Topic: Is Bitcoin now the biggest bubble of all time? - page 24. (Read 2971 times)
No one knows the real answer, we can't really say that the bitcoin is a bubble and it will burst soon, will have no value, Bitcoin is definitely here to stay, and I'm sure with this level of demand people will never let it fall below 7-8k $. Also it's not correct to compare it with other bubbles with different characteristics, because this time it's not only bitcoin, it's like a new ecosystem , crypto currency market, so everyday new money is coming in and market cap is growing and when bitcoin price starts to go down people jump on other coins so instead of one asset crashing like Tulip, there are many other side assets as parking slot. Okay we can say that whole market can crash together like .com bubble but I still can't really compare crypto to .com bubble as there were companies and profit expectations, which people really over value at that time and then find out most of them make no profit, meaningless investment.. So with Bitcoin there is no company, no owner, no one to look up or blame, we don't expect any annual return or growth, it's just a currency/commodity with a limited supply and high demand. It might be overvalued in last couple of weeks, it might correct.. but I don't think it will ever crash to zero or close..
Part of me feels compelled to point out growth charts depicting automobiles replacing horse drawn carriages resembled a bubble. The growth of personal computers and operating system manufacturers like microsoft resembled a bubble, as they replaced more traditional paper trail based office systems.
One valid question may be whether crypto currencies represent the next evolution of banking and electronic payment systems. If a case could be made for bitcoin eventually making banking systems and electronic fiat obsolete. What we could be seeing is what happens when someone succeeds in inventing a better mousetrap. In that case, bitcoin wouldn't be a bubble, it might better be described as the future? If that makes sense.
It could come down to how much of a legitimate need there is for technologies like bitcoin. That's something that isn't easy to measure as far as I know. If there's a real and dire need for bitcoin and crypto currencies which will sustain their growth, it may not be a bubble at all.
Also keep in mind the chart which depicts bitcoin's growth could be misleading. Bitcoin reached an all time high of greater than $1,000 around 2014. A case could be made for btc trading at nearer to 10x its ATH, which could be sustainable, rather than the 40 to 60 x some cite back to around 16 months ago.
One valid question may be whether crypto currencies represent the next evolution of banking and electronic payment systems. If a case could be made for bitcoin eventually making banking systems and electronic fiat obsolete. What we could be seeing is what happens when someone succeeds in inventing a better mousetrap. In that case, bitcoin wouldn't be a bubble, it might better be described as the future? If that makes sense.
It could come down to how much of a legitimate need there is for technologies like bitcoin. That's something that isn't easy to measure as far as I know. If there's a real and dire need for bitcoin and crypto currencies which will sustain their growth, it may not be a bubble at all.
Also keep in mind the chart which depicts bitcoin's growth could be misleading. Bitcoin reached an all time high of greater than $1,000 around 2014. A case could be made for btc trading at nearer to 10x its ATH, which could be sustainable, rather than the 40 to 60 x some cite back to around 16 months ago.
Without a chart to back this up, I'm going to challenge this first part as not accurate. Growth (as in usage?) is not the same as growth in the value of an asset. Same for computer usage. Cars as an asset class I would venture to say have never increased 70x in value (inflation-adjusted, due to the long time frame the automobile has been around) and adjusted for how much more tech is in cars than when the Model T debuted.
Fair point on the evolution of technology, but with the absolute mania surrounding Bitcoin, I'd say it's far more likely it's a bubble than a fair representation of an evolving technology that is valued based on utility. Bitcoin is pretty useless as a payment mechanism due to the transaction ceiling it currently faces and the cost of transactions because of it. The utility of crypto as a whole and the price of Bitcoin itself are not necessarily the same thing, and it's quite unlikely Bitcoin will even be the main crypto in the future at this rate, which means the price of Bitcoin is almost certainly too high.
I just heard on local news how they said that bitcoin is big bubble , they compare it with dot-com bubble and predict the same scenario.. For them the main reason is unbelievably growing price last 2 week. They can't explain why price is growing so fast and so high. For me that is nonsense , price is going up all the time because new people coming everyday and invest in crypto world. I think that they all just jealous because they didn't invest in time like most of us did.
The biggest difference is that bitcoin does in fact have an utility while Tulips do not, bitcoin can be used as a currency, yes I know that bitcoin is not the best currency when it comes to the fees but you can use it that way and second it allows you something that did not existed before, you can use a medium of exchange not controlled by governments and that is very valuable in itself.
The purpose of bitcoin is this, but its not fulfilling it at the moment. We are not even using it when we want to send money to someone as a loan or gift. The fees are too high, even for those transactions.
The biggest difference is that bitcoin does in fact have an utility while Tulips do not, bitcoin can be used as a currency, yes I know that bitcoin is not the best currency when it comes to the fees but you can use it that way and second it allows you something that did not existed before, you can use a medium of exchange not controlled by governments and that is very valuable in itself.
I really think that it's because of the high demand coming from new places and people who have gained interest in Bitcoin. Also, it's either because of its technology or simply the price and potential gains.
Bitcoin has now become the world news. Every news channel is talking about it because f the such huge rise that people cannot believe their is something which could be invested in and provide such a returns. Thus it seems all that it is something which should not be sustained over a long period and so they are calling it as a bubble.
Yes, it is.
But the critics keep saying that Bitcoin is the bubble. Bitcoin is one piece of a cryptocurrency bubble and the only way to know for sure when it's reached is top is by looking back through history, after it happened. When this cryptocurrency bubble pops it'll flush out the garbage alternative currencies, the options that have no business model, no utility for the market. And the rest will stay. They'll likely have lower prices but they'll have survived to continue to gain value via providing the market with a useful utility.
People compare this to the internet bubble. After the internet bubble popped did companies like Google or Amazon disappear? No. They stayed viable businesses and are more successful now than they were before the internet bubble popped. Bitcoin is like Google. Ethereum is like Amazon. Both will be around for a long, long time.
But the critics keep saying that Bitcoin is the bubble. Bitcoin is one piece of a cryptocurrency bubble and the only way to know for sure when it's reached is top is by looking back through history, after it happened. When this cryptocurrency bubble pops it'll flush out the garbage alternative currencies, the options that have no business model, no utility for the market. And the rest will stay. They'll likely have lower prices but they'll have survived to continue to gain value via providing the market with a useful utility.
People compare this to the internet bubble. After the internet bubble popped did companies like Google or Amazon disappear? No. They stayed viable businesses and are more successful now than they were before the internet bubble popped. Bitcoin is like Google. Ethereum is like Amazon. Both will be around for a long, long time.
I really think that it's because of the high demand coming from new places and people who have gained interest in Bitcoin. Also, it's either because of its technology or simply the price and potential gains.
Bitcoin has now become the world news. Every news channel is talking about it because f the such huge rise that people cannot believe their is something which could be invested in and provide such a returns. Thus it seems all that it is something which should not be sustained over a long period and so they are calling it as a bubble.
The thing with us bitcoiners is that we never really accept anything until it is laid out in front of our eyes. Stats don't mean shit to the most of us because bitcoin has the tendency to ignore the statistics and history and draw its own line. I am thinking that bitcoin is somehow the start of a new era of cash, and the increasing price is only a demonstration on how far this thing can go if almost all the people in the world get involved. Unlike tulips, bitcoin has its own practical uses that most of us can really take advantage of, so unless everything goes south, bitcoin in my eyes would never be a bubble.
I really think that it's because of the high demand coming from new places and people who have gained interest in Bitcoin. Also, it's either because of its technology or simply the price and potential gains.
Many people are warning that we might be in a bitcoin bubble. Governments, banks, financial institutes, they all warn us to be careful although they're also into bitcoin. They all compare it with the tulip bubble, but the point is, we have not seen this bubble burst and it does not look like It's going to. There might be a correction, the price may fall to 14K or maybe even lower. But the price will remain above 8K, no matter what. So there's no bubble, at least, it won't burst.
I do think that bitcoin will crash any time soon, but still, if it will dump, I don't think that it will crash hard, to the point that it will not have any value, I think it will be back to the price of it before the first fork in August this year.
Yes the bitcoin is the biggest bubble of all time ,when it go bigger and bigger theres a posibility that the bubble will bursed because of people panic when the bitcoin price is lower and lower the people was sell their bitcoins and the price will dump like a big bubble that bursed in the sky
Part of me feels compelled to point out growth charts depicting automobiles replacing horse drawn carriages resembled a bubble. The growth of personal computers and operating system manufacturers like microsoft resembled a bubble, as they replaced more traditional paper trail based office systems.
One valid question may be whether crypto currencies represent the next evolution of banking and electronic payment systems. If a case could be made for bitcoin eventually making banking systems and electronic fiat obsolete. What we could be seeing is what happens when someone succeeds in inventing a better mousetrap. In that case, bitcoin wouldn't be a bubble, it might better be described as the future? If that makes sense.
It could come down to how much of a legitimate need there is for technologies like bitcoin. That's something that isn't easy to measure as far as I know. If there's a real and dire need for bitcoin and crypto currencies which will sustain their growth, it may not be a bubble at all.
Also keep in mind the chart which depicts bitcoin's growth could be misleading. Bitcoin reached an all time high of greater than $1,000 around 2014. A case could be made for btc trading at nearer to 10x its ATH, which could be sustainable, rather than the 40 to 60 x some cite back to around 16 months ago.
This response best explains it. It was almost this same disbelief when fiat replaced cowries some decades ago. Not many still want to give cryptocurrency a chance to blossom even though they are aware we are in the era of the computer. No, bitcoin isn't a bubble. Itnis simply being driven by its scarce supply and demand. One valid question may be whether crypto currencies represent the next evolution of banking and electronic payment systems. If a case could be made for bitcoin eventually making banking systems and electronic fiat obsolete. What we could be seeing is what happens when someone succeeds in inventing a better mousetrap. In that case, bitcoin wouldn't be a bubble, it might better be described as the future? If that makes sense.
It could come down to how much of a legitimate need there is for technologies like bitcoin. That's something that isn't easy to measure as far as I know. If there's a real and dire need for bitcoin and crypto currencies which will sustain their growth, it may not be a bubble at all.
Also keep in mind the chart which depicts bitcoin's growth could be misleading. Bitcoin reached an all time high of greater than $1,000 around 2014. A case could be made for btc trading at nearer to 10x its ATH, which could be sustainable, rather than the 40 to 60 x some cite back to around 16 months ago.
First of all, we cannot say that bitcoin is a bubble, if you are coming from an old way of thinking, in which money should be regulated and be centralized, and should be controlled by a governing body, you will say that bitcoin is a bubble, since you will trust those personalities that banks also trusts, to promote their company, they will speculate and compare that bitcoin is a bubble, simply because it will destroy their career, but if you are in favor of having a decentralized monetary system, you'll defend that bitcoin is not a bubble, and in reality it is not a bubble. What they need to check is bitcoin is considered as an asset an as currency, and being compared to gold is close than being compared to tulip mania or dotcom boom.
Comparing Bitcoin to tulips is worse than comparing oranges to apples. Almost all the other comparisons were just like Tulipmania, in terms of localisation, concentration in the hands of few, where demand was artificially created by centralized parties. But at this point, the bubble theory, in whatever form presented, no longer matters.
I'm completely with the understanding that price here isn't necessarily an indication of value. Its first value was already recognised from the emergence of the concept through the whitepaper, the rich history of discussion in this forum, and email correspondence with early devs, is proof enough. And If Bitcoin isn't a bubble (hard for me to imagine this scenario even as an advocate), then its features and utility have become more obvious, expressed through its price.
But even if Bitcoin is a bubble, then it has already burst, several times, and will just be replaced by following bubbles, perhaps each bursting with more spectacular fashion as its size increases. In this case, we have nothing different from the speculative environment of trading.
We'll mostly still be here in event of any bursts, price doesn't change the value already recognised, doesn't stop the developments that continue to take place, doesn't stop the community that was here well before price became talking points.
I'm completely with the understanding that price here isn't necessarily an indication of value. Its first value was already recognised from the emergence of the concept through the whitepaper, the rich history of discussion in this forum, and email correspondence with early devs, is proof enough. And If Bitcoin isn't a bubble (hard for me to imagine this scenario even as an advocate), then its features and utility have become more obvious, expressed through its price.
But even if Bitcoin is a bubble, then it has already burst, several times, and will just be replaced by following bubbles, perhaps each bursting with more spectacular fashion as its size increases. In this case, we have nothing different from the speculative environment of trading.
We'll mostly still be here in event of any bursts, price doesn't change the value already recognised, doesn't stop the developments that continue to take place, doesn't stop the community that was here well before price became talking points.
Bitcoin value depends on the market movement. That means if the price will be changing anytime due to the demand of the bitcoin market. Crypto doesn't have any actual value. To say about the bitcoin will have its actual value will become another senseless thing. If the fact we see the volatility of the bitcoin becomes a real evidence about it. The actual price can't be determined. that's why some expert said about the bitcoin price limit should be the sky itself.
They do have value. Why are people buying Bitcoin, simply because of market movements or because of underlying value proposition? Demand is there because of value. Scarcity, usefulness as a store of value and a permissionless medium of exchange. Value and price aren't the same, value is a determining factor for price. Bitcoin's perceived future value is what is driving the price, but yeah it is impossible to determine the actual price of Bitcoin. Like mentioned in the above article, the value proposition was there from day zero, even if the price of one Bitcoin was zero. So basically as the value/overall usefulness of Bitcoin increases, price would obviously increase. Yeah, sky would be the limit.
What if bitcoin is not a bubble i mean there's a lot of possibilities that might happen, although if it is a bubble well it will be the biggest bubble of all time so far but we don't need to compare those former bubble to bitcoin cause everyone is seeing it's potential and bitcoin is genuine so lets just hope that bitcoin is not a bubble.
Yeah. Bitcoin is now the biggest bubble of all time becuase its value is unpridectable nobody knows if bitcoin is what exactly amount reach. Bitcoin is bounceback and after that he can fly to the moon. Bitcoin is the biggest and strongest coins of all time.
Price is unpredictable, not value, they aren't the same. And in terms of price, this exponential increase over a short period of time does make it look like Bitcoin is in a bubble. Bitcoin is not only scarce, but also has undeniable utility. It is believed that Bitcoin is the future of money. Currently around 0.01% of the world population uses Bitcoin so if we assume that the current price is determined on the basis of people willing to pay for the future value of Bitcoin, value-based pricing then from this perspective it might not be a bubble. Based on this we might be in the initial stages where people are getting to know about Bitcoin which would not only allow them to be part of the global financial economy, but would also make them financially independent.
Here's an interesting take on why Bitcoin's current price doesn't reflect its true value.
Quote
The value of Bitcoin has nothing to do with its exchange rate.
When Bitcoin was worth exactly zero dollars, it already essentially solved the previously unsolvable 30-year old computer science problem called the Byzantine General’s problem — how to reach agreement with other agents over an untrusted network of communication. That value proposition was there from day zero, even if the price of one Bitcoin was zero.
Just like how the value of your paper money is not in the paper itself but in the government or authority that issues this paper, the value of Bitcoin is not in the tokens used to exchange with each other, but in the network that allows this exchange to happen.
The price of Bitcoin is the least interesting thing about it. The value of Bitcoin is in its ability to do what it set out to do, and do it best.
Bitcoin is now the 6th most valuable circulating currency in the whole world, and it did this in about eight years, with roughly only about 0.01% of the world’s population owning or using it.
So, we could be watching one of the biggest financial bubbles in history unfold with this cryptocurrency mania. Yet on the other side of the coin, there is also the non-trivial possibility that we are witnessing something remarkable happening before our very eyes — the return of the separation of cash and state.
Will crypto markets crash in between? Most likely. In the same way the dotcom bubble burned over six trillion dollars back in 2000, Bitcoin and cryptocurrencies will probably go through the same cycles. Bubbles establish the true players in the market and eliminate all the ones who are there for a quick buck. What’s important is that the technology is real, and it is here to stay.
So what’s going to happen? Bitcoin’s upward trend becomes logical once you understand the many layers of the technology behind it. Add to that the thousands and thousands of people who, for their own financial self-interest, will work day and night and fight tooth and nail to keep the fire going, building the network, protecting the network, being the network, and you’ve got an unstoppable force or innovation and value pushing us towards the next evolution of money.
But to answer the question, no one can predict what is going to happen.
When Bitcoin was worth exactly zero dollars, it already essentially solved the previously unsolvable 30-year old computer science problem called the Byzantine General’s problem — how to reach agreement with other agents over an untrusted network of communication. That value proposition was there from day zero, even if the price of one Bitcoin was zero.
Just like how the value of your paper money is not in the paper itself but in the government or authority that issues this paper, the value of Bitcoin is not in the tokens used to exchange with each other, but in the network that allows this exchange to happen.
The price of Bitcoin is the least interesting thing about it. The value of Bitcoin is in its ability to do what it set out to do, and do it best.
Bitcoin is now the 6th most valuable circulating currency in the whole world, and it did this in about eight years, with roughly only about 0.01% of the world’s population owning or using it.
So, we could be watching one of the biggest financial bubbles in history unfold with this cryptocurrency mania. Yet on the other side of the coin, there is also the non-trivial possibility that we are witnessing something remarkable happening before our very eyes — the return of the separation of cash and state.
Will crypto markets crash in between? Most likely. In the same way the dotcom bubble burned over six trillion dollars back in 2000, Bitcoin and cryptocurrencies will probably go through the same cycles. Bubbles establish the true players in the market and eliminate all the ones who are there for a quick buck. What’s important is that the technology is real, and it is here to stay.
So what’s going to happen? Bitcoin’s upward trend becomes logical once you understand the many layers of the technology behind it. Add to that the thousands and thousands of people who, for their own financial self-interest, will work day and night and fight tooth and nail to keep the fire going, building the network, protecting the network, being the network, and you’ve got an unstoppable force or innovation and value pushing us towards the next evolution of money.
But to answer the question, no one can predict what is going to happen.
https://decentralize.today/dont-fall-for-the-hype-why-bitcoin-s-10-000-price-doesn-t-reflect-its-true-value-6b42a59fce0a
Yeah. Bitcoin is now the biggest bubble of all time becuase its value is unpridectable nobody knows if bitcoin is what exactly amount reach. Bitcoin is bounceback and after that he can fly to the moon. Bitcoin is the biggest and strongest coins of all time.
Price is unpredictable, not value, they aren't the same. And in terms of price, this exponential increase over a short period of time does make it look like Bitcoin is in a bubble. Bitcoin is not only scarce, but also has undeniable utility. It is believed that Bitcoin is the future of money. Currently around 0.01% of the world population uses Bitcoin so if we assume that the current price is determined on the basis of people willing to pay for the future value of Bitcoin, value-based pricing then from this perspective it might not be a bubble. Based on this we might be in the initial stages where people are getting to know about Bitcoin which would not only allow them to be part of the global financial economy, but would also make them financially independent.
Here's an interesting take on why Bitcoin's current price doesn't reflect its true value.
Quote
The value of Bitcoin has nothing to do with its exchange rate.
When Bitcoin was worth exactly zero dollars, it already essentially solved the previously unsolvable 30-year old computer science problem called the Byzantine General’s problem — how to reach agreement with other agents over an untrusted network of communication. That value proposition was there from day zero, even if the price of one Bitcoin was zero.
Just like how the value of your paper money is not in the paper itself but in the government or authority that issues this paper, the value of Bitcoin is not in the tokens used to exchange with each other, but in the network that allows this exchange to happen.
The price of Bitcoin is the least interesting thing about it. The value of Bitcoin is in its ability to do what it set out to do, and do it best.
Bitcoin is now the 6th most valuable circulating currency in the whole world, and it did this in about eight years, with roughly only about 0.01% of the world’s population owning or using it.
So, we could be watching one of the biggest financial bubbles in history unfold with this cryptocurrency mania. Yet on the other side of the coin, there is also the non-trivial possibility that we are witnessing something remarkable happening before our very eyes — the return of the separation of cash and state.
Will crypto markets crash in between? Most likely. In the same way the dotcom bubble burned over six trillion dollars back in 2000, Bitcoin and cryptocurrencies will probably go through the same cycles. Bubbles establish the true players in the market and eliminate all the ones who are there for a quick buck. What’s important is that the technology is real, and it is here to stay.
So what’s going to happen? Bitcoin’s upward trend becomes logical once you understand the many layers of the technology behind it. Add to that the thousands and thousands of people who, for their own financial self-interest, will work day and night and fight tooth and nail to keep the fire going, building the network, protecting the network, being the network, and you’ve got an unstoppable force or innovation and value pushing us towards the next evolution of money.
But to answer the question, no one can predict what is going to happen.
When Bitcoin was worth exactly zero dollars, it already essentially solved the previously unsolvable 30-year old computer science problem called the Byzantine General’s problem — how to reach agreement with other agents over an untrusted network of communication. That value proposition was there from day zero, even if the price of one Bitcoin was zero.
Just like how the value of your paper money is not in the paper itself but in the government or authority that issues this paper, the value of Bitcoin is not in the tokens used to exchange with each other, but in the network that allows this exchange to happen.
The price of Bitcoin is the least interesting thing about it. The value of Bitcoin is in its ability to do what it set out to do, and do it best.
Bitcoin is now the 6th most valuable circulating currency in the whole world, and it did this in about eight years, with roughly only about 0.01% of the world’s population owning or using it.
So, we could be watching one of the biggest financial bubbles in history unfold with this cryptocurrency mania. Yet on the other side of the coin, there is also the non-trivial possibility that we are witnessing something remarkable happening before our very eyes — the return of the separation of cash and state.
Will crypto markets crash in between? Most likely. In the same way the dotcom bubble burned over six trillion dollars back in 2000, Bitcoin and cryptocurrencies will probably go through the same cycles. Bubbles establish the true players in the market and eliminate all the ones who are there for a quick buck. What’s important is that the technology is real, and it is here to stay.
So what’s going to happen? Bitcoin’s upward trend becomes logical once you understand the many layers of the technology behind it. Add to that the thousands and thousands of people who, for their own financial self-interest, will work day and night and fight tooth and nail to keep the fire going, building the network, protecting the network, being the network, and you’ve got an unstoppable force or innovation and value pushing us towards the next evolution of money.
But to answer the question, no one can predict what is going to happen.
https://decentralize.today/dont-fall-for-the-hype-why-bitcoin-s-10-000-price-doesn-t-reflect-its-true-value-6b42a59fce0a
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