, just look at Russia, which is by far taking the most progressive and aggressive stance on Bitcoin and the crypto market in general (under the guise of consumer protection)...they're now looking to establish a 'crypto detective agency'!

https://news.bitcoin.com/russian-regulators-crypto-detective-agency/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

These are hardly the signs of a fad that's about to fade away into obscurity.

[Thekool1s]

Agree and disagree. Agree on metals being a bit of a pain. In terms of the fad he's referring to, well it bitcoin faces similar challenges - widespread adoption of the masses, plus business' embracing it. Bitcoin has made a few inroads here, and is accepted in some places, but is still a long long way away from being a FIAT alternative. So I can see what he means. He also doesn't say that it's a bad investment and believes there's still money to be made - this is true, and it's not your usual FUD from the likes of Jamie Dimon.
The thing to bear in mind though, metals and the possession and use as a currency didn't work out that way, but it wasn't a risky move per se - precious metals have and maintain worth and value. They won't just disappear and be worthless.
Now, I'm not saying that bitcoin will do that, but it's not essential to day-to-day human life nor is it close to. The tech is amazing, the project is amazing, decentralised currency is an amazing concept....but it's still a work in progress. It's headed in the right direction, but it's not there yet.

Well i can partially agree with you there, Bitcoin still is in its "early adoption stage", people are trying their best to understand the concept behind it. Internet back then wasn't a sensation back then either, it took some time for people to realise its true potential. I believe blockchain technology will do the same thing. Just like BennyBeezy said, a Fad doesn't lasts for 10 years and it doesn't threatens the status quo to such an extent that the governments have to take counter measures in some cases to prevent its adoption.

[Scorpion]

Robert is part of the old, outdated way of thinking of what value is and what assets are in the modern times with current technology.

[ahmad21]

So i read the article yesterday, He said that Bitcoin is a "Fad" and it will disappear just like bimetallism, well i disagree with him, Managing metals is and can be a pain in the a**, While bitcoin and other crypto-currencies don't carry that sort of burden. Why do people comment on things that they don't understand properly. Why has he made a comparison in 2 different things? plus why is that when bitcoin reaches new heights and somebody comes forward with FUD. Do let me know what you think of his comments.

http://www.newsbtc.com/2017/10/17/robert-shiller-bitcoin-fad-ill-take-bitcoin/

I sort of agree with him but fiat is a bigger fad than bitcoins. We need an alternative to traditional fiat and the bitcoin is the best option we have till now. Bitmetalism has been a fad due to some different reasons you cannot compare it with bitcoin.

[Merovius]

A fad, by definition, is a short-lived craze. Bitcoin has been around since 2009, which means it's coming close to the 10-year mark and that, in my opinion, hardly constitutes a fad.

Yes, that is what I was thinking also...almost 10 years and still growing in popularity/value is getting a bit long for bitcoin to be written off as a simple fad. In other words I think we are past the "pet rock" stage here and well into something that is a real phenomenon worthy of consideration. Bitcoin may not completely replace fiat currencies but over the long term it can still remain as a quick and convenient way of sending money, particularly across international borders or in situations where transacting in "normal" currencies has become difficult.

[Lipe490]

Bitcoin is live since 2009 and he is calling it a Fad, saying that is a new monetary standards. Another typical critic guy of bitcoin saying we are in a bubble and overpriced, but what's the most funny is when he also says I’ll take bitcoin, too, because I know I can sell it and get out of it. There seems to be some strange enthusiasm for it". Yeah, this clown must have taken a lot of profit over bitcoin and now is talking those shits like every smart guy from financial market likes to do.

[Granxis]

It's definitely wrong that Bitcoin is seen as a fad. Because there's no one doing better than Bitcoin right now. If I can get a better payment in the future, I will give it back.

[peterthegreat]

Don't pay attention to names of people that bash them. If it is someone iconic then they likely haven't taken the time to research it and what it actually is so it makes them look foolish in the end.

[aardvark15]

So i read the article yesterday, He said that Bitcoin is a "Fad" and it will disappear just like bimetallism, well i disagree with him, Managing metals is and can be a pain in the a**, While bitcoin and other crypto-currencies don't carry that sort of burden. Why do people comment on things that they don't understand properly. Why has he made a comparison in 2 different things? plus why is that when bitcoin reaches new heights and somebody comes forward with FUD. Do let me know what you think of his comments.

http://www.newsbtc.com/2017/10/17/robert-shiller-bitcoin-fad-ill-take-bitcoin/

There’s too much money in Bitcoin for it to be a fad. Although I do think that if a better technology or a better cryptocurrency comes along, Bitcoin could get phased out. But I wouldn’t refer to that as a fad. That would be more like competition eventually beating Bitcoin or technological advances making it obsolete. If that happens, it will take years and Bitcoin could still be a valuable collectible because it will become rare and scare over time.

[cynical]

yeah yeah yeah another fella ranting negatively about bitcoin just like that lad from jp morgan a while back, what damage did he do to bitcoin, none