It's over boys

>either implode or drag on
T-thanks.

part of the intrinsic value meme

>it either has no value or it don't

you heard it from the nobile prize winning economist.

could go up but it could go down, thanks Mr. Shiller.

What!?! Crypto was compared to Tulips!?!? That unheard of! What an expert!!!! Fuck shit ass balls no one ever thought of that!!!

What the fuck is bitcoin's actual application aside from speculation?

i do like his little addition though, he is the very least larping some thought by pointing out tulips never actually went to zero

>What the fuck is dollar's actual application aside from speculation?

Such deep and insightful commentary. No wonder they awarded Obama the Peace Prize for bombing even more countries that Bush and pushing secret drone wars while spying on all of us.

>it'll either go up or it'll go down!
Amazing foresight, Mr. (((Shiller)))

it is a peer to peer electronic cash system user

I honestly cannot believe this jackass is a Nobel-prize winning economist and he makes a fucking retarded comparison like that. Jesus Christ. I feel like that argument has been debunked so many times already.

>“It has no value at all"
Such a stupid fucking vapid nihilistic statement. Couple this with comparing cutting edge technology to a fucking flower and it's safe to say this old fart doesn't have a clue what he's talking about.

It should be buying shit, like every other currency, but people speculating with it's price are killing it.

HIS NAME IS ACTUALLY PROF. SHILLER

LOL

HE'S A BETTER SHILLER THAN ALL YOU BIZTARDS

sending money across countries cheaply

It wasn't just a fucking flower, it was new and enticing and people just wanted it without caring that it's useless. Hey, just like most shitcoins.

It pretty much has no value at all user

What the fuck can you do with it other than trade it for other valueless coins? Srs

The tulip bubble never happened
It’s a myth

Decentralized ledgers without a cryptocurrency provide no incentive at all for people to keep it running. They can only work if they're maintained by a private institution defeating the whole purpose of a decentralized ledger.

>“It has no value at all unless there is some common consensus that it has value"

nigga just answered himself. bitcoin has value because we agree that it has value, end.

>Could either die or not die
Thanks Mr. Shiller

this. currency is inherently worthless, at the end of the day bit coins is merely a ledger and all that matters is whether or not people decide to give a shit about that ledger.

the people that hiked us to this price do not give a shit about that ledger, whether they actually realize it or not the ledger they care about is the cuckbase one

also whatever tulip craze he is talking about was not real, so much for research fuckhead economist

if your title is economist you need to consider the chair and rope

>the cryptocurrency will either implode or drag on
>It has no value at all unless there is some common consensus that it has value

starting salary 100K

And what do you do with gold? Fucking nothing. If you think bitcoin is worthless than you must think gold is too.

He's 100% correct. Bitcoin is running 100% on name recognition and tether. The actual tech is horribly outdated and borderline useless. There are many coins out there with better tech. It is 100% currently being used purely for investments, as he said. Prove me otherwise.

they already exist and are working
Provenance
Fluent
Gem Health
IBM

Tulips were the first recorded economic bubble.

> “It has no value at all unless there is some common consensus that it has value"

How is that different than literally any other currency that has ever existed (outside of maybe resource currency which still has intrinsic value)

it's a meme, it is not a valid comparison

It doesn't matter what the baby boomers think. They'll be dead soon and young people will push the new tech. Baby boomers still struggle to use iPhones, but they're experts on CryptoCurrency.

What a pointless, bullshit, reputation protecting statement. "Could last 100 years" basically means that if it pops within lifetime he can say "oh oh I told you all!" and if it doesn't he'll be dead so who gives a fuck what he said anyway.

At the end of the day, Bitcoin is just another pump-&-dump scam.

You build it into jewelry or circuitry.

>It has no value at all unless there is some common consensus that it has value

just like the us dollar. i must say who ever this shiller guy is he is not a good shiller, atleast when trying to spread FUD to get bitcoins for cheap u make up rumours about government regulations and shit.

Full faith and credit of the United States

the difference is that governments tell all the people which currency they are going to accept

>pajeet buy flower
>sell to brother 1/1000th of a tulip for 1000 gelt
>market suddenly make tulip billions

Not just the dollar, literally everything.
You can have a diamond the size of a minivan or a machine that turns grass into filet mignon and both of which would be worthless if someone else didn't find it to have value.

Except that it is.

>machine that turns grass into filet mignon
Filet mignon actually feeds you stupid comparison

The meme magic is getting stronger

>his name is literally shiller

That alone wouldn't make it expensive as it is now. Gold's price is pure speculation and scarcity.

So?
Lets pretend that everyone on the planet is vegan for whatever reason. Nobody is going to care about a steak machine.

Nothing has inherent value. People (sometimes animals) are the ones that ascribe value to things.

And they're no better than a simple sql database that the banks can modify at will, they're just for show, they provide no real benefit.

It's use in jewellery is only because people think it has value.

Circuitry, less than 15% of gold is used for circuitry.

No it's not, there's a finite number of bitcoins

>IBM football ad mentions Blockchain
WE ARE ALL GOING TO OUTER FUCKING GALAXY

Fun fact: the Nobel Prize in Economics is not a real Nobel Prize.

>Lets pretend that everyone on the planet is vegan
Or lets not.

yes but there is some minimum value above zero, bit coins do literally nothing aside from record who has how many

>let's pretend that nobody could find inherent value in things
>if this happened then nothing would have inherent value

>Shiller
is he /our guy/ ?

The old age of economics and fiat derivatives ends now old man. He clearly has no idea what blockchains are and if asked what is bitcoinmining he'd scratch his head with a confused look on his face like a child stunned by the dillemma of his own poop not tasting like pudding.
Also reminder, no mainstream speculant predicted 2008 market crash. It was all "it's stable", "it can't go down"

>machine that turns grass into filet mignon
they call those cows don't they bro?

tulips are duplicatable, there can be any amount of tulips. cryptos (normally) aren't.

the tulip mania lasted less than a year. one bubble no more. bitcoin had 523948523 booms in the past 8 years, it always booms again.
bitcoin has intrinsic value.

it's the fact that it's non-duplicatable AND easy to transfer.

those 2 attributes alone gives it immense intrinsic value.

>we have no records if the tulip bubble even happened
>this guy is comparing it to the most revolutionary technology this century

Ugh. All of these fucking old school equities idiots with vague open-ended prouncements .

I also hate 'be fearful when others are greedy, greedy when others are fearful' when it comes to crypto, Warren Buffett is about as credible as Jimmy Buffett.

HIS NAME IS ROBERT FUCKING SHILLER AND YOURE TRUSTING THIS

So like every single cryptocurrency? Also,
>$30 fees
>easy to transfer
My shits are also nonduplicatable and I'll mail them to you for $30.

This.
LOL

>Robert Shiller, who predicts the cryptocurrency will either implode or drag on,
Oh hey look its another retarded tulip nonsense babbler
>muh tulips

Tulipa mania failed because it didnt have an international outreach. No internet in 1640, nobody could pump it outside of its country except the locals.

>predicts the cryptocurrency will either implode or drag on
Well no shit what other possibility is there lol. That's like saying a person is either moving or not moving

This very thoughtful analysis.
>Maibe it gu up ur mybe it goe doewn
>Eiter way it wil muve!

desu senpai i only got like 4% of my holdings in BTC, though i must admit it makes me worried sometimes, but i wasn't arguing for bitcoin against other cryptos, i'm pointing out that the tulip mania comparison is entirely flaw'd and the fact that a nobel-prize winning 'economist' brings this up (after 8! years of the market) just made me think heavily about the value of nobel prizes
i think nobel prizes are tulips and won't be worth to even mention in a few years

Are you this fucking retarded? I can go to the store and buy a pizza slice for a dollar

youtu.be/KTf5j9LDObk

i can pay xbox live with bitcoin. i can play cryptokitties with ether. i can order anything from overstock w/ crypto. i can buy 15823753987 online services or goods from retailers for crypto.

i can put VAST amounts of money in crypto and do whatever i want with those funds, and convert them back to any other kind of wealth whenever i want to.

...

Not before it's converted to fiat first. No business accepts BTC directly. That's why the BTC price isn't fixed.

>You could be a nobel-winning economist

All this means is he's really good at being a fucking dork, he doesn't know anything.

>bitcoin moves up
>a few award-winning economists predicting prosperity and $100k eoy pop up

>bitcoin moves down
>a few award-winning economists predicting complete annihilation and $1k eom pop up

Happens every time.

Surely a bunch of barely adults with zero background in finance know better than a nobel prize winning economist

this. ITT i hope bit coins price go up because i deserve to be rich and can't do things

-Apple was total shit on the way down
-Facebook was doomed becuase it didnt moon the first few months after ipo
-netflix was toast after the first 50% drop years ago

This board is total shit and everyone should just kill themselves.

Are you saying this board is actually the best on Veeky Forums?

>“It reminds me of the Tulip mania in Holland in the 1640s, and so the question is did that collapse? We still pay for tulips even now and sometimes they get expensive,”

is this a joke?
he sounds like my retarded neighbour

>nobel piece prize winning and world renown economist
>manages to spew a bunch of illogical bullshit out of his mouth

This this this

Just stop bro. We get the direction you're trying to go but you're wrong. Some items have intrinsic value, other items (like fiat) rely almost exclusively on extrinsic value.

If Wood became a currency it would still have value because of its utility. You can build a house with it, keep yourself warm etc. Even if the intrinsic value of Wood was sky-high, it will always have value.

Fiat, generally, has no intrinsic value. I mean I guess you could burn piles of money but thats about it. If society stops deciding that it's worth something, it will be essentially worthess

They are all corporate. How are they decentralized?
Can you buy weapons and drugs with them? Can you launder money with them? Can you hide your money from your government using them? If not, they are useless.

>he says, while buying thousands of BTC

>illegal value proposition
Literally can never make it. You can’t take something like that to the mainstream.

they have a vested interest in toeing the (((banks'))) line cuz they may end up with a cushy job on the board if they play their cards right.

Also fuck this cunt.

I agree with Shiller, but does not stop me of riding the bubble up and get rich with it.

That's how every big crypto started out. Bitcoin was used to trade child porn on Tor for the first 3 years. That's why Monero will be #1 in a few years time.
The whole point of cryptocurrency is fucking with the governments, the coin that fails to do so is doomed to die.
That's the only intrinsic value to crypto.

This. The Dunning-Kruger is strong with shitcoiners.

>It could either collapse or not
Thanks genius