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Author Topic: "Don’t fall for the bitcoin bubble, even the Flintstones had a better system"...  (Read 176 times)
virtualdn (OP)
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February 13, 2021, 09:44:04 PM
 #1

... says economist Nouriel Roubini

https://www.marketwatch.com/story/dont-fall-for-the-bitcoin-bubble-even-the-flintstones-had-a-better-system-warns-economics-professor-nouriel-roubini-11612973303

Another "banker specialist" predicting Bitcoin's death and the rise of the e-dollar Grin

1 BTC = 1 BTC
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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February 13, 2021, 11:12:24 PM
 #2

Better get him pencilled in early in the long list of absolute morons who are wrong about bitcoin. When do these people ever learn? You would have expected somebody like him to have an ounce of intelligence & not make such ridiculous statements when bitcoin is very close to widespread, mainstream adoption.


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February 13, 2021, 11:54:00 PM
 #3

Another "banker specialist" predicting Bitcoin's death and the rise of the e-dollar Grin


I was reading the article, here are his arguments:


Quote
“They are not a scalable means of payment: with bitcoin you can do five transactions per second while the Visa network does 24,000.”

Then there is the volatility, which can wipe out profits within hours and the fact that relying on cryptocurrency tokens marks a return to the Stone Age, a dig he’s made before. Invoking that “modern Stone Age” cartoon family, he said even the Flintstones “had a more sophisticated monetary system based on a benchmark” — shells.

Crypto, he says, is “only a play on a speculative asset bubble, worse than tulip-mania, as flowers had and still have utility. Its store of value against tail risks is unproven. And worse: some cryptos, dubbed “‘shitcoins,’ are financial scams in the first place or debased daily by their sponsor

I don't get these people. If this guy misinformed? He just throw away all old critics against bitcoin, but bitcoin survived all that criticism over the years.
He is still worried about tps, while we already have lightning network.

Bitcoin hold very well its store of value during the  corona virus crisis, better than most developing countries currencies. While all governments world wide were printing money as an stimulus to help the economy, Bitcoin was halving.




Just like Paul Krugman... Economists cannot predict the future,neither "specialists" nor "nobel prize winners"


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February 14, 2021, 01:03:47 AM
 #4

Another "banker specialist" predicting Bitcoin's death and the rise of the e-dollar Grin

Just like Paul Krugman... Economists cannot predict the future,neither "specialists" nor "nobel prize winners"




These sorts of naysayer comments happen quite often throughout history.  Maybe humans should stop trying to predict whether we can or can't do something.

For example, there were many that were so sure that human flight would be impossible:

https://www.xaprb.com/blog/flight-is-impossible/

Quote
I can state flatly that heavier than air flying machines are impossible.
— Lord Kelvin, 1895
Quote
Flight by machines heavier than air is unpractical and insignificant, if not utterly impossible.
— Simon Newcomb, 1902
Quote
The aeroplane will never fly.
— Lord Haldane, 1907

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February 14, 2021, 01:38:27 AM
 #5

I guess it is just lack of understanding basically. We can dismiss this attack on Bitcoin as less-informed and therefore a nuisance. These are all recycled. They cannot bring down Bitcoin by repeatedly attacking it with their old arguments which were proven to be ineffective. They need to think of something new and more convincing arguments.

Well, to be fair, to a certain degree, this may still be an issue at present. However, development along this line is already underway and, in fact, at an early working stage.

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February 14, 2021, 01:59:17 AM
 #6

Just another article to make people fearful of Bitcoin.

Maybe she just want to see bitcoin price drop like 2017, so she can buy from in the dip  Grin

It's enough for me to see a lot article like this, it's very stupid.

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February 14, 2021, 02:55:08 AM
 #7



I am also looking at this guy's argument and the problem is all of those arguments he presented have already been step aside as Bitcoin has proved to be resilient and is now already considered as a proven store of value. Of course, the value of Bitcoin goes up and down as we are in an open market...the market determines everything and the market can be reacting to good news and bad news, just any other normal tradable object. However, we should value his warning on the possibility of a bubble as anything can be a bubble and it is not because there is no value at all it can be because something is taken overvalued...nothing will go up and stay going up forever.

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February 14, 2021, 03:36:51 AM
 #8

These kind of people keep saying bubble and bubble since ages ago and trying to defame bitcoin saying that it's gonna vanish into thin air but all of them got it wrong.
They think their monetary system is so superior meanwhile those are actually just a massive failure. and regarding the scalability of a blockchain that he mentioned, did he really thinks our current blockchain will just stuck and not developing?
This kind of people honestly don't even know how bitcoin works let alone making some nonsensical comparison.

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February 14, 2021, 04:18:05 AM
 #9

Ah, Roubini. Name a worse Bitcoin skeptic than him; he's pretty much just repeating everything he's been saying since 2017. It's like listening to a broken record of a song that no one likes to hear.

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February 14, 2021, 04:53:07 AM
 #10

Sounds to me like the Luddites of the 19th century, saying that machines are stealing our jobs.

A person can be smart in general but be wildly wrong about some things, as is the case here.


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February 14, 2021, 04:54:26 AM
 #11

Sometimes it seems strange that people who have never known or studied Bitcoin can say bad things about it.  Just like someone who has interpreted the contents of a book badly only through the cover.  Whatever Hanua said was like the birds singing when starving.  He just gave an old opinion that was baseless.  Just making false accusations of an innovation.  I disliked his opinion at all. He was no more like bankers who were slaves to inflation.
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February 14, 2021, 05:34:31 AM
 #12

It doesn't matter whatever he says or whatever another "exper", "economist", or a "banker" says.

We are already used to these descriptions made by the bears. How many years we've been hearing this.So this is the catch that someday, Noriel would annouce he owns it just like other bears who said the same thing before.
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February 14, 2021, 05:53:58 AM
 #13

Ah, Roubini. Name a worse Bitcoin skeptic than him; he's pretty much just repeating everything he's been saying since 2017. It's like listening to a broken record of a song that no one likes to hear.
There is a big difference between being a "skeptic" and outright "FUD master". He is the later.
And by the way this idiot has been spreading FUD about bitcoin for much longer than 2017. For instance back in 2014 he was calling bitcoin simply a "Ponzi game"! You can find the articles on Wall Street Journal or in Bitcoin Obituaries website.

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February 14, 2021, 06:02:59 AM
 #14

Yesterday I read Nasim Taleb's disappointment that bitcoin did not take place as a means of payment.

https://www.moneycontrol.com/news/trends/nassim-nicholas-taleb-says-getting-rid-of-bitcoin-its-a-failure-6507341.html

 The author of Black Swan decided to sell his bitcoins, although he supported bitcoin for quite some time. But his opinion suddenly changed, and in the summer of 2020, he spoke rather rudely about all Bitcoin maximalists.
Therefore, there will always be those who are against and skeptical about bitcoin, but the preponderance to those who consider bitcoin in the future is already large enough.

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February 14, 2021, 06:31:12 AM
 #15

Another "banker specialist" predicting Bitcoin's death and the rise of the e-dollar Grin
I believe in Elon Musk's judgment and vision. In all that the world's top richest billionaires, they acknowledge the hot attraction bitcoin creates. Even though sometimes they (Jackma, Bill Gate, Elon Musk...) have mixed opinions from time to time. 2021 - 2025 is no longer a bubble, I believe it. >49k$ lol   Cheesy

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February 14, 2021, 07:16:50 AM
 #16



Just like Paul Krugman... Economists cannot predict the future,neither "specialists" nor "nobel prize winners"



Yep just like Krugman always in denial and will not surrender
Marketwatch guy is just jealous at this point or didn't take the time to understand and is not willing to learn.
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February 14, 2021, 09:36:27 AM
 #17

People enforced borders, accepted nationalities as part of their identities, formed governments and appointed elected officials to do the work of running society. Those elected officials formed laws, regulations, gave us central banks and the central banks "promised" to pay the greenbacks. At the base of it all, it was, We, the people who empowered banks to print those pieces of paper and promise us their value.

Now when, We, The people, are agreeing that bitcoin holds value to us because of the technology, privacy and control; they want to tell us it cannot be done?

I really don't get it. Who really are the politicians or economists to preach the public over what has value and what doesn't? If it was up to the governments, would we be aiming for Mars? If it was left to them, would they even be thinking about taking over the huge oligopolies of fossil fuels, Combustion cars, Plastics, packaged water and fucking "superfoods"??

America, please just elect Elon musk and get it over with these dinosaurs.

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February 14, 2021, 10:24:30 AM
 #18

... says economist Nouriel Roubini

https://www.marketwatch.com/story/dont-fall-for-the-bitcoin-bubble-even-the-flintstones-had-a-better-system-warns-economics-professor-nouriel-roubini-11612973303

Another "banker specialist" predicting Bitcoin's death and the rise of the e-dollar Grin

What else can you expect from a banker. We would only see the death of bitcoins in his dreams but the fact is other wise. The banks are going to close and bitcoin will take over the financial system. Accept it or not, that's a bitter truth for all the banks.

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February 14, 2021, 11:29:56 AM
 #19

The heck with it. even with the good news coming all the time regarding bitcoin and other crylto currencies, there are still people like this that talk about nonsense. Making negative predictions that never happens. must be some butthurt people who missed the train and want to drag bitcoin down since they can't have it. Disgusting.
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February 14, 2021, 11:46:08 AM
 #20

FUDders gonna FUD. This man is no longer arguing in good faith, he is just scared to be wrong, so he doubles down on his claims and will never change his mind. Jamie Dimon was another critic of Bitcoin, but he changed his mind, and while he isn't a Bitcoin believer, at least he officially stopped being against it, and you gotta respect it. People like Rubini should take example from him, there's nothing shameful in admitting mistakes, it should be shameful to be so stubborn.

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..BUY/ SELL CRYPTO..
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