I recently did an experiment where I went on Wikipedia and looked up all people who had one nobel prizes in the field of economics in the past decade. I proceeded to google their opinion of bitcoin. Every single one of them that I could find basically said the same thing: it is a speculative bubble, with no intrinsic value It made me sit back and think a bit..
So everyone was aware of this and they still think bitcoin is the future? People are going to look back on this shit and be like what the hell were we thinking
Paul krugman, one of your nobel winners, also predicted that the Internet was going to be of no more significance than the fax machine. Economists see things as they are in a static state and don't often have vision, otherwise they'd be entrepreneurs.
Oh great, one of the twenty had a prediction unrelated to his field of study that was wrong. Guess the whole lot of them should just be blanket discredited in everything
I mean like, I think it’d be a positive EV move to just replace my entire belief system around crypto with these guys opinion. I don’t value my opinion at all compared to theirs.
your boss thiel has a fat position long bitcoin as of last year
Investors have fat longs in everything. They just need 1 in 10 to moon
It’s a giant pump and dump scheme. Coupled with a hype train and FOMO about the latest get rich quick scheme. That can be a fun ride if you know the train you got on. HODL is a joke to perpetuate the circlejerk. If anyone thought any of these coins had intrinsic value, then what the hell are they smoking beside their own farts? People seriously need to get real.
You are oversimplifying their positions. https://www.cnbc.com/2018/01/19/bitcoin-likely-to-totally-collapse-nobel-laureate-robert-shiller-says.html There is clearly a bubble but where it goes is unknown. Stiglitz’s argument is that btc serves no social value. Shiller is more practical. His comment in gold is true but the delta between intrinsic and actual value is huge. Also: https://www.ccn.com/nobel-laureate-economist-predicts-bitcoin-crash-wont-go-to-zero-it-will-just-come-down/
Economists have no skin in the game when it comes to these speculative predictions. You should be asking why the top VC firms like sequoia, andreessen, USV, Breyer, thiel are all investing big into crypto- with actual skin the game.
What percentage of companies that these firms invest in actually succeed? Investors don’t care if its a bubble if there is some room to profit. Also many companies are doing things with blockchain tech that aren’t really dependent on the price of bitcoin
At this point you're playing mental gymnastics with yourself- "all the elites that shun crypto do it with good reason, all the elites that embrace crypto don't actually believe in it?" Only one side is putting their hard earned money where their mouth is, and the other at most just writes an op-ed or tweet about how "not real" it is
Do you really think these Nobel prize winners are the ones to listen to on Crypto? People constantly get disproven. Accept that no one knows anything with 100% certainty about the future. People’s opinions change constantly as well. Don’t be so quick to write things off and Its still early days for Crypto. Wait to make a final evaluation when it either works or doesn’t.
Yes, the price of bitcoin is directly related to the field they won the nobel prize in: economics. I would not listed to them about blockchain tech for instance, or self driving cars, but the valuation of bitcoin yes
Is it just bitcoin you have an issue with or the whole blockchain powered crypto markets? If it’s just bitcoin I can understand because of its inefficiencies . Otherwise I’d say you don’t know what you’re talking about.
These same geniuses told us there was no speculative real estate bubble in 2005.
Water is wet. News at 11.