Wonder_woman
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December 01, 2017, 10:49:05 PM |
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Another Nobel laureate came out against Bitcoin. We're all familiar with the banking CEOs (Jamie Dimon) who have been critical of bitcoin, and it's easy for people to dismiss their criticism as coming from a party with interests they view to be directly threatened by Bitcoin. (I don't entirely buy that argument, but nonetheless...) What should be more concerning is the people who have won Nobel prizes in economics voicing concern over the sustainability of Bitcoin's price. Yesterday, Noble laureate Joseph Stiglitz said bitcoin should be outlawed. (Reckless statement IMO.) However, today, none other than Robert Shiller said that Bitcoin was destined to crash, and this is a much bigger deal because of who Robert Shiller is and his work. Robert Shiller's line of economic work deals specifically with the prediction of asset prices and the inefficiency of markets. Mr. Shiller's work lead to the establishment of the Case-Shiller Index which is used to value home prices in the US, and Mr. Shiller famously warned about the dotcom bubble and the housing bubble before anyone recognized they were bubbles. Here he is in 2005 warning that housing was a bubble detached from economic reality, and that it was destine to crash: https://www.npr.org/templates/story/story.php?storyId=4679264. Here's one key passage where he is talking about the housing bubble, and see if this doesn't sound exactly like Bitcoin right now: ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FK0pBr41.png&t=665&c=s3Oo9z7RqrYQ9Q) So yesterday, Shiller said this exactly about Bitcoin: "Bitcoin, it’s just absolutely exciting. You’re fast. You’re smart. You’ve figured out nobody else understands. You’re with it. And bitcoin has this anti-government, anti-regulation feel. It’s such a wonderful story. If it were only true. ... I don’t know where it’s going to stop. It’s going to go way up, like the stock market in the 1920s. We will reach a 1929 eventually. But then it won’t go to zero, it just will come down." This is one guy who when he says something is a bubble, people ought to listen. I think those people already understand the strategies marketing and pattern of the price of bitcoin where there are absolutely Ups and downs. Bitcoin is like that we all know it but some of us are so worried if it going to down and very amaze when it ups.
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cryptonomics.global
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December 01, 2017, 10:53:35 PM |
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Let's be honest, there is still a lot of unknown in Bitcoin as it's the first cryptocurrency that spread that much.
This unknown part is risky as well, since nobody knows for sure if it won't crash one day or somebody will find a way to trick the system.
So not surprised that some people think it's a bubble, but from another side it can be the beginning of something huge and never seen before.
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Lampaster
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December 01, 2017, 11:06:18 PM |
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Let's be honest, there is still a lot of unknown in Bitcoin as it's the first cryptocurrency that spread that much.
This unknown part is risky as well, since nobody knows for sure if it won't crash one day or somebody will find a way to trick the system.
So not surprised that some people think it's a bubble, but from another side it can be the beginning of something huge and never seen before.
The start of something huge bitcoin will be only then when I see that people use it as currency. Now his people are only for accumulation. We are turning it into a bubble. Only depends on us our future. If we miss the chance that another such chance we will not receive. We will regret it for the rest of my life.
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darewaller
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December 04, 2017, 10:09:10 AM |
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I don't want to seem negative. I'm trying to avoid political discussion. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) I would only like to say a case could be made for nobel prizes being a political tool for bankers. Paul Krugman has supported many questionable and controversial economic policies over the years as a nobel prize winner in economics. There are some who question whether Al Gore should have won a nobel peace prize for a presentation on global warming. Barack Obama winning a nobel peace prize did raise a few eyebrows, years ago. It is possible that nobel prizes are given out to those who push political agendas, rather than those who merit it. There used to be excellent scientists and economists like Milton Friedman who deserved a nobel prize. These days, it might be fair to say the quality of work awarded a nobel isn't what it used to be, unfortunately. Criticism of the Nobel process notwithstanding, I do think Shiller's pedigree speaks for itself. As fuzzy as economics is as a science, Shiller's work has been more concrete in the relationship between asset prices and the inefficiency of markets, correlating people's inability to predict reasonable asset prices to the cause of bubbles. As with the housing bubble, he identified that it was a bubble long before other folks (he was talking about it in 2005, two years before it became evident to others who "called" it before completely coming off the rails in 2008). What concerns me is how similar his descriptions are to Bitcoin to how he talked about the housing bubble. Well, maybe it is a bubble and will one day crash, but since this is moved by people investing into it, don’t you think that even after the bubble bursts, people will see it an opportunity to start up again. People might be very excited if there is opportunity to buy in at the early rate.If the bubble will burst, I don’t think it will be anytime soon..
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TheUltraElite
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So anyway, I applied as a merit source :)
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December 04, 2017, 10:20:46 AM |
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Let's be honest, there is still a lot of unknown in Bitcoin as it's the first cryptocurrency that spread that much. Lets be honest and read the whitepaper about bitcoin written by satoshi first and understand that properly before making any comments. As we say incomplete knowledge is a dangerous thing. The code is in github and can be evaluated by anyone for checking the blockchain and how it works. This unknown part is risky as well, since nobody knows for sure if it won't crash one day or somebody will find a way to trick the system.
Actually speaking even if a crash occurs does that matter? I see shillposts like this everyday and more shills in real life who think bitcoin is a covered up ponzi and I keep thinking one thing - do these people even understand how blockchain works? So not surprised that some people think it's a bubble, but from another side it can be the beginning of something huge and never seen before.
If people accept bitcoin and blockchain technology it will be the new version of banks and finance.
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R |
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nagatraju
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December 04, 2017, 10:38:57 AM |
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unfortunately, if it's a bubble, then people won't have the opportunity to start anew...they will have nothing...I think that there is such possibility...and so you can say about everything...so we just should think and weigh all the pros and cons
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TTITA
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December 04, 2017, 10:48:22 AM |
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When Bitcoins is made into a political commodity then what happens is a debate about fear. Why only the bubbles of concern to the debate. Forget, how bitcoins prices are rising sharply. Why not discuss how the benefits that bitcoins offers, while some countries are skeptical of blocks it. Japan, US, South-Korean, Denmark, Finland, are those countries whom legalize it. They have received bitcoin technology because it can benefit for the people economy.
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chocolah29
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December 04, 2017, 12:32:08 PM |
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Why should I worry?
Even if it is a bubble, I do not worry in life. Worrying causes stress and it is never a good thing. Worrying should be avoided at all costs. Even if your house burns down, you should never worry about anything for the reason above.
Well as long as you believes and trust bitcoin you shouldn't be worrisome. Bitcoin is less than a bubble but more than a bearish act and if the bubble burst out it will definitely follow by a bull run.
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Omega Weapon
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December 04, 2017, 09:31:05 PM |
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I don't want to seem negative. I'm trying to avoid political discussion. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) I would only like to say a case could be made for nobel prizes being a political tool for bankers. Paul Krugman has supported many questionable and controversial economic policies over the years as a nobel prize winner in economics. There are some who question whether Al Gore should have won a nobel peace prize for a presentation on global warming. Barack Obama winning a nobel peace prize did raise a few eyebrows, years ago. It is possible that nobel prizes are given out to those who push political agendas, rather than those who merit it. There used to be excellent scientists and economists like Milton Friedman who deserved a nobel prize. These days, it might be fair to say the quality of work awarded a nobel isn't what it used to be, unfortunately. It is the same as always, at first an institution performs a function but later that institution becomes a target and becomes hijacked and then is used to further the goals of the group that hijacked the institution, it is nothing new, that strategy has been used for a very long time and no matter the size or the type of institution it is a strategy that is guaranteed to succeed with time.
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Dart18
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December 04, 2017, 09:39:09 PM |
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A bubble that will not blast. Maybe it can be called a balloon. Just losing some air and can be pumped back. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) I dont want to think like that for now because I feel like I am still starting and still learning more. Just want to go with the flow without negativity.
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roflmao129
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December 04, 2017, 10:04:19 PM |
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I never against bitcoin but I do agree with you at this point. THe price of bitcoin is way to high and there will be an explosion in the future, a very big one. Many people will commit suicide just like which has happened in the 1929. The world was in the big chaos. Bitcoin will start another chaos in the economy system
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nightmanisrightman
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December 04, 2017, 10:16:59 PM |
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It can be a bubble but that doesn't mean it can't go up to 100k. Also it doesn't mean the value will be zero after the bubble pops. If you have faith in BTC all this bubble talk is essentially irrelevant because you will think that the bubble can burst and Bitcoin can recover from that burst. I don't really care what mainstream media says anyhow they have tons of misconceptions about Bitcoin and their opinions are rather useless if you ask me.
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gantez
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December 04, 2017, 10:48:42 PM |
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The bubble thing is over hyped. Bubble is usually used in the economy world, the economists believe that anything not seen or not have been touched is a bubble, this is the reason bitcoin is also classified in that but despite that, the price is still going higher .
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BitGenerator
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December 04, 2017, 10:49:29 PM |
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Isn't going anywere while traders keep making money from the fluctation, the boom will happen when they want to.
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DeltaX
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December 04, 2017, 10:57:35 PM |
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A bubble that will not blast. Maybe it can be called a balloon. Just losing some air and can be pumped back. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) I dont want to think like that for now because I feel like I am still starting and still learning more. Just want to go with the flow without negativity. It will same as the bubble but the bubble will be matched with the crypto. As you can see just like after jamie already released his statment regarding the cryptocurrency and it seems the bitcoin gets burst. The price gets plunged a lot. Rather than ballon the ballon can be generated again with the more size. This bubble even bigger than before.
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BitHodler
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December 04, 2017, 11:26:04 PM |
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The bubble thing is over hyped. Bubble is usually used in the economy world, the economists believe that anything not seen or not have been touched is a bubble, this is the reason bitcoin is also classified in that but despite that, the price is still going higher .
If we had to believe "experts" back in the days, Bitcoin was even a bubble at the time it was reaching the $1000 mark again after the long bear market we went through. They kept repeating that all the way till where we are right now. I must however admit that at current levels, and with the insane +1000% increase this year, that people might have the impression that we're currently a bubble, or at least working on forming a bubble. The only thing with bubbles is that people think to know that it will likely pop soon, but there is no way to actually predict this. It may be that we'll keep going up till far in the next year before we see the market plummet badly. At current levels I don't blame people thinking it's a bubble. This increase is even for Bitcoin standards massive.
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BSV is not the real Bcash. Bcash is the real Bcash.
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yoseph
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December 04, 2017, 11:30:46 PM |
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Isn't going anywere while traders keep making money from the fluctation, the boom will happen when they want to.
It's only the bankers and those who don't understand bitcoins that believe that it's a bubble, whiles they don't believe in bitcoins, we on the other hand will continues to reap the profits whiles they contemplate on if they should invest or not.
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layoutph
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December 04, 2017, 11:54:07 PM |
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The very main reason to get worried about the bubble is to get loss in profit. But some whales take advantage this by shorting btc.
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Omega Weapon
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December 09, 2017, 12:19:06 AM |
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unfortunately, if it's a bubble, then people won't have the opportunity to start anew...they will have nothing...I think that there is such possibility...and so you can say about everything...so we just should think and weigh all the pros and cons
If this is a bubble and people invest their money at these high prices then they have no one else to blame but themselves, investing is always a risk, investing in bitcoin or any alts is risky the rewards are there for anyone that has the guts to invest but if you are ready to get the profits you need to be able to accept the losses as well, if the price crashed we are going to get a lot of topics from newbies saying that bitcoin is a scam when no one forced them to invest in bitcoin money they could not afford to lose.
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jtipt
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December 09, 2017, 03:09:33 AM |
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Everything is a bubble. Fiat currency can also be classified as a bubble. Being a bubble doesn't mean you could not make money by participating in it. Just make sure you manage your risk well and don't over do it. Pick a strategy that fits your own risk appetite. Don't be overly greedy but also no need to be too risk adverse.
Exactly. Fiat is also an bubble, but it is so well regulated by the government that it seems extremely stable, if the government was to fall what do you think will happen to that fait? As far as bitcoin is concerned it's free, no one controls that's why it's so volatile, and probably it will remain. There is no way we can predict that it will drop eventually, if it keeps getting popularity then it cannot drop.
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