I mean this in the least hostile way possible—this was an awful post. It was just a complicated way of saying “historically speaking, bitcoin has gone up”. Of course it has! We already know that! And for obvious reasons, prices increase according to log scales. But it’s also a well known rule of markets that “past trends does not predict future performance”.
Of course, I am personally supportive and bullish on bitcoin (as people in IRC can attest). All I’m saying is that your argument is an unnecessarily complex way of arguing that bitcoin is likely to increase in the future because it has increased in price in the past.
I mean this in the least hostile way possible—this was an awful post. It was just a complicated way of saying “historically speaking, bitcoin has gone up”. Of course it has! We already know that! And for obvious reasons, prices increase according to log scales. But it’s also a well known rule of markets that “past trends does not predict future performance”.
Of course, I am personally supportive and bullish on bitcoin (as people in IRC can attest). All I’m saying is that your argument is an unnecessarily complex way of arguing that bitcoin is likely to increase in the future because it has increased in price in the past.
I don’t know what gave you the idea that I’m talking about Bitcoin prices rising.
I’m suggesting there’s a systematic inefficiency, that the price changes with a predictably large magnitude but an unpredictable direction.