Bitcoin is a bubble but that doesn’t mean that you can’t make money investing in it. All you need is someone else to be the “greater fool” to purchase it from you. Just don’t get stuck holding bitcoin when the bubble collapses.
Is Bitcoin a Bubble? Economists Say ‘Yes’
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Re: Is Bitcoin a Bubble? Economists Say ‘Yes’
#32> 96% of Economists Say ‘Yes’
Oh God this means I was wrong... I should start buying bitcoin ASAP.
Re: Is Bitcoin a Bubble? Economists Say ‘Yes’
#33Gotta love how the negative crypto articles rise to the top on HN immediately. What's not understood is that crypto is a way for the un-banked (1/3 of the people on earth who barely have clean water, toilets or telephones, yes telephones and that make $1/day) now have access and participation in a global trading platform. Disruption for the first time is happening to both VCs and traditional investment bankers and th…
The unbanked have absolutely no use for a volatile pseudo-currency with transaction costs >$20
Re: Is Bitcoin a Bubble? Economists Say ‘Yes’
#34I saw an article of one economist comparing bitcoin to Lehman brothers and that it will burst just like Lehman did.
How are these two in any way similar?
Re: Is Bitcoin a Bubble? Economists Say ‘Yes’
#35Both the founder and lead dev of Ethereum and Litecoin think they are both significantly overvalued.
Vitalik Buterin (Ethereum): https://mobile.twitter.com/VitalikButerin/status/94085013791...
Charlie Lee (Litecoin): https://twitter.com/SatoshiLite/status/940353265585160192
I've been bullish on crypto past few years but it's gone too far. I've flipped to bear until the tech catches up.
Re: Is Bitcoin a Bubble? Economists Say ‘Yes’
#36Oh dear. I don't own any bitcoins, but I sure af don't trust the judgement of people who invent fantasy signal processing strategies like fibonacci retracement [1], support and resistance levels [2] and Elliott Waves [3].
Sincerely, a dude who does actual signal processing for stuff that has to work.
[1] https://en.wikipedia.org/wiki/Fibonacci_retracement
Re: Is Bitcoin a Bubble? Economists Say ‘Yes’
#37If there's 1 thing I've learned in the past 2 years, it's that experts can be deadly wrong (Trump being president, Brexit). They seem to be good at predicting things with known variables, but not with unknown unknowns. I'm making a contrarian bet that experts are wrong this time as well (at least in the near term). People are jumping the gun, trying to look smart and predict the right outcome. The same people that ne…
Bitcoin might indeed be a bubble. But what about cryptocurrencies in general? I think that even these economist wouldn't be so sure if they'd been asked a broader question without pinpointing bitcoin.
Re: Is Bitcoin a Bubble? Economists Say ‘Yes’
#38I'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.
Tulipmania lasted 6 months. Bitcoin is now 8 years old. Stop comparing Bitcoin to flowers. It's not even close to the same thing.
But the bitcoin mania has only been going on within the past year.
Re: Is Bitcoin a Bubble? Economists Say ‘Yes’
#39If there's 1 thing I've learned in the past 2 years, it's that experts can be deadly wrong (Trump being president, Brexit). They seem to be good at predicting things with known variables, but not with unknown unknowns. I'm making a contrarian bet that experts are wrong this time as well (at least in the near term). People are jumping the gun, trying to look smart and predict the right outcome. The same people that ne…
>If there's 1 thing I've learned in the past 2 years, it's that experts can be deadly wrong (Trump being president, Brexit).
Be very careful with those conclusions. In both cases the predictions were that the elections were very close. Trump winning the presidency when the best models we had gave him a 30% chance is not a failing of prediction at all.
Re: Is Bitcoin a Bubble? Economists Say ‘Yes’
#40I'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.
Long term, the price has increased exponentially. As expected. There have been a few bubbles, as well. And it's pretty clear, as you say, that it's currently in one now.