I recently listened to this radio show segment on our local station in Philadelphia talking about “The Rise of Bitcoin”, as I am generally interested in hearing what types of things are being discussed and told to the general public about Bitcoin and cryptocurrencies. With three “experts” on the show I didn’t expect there to be any misinformation conveyed, but boy was I wrong!
At about 33:30 into the segment they take their first question from a caller who says:
“My question is, given there are over 12 million Bitcoins, and a Bitcoin is $18,600, that’s about $230 Trillion of value. How do you justify that?...” (emphasis mine)
Before turning it over to the “experts”, the host then very clearly repeats the $230 Trillion number. I laughed immediately at hearing the caller get his math wrong by only a factor of 1,000 and waited expectantly for the “experts” to correct him. I simply could not believe it when all three “experts” (and yes I am going to use quotes every time I write that word referring to these people) went on to answer the question as though there were nothing wrong with it!
I cut the clip so it starts right at the segment in question which you can listen to here.
I don’t know how many people in the Philadelphia area listened to this, but anyone who did is now walking around thinking the market cap of Bitcoin is $230 Trillion. Sigh.
The “experts” on the show are:
- JOHN COLLINS, former head of policy at Coinbase
- JOSHUA ASHLEY KLAYMAN of the Wall Street Blockchain Alliance Legal Working Group
- ANGELA WALCH, law professor at St. Mary’s University
I really just don’t know what else to say...
Since I'm not far from you, I'm sorry I missed this show. I expect better from "HYY" but this doesn't surprise me at all. The constant disinformation, FUD and just plain ignorance involving Bitcoin and other cryptos currently hold sway.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Can't just stop laughing. Like I said in the first no one is above mistake including the so called expert. Is just a sorry case.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hey, where are you located? Would love to have you out to one of our Philly Steem meetups if it's not too far of a trip for you!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Near Reading. However, since I'm a student, I hardly even have time to post much. I get about one or two posts a week out. But who knows? I would've loved to have attended SteemFest in Portugal when I was in Germany.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Just goes to show that most people don't listen to it. There was a pretty funny Scrubs episode that talks about how most Dr's just listen to the first x amount of seconds of the patient's conversation and then start thinking of something else. Not excusing the mistake, but I would be more upset if they got a bitcoin-related question wrong and not just a simple math error.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This is brilliant. There are so many 'experts' out there no wonder so many people jump in the deep end of the crypto pool with no clue about what they are actually investing in.
Alot of people just invest in crypto because of FOMO and dont even know the basics of the blockchain.
If you havent check out Doug Polks youtube channel. this video is priceless and shows there is a lot of bad advice going around!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Idk why ppl have such a hard time with millions, billions, trilllions, etc. Sure I’m an engineer and I’m mathematically inclined. But of those 3 ppl one of them should have caught and corrected the error quickly. They shouldn’t overlook 3 orders of magnitude in a public forum. Smh.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@cryptokeepr. I seriously agree with you this. Atleast one person should have seen it all coming wrongly. Well that is to show to you that even the so called expert can make mistake and not see the most important. I also think it may be due to wrong taken of note when they were preparing.
One thing is clear here, no one is perfect.
@yabapmatt. you don't need to say anything again because you've said enough. Lol.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yea, I mean I completely expect the caller (representing the general public) to make that mistake, and I don't expect the host of the show to notice the error - in fact it sounds like the host may not have quite believed it since she specifically repeated that number to the "experts" - but there is no way anyone can possibly be called an expert in cryptocurrencies and not immediately notice and correct that.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@yabapmatt greetings from DC, the land of Taxation without Representation! Just voted you for whiteness and I am hoping my DC vote is worth something this time. Good luck!!!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You got a 100.00% upvote from @smartwhale courtesy of @yabapmatt!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Funny since GDP of USA in 2016 was 18.57 trillion...
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
so cute and nice to like 😍😍😍😍
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
happy to get to know you closer 😊😉
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Oh well maybe that should convince us that we should use terms millibitcoin and microbitcoins as the public are only used to dealing with fractions as small as one one hundredth.
M-day was several years ago when a mBTC was worth 0.01 USD and we hit the point where a μBTC was worth 0.01 USD last December. Someone who works with numbers like these often like an economist in the US or a car salesman in South Korea prolly would have caught the error.
These were experts in law based on the positions they hold.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
hi buddy !! just follow you if please follow also my steemit account and we upgrade same
thnksbuddy :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Haha, well... I guess that's common these days! When you're not sure about something we usually trust a lot of other people. Especially if there's a lot of people thinking the same thing. We want to "fit in the group". Although, I think that bitcoin experts should know how much the market cap of Bitcoin really is worth... 😂
Anyway, if you are into pole dance, fitness or traveling, feel free to check out my channel! Otherwise, have a fantastic day. HUGS 💛
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks so much for this @yabapmatt. I love your services and use them regularly. I would like some help if that is possible. I have recently started a bot called @SmartWhale . how to get listed on the SteemBotTracker Website? Any help or pointing in the right direction will be welcomed.
Thanks!
@smartwhale
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi @smartwhale - typically I require new bots to have at least 5,000 SP in order to list them in the bid-based voting bots section. In the meantime I can list it in the "other bots" section if you would like.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Bitquin is a transparent and non-counterfeit currency, so most global banks rely on it for trade, but most countries reject the digital currency, which succeeded, will affect the global economic balance @yabapmatt
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Why the good post in blog
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm a "great" mathematician, so I would not have noticed such a mistake) But I certainly would be disoriented by such information
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
LOL!
Silly you, again :P
The question was "given that"... so the experts clearly knew he was asking them about an hypothetical scenario... or so will their agents advise them to tell anyone who asks.
Oh, but what am I saying, there's noone interested enough to do it, because BitCoin is a Ponzi Scheme :P
tips hat to Nouriel R.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I can comfortable write quickly and can translate what's on my mind to the topics I'm familiar with. I'm really not a quick writer to the topics or genre that I'm not familiar with. But since I want to diversify myself in writing where I go beyond my comfort zone. Most of the times its hard to "break the ice" when you are writing not to the genre that you are familiar with. But I know I can do it. Constant pratice.
Creation is something that you brought to life into existence. That makes us who we are. We are created in this world or universe to create something very useful. Like what you did @d-pend. You created beautiful poetry where the ideas lingers in your mind and you brought it out into existence.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Real
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very good @yabapmatt
I have information in your pos. Thanks
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I am very impressed with the articles you make, from the description of one word to another word is very beneficial and motivational for the reader.
very good work
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Oh well maybe that should convince us that we should use terms millibitcoin and microbitcoins as the public are only used to dealing with fractions as small as one one hundredth.
M-day was several years ago when a mBTC was worth 0.01 USD and we hit the point where a μBTC was worth 0.01 USD last December. Someone who works with numbers like these often like an economist in the US or a house wife in South Africa prolly would have caught the error.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Oh well maybe that should convince us that we should use terms millibitcoin and microbitcoins as the public are only used to dealing with fractions as small as one one hundredth.
M-day was several years ago when a mBTC was worth 0.01 USD and we hit the point where a μBTC was worth 0.01 USD last December. These were experts in law based on the positions they hold.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit