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Topic: A Blast from the Past: Irrational Optimism and Bitcoin (Read 1055 times)

legendary
Activity: 1344
Merit: 1000

Despite the mocking comments, most people in this nut house would have agreed with them back then Tongue

At the time there was a thread in the speculation sector where this guy was talking about taking out a loan to buy bitcoin (and the price was already at $1000). Several people tried to talk him down, saying don't borrow, but he'd started the thread to convince himself, didn't really take on board what people were saying and pulled the trigger. He was convinced he'd be rich within six months. I don't think we heard from him again.

I called mtgox collapse 1 yr early a lot of my threads where deleted

where's my 2013 prediction of the year award

I even got a 2 week ban
legendary
Activity: 1218
Merit: 1003
They are all just guessing and it is human nature to exagerrate predictions .

Look in the speculation section, everyone seems to say Bitcoin will be either zero or $1,000,000 in a short while.
It isn't just Bitcoin, alts do exactly the same thing. The price rises by 25% in one day from $1 to $1.25, so they expect it will be $50 in the next year!

Just enjoy the ride, hope that the price goes up, but if you don't believe in the project, sell out!  
newbie
Activity: 45
Merit: 0
lol $10'000-00

I recon in about 5 years about $6000-00 to $8000-00 stable
legendary
Activity: 1652
Merit: 1088
CryptoTalk.Org - Get Paid for every Post!

Despite the mocking comments, most people in this nut house would have agreed with them back then Tongue

At the time there was a thread in the speculation sector where this guy was talking about taking out a loan to buy bitcoin (and the price was already at $1000). Several people tried to talk him down, saying don't borrow, but he'd started the thread to convince himself, didn't really take on board what people were saying and pulled the trigger. He was convinced he'd be rich within six months. I don't think we heard from him again.
legendary
Activity: 1344
Merit: 1000
Exactly what did you expect with these irrational predictions? The similar story applies for every year and especially the halving. I've heard practically almost every single number between 0 and the moon (possibly even beyond). Even if we assume that each of them is a "Bitcoin expert", that still does not give them any credibility when the price is concerned (economics).

99% agree. However there were some "experts" that at least used statistical extrapolation methods (regression lines) to justify their predictions. But as we all know, past performance is no guarantee of future results...

The founder of Mastercoin predicted a big range: $500 to $10,000.
Predicting in such a huge span is pointless.

Not, if the price is below $500 and all you want to know is whether an investment would be profitable or not - provided the prediction is credible.

I think a central question when it comes to predictions is: What are the criteria that define a "Bitcoin expert" (and in what field of the broad phenomenon)? It's my impression that journalists call simply all those people "expert" that had some past media appearance in a Bitcoin context.

ya.ya.yo!

Mastercoin inventor got it right without the 20x multiplier from exchanges it's works out at $10,000 dive that by 20 u get 500, though it will

eventually go much  higher
legendary
Activity: 1806
Merit: 1024
Exactly what did you expect with these irrational predictions? The similar story applies for every year and especially the halving. I've heard practically almost every single number between 0 and the moon (possibly even beyond). Even if we assume that each of them is a "Bitcoin expert", that still does not give them any credibility when the price is concerned (economics).

99% agree. However there were some "experts" that at least used statistical extrapolation methods (regression lines) to justify their predictions. But as we all know, past performance is no guarantee of future results...

The founder of Mastercoin predicted a big range: $500 to $10,000.
Predicting in such a huge span is pointless.

Not, if the price is below $500 and all you want to know is whether an investment would be profitable or not - provided the prediction is credible.

I think a central question when it comes to predictions is: What are the criteria that define a "Bitcoin expert" (and in what field of the broad phenomenon)? It's my impression that journalists call simply all those people "expert" that had some past media appearance in a Bitcoin context.

ya.ya.yo!
sr. member
Activity: 294
Merit: 250
The founder of Mastercoin predicted a big range: $500 to $10,000.
Predicting in such a huge span is pointless.

Especially if you're gonna blow it anyway. I think the price was from $160 to mid-200s in Feb 2015. So anywhere from 1/3 to half the predicted minimum Cheesy
legendary
Activity: 2674
Merit: 2965
Terminated.
Exactly what did you expect with these irrational predictions? The similar story applies for every year and especially the halving. I've heard practically almost every single number between 0 and the moon (possibly even beyond). Even if we assume that each of them is a "Bitcoin expert", that still does not give them any credibility when the price is concerned (economics).

The founder of Mastercoin predicted a big range: $500 to $10,000.
Predicting in such a huge span is pointless.
legendary
Activity: 1241
Merit: 1005
..like bright metal on a sullen ground.

Despite the mocking comments, most people in this nut house would have agreed with them back then Tongue
legendary
Activity: 4396
Merit: 4755
most of them quotes dont seem as much about maths(statistics and logic).. but would probably be what they would happily call their "sell out" amount they would want after waiting 12 months sitting on their hands..

EG if i said: "if you had to sell your coins in 12 months how much do you hope you can sell them for"
vs
if i said: "if you done some maths and looked at the economy as a whole, trends, advertising and drama occuring how much do you think bitcoin will be next year"
vs
if i said: "as you are a holder of btc and you want to drum up speculation to spark a price rise from new buyers.. what magic number will you use to try getting many buyers to eat up the orders and raise the price through suggesting they can get rich too"

all of which would give very different answers. yet asking the same basic 12 month question
newbie
Activity: 14
Merit: 0
Wow. Hope those guys were diversified and hedged properly. My guess is that they were leveraged in one war or another, though.
hero member
Activity: 593
Merit: 505
Wherever I may roam
And those guys should be called "experts"? Predicting 100k is simply bs..
sr. member
Activity: 294
Merit: 250
newbie
Activity: 15
Merit: 0
There is no way the bitcoin price will be over $10,000 next year, let alone 100,000. I would not call those people expert.
legendary
Activity: 1904
Merit: 1074
All the predictions were very high and I guess they thought it would grow much faster as it did. This just shows us, predictions and speculations are of no value... the technology must speak for it self. I

think the closest any of us came to the moon, were the Willy bot price spike. I know of no other commodity that would grow at a rate of 100% to 1000% per year. We should after all be realistic and

also take the negative factors into consideration, when we do these predictions.  Roll Eyes
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
LiteCoinGuy predicts 1000 USD in 2017  Wink

might never make it that low

that is the bottom.  Tongue
legendary
Activity: 1652
Merit: 1007
DMD Diamond Making Money 4+ years! Join us!
100k? Well, I d hardly call that person a BTC expert. I mean we would all like to see price going up big time but spreading irrational BS s NOT a way to go.
legendary
Activity: 1344
Merit: 1000
I'm going to wake up with cold sweats checking the price every morning hoping it hasn't jumped several

hundred dollars hehe greedy exchanges should keep that in check Smiley
legendary
Activity: 1344
Merit: 1000
LiteCoinGuy predicts 1000 USD in 2017  Wink

might never make it that low
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
LiteCoinGuy predicts 1000 USD in 2017  Wink
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