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Topic: Bitcoin will plummet to $10 by first half of 2014 (Read 50126 times)

legendary
Activity: 1022
Merit: 1001
Well jeesh he certainly got this wrong didnt he?  Grin

Academic's...
legendary
Activity: 1762
Merit: 1011
Debunked Boston University Professor Attacks Bitcoin Again

https://www.cryptocoinsnews.com/debunked-professor-attacks-bitcoin/


From the article (with the article author's commentary in parentheses):

Quote
He revealed his Top 10 Reasons to Avoid Using Bitcoin since his agenda is pretty clear-cut at this point. Here is a synopsis of his ten-point diatribe.

1. Bitcoin is not legal tender, at least in the U.S.: “It is a voluntary currency, and its use as a transactional currency is limited to those willing to accept it.” (This only included about 100k merchants worldwide, including Dish Network, Tesla Motors and Dell Computers. Minor endorsements.)

2.  Sovereign attack risk: “Governments exercise a monopoly power on currency creation with the understanding that doing so will provide its citizens with a greater level of economic stability.” (Do I need to say anything here? He should have avoided this point like The Plague.)

3. Significant consumer protection risk: “There are no laws in place protecting consumers against theft, fraud or human error…..Bitcoin…..eliminates banks as a financial middleman and in doing so also eliminate the legal protections offered by such structures.” (Many would make that trade seven days a week, not having to deal with banks, and their fees, interest rates, and privacy intrusions, plus the direct investment into a corrupt financial pyramid.)

4. Extreme financial risk is due to price volatility. (Your “extreme” risk is based upon your investment amount.)

5. Extreme risk can quickly erase company profit margins: “This triple-digit annual price risk makes Bitcoin more suitable for Wall Street type trading companies possessing sophisticated management systems, controls and tolls than for merchants.” (Merchants aren’t exposed to downside Bitcoin risk as services like BitPay will swap the funds into US Dollars at the end of each business day, if desired. Or, the merchant can leave a percentage in to appreciate, like Overstock.com does. It’s upside dwarfs dollars or any fiat currency, which is designed to lose value every day it exists.)

6. Bitcoin is a hyper asset bubble in the process of deflating: “Bitcoin – Big bubble or big innovation,” reads one of the slides. (Deflation or Stagflation is one of the Bitcoins virtues, as it is anti-inflationary, unlike fiat currency. Deflation is bad for fiat currency but good for sound money concepts like Bitcoin.)

7. Growing concentration and bankruptcy risk to financial middleman: “Risk-mitigation services of firms such as Coinbase and Bitpay…..don’t eliminate system-wide Bitcoin price risk but simply warehouse the risk on their books.” (Massive risks are in every currency system, be it the Bernie Madoff $20 Billion Ponzi Scheme or the U.S. government confiscating civil servant’s retirement accounts to bail-out a bankrupt Detroit municipal system.)

8. Bitcoin Exchange Bankruptcy Risk: (A somewhat legitimate point, yet a U.S. bank collapses every four days. Even though your money is FDIC-ensured, the amount of time it takes to recoup your losses of this much more frequent event than the lone Bitcoin exchange closure can vary.)

9. Bitcoin use can trigger significant tax risk: “Bitcoin has been designated by the IRS…..as property…..unlike ‘legal tender,’ consumers that use Bitcoin can be subject to additional taxes.” (As if any other “property” based on the U.S. Tax Code should be avoided? And the tax only applies if the Bitcoin is redeemed for dollars, as of this moment.)

10. Transactional Fraud Risk – Double Spending (Which doesn’t make any sense, since a Bitcoin has never been duplicated or double-spent, the whole idea behind Blockchain technology to begin with.)
sr. member
Activity: 868
Merit: 250
Debunked Boston University Professor Attacks Bitcoin Again

https://www.cryptocoinsnews.com/debunked-professor-attacks-bitcoin/
legendary
Activity: 3248
Merit: 1070
well everything under 50-100 is a stupid prediction indeed
legendary
Activity: 938
Merit: 1000
Funny to read when people said it cant go under $500.

They still more right than the Bitcoin $10 guy

Damn right, haters gonna hate!!! You can't deny the honesty and perfectness of the bitcoin protocol, concerning transactions. Offcourse the electricity isn't all that great, but hey, we could have had completely renewable energy in the sixties, yet corporations didn't want it, so it didn't happen Sad. Read about Tesla and his inventions, energy is all around us, waiting to be harvested....
sr. member
Activity: 476
Merit: 501
Funny to read when people said it cant go under $500.

They still more right than the Bitcoin $10 guy
sr. member
Activity: 616
Merit: 253
"Bitcoin will plummet to $10 by first half of 2014"

note to self - never ask Athom for any investment advice : LOL
sr. member
Activity: 434
Merit: 250
With the way Bitcoin is acting maybe he was off by a year.
member
Activity: 84
Merit: 10
★Bitin.io★ - Instant Exchange
Funny to read when people said it cant go under $500.
legendary
Activity: 924
Merit: 1000
Yeah, no, kidding. These pundits should all be coming out of the woodwork this week to proclaim more doom and gloom.

And I, to be honest, have to eat a little humble pie. I really thought that Bitcoin's floor would be $400, except for very temporary spills, and that it would continue in its ~400-550 trading range. Mea culpa for that one...
legendary
Activity: 924
Merit: 1000
Even knowing all the problems Bitcoin is facing and he is going to face, and even knowing it's very difficult for common folk to own Bitcoin.. he's not just being stubborn. He's losing the little credibility he has. He should just admit his mistake and admit that nothing like Bitcoin has appeared till today which would question Economy's theories.
I think some of these economists and Finance people are kind of like Butthurt because they were not the ones coming up with Bitcoin, solving some economic and finance problems.
So they are acting like "Know it all" people that dismiss Bitcoin as Nerd's money. Kind of like those who dismissed the internet, MP3, P2P, Facebook, you name it.

They're also sheltered by their bosses & professional colleagues, so the cost to them of being wrong is far less than you may think. The chief patron in the economics field in the U.S. is none other than the Federal Reserve. Do you think Janet Yellen would care at all about his wrong prediction?
legendary
Activity: 1736
Merit: 1006
Even knowing all the problems Bitcoin is facing and he is going to face, and even knowing it's very difficult for common folk to own Bitcoin.. he's not just being stubborn. He's losing the little credibility he has. He should just admit his mistake and admit that nothing like Bitcoin has appeared till today which would question Economy's theories.
I think some of these economists and Finance people are kind of like Butthurt because they were not the ones coming up with Bitcoin, solving some economic and finance problems.
So they are acting like "Know it all" people that dismiss Bitcoin as Nerd's money. Kind of like those who dismissed the internet, MP3, P2P, Facebook, you name it.

Hah,

While I think bitcoin is innovative, I won't compare it to facebook or other social networking sites. Facebook is over value and doesn't solve any problems that can't be solved using other methods.


Facebook is an annoying reality to me. Many people want it to go away. But you can't argue with success. It offers something million of people desire. That's how it compares to bitcoin.
full member
Activity: 152
Merit: 100
Even knowing all the problems Bitcoin is facing and he is going to face, and even knowing it's very difficult for common folk to own Bitcoin.. he's not just being stubborn. He's losing the little credibility he has. He should just admit his mistake and admit that nothing like Bitcoin has appeared till today which would question Economy's theories.
I think some of these economists and Finance people are kind of like Butthurt because they were not the ones coming up with Bitcoin, solving some economic and finance problems.
So they are acting like "Know it all" people that dismiss Bitcoin as Nerd's money. Kind of like those who dismissed the internet, MP3, P2P, Facebook, you name it.

Hah,

While I think bitcoin is innovative, I won't compare it to facebook or other social networking sites. Facebook is over value and doesn't solve any problems that can't be solved using other methods.
hero member
Activity: 672
Merit: 503
Even knowing all the problems Bitcoin is facing and he is going to face, and even knowing it's very difficult for common folk to own Bitcoin.. he's not just being stubborn. He's losing the little credibility he has. He should just admit his mistake and admit that nothing like Bitcoin has appeared till today which would question Economy's theories.
I think some of these economists and Finance people are kind of like Butthurt because they were not the ones coming up with Bitcoin, solving some economic and finance problems.
So they are acting like "Know it all" people that dismiss Bitcoin as Nerd's money. Kind of like those who dismissed the internet, MP3, P2P, Facebook, you name it.
legendary
Activity: 1762
Merit: 1011
Yeah, no, kidding. These pundits should all be coming out of the woodwork this week to proclaim more doom and gloom.
legendary
Activity: 1358
Merit: 1000
I think it is only a matter of time before somebody contacts Mark Williams for another interview.

When his prediction was way off the mark, this is what he had to say

http://www.coindesk.com/mark-t-williams-bitcoin-bulls-time-will-vindicate-prediction/
Williams suggested that while “asset bubbles cannot be easily timed”, the dramatic swings in price displayed by bitcoin provide evidence that consumers should be weary of making digital currency investments.

He added: “Will this bubble be completely deflated in the next six months to a year? Time will tell. In January 2013 it was worth only $13. If the question is, ‘Do I still see bitcoin dropping to these much lower levels in the future?’ The answer is yes.”
History will decide

Responding to the veracity of his prediction, Williams stated that he believes his projection, that bitcoin would decline in value by as much as 99%, has perhaps been more accurate than those in the digital currency community concede
legendary
Activity: 1554
Merit: 1026
★Nitrogensports.eu★
Pretty strange to see so many people happy about proving a 15 year old wrong on forums lol.

Funny looking at his last activity date though.

 15 year old? Where did that come from?
The post is about Mark Williams, a risk management and capital markets professor at Boston University
sr. member
Activity: 378
Merit: 250
Pretty strange to see so many people happy about proving a 15 year old wrong on forums lol.

Funny looking at his last activity date though.
legendary
Activity: 1862
Merit: 1009
Bitcoin cant get below 500  Wink

Now that is being optimistic. We were there a couple of weeks back.  Cheesy

We were at the sub 500 near 24 august, but we recovered.

Think it is not a good shot call impossible things that happened few days ago
legendary
Activity: 2884
Merit: 1115
Leading Crypto Sports Betting & Casino Platform
If it had crashed to $10 there would be half users alive in this forum.. Smiley

That would be a significant amount more than in 2011 when it was around that price
But it would also make me wonder what was the system that superceded bitcoin or if we would still be here at that time Smiley.
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