Topic: Bitcoin is a bubble. - page 3. (Read 9772 times)

*shakes head*

Not going to explain it again.

I believe that all the bubbles listed in the list were called a bubble by some wise guy during their time. For example, Peter Schiff has predicted that the price of American real estate is a bubble and when it collapse it will lead to world wide economic crisis.

In fact it is not difficult at all to find a bubble. However, it is difficult to convince others that it is a bubble because people have invested money into the bubble and unwilling to believe it is a bubble.

(by the way, where's kiba's cartoon? am i admitting either my denseness or lack of touch with what today's internet culture considers funny if i say that i never really understood it? i always felt like it was perhaps missing the final frame.)

more fundamentally, whenever there's just one exchange (or a group of colluding ones), there's always the possibility that the exchange itself is a ponzi scheme. i'm not accusing the operators of mt. gox of that, of course, but there's little way anyone would know if that's what they wanted to do.

i'm half tempted to make a large sale and transfer just to satisfy my inner empiricist and prove to myself that it would be possible to withdraw a large sum of dollars. (i don't believe i can recall anyone in the forum claiming to have pulled out $100,000 having deposited only bitcoins.) if you imagine the whole bitcoin economy from the perspective of a cautious outsider, rather than one of us who feels he has some sense of the history and personalities involved, a fear that the whole thing is an illusion would be quite a legitimate one.

as to the question about bubbles, i don't have statistical evidence to back it up, but overall very few things have been called 'bubbles', and most have turned out to be bubbles. it's hard, indeed, to think of counterexamples. (there are relatively few examples of stable, rapid, exponential price growth overall in the first place, and not all of them are called bubbles. people didn't say microsoft was a bubble at the time, for example. in fairness, surely some did, but that wasn't the tenor of the news or the public discussion.)

No, the whole point is to find a list of things that were called bubbles at the time, whether or not they actually turned out to be bubbles.

you can send me a few bitcents by this address:
167WiVPxF6FP6WBfPShRQzj9QrvFNJ8AZX

because here is quit a few examples about economic bubbles:
http://en.wikipedia.org/wiki/Economic_bubble

You have not point out is there anything with my argument.

This is not a problem, because in the beginning I started with nothing, only 50k BTCs which worth nothing.

A bigger Mt Gox problem may be that it is the one dominant place to convert to BTC.

If it is taken down there would be a real problem bringing more dollars into BTC. 

Someone should research everything that's been called a bubble when it started and figure out how many of those things actually turned out to be bubbles. I'd kick in a few bitcents if someone put a bounty on this.

Anything that performs well and then badly is retroactively referred to as a bubble. It can only be a bubble if it pops, which no evidence points towards it doing any time soon.

You could try that, but it would be a huge risk since you'd be spending more than 1% on each trade.

From the financial point of view, it is easy to suspect that bitcoin is a bubble.

Most of us believe in the price on Mt Gox. But the price is not reliable.

We can see that there are only around 50k BTCs traded by several hundreds users on Mt Gox every day. Therefore the price can be control very easily.

Suppose I have 50k BTCs, I can register around 100 accounts on Mt Gox and distribute all my Bitcoins into these accounts and then I trade with myself from one account to other, every trade with a higher price. By this operations, I can easily drive up the price to whatever I want to drive.

After more people get into the trade, I will sell the BTCs gradually to avoid the collapse of the price.

You can see this analysis really make sense, because by doing so I can earn about 50k*18=900k, that's around 1 million us dollars according to the price today.

Anybody agree or disagree with me?

Can you give your argument?