Topic: Nobel-winning economist Shiller calls bitcoin a fad (Read 247 times)

We have to leave these people with their own way of thinking and give them the right to be backward. I am not saying that cryptocurrency especially Bitcoin is really perfect but it is already considered to be something revolutionary...and even those who hate Bitcoin actually love the blockchain technology. We are in a free marketplace and everybody has option to be a part of Bitcoin or not. As to predicting what can be, nobody can be sure of what can be so those predictions are just also speculations.

As it stands, Bitcoin is a fad. Most people on Earth do not know what it is. I would bet over 50% still haven't heard of it. By definition, that is a fad. It has not proved itself. It needs to continue growing, the infrastructure needs to grow and more people need to buy it and use it for it to be taken seriously. Compared to the internet boom, crypto is still in the 90's... and the internet is only now being considered as something that is here to stay forever.

NO NEED TO READ MY POST, just simply read ramsdaj28's reply above.

But....if you like further reading, well OP, and anyone else, I ask you:

WHO WILL PROTECT ME FROM THESE HORRIBLE FIAT CURRENCY BUBBLES??
The people around the world are becoming too smart in seeing through the fiat currency schemes.

Bitcoin is GLOBALLY held and sought after by people in almost every country - see global trade data by country or see this list:
https://bitcointalksearch.org/topic/which-country-are-you-from-here-list-thirty-popular-bitcoin-countries-for-trade-1853019

CAN SOMEONE PLEASE STOP BLOWING BUBBLES OF EXTRA FIAT MONEY AROUND THE WORLD? (PLEASE NO MORE USD, EUROS, JAPANESE YENS, INDIAN RUPEES, CHINESE YUAN, MEXICAN PESOS - PLEASE STOP INFLATING AND MAKING BITCOIN SO VALUABLE)...stop this pumping

https://macromon.wordpress.com/2017/04/26/the-chart-that-floats-overvaluation/

Recommend reading post: "Hacks Puppets and Forks - How to destroy Bitcoin"
https://bitcointalk.org/index.php?topic=1834310.20

Bitcoin has the highest value because of the totality of what it is - if it lacked the features of what it is, then there would be no value.

If it can be shutdown, and have assets frozen by a bank or government, there would be no value
If it wasn't secure, there would be no value.
If it wasn't immutable, there would be no value.
If it wasn't globally distributed, there would be no value.
If it wasn't so strong, open-source decentralized and unstoppable, there would be no value.
If it wasn't so scarce, there would be no value.
If it was easy to spam transactions, there would be no value
If it didn't have the history of 8+ years (and still no hacker can exploit bitcoin blockchain), there would be no value
If it was exactly like fiat and only did transactions, there would be no value.

Bitcoin has all these together to make the most value and increasing more than any other financial-asset option coming from the fiat central-banking debt-system.

Though it is still very early adoption not even 1% adopted yet (most people everywhere don't know what it is)...
Bitcoin has freed, continuing to free, and tomorrow will still free many people globally from the centrally controlled debt-based fiat system that confiscates your wealth with inflation and tax. Bitcoin is a TRUE savings vehicle. Buying Real Estate, Hospital healthcare, Global traveling, College Education gets cheaper as you hold Bitcoin.

And it has become clear that...
Bitcoin CANNOT be controlled.

Bitcoin cannot be made legal. Governments may still attempt to do so. They can never have such domination on Bitcoin.

Bitcoin cannot be made illegal. Governments may still attempt to do so.

Central banks already control and manipulate Stocks, Real Estate, Gold, Interest Rates. Central banks will never have such domination on Bitcoin.

Bitcoin reached escape velocity 4-years ago in 2013 which means it cannot be stopped - cannot make it illegal or legal - governments/banks do not matter.

On the opposite end of the spectrum the global fiat (US Dollars, Indian Rupees, Chinese Yuan, etc) bubble system broke a couple of decades ago.

Fiat around the world is forced to inflate issuance as its heavily infested, burdened and broken with:
-regulatory burden on fiat banks & system (incredibly costly)
-unemployment & other welfare costs
-inflating fiat to keep stock market rising and to keep house-prices from collapsing
-financing conflicts, bombs, and "aid"
-insurance fraud
-false claims and insurance loss-events
-stabilize regions after natural disasters
-keeping monopolies with internet access centralized and search engine crawlers centralized
-money laundering
-chargebacks
-frivolous legal costs (lawsuits bogging the system down)
-state-sponsored corruption and unofficial corruption (governments and gangs, banks and conartists)
-retirement obligations (debasement in value to keep up with payments from government or other retirement-obligations)
-fake credit (goods being transacted with credit-loss, replaced by inflation of monetary base rather than bringing perpetrators & source to justice)
-using enforcement labor to freeze accounts and assets and take away your money
-costs of auditors and budgetors and accountants to governments and businesses

Bitcoin, systemically, is free from these burdens.

Don't you know what a database is? A non-decentralized "Blockchain" is a private database....Private databases has virtually no value!

BLOCKCHAIN without bitcoin = SCAMCHAINS, useless unsecure private databases
BLOCKCHAINS without bitcoin ARE SIMPLY PRIVATE DATABASES that every small business has even a coffee shop = NO VALUE, its like fiat currency, small minimal value!

BITCOIN BLOCKHAIN = SECURE IMMUTABLE VALUABLE OPEN-SOURCE DECENTRALIZED FAIR (scarce bitcoin supply). Globally people poured over $80Billion (USD) equivelent value into bitcoin and this will increase with time.

hacks (these people may have been well-meaning previously...but people change...):
Mike Hearn : “the "Bitcoin experiment" has "failed." goes on to Ethereum an app coin.
Hearn - Big Bank Bitcoin Bully - https://medium.com/@tradertimm/hearn-big-bank-bitcoin-bully-c61531c082e#.okh9viyze
Craig Wright - desperately claimed to be Satoshi & then flees fraud trying to file a bunch of IP patents! LOL!
Mark Karpeles
Paul Vernon
Josh Garza
Roger Ver
Jeff Garzik (2017 recent; hard forking BTC1 / segwit2x)
"Jeff Garzik wants you to connect to his Bitcoin transaction analytics (spy) company Skry, by default, in the SegWit2x fork. Jeff is a sneaky snake!":https://www.reddit.com/r/Bitcoin/comments/6n9grc/jeff_garzik_wants_you_to_connect_to_his_bitcoin/
Barry Silbert (and his DCG portfolio of companies-ie Coinbase, Bitpay, sponsoring ilk of Jeff Garzik characters)

I truly hope this is informative to you. Please let me know.

no worries, those are probably just attention seeking stunts, just like Mark Cuban, calling bitcoin fad and investing more than $20 mil in bitcoin latter https://www.bitcoinmarketinsider.com/mark-cuban-backs-nick-tomainos-20-million-token-fund/

That is the point. They really neck deep into the Keynesian stuff that they don't realize how old school they have become. But why are they suddenly bad mouthing Bitcoin now. Is it because it made a mess of all their predictions that it wouldn't get this far? Why can't they come to accept that Bitcoin is an asset with a fiat dual characteristics. The excitement this coin generates will definitely be there among its lovers because the world had never witnessed a thing like it before. And certainly, that doesn't make it a fad.

Old school economists, especially those following Keynesian economics have a real hard time understanding it. Especially people who probably dont take the time to understand it. I could list 10 brilliant people who think its stupid simply because they have had it explained to them poorly.

I don't know if I would consider Bitcoin to be comparable with bimetallism. His main justification seems to be that people get excited over new monetary standards, creating a fad. Bitcoin is comparable with things like fiat and gold, but I don't think it's specifically a monetary standard. It's a public currency which no one is able to control, with several advantages that is in line with the technological revolution. This is supported by the fact that governments are increasingly interested in creating their own online currencies. It's evolution at work.

Yeah, I agree it is a fad in a sense that it really became a craze in the world of trading. However, unlike BIMETALLISM, bitcoin doesn't intend to stabilize prices. In fact, cryptocurrencies are so volatile that they don't totally depend (it is INDEPENDENT) on the value of one another, especially the bitcoin. Also, bitcoin doesn't increase the supply of money, which investors and businessmen thought about the BIMETALLISM. Actually, bitcoin is just another type of currency, which means that it doesn't really add to its equivalent value in local money. No one totally takes control of bitcoin but the users themselves.

Actually, its all time-high was recorded on Sunday, October 15, 2017, when it reached its high $5,880.87, according to one of the biggest cryptocurreny exchanges Poloniex.


The Black Monday, or the October 19, 1987 stock market crash, happened just for a short period of time. Let's also think the differences between the 20th century and the 21st century. By that time, internet and technologies are not yet popular, that's why most people that time don't depend so much in online trading (or none). The Black Monday happened mainly because of program trading, according to Wikipedia. During that time, some traders were able to exploit price differences in different markets with the use of a computer program.

With the high-technologies and SMARTER people today, there's a low chance that market crash will happen again. Big traders and investors will not allow that to happen again.

Nobel-winning economist Shiller calls bitcoin a fad
https://www.cnbc.com/2017/10/16/nobel-winning-economist-shiller-calls-bitcoin-a-fad.html