[2018-09-11] Stern Professor Says Bitcoin Will Hit Zero After 70 Percent Drop

[cheefbuza]

https://bitnotcoin.com/stern-professor-says-bitcoin-will-hit-zero-after-70-percent-drop-illogical-argument/

[Jamada]

"Nouriel Roubini, a Stern School professor and prominent economist, has criticized the major correction of Bitcoin and the rest of the crypto market, claiming that Bitcoin will drop to zero.

Tales From Crypt-Apocalypse: Bitcoin has lost 70% from the peak; Ethereum 85%; other Top 10 crypto-currencies about 90%; the remaining crypto-zombie-currencies between 95% & 99% of their value. It is a bloody massacre that will continue as almost all of them are worth ZERO!

— Nouriel Roubini (@Nouriel) September 6, 2018"

I think it will not work like that.

[vy99]

Nouriel Roubini

I stopped reading here.

[rodskee]

Nouriel Roubini

I stopped reading here.

Yeah your correct stopped  reading the nonsense statement about bitcoin
How he sure that if bitcoin goes dump upto 70 percent will become zero value
Where he did get the basis on the prediction bitcoin goes into nothing

[Sutters Mill]

No idea who this guy is, but whilst bitcoin and crypto could well keep dropping, I think the chance of bitcoin going to zero anytime soon if at all is very slim. Will there ever be a time when people regard bitcoin as completely worthless? I'm not so sure. but there will always be a need for some sort of decentralized currency either way so crypto will always have value, it just depends which one and obviously the best will likely prevail and reign supreme.

[squatter]

I guess another professor felt the need do outdo Professor Bitcorn, the Boston University professor who predicted that Bitcoin would fall to $10. I wonder what name the community will give to Roubini.

Fun facts: Apparently, this guy predicted the housing bubble crash of 2008 and he's been warning of various financial bubbles for years. He's known as "Dr. Doom."

[vit05]

I had never heard of this news site. I had never heard of this university. I had never heard of this teacher. For what reason will I give any importance to what he speaks without demonstrating any mathematical proof that has irrefutably passed through the academy?

The value of Bitcoin will only reach zero if it is irreversibly hacked. If someone finds an absurd flaw in the protocol.

Otherwise, it will always have some value since it is a solid project and with great utility. People who have not bothered to study the protocol try to give crude hints like this.

[Coin-1]

The value of Bitcoin will only reach zero if it is irreversibly hacked. If someone finds an absurd flaw in the protocol.

Otherwise, it will always have some value since it is a solid project and with great utility. People who have not bothered to study the protocol try to give crude hints like this.

Technically, the cryptographic algorithms used in Bitcoin are safe and secure, but its price depends on the balance of supply and demand. Any coin follows the trading rules and tactics on the crypto exchange markets. I see that Bitcoin looks good compared to the alternative crypto currencies which plummeted down dramatically. Currently BTC costs $6300 and it has not yet fallen this September. I don't believe that Bitcoin will hit zero. Moreover, investors support this crypto currency very strongly at the level $5900.

[goxed]

a word to the wise: 'do not follow the advice of traditional macro economists. they have negligible understanding of the real world and technology'

[Ozero]

It is from today's positions that bitcoin can not fall so low. He soon on the contrary, should grow in price. After this long stagnation, it must grow, not fall. We certainly can not say what will happen to him in the distant future, but now he must slowly grow up.

[Slow death]

https://bitnotcoin.com/stern-professor-says-bitcoin-will-hit-zero-after-70-percent-drop-illogical-argument/

Sometimes I wonder what these economists have in mind, As time passes we have more adoption and this adoption will not allow bitcoin to fall to zero as this guy is saying, no one would be dumb to be creating ETF's, Custody Services or invest a lot of money if they did not believe in the potential of bitcoin. He is giving his opinion very pessimistic, but it is only his opinion and should not be given too much importance

but its price depends on the balance of supply and demand.

That's why it will not fall to zero.

[Sutters Mill]

I guess another professor felt the need do outdo Professor Bitcorn, the Boston University professor who predicted that Bitcoin would fall to $10. I wonder what name the community will give to Roubini.

Fun facts: Apparently, this guy predicted the housing bubble crash of 2008 and he's been warning of various financial bubbles for years. He's known as "Dr. Doom."

He's probably just one of those people who likes to make outlandish claims to get media attention.

BTW, why is he called Professor Bitcorn?

https://bitnotcoin.com/stern-professor-says-bitcoin-will-hit-zero-after-70-percent-drop-illogical-argument/

Sometimes I wonder what these economists have in mind, As time passes we have more adoption and this adoption will not allow bitcoin to fall to zero as this guy is saying, no one would be dumb to be creating ETF's, Custody Services or invest a lot of money if they did not believe in the potential of bitcoin. He is giving his opinion very pessimistic, but it is only his opinion and should not be given too much importance

but its price depends on the balance of supply and demand.

That's why it will not fall to zero.

I find a lot of economists don't actually know what they're talking about or are just themselves guessing or wildly speculating.

[timerland]

https://bitnotcoin.com/stern-professor-says-bitcoin-will-hit-zero-after-70-percent-drop-illogical-argument/

He's essentially using the argument that since bitcoin fell by this much within the bear market, it must continue into the future. He's not backing it up with any analysis, it's purely opinion and speculation.

We all know that he's wrong - bitcoin can't be worth zero as long as there is a demand for using the network, and there will always be demand for it.

Does he not understand that bitcoin is just currently in a bear market, and due to the volatile nature of bitcoin, it essentially means that bitcoin has always historically corrected around 70-80% down from its peak before recovering?

The article sums it up pretty nicely. To us, these sorts of articles obviously don't carry any weight given we know what's going on with the market. The mainstream may be misled into believing it, though.

[cryptofonia]

he is wrong

[stomachgrowls]

https://bitnotcoin.com/stern-professor-says-bitcoin-will-hit-zero-after-70-percent-drop-illogical-argument/

He's essentially using the argument that since bitcoin fell by this much within the bear market, it must continue into the future. He's not backing it up with any analysis, it's purely opinion and speculation.

We all know that he's wrong - bitcoin can't be worth zero as long as there is a demand for using the network, and there will always be demand for it.

Does he not understand that bitcoin is just currently in a bear market, and due to the volatile nature of bitcoin, it essentially means that bitcoin has always historically corrected around 70-80% down from its peak before recovering?

The article sums it up pretty nicely. To us, these sorts of articles obviously don't carry any weight given we know what's going on with the market. The mainstream may be misled into believing it, though.

Common lines for those so-called economist that havent much idea about Crypto market.If they do able to research first before they do make any statements or comments for sure they wont really make such words.We have seen for how many times on huge price swings either on price rise or drop. 70% isnt a critical rate and we have seen it before but look at we now, we even still on the price which is higher on previous years.
For those people who do have knowledge will really just ignore this but for those who are completely zero-knowledge with crypto might easily believe with these speculations.

[darkangel11]

How can a professor be so dumb. Even if some of Bitcoins uses were to disappear (like its use as a currency) it would still remain a nice store of value, especially to people forced to live in unstable economies like Venezuela, Zimbabwe, and recently Iran. This function will make sure it will never reach low value like $100. These prices were possible because BTC wasn't popular, it wasn't advertised back in 2012 and before and most of the world (me included) didn't know it existed. And let's not forget about the value it might have for collectors, even when it goes out of use. The first decentralized electronic currency! Who wouldn't want a piece of that?

[BitcoinGuruOne]

Seems like cilck-bait since after citiaion of this " professor"   right away there is written arguments which went in my head and most likely for all you too after reading this fantastic nonesense- Btc has lost considerable more than 70% on several occosions in past and as we all know had a huge come back after that.

Nowadays every news portal is trying to get readers with either one of these " BTC will go to 50k soon"  or " BTC will be dead by next friday"

 

[veleten]

stoped reading after ... actually, no read it
this professor has as much credibility in this area as me in nuclear phisycs, aka none
even his logics is flawed not even talking about the validity of the argument
there is no histroical precedent either, we had three drops  80% or more already
and could be heading for the fourth one, after this there always was a new record high every time

[magneto]

Bear markets don't lead to assets dropping to zero, otherwise, all stocks would have been long dead now.

I think that his primary point that he's trying to make that most cryptos are worthless, which is true for a lot of ICOs. However, bitcoin is not one of these coins as it actually gets practically adopted, has the trust of the community since it's the first crypto, and is decentralised. No idea why anyone would expect BTC to go to zero realistically.

As they pointed out bear markets are nothing special and generally bitcoin does decline quite a bit before recovering in the next bull market. The professor here is exaggerating this drop by putting it way out of the context of historical bear markets with the same magnitude that has recovered. And it makes sense that they do recover, as adoption is still increasing, and institutional investors are also on the increase.

Nowadays every news portal is trying to get readers with either one of these " BTC will go to 50k soon"  or " BTC will be dead by next friday"

Pretty accurate.

There is no real, sensible analysis of bitcoin price in mainstream media overall at this point because of the fact that it does not grab attention of readers. These extreme, illogical predictions are what gets clicks. That's why i think we've got so many of these predictions that if you have any sense of the market, will know that it's not true.

[1BTC EQUALS 1CAR]

Did he just say ZERO? Then that confims that this guy is just another bunch of highly-educated people who really knew nothing about the majority of cryptocurrencies. Why did he just not say dead so people can skip this ridiculous article about his absurd predictions.