One of the biggest Wall Street Bitcoin bulls just turned bearish

dinofelis

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Quote from: knight22 on February 18, 2015, 07:07:17 PM

Any form of money specially the USD are based on the greatest fool theory. That's how money works.

No. Money runs on the SAME fool theory. You accept it, because you think someone else will accept it *for about the same value*.
A same fool theory is sustainable, and if it kicks in, you have money. The reason why it is sustainable is that you can appear AGAIN further in the loop. And again, and again.

A Ponzi, or a bubble, is based upon the GREATER fool theory. You will eventually run out of greater fools, so this is not sustainable.

However, in order for an asset to become money, and to adopt a same fool theory, it has to go through some stages of "greater fool" when it is acquiring value.

So no (free) monetary asset can avoid having a bublish behavior during its initial phase.

The difference between a bubble, and emerging money, is that the asset collapses after the bubble, and flattens out on the top if it becomes money.

tabnloz

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He's a media guy from Fast Money but he has also been that programs crypto bull. Has written a book on crypto, founded his own coin (Nautilus) and been a mouthpiece for bitcoin amongst the Wall St types. I haven't ever found him over the top, pound the desk style bullish, just positive on the possibilities. Probably more similar to Matt Miller than Barry Silbert.

lyth0s

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World Class Cryptonaire

Quote from: knight22 on February 25, 2015, 09:39:35 PM

Seems like Brian Kelly is making bull comments again:

Bitcoin futures market just changed the game

http://www.cnbc.com/id/102456187

Quote

Digital currencies are quickly becoming a new financial asset class for investors, traders and businesses. As early adopters profitably hand off to the next wave of institutional investors, the ecosystem will likely grow at an exponential pace. High-profile investors are a sure sign of an economy that is not just surviving; it's a sign that it is thriving. It is becoming increasingly likely that the 2014 reports of bitcoin's death have been greatly exaggerated.

The more I hear about this guy the more I want to know if he is really in the investing business or is he in the media business? OR does he use the media to effect people's emotions to SUPPORT his investment business? Cool

Stop listening to media hype and create your own informed opinions. It'll serve you well.

pattu1

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Quote from: FUR11 on February 26, 2015, 03:57:25 PM

People are turning bearish all the time. And some are also turning bullish. The people on Wall Street are humans as well, they experience the same emotions as anyone else and they also make mistakes. Why shouldn't someone turn bearish, once in a while?

Wall street is driven by profits, nothing else.
They try to make money out of other people's emotions.

ajareselde

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Satoshi is rolling in his grave. #bitcoin

Quote from: FUR11 on February 26, 2015, 03:57:25 PM

People are turning bearish all the time. And some are also turning bullish. The people on Wall Street are humans as well, they experience the same emotions as anyone else and they also make mistakes. Why shouldn't someone turn bearish, once in a while?

Saying bearish things is the best way to get the correct and direct answer. So he said "bitcoin operates on a greater fools theory, which is fine until you run out of fools"
where he was totally countered with a straight response, even a bit laughter.
To me it seams the his bearish statement was actually not his own personal opinion, but an answer to the wuestion many are asking.

cheers

FUR11

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FURring bitcoin up since 1762

People are turning bearish all the time. And some are also turning bullish. The people on Wall Street are humans as well, they experience the same emotions as anyone else and they also make mistakes. Why shouldn't someone turn bearish, once in a while?

indiemax

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Quote from: NotLambchop on February 26, 2015, 07:56:38 AM

Quote from: WhatTheGox on February 25, 2015, 11:23:46 PM

...
Someone announcing to the public they are bearish on bitcoins means they want to buy bitcoin. Not fooled by this.

Conversely, someone announcing they're bullish means they're trying to GTFO.

Exactly

cellard

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Everything is a greater fool theory, it's called free market.

tabnloz

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Another BK endorsement of bitcoin, highlighting use case for small business.

http://www.entrepreneur.com/article/243071

/thread

uki

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cryptojunk bag holder

Quote from: S3052 on February 19, 2015, 02:57:04 AM

How stupid this is. I can't believe it.
A "Wall Street Guru" declares to be bearish AFTER price plunges from 1163 $ to 152$, a decline of 90% (now bitcoin prices are at 236 $). This is typical. Wall street analysts have no clue what's going on. Instead, most often they are a great contrarian indicator.
On bullbearanalytics, we have been BEARISH right in the 1000$ zone http://bullbearanalytics.com/2015/01/17/bitcoin-predictions-review-outperform-buy-hold/. We are fine not being called wall street gurus.. we don't care. we focus on doing the right analysis for our community members.

How about saying one thing and doing exactly the opposite? This what usually Wall Street guys do, right?

NotLambchop

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Quote from: WhatTheGox on February 25, 2015, 11:23:46 PM

...
Someone announcing to the public they are bearish on bitcoins means they want to buy bitcoin. Not fooled by this.

Conversely, someone announcing they're bullish means they're trying to GTFO.

Q7

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Quote from: zimmah on February 19, 2015, 10:47:58 AM

Fiat runs on the greater fools theory too, and there's a near infinite number of fools on the world anyway

Ha. Good statement. Sometimes things being so simple and yet everything is right there in front of us and we just chose not to accept it. By the way, I don't think the statement that Brian Kelly made is going to cause any negative effect. He's probably writing two sides of a story to gain some attention or readers.

tabnloz

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BK doesn't come across as bearish by any stretch.

http://www.cnbc.com/id/102456187

WhatTheGox

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Quote from: Wandererfromthenorth on February 18, 2015, 06:49:46 PM

Watch this part of this video:

https://www.youtube.com/watch?v=EFxsIbhPws4#t=1h07m30s

You see Brian Kelly (http://www.briankellycapital.com/bitcoin-big-bang/), one of the biggest Wall Street bitcoin bulls who wrote "the Bitcoin Big Bang: how alternative currencies are going to change the world" being concerned about bitcoin as an investment and admit that "bitcoin operates on a greater fools theory, which is fine until you run out of fools" .

Did we just witness one of the biggest Wall Street Bitcoin bulls just turn bearish?

By the way, the whole video is great is you're interested.

Someone announcing to the public they are bearish on bitcoins means they want to buy bitcoin. Not fooled by this.

knight22

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--------------->¿?

Seems like Brian Kelly is making bull comments again:

Bitcoin futures market just changed the game

http://www.cnbc.com/id/102456187

Nagle

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Quote from: manfred on February 19, 2015, 02:09:58 PM

Bitcoin on the other hand is a commodity just like Gold and the base price is what it cost to produce.

No, it doesn't work like that, because of the way difficulty adjusts. The price of Bitcoin drives mining, not the other way around. Everybody on the mining side understands this, painfully.

S3052

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Quote from: ElectricMucus on February 19, 2015, 12:45:08 PM

Quote from: S3052 on February 19, 2015, 02:57:04 AM

How stupid this is. I can't believe it.
A "Wall Street Guru" declares to be bearish AFTER price plunges from 1163 $ to 152$, a decline of 90% (now bitcoin prices are at 236 $). This is typical. Wall street analysts have no clue what's going on. Instead, most often they are a great contrarian indicator.
On bullbearanalytics, we have been BEARISH right in the 1000$ zone http://bullbearanalytics.com/2015/01/17/bitcoin-predictions-review-outperform-buy-hold/. We are fine not being called wall street gurus.. we don't care. we focus on doing the right analysis for our community members.

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Stop shilling for your pump & dump syndicate papa smurf

thanks for the kudos :-)
We just analyse and develop bitcoin forecasts. if people buy and sell thereafter, leading to pump and dump, that's totally usual. we know that our forecasts very often move the market.

manfred

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Energy is Wealth

Ripple operates on the greater fools theory. Bitcoin on the other hand is a commodity just like Gold and the base price is what it cost to produce.

ElectricMucus

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Marketing manager - GO MP

Quote from: S3052 on February 19, 2015, 02:57:04 AM

How stupid this is. I can't believe it.
A "Wall Street Guru" declares to be bearish AFTER price plunges from 1163 $ to 152$, a decline of 90% (now bitcoin prices are at 236 $). This is typical. Wall street analysts have no clue what's going on. Instead, most often they are a great contrarian indicator.
On bullbearanalytics, we have been BEARISH right in the 1000$ zone http://bullbearanalytics.com/2015/01/17/bitcoin-predictions-review-outperform-buy-hold/. We are fine not being called wall street gurus.. we don't care. we focus on doing the right analysis for our community members.

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Stop shilling for your pump & dump syndicate papa smurf

HarmonLi

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Honest 80s business!

The only reason why really-early adopters still may cash out would be to hedge against the possibility that Bitcoin really is headed to $0 this time. I don't think the probability for this is very high but I can see why people may be wise to at least prepare for the possibility. Just keep in mind: Those people are most likely (still) deep in the black numbers, but just want to make sure not to lose out in case of BTC failing...

Topic: One of the biggest Wall Street Bitcoin bulls just turned bearish (Read 4521 times)