I keep asking this question, but never get an answer. Is there any significant, academic economist with a proven track record of prediction, preferably quantified by @superforecaster or something similar? The only real contender here is @bryan_caplan, an arch-libertarian.
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Back then it wasn't unreasonable that crypto would go nowhere. I did put money in there, but not much
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Well, as a student, maybe you didn't have much. But of your total wealth, maybe a quite large fraction. :p
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One of the first articles in my blog was actually a defense of bitcoin! back in 2013 https://nintil.com/2013/03/16/bitcoin-vs-el-oro-dineros-para-el-futuro/ …
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I go back and forth between an EMH theory of bitcoin prices and one where the technical barriers-to-entry were high enough that a select few were able to encounter that first billion-dollar bill on the sidewalk.
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Perhaps the better question is at what date the EMH theory takes over.
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There's a lesson here I think. Perhaps something about how the brutal stupidity of real life can cause learned helplessness in smart people. If you have good ideas, it's important to think about which ones are really worth following and not to just start rejecting everything.
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I had too much experience with other crackpot libertarian schemes to buy the one that would have made me crazy rich...
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Bryan Caplan missed bitcoin because he’s not an Austrian school economist. Choosing the wrong school of economics can be expensive! Luckily there’s still time left to read up on bitcoin austrianism, bitcoin is only at $10.000: https://nakamotoinstitute.org/mempool/
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