By Akijar - 15.02.2020
Yep bitcoin was a bubble and it popped
It seems like every asset bubble has a famous anecdote of someone claiming, right at the top, that a crash is impossible. m members in the CryptoCurrency community. The official source for CryptoCurrency News, Discussion & Analysis.
And It Yep bitcoin was a bubble yep bitcoin was a bubble and it popped it popped. His main piece of evidence is that the tax binance and rose sharply and then fell sharply.
I have no clue as to what Bitcoin should be worth, and I doubt anyone else does either.
Bubble theories are only true if they are useful, and they just click for source not useful.
This advice was exceedingly non-useful; in fact if you followed the advice of bubble proponents you missed out on the opportunity to earn a massive profit investing in Bitcoin. In any efficient asset market source an extremely volatile price, the current value of the asset will usually be far below the historical maximum price.
BTW, I define a bubble as a price that is clearly too high relative to fundamentals, and thus an asset with a poor expected return, based on rational analysis. In fairness, Noah Smith defines yep bitcoin was a bubble and it popped differently: Formally, an asset bubble is just a rapid rise and abrupt crash in prices.
In the real world, the vast majority of times where people speak of bubbles they are using my definition, assuming market irrationality.
Actually there is very good reason why investors might have revised their expectations for future earnings in latewe were entering the Great Depression. But his point is valid for the stock crash.
Recently I learned of the failure of another anti-EMH theory that was provided to me back in early —value stocks as a good investment: Just to be clear, I understand that value stocks had an amazing run for yep bitcoin was a bubble and it popped a long while.
So did Bitcoin. My point is that anti-EMH theories are not useful, because by the time you start trying to take advantage of them they are likely to stop working. If that were not true then mutual funds based on highly robust yep bitcoin was a bubble and it popped theories would outperform index funds.
For instance, if someone insists that his investment fund consistently offers really high returns, year after year, and the returns seem uncorrelated with the yep bitcoin was a bubble and it popped market, that should raise a red flag. In contrast, the SEC does not believe in the EMH, and ignored warnings about a fund with implausible returns, year after year.
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