One of the biggest Wall Street Bitcoin bulls just turned bearish

[Wandererfromthenorth]

Watch this part of this video:


https://www.youtube.com/watch?v=EFxsIbhPws4#t=1h07m30s



You see Brian Kelly (http://www.briankellycapital.com/bitcoin-big-bang/), one of the biggest Wall Street bitcoin bulls who wrote "the Bitcoin Big Bang: how alternative currencies are going to change the world" being concerned about bitcoin as an investment and admit that "bitcoin operates on a greater fools theory, which is fine until you run out of fools" .


Did we just witness one of the biggest Wall Street Bitcoin bulls just turn bearish?





By the way, the whole video is great is you're interested.

[1715299959]

1715299959

[knight22]

Nope, we just witnesses someone being educated.

[Wandererfromthenorth]

Nope, we just witnesses someone being educated.

What do you mean?

[knight22]

Nope, we just witnesses someone being educated.

What do you mean?

A clueless question that received an enlightening answer. 

[Wandererfromthenorth]

Nope, we just witnesses someone being educated.

What do you mean?

A clueless question that received an enlightening answer.  

Do you plan on posting more vague bullshit or are you gonna contribute to the thread?


You don't think that a long time Wall Street bitcoin perma-bull like Brian Kelly currently expressing concerns about bitcoin as an investment and admitting that it works on  "greater fools theory" is a pertinent observation that deserved a thread and a discussion?  

[cafucafucafu]

Devil's advocate question.

[knight22]

Nope, we just witnesses someone being educated.

What do you mean?

A clueless question that received an enlightening answer.  

Do you plan on posting more empty bullshit or are you gonna contribute to the thread?


You don't think that a long time perma-bull like Brian Kelly expressing concerns about bitcoin as an investment and admitting that it works on  "greater fools theory" is pertinent observation?  

Any form of money specially the USD are based on the greatest fool theory. That's how money works.

Why should I care about Brian Kelly? Did he contributed to the ecosystem anyhow?

[Wandererfromthenorth]

Any form of money specially the USD are based on the greatest fool theory. That's how money works.

lol.
Whatever.
Go watch the video and listen to what he says, tell me if it looks like he is referring to a natural aspects of all currencies, I don't think you have watched it at all  

Why should I care about Brian Kelly? Did he contributed to the ecosystem anyhow?

You posted thread about a random dude talking about "wall street getting into bitcoin", and another of the twobitidiot dude posting a random pic of a bunch of wall street guys listening to a bitcoin conference but now you don't think it's relevant to post about one of the biggest prononents of cryptocurrencies that appeared on CNBC's "Fast Money "talking about it, writing a book about it, posting bullish articles about it (http://www.cnbc.com/id/102369183) that invested in bitcoin and in the bitcoin space, who now expressed concerns about bitcoin as an investment all of a sudden.
You don't think that is relevant?

[knight22]

Any form of money specially the USD are based on the greatest fool theory. That's how money works.

lol.
Whatever.
Go watch the video and listen to what he says, tell me if it looks like he is referring to a natural aspects of all currencies, I don't think you have watched it at all  

Why should I care about Brian Kelly? Did he contributed to the ecosystem anyhow?

You posted thread about a random dude talking about "wall street getting into bitcoin", and another of the twobitidiot dude posting a random pic of a bunch of wall street guys listening to a bitcoin conference but now you don't think it's relevant to post about one of the biggest prononents of cryptocurrencies that appeared on CNBC's "Fast Money "talking about it, writing a book about it, posting bullish articles about it (http://www.cnbc.com/id/102369183) that invested in bitcoin and in the bitcoin space, who now expressed concerns about bitcoin as an investment all of a sudden.
You don't think that is relevant?

Of course when you put your money into something you want to make sure it is not a fad and it is a legitimate concern. The "intrinsic value" topic has been discussed to death starting 6 years ago so I am kind a surprised he wrote a whole book without getting into this first. Again, that is a legitimate concern and he also got an appropriate answer.

Do you really want to reopen the eternal discussion about the "intrinsic value" of bitcoin?

[Wandererfromthenorth]

Any form of money specially the USD are based on the greatest fool theory. That's how money works.

lol.
Whatever.
Go watch the video and listen to what he says, tell me if it looks like he is referring to a natural aspects of all currencies, I don't think you have watched it at all  

Why should I care about Brian Kelly? Did he contributed to the ecosystem anyhow?

You posted thread about a random dude talking about "wall street getting into bitcoin", and another of the twobitidiot dude posting a random pic of a bunch of wall street guys listening to a bitcoin conference but now you don't think it's relevant to post about one of the biggest prononents of cryptocurrencies that appeared on CNBC's "Fast Money "talking about it, writing a book about it, posting bullish articles about it (http://www.cnbc.com/id/102369183) that invested in bitcoin and in the bitcoin space, who now expressed concerns about bitcoin as an investment all of a sudden.
You don't think that is relevant?

Of course when you put your money into something you want to make sure it is not a fad and it is a legitimate concern. The "intrinsic value" topic has been discussed to death starting 6 years ago so I am kind a surprised he wrote a whole book without getting into this first. Again, that is a legitimate concern and he also got an appropriate answer.

Do you really want to reopen the eternal discussion about the "intrinsic value" of bitcoin?

No I don't, that is not even the main point.
The main point is that a decently known Wall Street bitcoin investor and perma-bull expressed bearish opinions all of a sudden and in that precise manner (explicitly talking about "greater fools").

[Miz4r]

What makes you think he always was a permabull until now? Thinking that Bitcoin or other cryptocurrencies are going to change the world isn't the same as being a permabull on the price of a Bitcoin or that you have to disbelief that the greater fool theory plays a role in the price discovery of these new currencies. I don't share his opinion and agree with the answers he got on his question, but I don't see any proof that he used to be a permabull. Just someone who thought about this greater fool theory and thinks it may be an issue at this point for Bitcoin's value and wanted to discuss this.

[tabnloz]

Watch this part of this video:


https://www.youtube.com/watch?v=EFxsIbhPws4#t=1h07m30s



You see Brian Kelly (http://www.briankellycapital.com/bitcoin-big-bang/), one of the biggest Wall Street bitcoin bulls who wrote "the Bitcoin Big Bang: how alternative currencies are going to change the world" being concerned about bitcoin as an investment and admit that "bitcoin operates on a greater fools theory, which is fine until you run out of fools" .


Did we just witness one of the biggest Wall Street Bitcoin bulls just turn bearish?





By the way, the whole video is great is you're interested.

Don't think he has turned bearish. As you say he wrote a book, has his own coin (nautilus) and has been an outspoken advocate. But that's not to say that statement doesn't hold true.

Bitcoin is many things to many people. BK is a stocks guy, looking at bitcoin like a stock; people speculate (buy) when they think the price will rise. Could be like a tech stock where people speculate because of the emerging platform / network / users. In this case they plan to be an 'early adopter' or entry level investor etc and sell when the price rises. Trading mindset, greater fool needed.

Some see it as a commodity akin to gold, an immature store of value. Buy and hold mindset, greater fool or at least someone to exchange goods with is eventually needed.

Others see it as a future industry. The security guys, the business services guys. A cheaper way to do things like remittance, money transfer. Quick, trustless, no 3rd party and a secure blockchain. These people also have to be speculators because this infrastructure isnt built out yet. The VC's invest to do this building, the CS grads, the business schoolers get into start ups to create the rails. Tech mindset, greater fools down the line.

Most burgeoning industries, especially ones that disrupt finance, need a greater fool. It's not that controversial to say it out loud. If you could have invested in Airbnb, Twitter, Facebook, Uber etc etc you would have been doing so for the same reasons; you think it is going somewhere.

[hyphymikey]

1. Establish credibility
2. Spew bearish words
3. People sell
4. Buy low
5. Wait
6. Profit?

[rosh]

The topic should read
One of the biggest Wall Street Bitcoin bulls just made a bearish statement

You really don't know whether that is what he really thinks, or whether he is just talking the market down.

[cafucafucafu]

The topic should read
One of the biggest Wall Street Bitcoin bulls just made a bearish statement

You really don't know whether that is what he really thinks, or whether he is just talking the market down.

One smalltime dude doesn't have the ability to take the market down with mere words.

[pimpjuice]

Karen Gifford's (Ripple Labs) part was the best:
1:10:05 - 1:13:10
Compares Bitcoin to Gold and Ripple to the dollar.

[S3052]

How stupid this is. I can't believe it.
A "Wall Street Guru" declares to be bearish AFTER price plunges from 1163 $ to 152$, a decline of 90% (now bitcoin prices are at 236 $). This is typical. Wall street analysts have no clue what's going on. Instead, most often they are a great contrarian indicator.
On bullbearanalytics, we have been BEARISH right in the 1000$ zone http://bullbearanalytics.com/2015/01/17/bitcoin-predictions-review-outperform-buy-hold/. We are fine not being called wall street gurus.. we don't care. we focus on doing the right analysis for our community members.
 

[HarmonLi]

Karen Gifford's (Ripple Labs) part was the best:
1:10:05 - 1:13:10
Compares Bitcoin to Gold and Ripple to the dollar.

Well, isn't it an awesome thing to accept the truth? I think this evaluation is more or less spot on, isn't it? Sure, they're acknowledging their own caveats this ways, but if you're not facing the truth, you're soon facing something different. Gold isn't exactly a good way of transferring value, is it?

[zimmah]

Fiat runs on the greater fools theory too, and there's a near infinite number of fools on the world anyway

[jaredboice]

"[Bitcoin] is a little clunky to transact with..."  says the lady from the Fed