Reminder: Outlandish predictions for crypto prices ($100k, $300k, $500k Bitcoin etc) are mostly published to farm clicks and statistical models that prove it are usually reverse engineered.

Using existing data, you can create a model that fits just about any chart for anything and then claim to be able to use it to show future progression.

There has been famous studies showing that just about any correlation can be found if you have a wide enough set of data. One famous case was a completely astounding 99% correlation between butter prices in Bangladesh and the S&P500. This occurred over many decades!

When you add manufactured rules and models in to the equation the potential for coming up with a model that can 'predict' anything is limited only by the creativity of the statistician designing it.

Then add on to this the financial incentive for publishing such models and you have a recipe for massive amounts of bullshit and noise being spread - as we can see.

Remember to take all predictions with a healthy dose of scepticism and that the ONLY people who know shit about fuck are the ones manipulating the system to begin with.

Submitted September 25, 2021 at 08:54PM by Wargizmo https://ift.tt/3EW2ubA https://ift.tt/2Z7cX2s