BYRON WIEN: Bitcoin Will Collapse In 2014

[2tights]

Thoughts?


Fist off, I don't know why this is considered news. Anyway, it seems to me like he doesn't understand the basic premise of the technology.



http://www.businessinsider.com/byron-wien-on-bitcoin-2014-1

Blackstone Group vice chairman Byron Wien does not have a lot of faith in Bitcoin.
Included on his list of annual "surprise" predictions is the possibility that acceptance of the digital currency collapses this year.

"In 2½ years the price of a Bitcoin has increased from $25 to $975," says Wien. "The supply of bitcoins is fixed at 21 million with 11.5 million in circulation. Bitcoins lack gold’s position as a store of value over time. During the year Bitcoin’s acceptance collapses as investors realize that it cannot be used as collateral in financial transactions and its principal utility is for illegal business dealings where anonymity is important."

Wien's 2013 predictions did not pan out so well, but perhaps he will have more luck this year.



Read more: http://www.businessinsider.com/byron-wien-on-bitcoin-2014-1#ixzz2petLHCfa

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[Dafar]

Thoughts?

Fist off, I don't know why this is considered news. Anyway, it seems to me like he doesn't understand the basic premise of the technology.


http://www.businessinsider.com/byron-wien-on-bitcoin-2014-1

Blackstone Group vice chairman Byron Wien does not have a lot of faith in Bitcoin.
Included on his list of annual "surprise" predictions is the possibility that acceptance of the digital currency collapses this year.

"In 2½ years the price of a Bitcoin has increased from $25 to $975," says Wien. "The supply of bitcoins is fixed at 21 million with 11.5 million in circulation. Bitcoins lack gold’s position as a store of value over time. During the year Bitcoin’s acceptance collapses as investors realize that it cannot be used as collateral in financial transactions and its principal utility is for illegal business dealings where anonymity is important."

Wien's 2013 predictions did not pan out so well, but perhaps he will have more luck this year.

Read more: http://www.businessinsider.com/byron-wien-on-bitcoin-2014-1#ixzz2petLHCfa

Confirmed troll/idiot


edit- I didn't realize he was that old, don't mean to be disrespectful

[black_swan]

Looking at the picture I can understand why this dinosaur doesn't understand bitcoin.
Not much you can do about it..

[Voogru]

k

[Brassguy]

Who needs a "personal computer"?....

Why would anyone pay for television?...

Why would anyone buy bottled water....

"What are you going to do about this?" Reporter holding up an iphone at RIM's press meeting in ~2006... response from Blackberry ceo [paraphrased] "People aren't going to want phones like that."

Who would buy one of those stupid & overpriced ipad toys...

There is a reason dinosaurs are extinct.

[Dragonkiller]

reading through the comments, people don't realize that this is a technology that has value. even if we leave out the use as a store of value and all the other uses, it at least does what paypal, western union etc do, and it does it better.

people say that the technology works just as well if each bitcoin is $0.01 or $1m, that is not true. besides stability and many other things, if I want to make a transfer of $1m, that would not be possible if each coin was $0.01

price is a function of the number of users

[erik777]

Is Business Insider actively recruiting Bitcoin critics? 

https://bitcointalk.org/index.php?topic=399229.msg4316890#msg4316890

[greenlion]

Breaking news!

Some butthurt zilch who produces quotes for some inconsequential internet publication that caters to people with sub-100 IQ's regurgitates the same ignorant talking points as everybody else with zero direct knowledge of the subject.

Thanks for chiming in Byron Wien, and congrats on socially-engineering yourself to become one of the lucky monkeys flipping a coin that run hedge funds.

[the_sunship]

sure, the world won't change - just look at the past 50 years.....now where is that checkbook I haven't used in 8 years?

[Dragonkiller]

sure, the world won't change - just look at the past 50 years.....now where is that checkbook I haven't used in 8 years?

lol i wrote a check just the other day actually...

for the first time in around 5 years

[keithers]

This guy is a wizard in economics, but the thing with bitcoin is that it is such a new concept that there is no way for any economist to truly wrap their head around its potential (positive or negative).

[2tights]

This guy is a wizard in economics, but the thing with bitcoin is that it is such a new concept that there is no way for any economist to truly wrap their head around its potential (positive or negative).

I have a hard enough time thinking about the implications.

[GigaCoin]

Thoughts?


Fist off, I don't know why this is considered news. Anyway, it seems to me like he doesn't understand the basic premise of the technology.



http://www.businessinsider.com/byron-wien-on-bitcoin-2014-1

Blackstone Group vice chairman Byron Wien does not have a lot of faith in Bitcoin.
Included on his list of annual "surprise" predictions is the possibility that acceptance of the digital currency collapses this year.

"In 2½ years the price of a Bitcoin has increased from $25 to $975," says Wien. "The supply of bitcoins is fixed at 21 million with 11.5 million in circulation. Bitcoins lack gold’s position as a store of value over time. During the year Bitcoin’s acceptance collapses as investors realize that it cannot be used as collateral in financial transactions and its principal utility is for illegal business dealings where anonymity is important."

Wien's 2013 predictions did not pan out so well, but perhaps he will have more luck this year.



Read more: http://www.businessinsider.com/byron-wien-on-bitcoin-2014-1#ixzz2petLHCfa

Bitcoin anonymity is a myth, just send him the link to blockchain.info

[segeln]

Byron wien`s predictions for 2013:

http://www.blackstone.com/news-views/press-releases/details/byron-wien-announces-predictions-for-ten-surprises-for-2013

So,how do you jugde the prediction  from B.W for 2014 ?

[Bitcoinpro]

Byron wien`s predictions for 2013:

http://www.blackstone.com/news-views/press-releases/details/byron-wien-announces-predictions-for-ten-surprises-for-2013

So,how do you jugde the prediction  from B.W for 2014 ?

like this

[ElectricMucus]

There is a point: Bitcoin isn't really anonymous, and there are no special features which can make it so.

If you buy your coins on an exchange you more or less have to provide them with your identity and on the basis of that even if you use mixing services there is a good chance you can be found out using taint analysis. So far law enforcement aren't really up to date on the technical side but when they are expect black market sites to disappear or hope for a better technical solution.

[GigaCoin]

Byron wien`s predictions for 2013:

http://www.blackstone.com/news-views/press-releases/details/byron-wien-announces-predictions-for-ten-surprises-for-2013

So,how do you jugde the prediction  from B.W for 2014 ?

lmao all failed predictions

[T.Stuart]

Guy's lost in another world. He couldn't even read the prices properly. I see a lot of this badly researched bullshit around.