"Bitcoin is not real!" and Other Famously Wrong Predictions
"Bitcoin is a pyramid/ponzi scheme and isn't real!"
From a Howard Marks memo to Cointree cliens, per CoinTelegraph1
In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it.
So another Wall Street billionaire doesn't get it—or doesn't want his clients leaving him for crypto exchanges. It's not the first time the "experts" have failed to see the writing on the wall.
Here are a few other failed technology predictions:
From Forbes2
“Fooling around with alternating current (AC) is just a waste of time. Nobody will use it, ever.” — Thomas Edison
“The horse is here to stay but the automobile is only a novelty – a fad.” — President of the Michigan Savings Bank advising Henry Ford’s lawyer, Horace Rackham, not to invest in the Ford Motor Company.
"Television won't be able to hold on to any market it captures after the first six months. People will soon get tired of staring at a plywood box every night." — Darryl Zanuck, 20th Century Fox.
"Remote shopping, while entirely feasible, will flop.” — Time Magazine.
“Cellular phones will absolutely not replace local wire systems.” — Marty Cooper, inventor.
"I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse." — Robert Metcalfe, founder of 3Com.
"There's just not that many videos I want to watch." — Steve Chen, CTO and co-founder of YouTube expressing concerns about his company’s long term viability.
“There’s no chance that the iPhone is going to get any significant market share.” — Steve Ballmer, Microsoft CEO.
And of course the other Bitcoin predictions
From CoinTelegragh:
Warren Buffett had called Bitcoin a ‘mirage’ in 2014, stating that he would stay away from investing in it because he doesn’t understand it.
JP Morgan CEO Jamie Dimon had in 2015 stated that Bitcoin would be stopped, because no government would allow a challenge to fiat currencies.
I guess that shows you how much trust we should put in the predictions of our self appointed financial masters.
Now go buy some more Bitcoin!
This is an awesome and amusing series of quotes. Millionaires and billionaires are often only interested in sticking to the way they got rich - why would they change, they're already rich and their methods are proven.
But for those of us who aren't already billionaires, we need to think ahead of the curve and adopt technology and currencies that are not yet popular. Crypto is one such way all of us here on Steemit can profit. It's not yet mainstream and the "experts" still don't understand it, yet it's undoubtedly the way of the future.
haha yeah funny quotes now. Lets hope the one from Kay Van-Petersen is accurate though:
"BITCOIN'S price could rise another 3,000 per cent to reach more than $100,000 over the next 10 years" in express.co.u march this year!
Wow! Yeah, I could live with that!