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Nobel laureate in Economics: bitcoin is just another bubble
Material posted: Publication date: 10-09-2017
Robert Shiller is an American economist, has published a number of scientific papers and books on Economics. In 2013, Schiller was the winner of the Nobel prize in Economics. At the moment a scientist teaches the subject at Yale University as a Professor and directs his investment firm MacroMarkets. In one of his last interviews, the famous economist openly stated that he believes bitcoin is just another bubble.

Among the books which were written by a scientist, there is one particularly interesting, entitled "the Economics of manipulation and deception", telling about financial "soap bubbles". So someone is not the expert in this field, would have to ask a question about the current situation on the market of cryptocurrencies. What, exactly, did the journalists of the portal Quartz.

"Bitcoin is the best example of the bubble at the moment. Personally, I think its popularity stems from the deeply motivating story of the formation of the currency. I can see it in the eyes of their students from Yale. Begin with them to discuss bitcoin, and they instantly come to a complete delight. And I think to myself, what's this exciting?", — said the Professor.

Scientists believe that it is in the mysteriousness of the history of the emergence of bitcoin is shrouded in mystery and the identity of its Creator Satoshi Nakamoto lies so high attractiveness of the idea of cryptocurrency. Cryptocurrency like viral advertising, or popular meme captured the minds of people. Yeah so seized that even the governments of major countries are not able to resist the rapidly growing popularity of bitcoins. According to the scientist, big things happen when someone comes up with a great story and carefully it spins.

"The idea of bitcoin skillfully plays on the irrational fear of man to the future. Many worry what will be the future. What if in the future bitcoin will make me fabulously wealthy? Do I need to do in the future of traditional paper money? Will not take the robots and artificial intelligence my work? That is why people try to understand new technologies and quickly make them part of your life."

The Professor also admitted that regularly polls the largest investors on the basis of information received, outputs the index of confidence for the investment market. Now, at such a low level of this market was in 2000. In that year, the bursting of the "dot com bubble" companies whose business model is entirely based on work in the context of the Internet. Today, the word "dotcom" is used to designate a ill-considered or immature business concept. From the point of view of Robert Shiller have bitcoins have most of the signs of another bubble.

Sergey Grey


Tags: finances

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