IBKR's Petterfy says 'lol' to Bitcoin

Discussion in 'Crypto Assets' started by SoesWasBetter, Oct 17, 2017.

  1. Whom am I to debate you on this. I didn't know options were traded in the 20s. If you say so, I'll believe you. i just have a fascination with visionaries who do above and beyond the ordinary. You could say the same about Bill Gates and Steve Jobs. They didn't invent computers but they certainly were game changers. The guys at google are still taking things to the next level. I wouldn't call it luck. Perhaps smarts, hard work, drive, a vision with a smidgen of luck.
     
    #11     Oct 18, 2017
  2. Sig

    Sig

    The phenomenon you're demonstrating is actually so common and well studied it has a name, the fundamental attribution error. We actually all do it in both directions (over attribute poor performance to the person while discounting the impact of chance as well as what you're demonstrating, attributing good performance almost entirely to the person while discounting the impact of chance). It's worth a google, it's a pretty pernicious error especially on the down side and in my case at least I was able to recognize myself making it at least some of the time once I was aware of what it is.
     
    #12     Oct 18, 2017
    beerntrading and Overnight like this.
  3. I think the moral of the story, for me, is that a lot of these "captain of industry" types have come out and opined on bitcoin, blockchain and what have you... While one can respect their views, given that they have demonstrated some skill at making business decisions, one has to be well aware of their structural biases.

    I think that was sle's point and I am in complete agreement with it.
     
    #13     Oct 18, 2017
  4. try shorting it
     
    #14     Oct 18, 2017
  5. Overnight

    Overnight

    ET's Rarely-used-word-of-the-month award goes to Sig. Here's your reward...Dark chocolate bark with almonds.
     
    #15     Oct 18, 2017
    JackRab likes this.
  6. ElCubano

    ElCubano

    fundamental attribution error= some smartest/hard working people are poor and some dumb/lazy people are rich.
     
    #16     Oct 18, 2017
  7. Sig

    Sig

    I like your summation!
     
    #17     Oct 18, 2017
  8. I always ask myself the question, did I do better than a monkey with a buy button?

    I don't have a definitive answer.
     
    #18     Oct 18, 2017
    JackRab likes this.
  9. Agree with Sig's last comment but I think a common denominator of these titans of industry is that they make their own luck. You can always point to outliers so no need to go there.
     
    #19     Oct 18, 2017
  10. DeltaRisk

    DeltaRisk

    I've been on both sides.

    It's access to capital, connections, and quality of ideas that make you rich.
     
    #20     Oct 18, 2017