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RE: Most Important Bitcoin Chart Ever
Hopefully his computer is wrong. But I can’t see why Armstrong would want to be deliberately wrong about Bitcoin’s price. How does he benefit from that? He (or Socrates) has a strong incentive to be accurate whatever they’re predicting. Perhaps I’m not privy to some information here, but it makes no sense to me that he’d do this
You’re misinterpreting the edit to my prior comment. His Socrates computer modeling system is presumably only telling us that the absolute worst case is $775. But his Socrates system doesn’t current give us probabilities associated with each possible price level. So whilst $775 might be possible, the odds that his computer model would compute (if it did compute such probabilities), would presumably be very, very unlikely. I pulled the 1-in-a-1000 out of my ass, as a rough guess of what the computer model would presumably compute as a probability, if it even assesses probabilities. IOW, his reversal system isn’t that useful in its current state without probabilities attached. And thus he’s more or less a charlatan. Time and price is insufficient without relative probabilities provided. So in order words, the odds of declining to $2500 are much greater than the odds of declining to $775.
Separate Armstrong’s personal opinion that he expresses in his blogs from the numbers and timing that his computer model spits out. Armstrong runs his foul opinionated mouth about Bitcoin and cryptocurrency, because his history is as a coin collector and a historian who has studied the rise and fall of civilizations. Also he was illegally incarcerated for 7 years by the banksters in the USA, on a bogus and unconstitutional contempt-of-court charge. They tortured him in prison and almost blinded him. He has a confirmation bias because he is overly invested right now in his main thesis that that governments are omnipotent and will bring humanity into a Dark Age if we are not able to rise up and overthrow the corruption.
But his huge blind spot is that blockchains and Fat protocols are how we will disintermediate and change government. He is stuck inside his myopia and can’t see what time it is and the epochal technological and economic revolution underway. One of his huge mistakes is not understanding the blockchains are not just about cryptocurrency. They’re going to disintermediate/decentralize all closed-source databases that power the Internet, such as the social media behemoths. Armstrong can’t see the elephant in his living room.
Somebody should send/spend/encash BTC asap if they plan to.
https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-analysis-btc-usd-close-to-another-massive-sell-off-201901250315
https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-prediction-risks-are-heavily-skewed-to-the-downside-confluence-detector-201901250958
https://www.newsbtc.com/2019/01/25/bitcoin-price-analysis-crypto-the-new-amazon-charles-hoskinson/