Popping the Bitcoin Bubble: 5 reasons economists might be wrong
A CNBC survey this week found that 80% of Wall Street economists believe current Bitcoin prices are a bubble. Eight-zero percent. We can’t even get 4 out of 5 dentists to recommend flossing. Another Wall Street Journal study found 51 out of 53 economists surveyed thought bitcoin's price was an unsustainable bubble. Clearly, Bitcoin has a remarkable ability to bring the world’s economists together -- and just in time for Christmas! This news scares me a bit. I don’t want to be the guy buying up beach front investment property in Florida in 2007. Or Beanie Babbies in... well, pretty much ever. But there are at least 5 reasons I view these Bitcoin obituaries with skepticism. 1) Bitcoin threatens the role of traditional finance If I hopped in my time machine destined for 2010 and polled 53 taxi drivers I’m sure I wouldn’t find many bullish on Uber. I’d also be using a time machine for the stupidest purpose since Back to the Future 3. Most investment strategies are born out of financial institutions. These folks like being informed. Consider how far the Duke brothers went to obtain the 1983 orange crop forecast. Cryptocurrency is rooted in the tech community, not finance. I doubt many fund managers ever considered investing in Bitcoin, at least not until recently. If my only job was to invest money for other people and I missed the biggest investment opportunity of the century, I would probably be a bit bitter. 2) If everyone thinks its a bubble, is it really a bubble? The housing market in 2007 was a can’t-lose investment. Lie on your loan application. Scoop up a condo before the unit is finished being built Sell your condo several months later for 50% profit Everybody wins! Nobody seemed to think that housing demand could ever fall. Conversely, most people buying Bitcoin are very aware of some degree of risk. Corrections happen near weekly. And, clearly, the professionals have reached a consensus that Bitcoin is overvalued. I’m sure there are some Bitcoin investors who aren’t properly assessing the risk, like this idiot family that sold their home in October to buy in. But overall, people realize Bitcoin isn’t a sure-thing. -- Also, that idiot family just quadrupled their investment in 3 months. 3) People aren’t buying on credit As far as I’m aware, most credit card companies and loan agencies, aren’t going to throw cash at you to buy Bitcoin. In fact, all the exchanges I have worked with require direct bank transfers. The level of effort required to buy Bitcoin is unusually high. It may take someone several days to get verified and several more to fund their account. When you’re forced to think about your investment plans for a few days, you’ll likely make a more thoughtful decision. Both Bitcoin and handguns have a waiting period. 4) Coinbase is adding over 100,000 users a day A couple years ago I couldn’t talk about Bitcoin with anyone, because nobody knew (or cared) what the heck it was. Now, I can’t talk about Bitcoin with anyone because they are all tired of hearing about it! All of this brand awareness is driving a surge in demand. As any good Herbalife salesmen will tell you, “generating demand for your product is key... Now will you please please please buy $5,000 of milkshake mix?” 5) Bitcoin has been declared dead over 200 times BitcoinObituaries.com chronicles Bitcoin’s demise with an endless list of doomsday publications. As we’ve already established, economists really hate Bitcoin, and apparently publishers aren’t too fond of it either. Lots of people have claimed Bitcoin was a ponzi scheme, or unsustainable, or an alien plot to steal our mothers (Maybe that last one was just a movie.). But the blockchain keeps kicking, people keep investing, and publishers and economists keep being wrong. At this point it seems like a lot of writers are just too stubborn to admit that maybe they were wrong. Maybe a global decentralized currency does have a purpose. Maybe an asset can derive value from its users rather than a central authority. And maybe they can borrow my time-machine for a spin. About The Author I'm just a silicon valley marketer who has invested, mined, and spent various cryptocurrencies for the past 6 years.
Thinking of writing a regular column on read.cash called "The Bitcoin Cash Chronicles". Would love if someone could make a logo I can use as the lead image/full-width background. If I use it I'll pay .25 BCH. If I really like it, .3 BCH. DMs are open.
03-30 21:33 - 'Chronicle' (self.Bitcoin) by /u/Larryja removed from /r/Bitcoin within 6-16min
''' WELCOME TO CHRONICLE Chronicle is an ERC-20 crypto currency charity project deployed on the ethereum blockchain developed for charity purposes To join our AIRDROP campaign, like, follow us on Twitter, retweet and join our telegram chat. Telegram. u/chr_onicle Website. [[link]2 Telegram announcement channel. u/chroniclea AIRDROP IS 1000 TOKEN PER INVESTOR ''' Chronicle Go1dfish undelete link unreddit undelete link Author: Larryja 1: *hro*icle.uwu*a* 2: c**o*icle.uwu**i]^^1 Unknown links are censored to prevent spreading illicit content.
Thank Kanye West and Micheal Jordan. You buy the shoes, I'll buy the ipo. Augur and Slock-it are my other favorites. I know , I know but don't be a cry baby. Stop thinking zero sum. Two currencies can coexist and will. I don't know if it is the black in me or the poor in me but I have always had this innate fear of stocks and risk. Oh well, I am here now and I am damn good at finding winners.... GL
"When I hear people complaining that CSW is toxic to crypto I have two responses: 1/ Bitcoin is NOT cryptocurrency, it's a global chronicle of events. 2/ He's not just toxic to crypto. He's fatal to every malformed idea about Bitcoin that has taken hold in the last decade. Nour."
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Chronicled, Inc. is a blockchain and loT technology company based in San Francisco. Chronicled is developing solutions enabling physical property to be securely linked to a blockchain for ... Chronicled is securing the Internet of Things with cryptographic identities, on a decentralised blockchain backend. This video should not be viewed as a general solicitation and is for information ... Simon Dixon with The Crypto Lark discusses Bitcoin - The Opportunity of a Lifetime - Duration: 44:05. ... local news chronicled devastation of mass layoffs - Duration: 1:21. ThinkProgress ... Day 51 of my Bitconnect Investment chronicled here. bitcoin information program: http://www.icoinprohangout.com/dapperdon c anderson's compounding spreadshee... Chronicled Smart Supply Chain Overview by Chronicled. 1:26. Play next; Play now ; How Blockchain is going to benefit pharma by eyeforpharma. 3:49. Play next; Play now; GivETH - Charity 3.0 ...