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Topic: Is Bitcoin now the biggest bubble of all time? - page 17. (Read 2988 times)

newbie
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The Dutch Tulip Mania is one of the most famous bubbles of all time, for the scale of the bubble, the scale of the collapse, and probably including the seemingly obvious nature of the bubble considering the extremely limited functional utility of tulips. Bitcoin has now surpassed the multiples of value appreciation at the height of the Tulip Bubble (and by a wide margin). While this itself is not proof that Bitcoin is a bubble or that a collapse is imminent, it's worth considering if there's a lot more risk buying at this price (currently bouncing around $17,000) than anyone on these boards seems willing or able to recognize.

https://i.imgur.com/s2WGkSi.png


Thoughts?

Commentators in the media are discussing the rapid growth of bitcoin, the price of which has surpassed the $ 10,000 mark. Most agree that bitcoin is a bubble, and the only question is when the bitcoin bubble bursts.

On the BBC, the author immediately admits that he personally enjoyed the growth of bitcoin profitable. In April 2016, he bought 0.17 bitcoins for $ 87, and in 18 months, his purchase was worth 1713 dollars. The author stipulates that most of all it resembles a bubble of a new generation - the "tulip fever" of the era of high technologies. However, despite this similarity, bitcoin has so far demonstrated enviable stability. During his rapid growth there were several cases when it seemed that he was about to fall in price. But whenever experts threatened that the bubble would soon burst, the currency simply slowed down for several days, after which it resumed.

During this race, the author notes, bitcoin has lost the main property of the currency: it is no longer used as an intermediary for exchange. A couple of years ago there was a lot of talk about how you can spend bitcoins. Some shops, pubs and cafes accepted payment in this currency, and it was considered fashionable. But now no one wants to spend it, because it seems to everyone that it is more profitable to wait until it is more expensive. In addition, transactions with bitcoin have become much more difficult than before, because the cost of transactions also increases, and the authorities of many countries treat them with caution, suspecting them as a sign of money laundering.

The main factor overshadowing the future of bitcoin is the energy cost of mining new ones. According to some estimates, the production and registration of new bitcoins now consumes as much electricity in a year as it takes to supply Ireland in the same year. Therefore, the higher the price of bitcoin, the less stable it looks from the point of view of both the economy and the environment. In this regard, the author concludes, referring to folk wisdom, it is important to monitor what the big financial players say. While they abuse investors buying bitcoins, for stupidity, like JP Morgan Chase in October, everything is fine. As soon as they begin to say that there is a future for crypto-currencies, this will be a signal that it's time to sell.
hero member
Activity: 2940
Merit: 613
Winding down.
With current volatility, it can certainly seem that way. It's definitely a bubble that has grown very fast. Only time will tell I suppose, egulation being the big one to Watch out for. Perhaps regulators can make it a bubble if they so wish.
Not a bubble for sure, it has a real technology and with the limited supply the price will  certainly grow since whales love to hold.
There is a correction but eventually the price will be back up soon, that is bitcoin and that is how powerful it is.
newbie
Activity: 75
Merit: 0
With current volatility, it can certainly seem that way. It's definitely a bubble that has grown very fast. Only time will tell I suppose, egulation being the big one to Watch out for. Perhaps regulators can make it a bubble if they so wish.
member
Activity: 328
Merit: 39
Someone said that a bubble was a boom that the person describing the bubble was not invested in.
So, there are a lot of people that say bitcoin is a bubble.
In the meanwhile others become millionaire.

Let we stay in the second group... :-)
member
Activity: 546
Merit: 33
Rasputin Party Mansion
May be is it; so what?
You know, anything is a bubble on this planet; the planet itself will have an and.
This is not a good reason to not profit of something.
Actually, bitcoin allow huge profits. Enjoy them!
full member
Activity: 471
Merit: 102

Fiat money is the real bubble and the representation of value controlled by a few Corps, limiting the freedom of life for centuries.
legendary
Activity: 2044
Merit: 1115
★777Coin.com★ Fun BTC Casino!
Bitcoin's price nine months ago was $1,000 and now the price is $12,000. How is the increase of 1200% a bubble?

Why do you compare tulips that no one need for living with a payment system? Does not make any sense in my opinion!

Because Bitcoin is a wanna-be payment system that sucks at payments. It can't keep a stable value and is susceptible to bouts of extreme unusability when it can't handle all the transactions waiting to be confirmed. Nothing about Bitcoin is essential, just like nothing about tulips during that particular mania was essential. The mass hysteria over tulips and Bitcoin and the blind faith that it will make you rich are the same.
full member
Activity: 382
Merit: 100
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I am not sure that bitcoin is bubble at all. Bitcoin development is going cause many people working on it and it so stupid to turn almost perfect currency into bubble.
It is bubble just for haters, not for real investors and true bitcoiners. All experts understand this fact that bitcoin is the future currency and people are in love with using bitcoin. Bitcoin is nothing like bubble at all, it is a blessing and the leading crypto currency.

I don’t think so the way bitcoin performed in last year, people are even going to think about declaring it a bubble. If it is said to be bubble just because of dumps and pumps, then whole market is a bubble.
I thought Bubble is when something (stocks/assets) are sold at a price rate that they are not worth. So my question is, is Bitcoin really a bubble? Was Bitcoin ever sold at a price rate it is not worth?

In my own opinion, I don’t really see Bitcoin as a bubble in any way, I don’t really know why people call it a bubble. I believe that Bitcoin is being moved by demand.
hero member
Activity: 980
Merit: 523
I am not sure that bitcoin is bubble at all. Bitcoin development is going cause many people working on it and it so stupid to turn almost perfect currency into bubble.
It is bubble just for haters, not for real investors and true bitcoiners. All experts understand this fact that bitcoin is the future currency and people are in love with using bitcoin. Bitcoin is nothing like bubble at all, it is a blessing and the leading crypto currency.

I don’t think so the way bitcoin performed in last year, people are even going to think about declaring it a bubble. If it is said to be bubble just because of dumps and pumps, then whole market is a bubble.
full member
Activity: 264
Merit: 100
I believe so too. This fluctuative price of bitcoin is a problem, so I think it's possible for bitcoin to crash in any time. I totally believe that it's very risky to buy bitcoin at this rate. That's why I stick with altcoins now Cheesy

I certainly agree with this, Bitcoin is currently on a unstable situation where in the price may dump any time in its worst and the pumping of the currency were too slow ,which makes other investors to be worried as well as the peoole who works and holds a profit who expects for it to be on a better price. The alleged crash of Bitcoin is not impossible due to the fact that several countries has been banning Bitcoin to their states.
full member
Activity: 336
Merit: 103
Bitcoin's price nine months ago was $1,000 and now the price is $12,000. How is the increase of 1200% a bubble?

Why do you compare tulips that no one need for living with a payment system? Does not make any sense in my opinion!
newbie
Activity: 57
Merit: 0
Be bitcoin is not a bubble, it is the speculation that potentially it will become a bubble
legendary
Activity: 1120
Merit: 1000
To me ,yes bitcoin is a huge huge bubble of all time.Firstly,Bitcoin cant be used to pay wages due to Bitcoin huge and crazy price fall and rise. People will not want to be paid wages in Bitcoin which  can fall 30% in a day.It is very clear that the price of Bitcoin is based on speculation.Bitcoin had already shot up from less than 1k USD in Jan 2017 to almost 20K USD in December.If this is not a huge bubble, I do not know what is.In fact,Bitcoin rise had ticked almost all the box on the bubble checklist.

1) Most bubbles erupt off on new technology aka dot.com boom in 90s. ( Blockchain )

2) Constant media coverage which allow more investors to have FOMO

3) Speculation driving prices beyond fundamental value ( Hard to find what the value of Bitcoin has except of some strings of code)

Like all bubble, Bubbles do POP and everyone should be careful when it pop.Indeed Bitcoin is one of the biggest bubble of all time.




I will never consider it as bubble because the increase in the price of bitcoin is because of the increasing demand of bitcoin and still  the increasing demand of bitcoin is increasing from time to time therefore i do no think that that it is right to consider bitcoin as a big bubble. Hope that with the passage of time the interest of the people in bitcoin will increase and will we see more increase in the price of bitcoin.
newbie
Activity: 83
Merit: 0
Indeed for now the bitcoin touched its highest level. Often there are significant price differences on different bitcoin exchange exchanges.
Bitcoin is uncertain because here we are betting.
sr. member
Activity: 588
Merit: 250
I am not sure that bitcoin is bubble at all. Bitcoin development is going cause many people working on it and it so stupid to turn almost perfect currency into bubble.
newbie
Activity: 14
Merit: 1
To me ,yes bitcoin is a huge huge bubble of all time.Firstly,Bitcoin cant be used to pay wages due to Bitcoin huge and crazy price fall and rise. People will not want to be paid wages in Bitcoin which  can fall 30% in a day.It is very clear that the price of Bitcoin is based on speculation.Bitcoin had already shot up from less than 1k USD in Jan 2017 to almost 20K USD in December.If this is not a huge bubble, I do not know what is.In fact,Bitcoin rise had ticked almost all the box on the bubble checklist.

1) Most bubbles erupt off on new technology aka dot.com boom in 90s. ( Blockchain )

2) Constant media coverage which allow more investors to have FOMO

3) Speculation driving prices beyond fundamental value ( Hard to find what the value of Bitcoin has except of some strings of code)

Like all bubble, Bubbles do POP and everyone should be careful when it pop.Indeed Bitcoin is one of the biggest bubble of all time.



jr. member
Activity: 150
Merit: 2
Someone once said a bubble is a boom that the person describing the bubble has not invested in.
There is a lot of envy in these days, and lot of people don't accept they lost a so big opportunity.
Bubble or not, the profit is BIG!
legendary
Activity: 2044
Merit: 1115
★777Coin.com★ Fun BTC Casino!
Even the richest people on the planet bash Bitcoin for what it isn't... I bet they're just salty they missed the ride and wanna get on the next stop lol.

Or perhaps, as Bitcoin sits less than 50% of its all time high and is still on the way down, they were right and all the dreamy-eyed HODLers are now panic selling because deep down they fear that this really was a bubble, and it's now finally popping for any myriad of reasons: Bitcoin isn't a currency, it isn't useful to transact commerce, speculative hype has run out and now the coin has to trade on utility, Bitcoin is too slow, Bitcoin is too expensive to transfer value, and on and on.


    You state great points my friend, and i really do agree on some. But the thing is, lightning network is about to put an end to the main problems of bitcoins. And evry day we are getting close to the time of implementation of this new idea. There have been tests already that were successful. And i think this will be a way toake bitcoin reach incredible heights again. Breaking records by records all over again.

      And abiut the big price drops? I am more hapoy than worried. In fact, i am hoping for lower dips so i can buy a lot more bitcoins for a cheap price. But sadly, i think these dips will only be lasting for this month. Oh well, at least this dip has gotten rid of weak handed noobs that are bad for the crypto world as a whole.

I hear an awful lot about how lightning network is going to be a game changer and make Bitcoin faster and cheaper again. This is needed, at a minimum. I hope it does, but my main concern with lightning network is that isn't it a centralized solution to the problems caused by decentralization and limited block space? People are so against raising the block size of Bitcoin because they argue about how much centralization it will cause by the miners, but isn't lightning network centralization of the transactions on a much more direct scale? This is currently what I don't understand.
member
Activity: 70
Merit: 10
I'm no economist, but there are far bigger bubbles imo.

Think about overpriced medication for example, or immovables, which caused the world slump 10 years ago..


Man I really hope that BTC does recover..but tbh could very well be that 20k $ was the highest point..
newbie
Activity: 42
Merit: 0
It's in the biggest bubble I've seen so far man. This is because of the way it dropped from 15K to like 9K. The best option at this point is to either sell your dying altcoins and hold onto the cryptos that have a good market cap.

This is a tough recession that usually happens in the year, but chances are it will bounce back. No $400 billion dollar concept will go to 0 dollars in one week that's absurd.
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