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Nobel Laureate Economist Robert Shiller Calls Bitcoin ‘Sort Of A Bubble’

Nobel laureate economist robert shiller calls bitcoin ‘sort of a bubble’

Nobel Laureate Economist Robert Shiller Calls Bitcoin ‘Sort Of A Bubble’

Nobel laureate economist robert shiller calls bitcoin ‘sort of a bubble’
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Robert Shiller, a Nobel Prize-winning economist, called bitcoin a “sort of bubble,” which is not to say it will burst.

Shiller, the 2013 recipient of the Nobel Prize in Economics for his work in “Trendspotting In Asset Markets,” made his comments on an interview for CNBC.

Shiller made his remarks shortly after bitcoin recorded a 15.94 percent increase in value, from $6,900 to $8,000. The price rose by $1,100 within a 30-minute window, as massive buy volumes emerged.

“It may be with us for a while,” Shiller said. “To me it’s another example of faddish human behavior.” He called it glamorous, but said he doesn’t mean to dismiss it.

“But it’s a story that I think goes way beyond the merit of the idea,” he said, adding that the reason people are excited about bitcoin is more psychological than something that can be explained by the computer science department.

‘Part Of It Is Political’

“I think that part of it is political,” he said, noting that it’s an area that economists tend to neglect. “There’s a big element of people who don’t trust the government anymore, and they like the idea that this didn’t come from the government. It came from some real smart computer scientists.”

“It’s a great story for today’s markets,” he said.

Shiller’s comments are consistent with others he has made in the past. In 2014 he called bitcoin an “inspiration” because of the computer science, but as a currency he said it would return us “to the dark ages.”

Shiller predicted both the dot-com bubble and the housing bubble. Prior to the popping of both of those bubbles, he published “Irrational Exuberance” that detailed the coming crashes.

Also read: If Robert Shiller really thinks bitcoin is a bubble, he will be publishing a book about it

Shiller Joins The Naysayers

Shiller is among several market watchers to question bitcoin’s long-term viability.

Ken Griffin, the billionaire founder and CEO of the Citadel hedge fund management firm, compared bitcoin’s December price surge to the tulip bulb bubble centuries ago in Holland.

Others naysayers include Jim Cramer, former hedge fund manager, best-selling author and host of Mad Money; Nouriel Roubini, an economics professor at New York University’s Stern School of Business; Katsunori Sago, the chief investment officer at Japan Post Bank; Societe Generale Deputy CEO Severin Cabannes; and Credit Suisse CEO Tidjane Thiam.

The most infamous quote of all is left to JP Morgan Chase CEO Jamie Dimon, who said bitcoin is a fraud, while Morgan Stanley chairman and CEO James Gorman has said bitcoin doesn’t quite deserve the attention it is getting.

Featured image from Shutterstock.

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Published at Sat, 14 Apr 2018 05:01:00 +0000

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Blockchain AI Underdog Autonio Yields Over 40X Returns for ICO Investors

As we know, the crypto industry is being increasingly seen as a viable and profitable investment avenue. However, crypto trading, because of its new market, is highly unpredictable and volatile.

Autonio entered the market with an aim to offer every level of investor an opportunity to reap the rewards of crypto trading. Essentially, the platform is a decentralized trading bot, merging blockchain and AI technology. The peer-to-peer network is used to determine any code upgrades, which local clients then implement. This results in a gradual and ongoing improvement of the platform.

Members on the platform can buy or sell their trading strategies, as well as their consultation time. In addition, the platform has built-in and extremely-advanced trading indicators; the full spectrum of them can be found on their website: https://auton.io/

The platform’s medium of exchange is the NIO token, which is ERC20 compliant. NIO’s value increased by over 2,000% in its first week alone, with daily trading volume exceeding $430,000 during a spike between the 8th and the 10th of November, followed by another spike between the 12th and the 16th. At one point, NIO pushed the market cap to over $9 million, and it is now sitting at $3.7 million. NIO currently has a circulating supply of 65,828,135, and a total supply of 220,466,789.

Investors in Autonio’s ICO actually received extra returns: Autonio only raised $54,000—mainly because they did not try to oversell themselves—and all remaining tokens that weren’t burned were equally distributed to investors. In actual fact, they received 24.1646 times more tokens because of this. In addition, most investors also received a 70% discount as they contributed in the first round.

That means although the official ICO price was set at $0.05585 per token, the actual price paid by most investors was $0.0014059. Based on the actual price, Autonio made over 40 times as much on their returns, and if they sold at the peak, they would have made returns of more than 95 times as much.

“I have confidence in my vision and in what I’m trying to build,” said Ali Raheman, the Project Manager of Autonio.

“Because of the experience of my mentors, the feasibility of what we’re building was in constant check, and fortunately for us, the community saw that and wholeheartedly supported us. This is a very humble beginning for a platform that has been made purely for the community, and with the interest of users and investors in mind.”

The owner of NewsBTC, Jonathan Millet, as well as Andrew Wagner, who is the Community Manager for the news portal, are both advisors on the project. They have stated that are proud to work with successful clients who don’t disappoint investors, and that’s exactly what Autonio is.

The platform also has a very active online community on Telegram (t.me/Autonio), thanks in part to the many activities that they’re involved in. This includes airdrops like the one held for MBRS holders, and there will also be one for all ETH holders in the future.

In addition, the platform also holds trading competitions (more on http://nioking.algoshare.net/) in order to which attract high-quality traders. These competitions not only act as a great way for crypto investors to experience the benefits of Autonio, but they also allow the platform’s AI technology to learn from the strategies of the winning competitors. The platform has already had profits ranging from 1,062% to 4,235% APR.

Based on the excellent response to Autonio, it seems as if both their popularity and adoption will continue to grow. By combining the increasingly popular AI industry with the continuously growing blockchain industry, the sky is the limit as to what further advancements can be made, and what more Autonio can offer.

The post Blockchain AI Underdog Autonio Yields Over 40X Returns for ICO Investors appeared first on NEWSBTC.

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