Poor Forecasting and Advisory Track Record
Eric Janszen forecasts have proved to be inaccurate. However, he correctly foresaw a market correction in December of 2007. He remained bearish on equities from 2008 onward despite an historic bull market in equities. Once the previous peak in equities were reached followed the 2008 lows, he stopped publish forecasting articles entirely on iTulip starting in 2013.
He predicted wrongly a consistent and sustained increase in Oil prices, when Oil peaked at over $120+ US per barrel. He named that flawed theory "Peak Cheap Oil". Oil prices declined steadily in the subsequent years.
In the summer of 2008, he predicted a crash in Chinese equities, which did not materialized.
In the early 2010s he claimed that crypto currencies such as Bitcoin (which was trading for $1 at the time) were "valueless" and a waste of time and effort. Bitcoin subsequently traded at over $50,000 in 2020 and the crypto market topped $2 Trillion.
He famously predicted "a top" in Tesla shares of $110 per share due to "expensive battery warranty" the company was providing. This forecast proved to be spectacularly wrong.
He further recommended its member to invest in private companies such as "TruTouch Inc." which later ceased operations and became virtually valueless.
He is now running a company called "Virzoom Inc." (now renamed VzFit) and unsuccessfully tried to raise additional capital in December 2019 from the then depleted iTulip members base.
Peter David Schiff is an American stock broker, financial commentator, and radio personality. He is CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut. He is also involved in various roles in other financial services companies, including Euro Pacific Asset Management, an independent investment advisor, Schiff Gold, a precious metals dealer, and Euro Pacific Bank, a full-reserve bank.
Susquehanna International Group, LLP (SIG) is a privately held trading and technology firm. SIG comprises a number of affiliated entities specializing in trading and proprietary investments in equities, fixed income, energy, commodity, index and derivative products, private equity and venture capital, research, customer trading and institutional sales. SIG is a specialist or DPM in approximately 600 equity options and 45 index options.
Peak gas is the year in which the maximum global natural gas production rate will be reached, after which the rate of production will enter its terminal decline. Although demand is peaking in the United States and Europe, it continues to rise globally due to consumers in Asia, especially China. Natural gas is a fossil fuel formed from plant matter over the course of millions of years. Natural gas derived from fossil fuels is a non-renewable energy source, however methane can be renewable in other forms such as biogas. Peak coal was in 2013, and peak oil is forecast to occur before peak gas. One forecast is for natural gas demand to peak in 2035.
The Ukrainian Exchange is one of the largest stock exchanges in Ukraine. The exchange is located in Kyiv and is the main trading venue for equities and derivatives in the country.
Bitcoin (₿) is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software.
A cryptocurrency, crypto-currency, or crypto is a binary data designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. Some crypto schemes use validators to maintain the cryptocurrency. In a proof-of-stake model, owners put up their tokens as collateral. In return, they get authority over the token in proportion to the amount they stake. Generally, these token stakers get additional ownership in the token over time via network fees, newly minted tokens or other such reward mechanisms. Cryptocurrency does not exist in physical form and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to a central bank digital currency (CBDC). When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Coinbase Global, Inc., branded Coinbase, is an American company that operates a cryptocurrency exchange platform. Coinbase operates remote-first, and lacks an official physical headquarters. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam, and as of March 2021 was the largest cryptocurrency exchange in the United States by trading volume.
Charles Shrem IV is an American entrepreneur and bitcoin advocate. He co-founded the now-defunct startup company BitInstant, and is a founding member of the Bitcoin Foundation. In 2014 he was sentenced to two years in prison for aiding and abetting the operation of an unlicensed money-transmitting business related to the Silk Road marketplace. He was released from prison in 2016. In 2017, he joined Jaxx and served as its chief operating officer, and founded cryptocurrency advisory CryptoIQ.
Blockchain.com is a cryptocurrency blockchain explorer service, as well as a cryptocurrency wallet and a cryptocurrency exchange supporting Bitcoin, Bitcoin Cash, and Ethereum. They also provide Bitcoin data charts, statistics, and market information.
Blockstream is a blockchain technology company led by co-founder Adam Back, headquartered in Victoria, Canada, with offices and staff worldwide. The company develops a range of products and services for the storage and transfer of Bitcoin and other digital assets.
Kraken is a United States-based cryptocurrency exchange and bank, founded in 2011. The exchange provides trading between cryptocurrency and fiat currencies, and provides price information to Bloomberg Terminal. As of 2021, Kraken is available to residents of 48 US states and 176 countries, and lists 72 cryptocurrencies available for trade.
Digital Currency Group (DCG) is a venture capital company focusing on the digital currency market. It is located in New York City.
Bitfinex is a Hong Kong-based cryptocurrency exchange owned and operated by iFinex Inc., which is headquartered in Hong Kong and registered in the British Virgin Islands. Their customers' money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships.
Bitcoin is a digital asset designed by its purported inventor, Satoshi Nakamoto, to work as a currency.
Bitconnect was an open-source cryptocurrency that was connected with the high-yield investment program bitconnect.co. After the platform administrators closed the earning platform on January 16, 2018, and refunded the users' investments in BCC, confidence was lost and the value of the coin plummeted to below $1 from a previous high of nearly $500.
Tether is a cryptocurrency with tokens issued by Tether Limited, which in turn is controlled by the owners of Bitfinex. Tether is called a stablecoin because it was originally designed to always be worth $1.00, maintaining $1.00 in reserves for each tether issued.
Predictions of a collapse of a speculative bubble in cryptocurrencies have been made by numerous experts in economics and financial markets.
OKEx is a Seychelles-based cryptocurrency exchange that provides a platform for trading various cryptocurrencies. Some of exchange's core features include spot and derivative trading. It was founded in 2017. OKEx is owned by Ok Group which also owns crypto exchange Okcoin.
Jeff Currie is an economist and the Global Head of Commodities Research in the Global Investment Research Division at Goldman Sachs. He rose to prominence during the 2000s by forecasting the commodity super-cycle and oil spiking above $100 a barrel. He has been labelled a "maverick" for making bold calls that 'pack a punch'. More recently, he has been known for forecasting oil prices to stay lower for longer to end the shale supply glut, whilst in more recent times his stance has shifted from bearish to considerably bullish. This was emphasised during the Covid-19 pandemic, when Currie predicted that a new commodity ‘supercycle’ had got underway in 2020.
Uniswap is a decentralized finance protocol that is used to exchange cryptocurrencies. Uniswap is also the name of the company that initially built the Uniswap protocol. The protocol facilitates automated transactions between cryptocurrency tokens on the Ethereum blockchain through the use of smart contracts. As of October 2020, Uniswap was estimated to be the largest decentralized exchange and the fourth-largest cryptocurrency exchange overall by daily trading volume. In March 2021, Uniswap was generating fees of approximately US$2–3 million daily for the liquidity providers who facilitate liquid markets for the cryptocurrencies being exchanged.
