[2018-09-11] Stern Professor Says Bitcoin Will Hit Zero After 70 Percent Drop

aso118

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Quote from: squatter on September 11, 2018, 04:46:37 PM

I guess another professor felt the need do outdo Professor Bitcorn, the Boston University professor who predicted that Bitcoin would fall to $10. I wonder what name the community will give to Roubini. Cheesy

Fun facts: Apparently, this guy predicted the housing bubble crash of 2008 and he's been warning of various financial bubbles for years. He's known as "Dr. Doom."

He might get his predictions right once in a while, but that is more due to chance rather than anything else. Predicting a crash in an asset class is completely different from predicting that an asset class will go to zero. Posterity will make him a laughing stock, but at least he has got the guts to stick his neck out and state his views.

entrepmind23

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Quote from: audaciousbeing on September 18, 2018, 01:49:31 PM

Unfortunately for him and fortunately for crypto enthusiasts, crypto market price is not determined by opinion by an individual. Come to think of it, since my involvement in crypto I have neither read about him or come across his paper or something that could account for being a reputable individual that could speak and be listen to in crypto.

Yes, he may be famous in his own field but when it comes to cryptocurrency, it's a whole lot different thing. Even if they would say that they have all the theories that can support their claims, bitcoin always does something surprising even to us crypto enthusiasts which makes them not able to comprehend it further and just giving some predictions hoping to come true so that it will not tarnished their reputation.

Quote from: audaciousbeing on September 18, 2018, 01:49:31 PM

In other words, its just one of the prophets of doom predicting about the moment and I noticed he was being careful about not putting a timeline to it as that would quickly shame his predictions.

There are many of them out there who are trying to predict the price of bitcoin. He is careful as to not put a timeline in his prediction because he knows that when that time comes and his prediction didn't materialize then his credibility would be lowered and it would be bad for him.

audaciousbeing

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Quote from: Jamada on September 11, 2018, 09:59:36 AM

"Nouriel Roubini, a Stern School professor and prominent economist, has criticized the major correction of Bitcoin and the rest of the crypto market, claiming that Bitcoin will drop to zero.

Tales From Crypt-Apocalypse: Bitcoin has lost 70% from the peak; Ethereum 85%; other Top 10 crypto-currencies about 90%; the remaining crypto-zombie-currencies between 95% & 99% of their value. It is a bloody massacre that will continue as almost all of them are worth ZERO!

— Nouriel Roubini (@Nouriel) September 6, 2018"

I think it will not work like that.

Unfortunately for him and fortunately for crypto enthusiasts, crypto market price is not determined by opinion by an individual. Come to think of it, since my involvement in crypto I have neither read about him or come across his paper or something that could account for being a reputable individual that could speak and be listen to in crypto. In other words, its just one of the prophets of doom predicting about the moment and I noticed he was being careful about not putting a timeline to it as that would quickly shame his predictions.

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Quote from: Jamada on September 11, 2018, 09:59:36 AM

"Nouriel Roubini, a Stern School professor and prominent economist, has criticized the major correction of Bitcoin and the rest of the crypto market, claiming that Bitcoin will drop to zero.

Tales From Crypt-Apocalypse: Bitcoin has lost 70% from the peak; Ethereum 85%; other Top 10 crypto-currencies about 90%; the remaining crypto-zombie-currencies between 95% & 99% of their value. It is a bloody massacre that will continue as almost all of them are worth ZERO!

— Nouriel Roubini (@Nouriel) September 6, 2018"

I think it will not work like that.

Is this dude a Nassim Taleb of Bitcoin?

When 99% of shitcoins die in a year or so, this professor will claim that his prediction was actually quite to the point provided he had set the date for it to come true or fail in the first place. While I for one don't see cryptocurrencies as a viable substitute for fiat currencies (conceptually), there is still a need and demand for currencies which are not tied to any government and thus not exposed to third party risks. Gold is okay in this respect, but you can't transact with it electronically, so there is a need for something like Bitcoin. Bitcoin itself may get run over by another cryptocurrency but if this didn't happen in the previous 5 years (the time span when altcoins have been sticking around), the chances of it dying by being replaced with another cryptocurrency look pretty slim to me

1BTC EQUALS 1CAR

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Did he just say ZERO? Then that confims that this guy is just another bunch of highly-educated people who really knew nothing about the majority of cryptocurrencies. Why did he just not say dead so people can skip this ridiculous article about his absurd predictions.

magneto

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Bear markets don't lead to assets dropping to zero, otherwise, all stocks would have been long dead now.

I think that his primary point that he's trying to make that most cryptos are worthless, which is true for a lot of ICOs. However, bitcoin is not one of these coins as it actually gets practically adopted, has the trust of the community since it's the first crypto, and is decentralised. No idea why anyone would expect BTC to go to zero realistically.

As they pointed out bear markets are nothing special and generally bitcoin does decline quite a bit before recovering in the next bull market. The professor here is exaggerating this drop by putting it way out of the context of historical bear markets with the same magnitude that has recovered. And it makes sense that they do recover, as adoption is still increasing, and institutional investors are also on the increase.

Quote

Nowadays every news portal is trying to get readers with either one of these " BTC will go to 50k soon" or " BTC will be dead by next friday"

Pretty accurate.

There is no real, sensible analysis of bitcoin price in mainstream media overall at this point because of the fact that it does not grab attention of readers. These extreme, illogical predictions are what gets clicks. That's why i think we've got so many of these predictions that if you have any sense of the market, will know that it's not true.

veleten

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stoped reading after ... actually, no read it
this professor has as much credibility in this area as me in nuclear phisycs, aka none
even his logics is flawed not even talking about the validity of the argument
there is no histroical precedent either, we had three drops 80% or more already
and could be heading for the fourth one, after this there always was a new record high every time

BitcoinGuruOne

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Seems like cilck-bait since after citiaion of this " professor" right away there is written arguments which went in my head and most likely for all you too after reading this fantastic nonesense- Btc has lost considerable more than 70% on several occosions in past and as we all know had a huge come back after that.

Nowadays every news portal is trying to get readers with either one of these " BTC will go to 50k soon" or " BTC will be dead by next friday"

darkangel11

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How can a professor be so dumb. Even if some of Bitcoins uses were to disappear (like its use as a currency) it would still remain a nice store of value, especially to people forced to live in unstable economies like Venezuela, Zimbabwe, and recently Iran. This function will make sure it will never reach low value like $100. These prices were possible because BTC wasn't popular, it wasn't advertised back in 2012 and before and most of the world (me included) didn't know it existed. And let's not forget about the value it might have for collectors, even when it goes out of use. The first decentralized electronic currency! Who wouldn't want a piece of that?

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Quote from: timerland on September 12, 2018, 05:10:08 PM

Quote from: cheefbuza on September 11, 2018, 05:03:11 AM

https://bitnotcoin.com/stern-professor-says-bitcoin-will-hit-zero-after-70-percent-drop-illogical-argument/

He's essentially using the argument that since bitcoin fell by this much within the bear market, it must continue into the future. He's not backing it up with any analysis, it's purely opinion and speculation.

We all know that he's wrong - bitcoin can't be worth zero as long as there is a demand for using the network, and there will always be demand for it.

Does he not understand that bitcoin is just currently in a bear market, and due to the volatile nature of bitcoin, it essentially means that bitcoin has always historically corrected around 70-80% down from its peak before recovering?

The article sums it up pretty nicely. To us, these sorts of articles obviously don't carry any weight given we know what's going on with the market. The mainstream may be misled into believing it, though.

Common lines for those so-called economist that havent much idea about Crypto market.If they do able to research first before they do make any statements or comments for sure they wont really make such words.We have seen for how many times on huge price swings either on price rise or drop. 70% isnt a critical rate and we have seen it before but look at we now, we even still on the price which is higher on previous years.
For those people who do have knowledge will really just ignore this but for those who are completely zero-knowledge with crypto might easily believe with these speculations.

cryptofonia

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he is wrong

timerland

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Quote from: cheefbuza on September 11, 2018, 05:03:11 AM

https://bitnotcoin.com/stern-professor-says-bitcoin-will-hit-zero-after-70-percent-drop-illogical-argument/

He's essentially using the argument that since bitcoin fell by this much within the bear market, it must continue into the future. He's not backing it up with any analysis, it's purely opinion and speculation.

We all know that he's wrong - bitcoin can't be worth zero as long as there is a demand for using the network, and there will always be demand for it.

Does he not understand that bitcoin is just currently in a bear market, and due to the volatile nature of bitcoin, it essentially means that bitcoin has always historically corrected around 70-80% down from its peak before recovering?

The article sums it up pretty nicely. To us, these sorts of articles obviously don't carry any weight given we know what's going on with the market. The mainstream may be misled into believing it, though.

Sutters Mill

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Quote from: squatter on September 11, 2018, 04:46:37 PM

I guess another professor felt the need do outdo Professor Bitcorn, the Boston University professor who predicted that Bitcoin would fall to $10. I wonder what name the community will give to Roubini. Cheesy

Fun facts: Apparently, this guy predicted the housing bubble crash of 2008 and he's been warning of various financial bubbles for years. He's known as "Dr. Doom."

He's probably just one of those people who likes to make outlandish claims to get media attention.

BTW, why is he called Professor Bitcorn?

Quote from: Slow death on September 12, 2018, 03:51:05 AM

Quote from: cheefbuza on September 11, 2018, 05:03:11 AM

https://bitnotcoin.com/stern-professor-says-bitcoin-will-hit-zero-after-70-percent-drop-illogical-argument/

Sometimes I wonder what these economists have in mind, As time passes we have more adoption and this adoption will not allow bitcoin to fall to zero as this guy is saying, no one would be dumb to be creating ETF's, Custody Services or invest a lot of money if they did not believe in the potential of bitcoin. He is giving his opinion very pessimistic, but it is only his opinion and should not be given too much importance

Quote from: Coin-1 on September 11, 2018, 06:38:53 PM

but its price depends on the balance of supply and demand.

That's why it will not fall to zero.

I find a lot of economists don't actually know what they're talking about or are just themselves guessing or wildly speculating.

Slow death

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Quote from: cheefbuza on September 11, 2018, 05:03:11 AM

https://bitnotcoin.com/stern-professor-says-bitcoin-will-hit-zero-after-70-percent-drop-illogical-argument/

Sometimes I wonder what these economists have in mind, As time passes we have more adoption and this adoption will not allow bitcoin to fall to zero as this guy is saying, no one would be dumb to be creating ETF's, Custody Services or invest a lot of money if they did not believe in the potential of bitcoin. He is giving his opinion very pessimistic, but it is only his opinion and should not be given too much importance

Quote from: Coin-1 on September 11, 2018, 06:38:53 PM

but its price depends on the balance of supply and demand.

That's why it will not fall to zero.

Ozero

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It is from today's positions that bitcoin can not fall so low. He soon on the contrary, should grow in price. After this long stagnation, it must grow, not fall. We certainly can not say what will happen to him in the distant future, but now he must slowly grow up.

goxed

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a word to the wise: 'do not follow the advice of traditional macro economists. they have negligible understanding of the real world and technology'

Coin-1

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Quote from: vit05 on September 11, 2018, 05:08:04 PM

The value of Bitcoin will only reach zero if it is irreversibly hacked. If someone finds an absurd flaw in the protocol.

Otherwise, it will always have some value since it is a solid project and with great utility. People who have not bothered to study the protocol try to give crude hints like this.

Technically, the cryptographic algorithms used in Bitcoin are safe and secure, but its price depends on the balance of supply and demand. Any coin follows the trading rules and tactics on the crypto exchange markets. I see that Bitcoin looks good compared to the alternative crypto currencies which plummeted down dramatically. Currently BTC costs $6300 and it has not yet fallen this September. I don't believe that Bitcoin will hit zero. Moreover, investors support this crypto currency very strongly at the level $5900.

vit05

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I had never heard of this news site. I had never heard of this university. I had never heard of this teacher. For what reason will I give any importance to what he speaks without demonstrating any mathematical proof that has irrefutably passed through the academy?

The value of Bitcoin will only reach zero if it is irreversibly hacked. If someone finds an absurd flaw in the protocol.

Otherwise, it will always have some value since it is a solid project and with great utility. People who have not bothered to study the protocol try to give crude hints like this.

squatter

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STOP SNITCHIN'

I guess another professor felt the need do outdo Professor Bitcorn, the Boston University professor who predicted that Bitcoin would fall to $10. I wonder what name the community will give to Roubini. Cheesy

Fun facts: Apparently, this guy predicted the housing bubble crash of 2008 and he's been warning of various financial bubbles for years. He's known as "Dr. Doom."

Sutters Mill

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No idea who this guy is, but whilst bitcoin and crypto could well keep dropping, I think the chance of bitcoin going to zero anytime soon if at all is very slim. Will there ever be a time when people regard bitcoin as completely worthless? I'm not so sure. but there will always be a need for some sort of decentralized currency either way so crypto will always have value, it just depends which one and obviously the best will likely prevail and reign supreme.

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