Experts And their 30 Bitcoin Epic Fail Predictions
There is a saying: “If you have absolutely no idea, just do others a favor and shut up from time to time”. Entire industries these days are flooded with so called experts and consultants, who have never earned a penny with the topics they talk about. The worst? -> It’s an industry standard and nobody questions it anymore! Would you ever come to the idea to pay a fortune in order to build a house with a company that never built a house before? For sure not!
The following article is an inspiration of a great read I’ve have seen several weeks ago but couldn’t find the original article anymore, so here is my personal version:
“Cars are for hobbies only, horses will be used for a long time.”
A president of a bank reproached and warned the lawyer of Henry Ford not to put money on an automobile company in 1903.
After 80 years, Marty Cooper, an inventor, made a prediction that cell phones cannot impossibly be better than wired phones. A group of so called experts also dismissed the idea of mobile phones 30 years later.
Epic Bitcoin Forecast Fails
Whenever there is a new technology created, there are people who feel hatred and skepticism towards it. For some, they don’t fully understand it or have interest but they are not ashamed enough to spread their messages on several public channels to broadcast their limited awareness.
Recently, Al Greenspan, the funny previous chairman of the U.S. Federal Reserve announced; “Bitcoin is an absurd form of money.” This negative surprisingly statement came from the same person who said:
“America can accomplish all its debts since money can always be printed.”
The result of this madness caused one of the craziest bubbles in history almost nobody talks about -> The US Dollar
After a great year for Cryptocurrencies, it is a pleasure to review what cynic experts stated about Bitcoin (Most of them only know Bitcoin and are not even aware of the existence of other cryptocurrencies):
Bitcoin Price Prediction Fails:
#1. “This is how Bitcoin ends. Next is…” -Forbes
#2. According to Forbes, “Bitcoins have no worth because of the unstable price. If this is not true, Using Bitcoins is still not a great payment method. Who will want to use these? It is hard to imagine as a solid currency.”
#3. “It is almost the demise of Bitcoin. No one cares…”-Gizmodo Australia
Written in Gizmodo Australia, “Bitcoin, the time when there was a man who had heat stroke because of you is one your most memorable moments and also the time when a robber stopped the operations of Mt Gox the whole day. The amusement was too much. To be blunt, you have to disappear for good. Goodbye.”
#4. “Bitcoin changes negatively, unpredictably, and rapidly. This is irreparable, so it will just lose its value eventually.” -Wired
#5. “Bitcoin is a laughing stock.”-Business Insider
#6. “Do not trust this scam in the digital currency.” -Salon
#7. “Bitcoin is unfavorable. It is analogous to eating junk food. You feel empty and regret afterward.” -Zdnet.com
#8. This year is the highlight of foolishness for those who commented about Bitcoin. Read on to see for yourself.
#9. “Bitcoin is a technique worth copying if there is no payment involved.” stated by Jason Hoffman who is the vice president of Ericsson.
#10. From Reuters, “Bitcoin is useless in terms of monetary value and currency.”
#11. “Bitcoin tries to trick people after it gained its initial confidence. They only become important because there are people who believe that this is a good form of currency. For these people, I want to say that they better buy a doll instead. Unlike Bitcoin, you can actually have this.” -John Crudele, writer for New York Post
#12. “As a shareholder, thinking that Bitcoin will flourish in this industry without suffering the same fate as the previous private currencies or go beyond the power that has been amassed, well protected, and mercilessly imposed for centuries is a ridiculous and perilous thing to imagine.” -Valley News
#13. “It will make a country suffer should Bitcoin continue to thrive since it will make the economic condition worsen, decrease trading, and diminish each person’s standard of life.” -Business Insider
#14. Business Insider once said that if Bitcoin multiplies, it will produce greater economic uncertainty and lower individual standard of living.
#15. “Bitcoin is a nothing but a ripoff in the simplest levels.” This is said by Dennis Gartman, who is a commodities trader. About 3 years after saying this, he still says Bitcoin is not worth of anyone’s attention and time.
#16. “Instead of Bitcoin, I opted to have my $100 paper bills flush down the toilet. Yes, it is a waste. Nevertheless, I knew what happened to my money.” -John Gruber, blog writer.
#17. In June 2014, Mark T. Williams, a former examiner for the Federal Reserve Bank, said; “I will be willing to transact on Bitcoin if it will be less than $10.”
#18. “Bitcoin is a financial scam. It is not a money system as it claims to be. The money gained is simply transferred from libertarian to libertarian.” -Washington Post
#19. “Having assets which are productive is far better than having bitcoins. Because it is not a genuine currency, it will come as no surprise if it is gone after 1 or 2 decades.” -Warren Buffett
#20. Nouriel Roubini who is an economist and a professor at New York University has a number of tweets regarding Bitcoin. To sum it all up, he is saying that Bitcoin is useless, and it can be used for illegitimate activities. If you want more fun, you better check out his tweets yourself.
#21. “Bitcoin is another website that will be buried in people’s memories. Bitcoins’ worth will go down to $1 each when 2016 ends.”-r/Markmywords
#22. “Bitcoin reached its peak, but it is impossible to happen again. Thus, it is a flash in the pan financial fraud.”- Forbes
#23. According to Jamie Dimon, he said; “There is no possibility to have a genuine currency that no one controls. No government in the world will allow currencies that are not under a government’s authority.”
#24. “Bitcoin is not beneficial for anyone except for criminals who need a different mode of payment.”-PYMNTS.com
#25. “Bitcoin is not real. Thus, it has no value because it is non-existent. It is a fraudulent scheme to collect money all over the globe. This is extremely bad for humanity. Thus, it will be placed in history’s trash.” -Plata.com
#26. “Companies should have second thoughts before getting into the Bitcoin industry. Its value has not changed for a couple of months excluding its short spike in November when it got involved with a Chinese financial scam. In general, its publicity is completely gone.” -The Guardian
#27. “Bitcoin is dead. It does not attract people anymore. It can be concluded that Bitcoin is over.” -Taavet Hinrikus, TransferWise chief executive
#28. Rest in peace, Bitcoin. We all have to get on with our lives -Washington Post
#29. Stated in Vox, “People were expecting a revolution from Bitcoin. Why did it not happen?”
#30. Jamie Dimon stated, “Bitcoin is a fraud.” After 60 days, JP Morgan CEO whos bank bought the dip while Bitcoin prices dropped after the media release.
2018 is unpredictable for Bitcoin. For sure many pseudo experts will continue write off and state nonsense about it. Make sure you have your tub of popcorn ready for more crappy expert entertainment.