Is Bitcoin a Bubble? Economists Say ‘Yes’

#1

Post by thisisit » Thu, Dec 14, 2017, 4:19 PM UTC

Is Bitcoin a Bubble? Economists Say ‘Yes’
blogs.wsj.com

Re: Is Bitcoin a Bubble? Economists Say ‘Yes’

#2

Post by patrickaljord » Thu, Dec 14, 2017, 4:30 PM UTC

Must be the 96% of Economists who have no idea what cryptography is.

Re: Is Bitcoin a Bubble? Economists Say ‘Yes’

#3

Post by bhouston » Thu, Dec 14, 2017, 4:32 PM UTC

In the end Bitcoin is so similar to Gold. It is a means of storing wealth and is valued on a shared belief of finite quantities and that it is an effective/secure means of storing wealth.

It is hard for me to call a shared belief a bubble, because there is a clear understanding I think now that there is no underlying fundamental asset value.

Re: Is Bitcoin a Bubble? Economists Say ‘Yes’

#4

Post by brndnmtthws » Thu, Dec 14, 2017, 4:33 PM UTC

Does this count as another "Bitcoin is dead" proclamation? We're already well over 200 obituaries: https://99bitcoins.com/bitcoinobituaries/

Re: Is Bitcoin a Bubble? Economists Say ‘Yes’

#5

Post by hockeybias » Thu, Dec 14, 2017, 4:33 PM UTC

bhouston wrote: post #3

In the end Bitcoin is so similar to Gold. It is a means of storing wealth and is valued on a shared belief of finite quantities and that it is an effective/secure means of storing wealth. It is hard for me to call a shared belief a bubble, because there is a clear understanding I think now that there is no underlying fundamental asset value.

I bet not all of the participants have a clear understanding...

Re: Is Bitcoin a Bubble? Economists Say ‘Yes’

#6

Post by evanwise » Thu, Dec 14, 2017, 4:34 PM UTC

I'm committing the cardinal sin of commenting before I'm done with the article, but whenever this discussion comes up, I feel like asking: why not both? Could it be that Bitcoin is currently overvalued and in a "bubble", but it or something like it still may have huge value and utility in the long run? The idea that the Bitcoin bubble is something more like the Dot Com bubble than Tulipomania seems plausible to me.

Re: Is Bitcoin a Bubble? Economists Say ‘Yes’

#7

Post by Megamex » Thu, Dec 14, 2017, 4:34 PM UTC

These statistics are as useful as the pre brexit and us presidency polls

Re: Is Bitcoin a Bubble? Economists Say ‘Yes’

#8

Post by creaghpatr » Thu, Dec 14, 2017, 4:34 PM UTC

One more percent and they'll have 'scientific consensus' /s

Re: Is Bitcoin a Bubble? Economists Say ‘Yes’

#9

Post by zerostar07 » Thu, Dec 14, 2017, 4:34 PM UTC

Genius does not come from consensus. The economist who knows what bitcoin is is probably in the 4%.

Re: Is Bitcoin a Bubble? Economists Say ‘Yes’

#10

Post by tedeh » Thu, Dec 14, 2017, 4:34 PM UTC

Well, there's already talk that Bitcoin is the biggest financial bubble in world history: http://www.zerohedge.com/news/2017-12-12/its-official-bitcoi...