Topic: Bitcoin is a bubble - Nobel Laureate in Economics - page 2. (Read 4015 times)

unfortunately i wasn't part of this wonderfully liberating experience in early 2011

jumped on board late 2011 been long ever since

I wonder what criteria need to be met to convince people that this isn't a bubble. I mean when does something stop being considered a bubble.

Will it no longer be considered a bubble when a certain handful of companies take BTC payments successfully? Or when x number of people use BTC? Or is it when the value stabilises (not for a long while)?

You forgot:
epsilon - 1 .... BUBBLE!

I remember in early-mid 2011 around here people pleased as punch that a bitcoin was worth a whole euro, or a whole dollar. Forget which.

> 3. Ask him when he ever in his life invented something or had a vision about any technological disruption that changed the world.

Ever heard of the Case-Schiller index?  This guy also made it possible to insure against rapidly falling housing prices.  Robert Schiller is a great economist, with a proven track record of predictions in the real world, and also more innovation that the neckbeards posting shit about him.  No question.  He's also a decent human being.

I hope he is wrong about bitcoin.  The thing about Schiller is, he thinks everything is a bubble, so this is not terribly surprising.  Yes, he called the housing bubble and the tech bubble.  But he pretty much thinks everything is overvalued. 

Meanwhile the FED is printing around 1 TRILLION dollars a year. (Half of that to basically pay interest.) Talk about a bubble that is going to pop.
Cryptocurrencies might be what helps save us from a banking collapse. I don't think they had that in mind when they made all these "Destined to break the banking system" decisions the last 13 years or so...

The question has always been,
"But how much better is it than what exists today?"
Well, "How do you qualify the answer?"
"With economic value, derived from utility and exchange-ability."
"What about the Meta aspect of this? the underlying structure and speed of change? Can we not see it's patterns and change them?"
"That is the role of Central Planning to decide, no one can have perfect information, individuals would have to be all focused on the events as they happened
adding extra complexity to the system would hinder planners from applying specific changes, and the fact that no individual can perfectly know the whole truth
would create dissonance within the system. It is better to let the best informed decide."
"The best informed are those who see all the events at the most detailed levels and from the most perspectives; No matter from where one perceives reality
It all starts from the One, each individual deciding what is correct, it is simply a matter of learning what everyone knows to be correct to become the best
informed; One can even observe the observer, turning the awareness within into a infinite loop, a hall of mirrors rewarding or deceiving those willing to look.
The individual might get lost but the collective will learn from every vision perceived, even with imperfect communication, every path will be known, making all
change predictable and only a matter of choice."

  I see Bitcoin as providing the same benefits as the legacy banking system with a few technical improvements, shortcuts to do the same work with
extra choice thrown in. The economists sticking so closely to their data can't see the aspects they are not trained to perceive, specifically the Technological,
Psychological, Social and Informational effects of this, The idea is stronger, the network effect applies as more learn, they discover what lies ahead, opening
their horizons to new possibilities. Is their any value to it, of course some people may find value in modifying the tempo of the monetary system, changing
larger aspects like those mentioned, above and beyond it's network, the meta Version of the Meta. What I'm saying is, " They got so caught up in observing
and controlling the flow of money they forgot about what it's good for," sometimes limiting the good to stop the bad is done without understanding the impact it
will have.
  I know the change Bitcoin will make, it increases the market share of participants in the a market by giving the un-banked a chance to impact the world
beyond their current horizons, It simply does not have that impediment imposed on it by any entity or organization, it doesn't have a lot of their limitations.
It's network is small now but it can move into niches other monetary systems avoid; Uncertainty of size with a risky demographic population, are bad for returns.
  It's speed, creates change faster, bypassing all monetary restrictions, reaffirming ones reach and power of change, You simply have to ask someone who does
regular remittances or has done a large bank transfer... there is so much red tape to cut just to transfer ones accumulated financial power from one zone to the next.
I think the system that had regional monetary controls was called Mercantilism, I thought Adam Smith proved such controls are just wrong.
  To say it is a bubble is to completely forget that we are watching this from it's inception, beyond the simple idea of promissory notes of 300 years ago, and the
current fiat backed guard; You look at history and it is a tradition of incorporation of new ideas to an age old one, that of money, It's never changed, just the way
it's denominated.

As long as half the people I talk to in real life don't even know what bitcoin is and less then 1 % of the people I know in real life own any bitcoin, I dont see how bitcoin can be in a bubble, bitcoin is still in its infancy basically.

All the people that think bitcoin is in a bubble, are living in an information bubble themselves, surrounded by other people just like them, they should go out in the streets and mingle among regular folks and check how many of them even know what bitcoin is.  

You know by the time my auntie actually owns bitcoin, I will start considering whether bitcoin is in a bubble or not 

Is he aware what it takes to creat a single bitcoin now? Sooner it will be easier to dig for gold at the bottom of sea than mining a single coin 

1 - 33 . . . BUBBLE!!!

30 - 266 . . .  BUBBLE!!!

150 - 1280 . . . BUBBBLE!!!


How long before it isn't a bubble? Any economists here? Preferably a "nobel" laureate of course.

I think some Nobel Prizes hold more weight than others, but obviously giving a Nobel Peace Prize to a mass murderer is some kind of joke, or perhaps they were trying to make an ironic statement. Or maybe like most awards they mean very little in the real world. Let's measure weight by merit and actions, not awards on somebodies mantelpiece.

His name says it all - "Shill"er

Bubble Head

 Obama is a Nobel Laureate and this is a man who hates liberty and peace. So I would not trust Nobel Laureates!

actually, inside the bubble, there is a bit of coins~~~

when the whole world believes in it, it no longer becomes a bubble.

Yeah just like the Internet is a bubble, what loser uses Internet nowadays right!

According to well respected voodoo scientists a.k.a. economists ; did  you guys know that the fair value of BTC is a  big, 0?

http://neweconomicperspectives.org/2013/12/fair-price-bitcoin-zero.html

+1

Love it

By bubble he means the speed of the appreciation in the value of BTC has gone up excessively quickly. But many stocks show bubble-type 'explosions' in their short-term price-chart. You come back 2 years later and that bubble is now a small part of a larger chart.

This is a classic bubble chart:


Internet adoption from 1990-2005.

So some bubbles never pop. Global/mass-adoption tech usage is one of them.

You will see a similar chart for motorcars, televisions, PC's, smart-phones etc.

Could BTC be in a bubble-type state? Yes.
Should we be worried about the BTC bubble? No
Does it ever have to burst? No.