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Author Topic: [2017-12-03] Nobel Laureate Economist Predicts a Bitcoin Crash “Won’t Go to Zero  (Read 1689 times)
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December 03, 2017, 09:46:04 AM
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Nobel Laureate Economist Predicts a Bitcoin Crash “Won’t Go to Zero, It Will Just Come Down”

As covered by CCN, Nobel prize-winning economist Joseph Stiglitz recently stated that bitcoin should be outlawed during a Bloomberg television interview. Just one day after, another Nobel laureate, Robert J. Shiller, shared his view on bitcoin: that it will crash in an event similar to the U.S. stock market crash that preceded the great depression.

While Joseph Stiglitz believes the cryptocurrency should be outlawed because it “doesn’t serve any socially useful function” and that its popularity comes from the “potential for circumvention, lack of oversight,” Robert J. Shiller compared attraction to bitcoin to the narrative of a “mystery movie” that draws in people who wish to outsmart the system.

Notably, Yale economist Robert J. Shiller received the Nobel Prize in Economics for his work in “Trendspotting in asset markets,” in 2013. The economist’s popularity is partly derived from his prediction of both the dot-com and the housing bubble, as he published books titled “Irrational Exuberance” detailing these crashes.

At a conference in Vilnius, Lithuania this week, he stated:

    “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.”

Shiller went on to add that he doesn’t know where the cryptocurrency is going to stop, but compared it to the stock market in the 1920s. Per his words, it’s going to go way up, but we “will reach a 1929 eventually.” He added that the cryptocurrency will crash but “won’t go to zero, it just will come down.”

His comments, just like those of Joseph Stiglitz, come at a time in which bitcoin hit a new all-time high above $11,400, and then quickly declined to $9,200 before starting to recover. At press time, one bitcoin is trading at $9,959, according to data from CoinMarketCap.

Interestingly, Stiglitz’s opinion on bitcoin, or at least cryptocurrencies, seems to have shifted, as when he spoke at the World Economic Forum’s Annual Meeting in Davos, Switzerland, the economist stated that the U.S. should phase out fiat currency to move toward the use of digital currencies. Shiller, on the other hand, has back in 2014 stated that the cryptocurrency is a bubble, an “amazing example of a bubble.”

Despite Shiller’s past predictions of the dot-com and housing bubbles, his claims on bitcoin don’t seem to, so far, be supported by any kind of data. Taking that into account, the only thing we can for now be sure about, is that both Nobel laureates, Shiller and Stiglitz, aren’t fans of the cryptocurrency.


Source: https://www.cryptocoinsnews.com/nobel-laureate-economist-predicts-bitcoin-crash-wont-go-to-zero-it-will-just-come-down/


     
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December 03, 2017, 10:22:26 AM
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Both Schiller and Stiglitz should be ashamed of themselves


Their comments only demonstrate how corrupt and hypocritical these angels of the Nobel Prize board are. They're all too eager to push themselves forward as critics of the dominant financial system, but when the great unwashed adopt a superior solution to the holy order of Nobel laureates (which involved continuing to trust the same institutions that were so irresponsible in the lead-up to the 2008 crash), Schiller and Stiglitz do nothing but heap scorn.

What's wrong boys, upset that no-one cares about your ideas? They're behaving like intellectual gangsters: suggesting that anyone transgressing against their own divine prescriptions for economic success should be heavily punished. History will punish Schiller and Stiglitz.

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December 03, 2017, 10:47:35 AM
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Today the Nobel Committee in its decisions, very often motivated by political decisions. So for me the status of a Nobel laureate is not authoritative. I am primarily interested in the fact that people gave the world. All economists do not deserve this title because Fiat currencies do not have confidence. Very strange when economists talk about what they don't understand.

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December 03, 2017, 10:56:29 AM
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So they are judging crypto currency -bitcoin, stock market is very different from it. There prediction about digital currencies should not be based from their past experiences because they don't have enough idea how long these coins will take. They don't understand how volatile the price of bitcoin and altcoins. They can never really tell what would happen in the future. Yeah, sometimes price goes down but I don't consider it as a crash cause it recovers immediately.

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December 03, 2017, 01:18:06 PM
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Stiglitz’s opinion on bitcoin, or at least cryptocurrencies, seems to have shifted, as when he spoke at the World Economic Forum’s Annual Meeting in Davos, Switzerland, the economist stated that the U.S. should phase out fiat currency to move toward the use of digital currencies.
To clarify, doing this would involve a lot of new development and understanding of BTC and crypto in general.  So his view hasn't necessarily changed.
his claims on bitcoin don’t seem to, so far, be supported by any kind of data.
It's impossible to prove the validity of a Bitcoin price prediction.  This is the same regardless of whether you're a bear or a bull, because BTC's fundamentals can't be judged as objectively as, say, sales figures.  So he can't "support" his claims at all, nor can anyone else.

It's a shame that I can't find anyone who's done a reasonable evaluation of all these factors.  All I can see is everyone appealing to authority.

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December 03, 2017, 01:33:41 PM
 #6

Nobel Laureate Economist Predicts a Bitcoin Crash “Won’t Go to Zero, It Will Just Come Down”

As covered by CCN, Nobel prize-winning economist Joseph Stiglitz recently stated that bitcoin should be outlawed during a Bloomberg television interview. Just one day after, another Nobel laureate, Robert J. Shiller, shared his view on bitcoin: that it will crash in an event similar to the U.S. stock market crash that preceded the great depression.

While Joseph Stiglitz believes the cryptocurrency should be outlawed because it “doesn’t serve any socially useful function” and that its popularity comes from the “potential for circumvention, lack of oversight,” Robert J. Shiller compared attraction to bitcoin to the narrative of a “mystery movie” that draws in people who wish to outsmart the system.

Notably, Yale economist Robert J. Shiller received the Nobel Prize in Economics for his work in “Trendspotting in asset markets,” in 2013. The economist’s popularity is partly derived from his prediction of both the dot-com and the housing bubble, as he published books titled “Irrational Exuberance” detailing these crashes.

At a conference in Vilnius, Lithuania this week, he stated:

    “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.”

Shiller went on to add that he doesn’t know where the cryptocurrency is going to stop, but compared it to the stock market in the 1920s. Per his words, it’s going to go way up, but we “will reach a 1929 eventually.” He added that the cryptocurrency will crash but “won’t go to zero, it just will come down.”

His comments, just like those of Joseph Stiglitz, come at a time in which bitcoin hit a new all-time high above $11,400, and then quickly declined to $9,200 before starting to recover. At press time, one bitcoin is trading at $9,959, according to data from CoinMarketCap.

Interestingly, Stiglitz’s opinion on bitcoin, or at least cryptocurrencies, seems to have shifted, as when he spoke at the World Economic Forum’s Annual Meeting in Davos, Switzerland, the economist stated that the U.S. should phase out fiat currency to move toward the use of digital currencies. Shiller, on the other hand, has back in 2014 stated that the cryptocurrency is a bubble, an “amazing example of a bubble.”

Despite Shiller’s past predictions of the dot-com and housing bubbles, his claims on bitcoin don’t seem to, so far, be supported by any kind of data. Taking that into account, the only thing we can for now be sure about, is that both Nobel laureates, Shiller and Stiglitz, aren’t fans of the cryptocurrency.


Source: https://www.cryptocoinsnews.com/nobel-laureate-economist-predicts-bitcoin-crash-wont-go-to-zero-it-will-just-come-down/

I can smell conspiracy here . Who are these economists basically ? Why they got so much honor and recognition ?  Obviously because of their work they apparently did in for upgrading their economy in accordance to "central banks" .
This is why i can totally figure out why they are so reluctant towards bitcoin . If bitcoin "doesn't"  serve any social welfare cause then why it is the most invested commodity at the moment . Being at such honorable and inspiring " position" they must actually inspire others and showcase the positive and usefulness of Bitcoin .
Quote
Shiller, on the other hand, has back in 2014 stated that the cryptocurrency is a bubble, an “amazing example of a bubble.”
What exactly they think a "bubble " is ? I have never seen a bubble remaining and going strong for so many years . That just an exaggerated word used by every other opportunist  to offend Bitcoin.

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December 03, 2017, 02:08:39 PM
 #7

Both Schiller and Stiglitz should be ashamed of themselves


Their comments only demonstrate how corrupt and hypocritical these angels of the Nobel Prize board are. They're all too eager to push themselves forward as critics of the dominant financial system, but when the great unwashed adopt a superior solution to the holy order of Nobel laureates (which involved continuing to trust the same institutions that were so irresponsible in the lead-up to the 2008 crash), Schiller and Stiglitz do nothing but heap scorn.

What's wrong boys, upset that no-one cares about your ideas? They're behaving like intellectual gangsters: suggesting that anyone transgressing against their own divine prescriptions for economic success should be heavily punished. History will punish Schiller and Stiglitz.

In mainstream economics, if something has increased 1000% in one year, it must be a bubble, there is no other explanation. And because they are mainstream economists, they would never support any laissez-faire systems - the whole point of their work is to create instructions for governments how to control economy. But even some Austrian economists are against Bitcoin because they are fixated on gold and private unregulated banks.

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