Noble Prize Winner who predicted Housing Bubble: Bitcoin is a bubble for sure!

[seldon]

There is no nobel price for economics.. there is only a price sponsored by a huge bank in sweden named after nobel

orly?
http://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences

Did you click that link or just paste it?

[knightcoin]

Bitcoin is currently in the ''return to normal/euphoria's last gasp'' phase.

[Holliday]

Bwahahahahahahaha.

[Elwar]

"Nobel Prize Winner"

stopped reading there

[31337157]

"Nobel Prize Winner"

stopped reading there

Seriously. These ancient "acknowledgements" are exactly that...Ancient. Here's a protip to the old f**ks department: NO ONE CARES ABOUT YOUR S**T MEDALS ANYMORE.

[notme]

The Nobel Laureate pronounced that bitcoin was a return to the dark ages because at present there is very little clarity surrounding the crypto currency.

Wow.  Pot meet Kettle.  Only an economist could think the alternative has more clarity than bitcoin.  Maybe it's because I have a CS degree and spent 5 minutes reading the Bitcoin whitepaper, and he only know economics.  In fact, he spent about a decade getting that all "clear".

Both systems are machines.  Bitcoin just replaces the soft squishy parts with math.  This adds clarity, IMO, since the squishy parts are known for their fickleness.

[ElectricMucus]

There is no nobel price for economics.. there is only a price sponsored by a huge bank in sweden named after nobel

orly?
http://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences

Did you click that link or just paste it?

I did both, either way you are right that there isn't called something like a "Nobel price for economic sciences" but it isn't "only a price sponsored by a big bank in Sweden" either.

[ElectricMucus]

The Nobel Laureate pronounced that bitcoin was a return to the dark ages because at present there is very little clarity surrounding the crypto currency.

Wow.  Pot meet Kettle.  Only an economist could think the alternative has more clarity than bitcoin.  Maybe it's because I have a CS degree and spent 5 minutes reading the Bitcoin whitepaper, and he only know economics.  In fact, he spent about a decade getting that all "clear".

Both systems are machines.  Bitcoin just replaces the soft squishy parts with math.  This adds clarity, IMO, since the squishy parts are known for their fickleness.

Since when does that make you qualified to comment on economic issues? And no just because it's easier for you to think about the financial industry as a machine doesn't make it right.
If you are a scientist you'd know that making statements about other fields outside your profession is not only frowned upon but also a very stupid thing to do.

[seldon]

There is no nobel price for economics.. there is only a price sponsored by a huge bank in sweden named after nobel

orly?
http://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences

Did you click that link or just paste it?

I did both, either way you are right that there isn't called something like a "Nobel price for economic sciences" but it isn't "only a price sponsored by a big bank in Sweden" either.

Agreed, bit of drama added on my part.

[knightcoin]

pure economics analysis guys have tendency to analyse bitcoin as financial instrument only therefore anything can be a bubble, they cant see bitcoin as a protocol but just in case they could see it... would be not surprise to me they also could argue that internet is a bubble as well ... 

[An amorous cow-herder]

would be not surprise to me they also could argue that internet is a bubble as well ... 

But, the internet was the prime example of bubble back in 2000, known as the .com-bubble. Even know, 10 years later Microsoft, is worth barely more than half of what it was worth back then. Sure, some stocks are worth quite a lot more than after the bubble bursting, but a lot of companies went bust.
So, who knows, in ten years time ... maybe BTC at $500, DOGE market cap at $2B, 90% of the alts gone forever. As the saying goes, those who dont remember history are doomed to repeat it. And there are a lot of similiarities. People investing money in all kinds of coins without even knowing what they are even supposed to be for, unwaivering faith in future possibilities and completely ignoring economical fundamental data.

[fonzie]

would be not surprise to me they also could argue that internet is a bubble as well ... 

But, the internet was the prime example of bubble back in 2000, known as the .com-bubble. Even know, 10 years later Microsoft, is worth barely more than half of what it was worth back then. Sure, some stocks are worth quite a lot more than after the bubble bursting, but a lot of companies went bust.
So, who knows, in ten years time ... maybe BTC at $500, DOGE market cap at $2B, 90% of the alts gone forever. As the saying goes, those who dont remember history are doomed to repeat it. And there are a lot of similiarities. People investing money in all kinds of coins without even knowing what they are even supposed to be for, unwaivering faith in future possibilities and completely ignoring economical fundamental data.

+1

[FierceRadish]

would be not surprise to me they also could argue that internet is a bubble as well ... 

But, the internet was the prime example of bubble back in 2000, known as the .com-bubble. Even know, 10 years later Microsoft, is worth barely more than half of what it was worth back then. Sure, some stocks are worth quite a lot more than after the bubble bursting, but a lot of companies went bust.
So, who knows, in ten years time ... maybe BTC at $500, DOGE market cap at $2B, 90% of the alts gone forever. As the saying goes, those who dont remember history are doomed to repeat it. And there are a lot of similiarities. People investing money in all kinds of coins without even knowing what they are even supposed to be for, unwaivering faith in future possibilities and completely ignoring economical fundamental data.

+1

The Internet clearly wasn't a bubble.

Internet Companies circa 2000 clearly were.

So you need to decide, does Bitcoin have the radical disruption factor and potential permanence of the Internet, or the flash-in-the-pan "nothing really new here" of a Pets.com.

I'd say it's closer to the former than the latter.

[knightcoin]

would be not surprise to me they also could argue that internet is a bubble as well ...  

But, the internet was the prime example of bubble back in 2000, known as the .com-bubble. Even know, 10 years later Microsoft, is worth barely more than half of what it was worth back then. Sure, some stocks are worth quite a lot more than after the bubble bursting, but a lot of companies went bust.
So, who knows, in ten years time ... maybe BTC at $500, DOGE market cap at $2B, 90% of the alts gone forever. As the saying goes, those who dont remember history are doomed to repeat it. And there are a lot of similiarities. People investing money in all kinds of coins without even knowing what they are even supposed to be for, unwaivering faith in future possibilities and completely ignoring economical fundamental data.

yep, but only if you see internet as a bunch of company's ...but if you see internet as a way to connect thousand of networks, billions hosts across the globe ..in my point of view is another thing ... but the bubble analogy can be applied to many things even our universe since the big bang is a bubble .. and by the way can start contract instead expand tomorrow ... who knows ?

[cryptoanarchist]

If mainstream media (including RT) wasn't hating on bitcoin I would be suspicious.

[knightcoin]

would be not surprise to me they also could argue that internet is a bubble as well ... 

But, the internet was the prime example of bubble back in 2000, known as the .com-bubble. Even know, 10 years later Microsoft, is worth barely more than half of what it was worth back then. Sure, some stocks are worth quite a lot more than after the bubble bursting, but a lot of companies went bust.
So, who knows, in ten years time ... maybe BTC at $500, DOGE market cap at $2B, 90% of the alts gone forever. As the saying goes, those who dont remember history are doomed to repeat it. And there are a lot of similiarities. People investing money in all kinds of coins without even knowing what they are even supposed to be for, unwaivering faith in future possibilities and completely ignoring economical fundamental data.

+1

The Internet clearly wasn't a bubble.

Internet Companies circa 2000 clearly were.

So you need to decide, does Bitcoin have the radical disruption factor and potential permanence of the Internet, or the flash-in-the-pan "nothing really new here" of a Pets.com.

I'd say it's closer to the former than the latter.

Yes but one can argue that you mistake bitcoin with the protocol.

And for me the beauty of the bitcoin was to solve in elegant way the "consensus problem" in a distributed system ... that was a stroke of genius

[Hyena]

If mainstream media (including RT) wasn't hating on bitcoin I would be suspicious.

+1

IF Obama suggested everyone to start investing into bitcoin I'd be definitely reaching for my tinfoil hat.

[bitleif]

There is no nobel price for economics.. there is only a price sponsored by a huge bank in sweden named after nobel

1. You are correct, there has never been a "nobel price" for economics, only a price "in memory of Alfred Nobel". The reason is that Nobel himself didn't think the field of economics was WORTHY of any price. Seeing the current state of economic theory it's hard not to agree with him.

2. If it WAS a Nobel price it still wouldn't mean anything. It just someone somewhere decided to give you some money. See some of the recent "peace price" awards for examples (Obama and the EU!? Really?). People put way too much emphasis on being "accepted" by authority.

3. Getting the price is no proof you're not a blithering idiot, see Paul Krugman.

4. Even if Shiller's price was legitimate, it doesn't mean he'll be correct about everything he'll ever says. Smart people are frequently wrong, as proven by the fact that smart people frequently DISAGREE about almost everything. They can't all be right.

[An amorous cow-herder]

And for me the beauty of the bitcoin was to solve in elegant way the "consensus problem" in a distributed system ... that was a stroke of genius

And what happens to be if the next "stroke of genius" happens to be Proof-of-useful-work?
The internet is well and alive, Usenet fairly deserted and the Gopher protocol replaced some wierd little startup called Google. Nowadays the only part of the internet that most people know is the web. Well, "Web 2.0" as they call it.
"I tell ye, back in the days, it was madness. We were just wasting leccy on solving stupid crypto puzzles. And now? The CureForCancerCoin has already found treatments for 37 different variaties of cancer. Thanks to the SearchForFTLCoin the communication to mars takes less than a second. We used to have higher latency between Australia and the States often enough back then. Ah ye, CryptoCurrencies 1.0, what a waste. But we used to love em anyway."

[piramida]

There is no nobel price for economics.. there is only a price sponsored by a huge bank in sweden named after nobel

1. You are correct, there has never been a "nobel price" for economics, only a price "in memory of Alfred Nobel". The reason is that Nobel himself didn't think the field of economics was WORTHY of any price. Seeing the current state of economic theory it's hard not to agree with him.

2. If it WAS a Nobel price it still wouldn't mean anything. It just someone somewhere decided to give you some money. See some of the recent "peace price" awards for examples (Obama and the EU!? Really?). People put way too much emphasis on being "accepted" by authority.

3. Getting the price is no proof you're not a blithering idiot, see Paul Krugman.

4. Even if Shiller's price was legitimate, it doesn't mean he'll be correct about everything he'll ever says. Smart people are frequently wrong, as proven by the fact that smart people frequently DISAGREE about almost everything. They can't all be right.

It's prize, damn it. You americans totally forgot engrish by now.