[2014-10-06] CNBC: Bitcoin tumbles—are investors losing faith?

[jjacob]

Bitcoin tumbles—are investors losing faith?
http://www.cnbc.com/id/102061051

Bitcoin lost nearly a fifth of its value over the weekend, raising concerns that investors are losing faith in the cryptocurrency.

Prices fell to a year-to-date low of $290.83 on Sunday, down over 18 percent from early Saturday, according to bitcoin news blog CoinDesk. Analysts are citing a number of factors for the decline: bearish chart signals; ongoing regulatory concerns; large sell orders by some early adopters; and a shift in the supply/demand balance.

[Lethn]

And now comes the slew of smug and superior sounding journalists who said they knew it would fail all along, boy are they going to get a nasty shock in the next year or so

[aigeezer]

And now comes the slew of smug and superior sounding journalists who said they knew it would fail all along, boy are they going to get a nasty shock in the next year or so

Yup. I chuckled at recent newsletters from Joel Bowman and Eric Fry who mocked fiat "financial experts" by taking the time to record their fluff headlines for a few days:

"Check out this series of schizophrenic headlines from Bloomberg News:

    September 18: 'U.S. Stock Indexes Rise to Records on Jobless Data, Fed Optimism'

    September 22: 'U.S. Stocks Fall as Small-Cap Shares Tumble Amid Home-Sales Drop'

    September 24: 'U.S. Stocks Advance as Consumer Stocks Rally Amid Housing Data'

    September 25: 'Nasdaq 100 Sinks Most Since April as Apple Leads Tech Selloff'

    September 26: 'U.S. Stocks Rebound on Corporate Results, Accelerating GDP Data'

    September 29: 'U.S. Stocks Drop Amid Hong Kong Protests, Interest Rate Concerns'

    Today: 'U.S. Stocks Rise as Russia Concern Eases.'""

Media "experts" remind me of cartoon tightrope performers who bounce harmlessly after every fall. Nothing in the system ever follows up on their nonsense and the public forgets or forgives all errors, no matter how egregious. Take them seriously at your peril, folks. They have entertainment value only, and not much of that - the joke is stale.