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

[deisik]

"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.

Is this dude a Nassim Taleb of Bitcoin?

When 99% of shitcoins die in a year or so, this professor will claim that his prediction was actually quite to the point provided he had set the date for it to come true or fail in the first place. While I for one don't see cryptocurrencies as a viable substitute for fiat currencies (conceptually), there is still a need and demand for currencies which are not tied to any government and thus not exposed to third party risks. Gold is okay in this respect, but you can't transact with it electronically, so there is a need for something like Bitcoin. Bitcoin itself may get run over by another cryptocurrency but if this didn't happen in the previous 5 years (the time span when altcoins have been sticking around), the chances of it dying by being replaced with another cryptocurrency look pretty slim to me

[1714116091]

1714116091

[1714116091]

1714116091

[audaciousbeing]

"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.

Unfortunately for him and fortunately for crypto enthusiasts, crypto market price is not determined by opinion by an individual. Come to think of it, since my involvement in crypto I have neither read about him or come across his paper or something that could account for being a reputable individual that could speak and be listen to in crypto. In other words, its just one of the prophets of doom predicting about the moment and I noticed he was being careful about not putting a timeline to it as that would quickly shame his predictions.

[entrepmind23]

Unfortunately for him and fortunately for crypto enthusiasts, crypto market price is not determined by opinion by an individual. Come to think of it, since my involvement in crypto I have neither read about him or come across his paper or something that could account for being a reputable individual that could speak and be listen to in crypto.

Yes, he may be famous in his own field but when it comes to cryptocurrency, it's a whole lot different thing. Even if they would say that they have all the theories that can support their claims, bitcoin always does something surprising even to us crypto enthusiasts which makes them not able to comprehend it further and just giving some predictions hoping to come true so that it will not tarnished their reputation.

In other words, its just one of the prophets of doom predicting about the moment and I noticed he was being careful about not putting a timeline to it as that would quickly shame his predictions.

There are many of them out there who are trying to predict the price of bitcoin. He is careful as to not put a timeline in his prediction because he knows that when that time comes and his prediction didn't materialize then his credibility would be lowered and it would be bad for him.

[aso118]

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 might get his predictions right once in a while, but that is more due to chance rather than anything else. Predicting a crash in an asset class is completely different from predicting that an asset class will go to zero. Posterity will make him a laughing stock, but at least he has got the guts to stick his neck out and state his views.