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| January 23, 2018

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CNN

What went wrong with Hawaii’s false emergency alert

January 16, 2018 |

An emergency missile alert accidentally went out to everyone in Hawaii on Saturday after an employee “pushed the wrong button.”
CNN.com – RSS Channel – World

Trump’s pick for health secretary makes clear he’s totally the wrong guy for the job

January 12, 2018 |

Watching Alex Azar, President Trump’s nominee for health secretary, testify before the Senate Finance Committee this week, I realized he’s more impressive than I’d previously thought.

Unlike Energy Secretary Rick Perry, Azar isn’t alarmingly ignorant about the department he’d run. Unlike Scott…


L.A. Times – Business

She Had a Wrong Diagnosis for 6 Years, Thanks to This

January 3, 2018 |

For six years, a woman suffered from regular bouts of sharp abdominal pains, and doctors assumed she had the bowel disorder known as Crohn’s disease. Because the 41-year-old wasn’t responding to the usual treatments, they resorted to surgery—and discovered the true and bizarre cause of her discomfort. Small pieces…
Newser

30 People Who Were Really Wrong About Bitcoin

December 9, 2017 |

30 People Who Were Really Wrong About Bitcoin

“The horse is here to stay but the automobile is only a novelty – a fad.” So scolded a bank president in 1903, warning Henry Ford’s lawyer not to invest in the motor company. 80 years later, inventor Marty Cooper predicted: “Cellular phones will absolutely not replace local wire systems.” And, 30 years after that, a string of “experts” emerged to dismiss the latest tech – Bitcoin.

See also: He’s Back! Jamie Dimon’s JP Morgan Chase Ponders Bitcoin Futures Move

The Dumbest Bitcoin Predictions Ever Made

Every disruptive piece of technology attracts its haters and sceptics. Some people just don’t get it, some don’t want to, and others dismiss it out of self-interest. Just this week, former U.S. Federal Reserve chairman Al Greenspan declared: “Bitcoin is not a rational currency.” This is coming from the same man who, in 2011, said: “The United States can pay any debt it has because we can always print money.”

30 People Who Were Really Wrong About BitcoinSometimes, there simply aren’t enough reaction faces. As bitcoin nears the end of a record-breaking year, it seems an appropriate time to revisit the tidings of bitcoin naysayers who were forced to eat their words. Take out the popcorn and get comfortable as we dive into the direst bitcoin pronouncements ever uttered.

2011

“So, That’s the End of Bitcoin Then” – Forbes. The publication continues:

[Bitcoins are] not liquid, nor a store of value, as the price collapse shows and if they’re none of those things then they’ll not be a great medium of exchange either as who would want to accept them?…It’s difficult to see what the currency has going for it.

2013

“The Bitcoin Is Dying. Whatever.” – Gizmodo Australia. It reads:

So Bitcoin, we’ll remember the good times, like the time that one guy who got heat stroke while mining Bitcoins. Or the time there was the great heist caper that shut down trading site Mt Gox for an entire day. The lulz were abundant. But frankly, it’s time for you to go. Farewell.

30 People Who Were Really Wrong About Bitcoin

Wired: “[Bitcoin’s] volatility and built-in irreversibility will doom it to the ash-heap of history.”

Business Insider: “Bitcoin is a joke.”

“Beware of This Insidious New Currency Scam” – Salon

“Bitcoin is a really bad idea. Promoting digital currency is like promoting digital food; it will leave you empty and you’ll wonder why you ever thought it was a good idea.” – Zdnet.com

2014

2014 was peak stupidity for writing off bitcoin, as the following soundbites show.

Jason Hoffman, Ericsson vice president: Bitcoin’s blockchain is a good strategy to emulate if “you throw away the actual currency part of it.”

“Bitcoin is neither a relatable store of value nor a helpful unit of account.” – Reuters

John Crudele, New York Post columnist:

Bitcoins are a fake currency that is nothing more than a confidence scheme. Their only value is that there are a few layers of gullible people who are willing to accept them as some form of payment. Eventually this confidence game will end. Go out and buy Beanie Babies instead. At least you can take them to bed at night.

 

30 People Who Were Really Wrong About Bitcoin
First they ignore you, then they laugh at you, then they beg for bitcoin.

Valley News:

Anyone who thinks that Bitcoin will triumph has to believe that it will succeed where earlier generations of private currencies failed — that Bitcoin will, improbably, manage to overthrow more than a century’s worth of accumulated state power, jealously guarded and ruthlessly enforced. That’s a preposterous fantasy — and a dangerous one, if you’re an investor.

30 People Who Were Really Wrong About Bitcoin“If Bitcoin was allowed to proliferate as a currency it would produce greater economic uncertainty, reduced trade and lower individual standard of living.” – Business Insider.

Ex-Federal Reserve Bank examiner, Mark T. Williams: Bitcoin “will trade for under $ 10” by June 2014.

Commodities trader Dennis Gartman: Bitcoin is “nothing more than a scam of the first order.” (Three years later and he’s still writing off bitcoin.)

Blogger John Gruber: “In lieu of Bitcoin, I’ve stuck to flushing $ 100 bills down a toilet. I’m deep in the red, but at least I understand exactly what’s going on.”

Washington Post: “Bitcoin isn’t a currency. It’s a Ponzi scheme for redistributing wealth from one libertarian to another.”

30 People Who Were Really Wrong About Bitcoin
“Chief Investment Strategist”

Warren Buffett:

“You’ll be much better off owning productive assets over the next 50 years than you will be holding…bitcoins. It’s not a currency. I wouldn’t be surprised if it wasn’t around in the next 10-20 years.”

 

NYU economist and professor Nouriel Roubini:

30 People Who Were Really Wrong About Bitcoin

30 People Who Were Really Wrong About Bitcoin

To anyone seeking an excuse for more popcorn, all of Roubini’s tweets regarding bitcoin are delicious.

2015

30 People Who Were Really Wrong About Bitcoin“Bitcoins are going to be another dot com bubble burst and they will crash to $ 1 per bitcoin by the end of 2016.” – r/Markmywords

“Bitcoin has peaked and is very unlikely to escalate significantly in value again…It’s basically an elaborate Ponzi scheme.” – Forbes

Jamie Dimon:

There will be no real, non-controlled currency in the world. There is no government that’s going to put up with it for long…there will be no currency that gets around government controls.

“The blockchain does not solve a single problem that anyone, anywhere has – unless you are a criminal and need an anonymous currency to pay or be paid.” – PYMNTS.com

30 People Who Were Really Wrong About Bitcoin

Plata.com:

Bitcoin is a non-thing. It will never be able to have an independent, sovereign value on its own, because it is a non-thing…the Bitcoin is, in fact if not in intention, a fraud; it is an attempt to muscle-in on the enormous scam of universal fiat money, which is a curse upon mankind. And as a scam, it will go to the dustbin of history.

The Guardian: “Spare a thought for the companies scrabbling to jump off the bitcoin ship before it sinks. The currency’s value has been static for months (except for a brief boom and bust in early November when it was caught up in a Chinese ponzi scheme), but perhaps more damningly still, the hype has all but disappeared.”

2016

Taavet Hinrikus, CEO of TransferWise:

Bitcoin, I think we can say, is dead. There is no traction, no one is using bitcoin. The bitcoin experiment, I think we can say, is over.

“R.I.P. Bitcoin. It’s time to move on.” – Washington Post

“Bitcoin was supposed to change the world. What happened?” – Vox

 

2017

30 People Who Were Really Wrong About Bitcoin“Bitcoin is a fraud. It’s worse than tulip bulbs.” – Jamie Dimon

Two months later: Jamie Dimon’s JP Morgan Chase & Co is “looking at business opportunities in the planned bitcoin-futures market”.

Whatever 2018 brings for bitcoin, it’s sure to be filled with more luminaries writing off the unstoppable digital currency. See you in 12 months’ time for more popcorn, schadenfreude, and sensible chuckles.

Do you think haters will learn to hold their tongues in 2018, or is bitcoin in line for more apocalyptic pronouncements? Let us know in the comments section below.


Images courtesy of Shutterstock.


Bitcoin is a decentralized digital currency that enables near-instant, low-cost payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. Read all about it at wiki.Bitcoin.com.

The post 30 People Who Were Really Wrong About Bitcoin appeared first on Bitcoin News.

Bitcoin News

Scam Debt Collectors Finally Picked the Wrong Target

December 7, 2017 |

It was the rape threat that did it. Rhode Island salesman Andrew Therrien got a call from a debt collector in 2015 claiming he owed $ 700 on a payday loan. The 33-year-old was certain he didn’t owe anything and thought he was being scammed. “I’m a person who believes in…
Newser

Google Has Picked an Answer for You—Too Bad It’s Often Wrong

November 17, 2017 |

Going beyond search, the internet giant is presenting itself as an oracle by promoting a single result over all others as a definitive answer. Many of these “featured snippets” are contentious, improbable or laughably incorrect.
WSJ.com: US Business

Trump Tweets Condolences for Wrong Mass Shooting

November 15, 2017 |

A possibly jet-lagged President Trump arrived back in the US late Tuesday—and sent his condolences to victims of the wrong mass shooting. “May God be with the people of Sutherland Springs, Texas,” he tweeted around midnight. “The FBI and Law Enforcement has arrived.” Trump apparently meant to tweet about…
Newser

Toddler Buckled All Wrong in Car Seat Is Only Crash Survivor

November 13, 2017 |

“It wasn’t the right age, it wasn’t the right fit, it wasn’t the right anything and still saved this kid’s life.” So says Michigan State Police Lt. Mike Shaw of the car seat that was holding a 1-year-old during an I-94 crash near Detroit Monday that claimed the lives of…
Newser

CNN

Where Snapchat went wrong

November 10, 2017 |

Snapchat’s parent company admits its app is too difficult to use and misjudged demand for its smart glasses
CNN.com – RSS Channel – World

Equifax says execs who sold stock after huge breach did nothing wrong

November 4, 2017 |

Equifax Inc., the credit reporting company that had a massive data breach this year, said a special committee has determined that none of the four executives who sold shares at the time did anything wrong.

The high-level executives sold shares worth a combined $ 1.8 million in the days immediately…


L.A. Times – Business