The Tulip Mania 2.0 | Bitcointalksearch.org

Wilhelm

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Quote from: PokestarFan on June 16, 2022, 09:47:36 PM

I imagine that if the market could ever hit $1000 it would much rather hit $0. Unless the difficulty goes back to what an average consumer CPU/GPU can easily work with, no ASIC miner can profitably run at $1000 per bitcoin.

Not really accurate I think... this is how it works to my knowledge (correct me if I'm wrong)

Bitcoin has a fair value which should be the mining cost.
Going under the mining cost is possible for a while, however a point will arise where miners shut down.
When miners shut down, the hash rate goes down. After a number of blocks the difficulty will go down.
A $1000 a coin point could happen if you wait long enough but it's unlikely because miners are likely to mine again when mining is profitable against market values.

So market value affects mining and mining affects the value. Greed is the balancing mechanism.

PokestarFan

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I imagine that if the market could ever hit $1000 it would much rather hit $0. Unless the difficulty goes back to what an average consumer CPU/GPU can easily work with, no ASIC miner can profitably run at $1000 per bitcoin.

adaseb

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Basically a few months ago, people were saying they would buy at the 200 WMA or at $20K and now people are saying they will buy at $1000-$10000. Which leads me to believe that a bottom might be somewhere close.

Way too many bearish people and people are moving their buy in targets and usually when that happens it bottoms out. This is similar how $6k broke and people were calling for $1K Bitcoin which never happened.

STT

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We need more of these threads, when people are all doom its time to be optimistic so I celebrate and thank OP for the insight into crowd dynamics in fear. It would be best not to name 1 particular nominal figure because Dollar is not static anyway, we keep printing more of them into circulation far more then GDP growth would justify. Whatever the bottom price it'll be tested more then once I think or we'll get some ridiculous spike down that we barely see because it was done and dusted before most had time to trade it personally. That how I view 20k mostly, it was too brief imo and Im not sure it contains alot of volume so I expect multiple tests.

Tulips are a product still used hundreds of years later, if thats the comparison I hope BTC does as well.

Jating

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Quote from: UnDerDoG81 on June 15, 2022, 04:27:54 AM

Oh yeah I love these newbie Bitcoin is death accounts. They always came up when the bottom was near.

Lol, but yeah, it give us something to ponder in the morning and then make a good laugh out of it. Not sure how many times we heard Tulip Bubble = Bitcoin scenario because it is not.

The OP should read the Tulip Mania history and maybe come back here and see if he can identify the difference. But I guess not, this is just another newbie again talking just coming back when we are about to hit the bottom and then have the audacity to say "bitcoin is dead".

jaberwock

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Quote from: pkersey on June 13, 2022, 08:08:39 PM

When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

This could be true on some specific coins. They are scams and some are only in for hypes but for the coins that represents the crypto market, no they are serious and have a real objective on why there are here.

Those so called experts that says negative stuffs like this are not really an expert because they didn't do a research but there are true experts that encourage everyone to keep on buying during this dip. They are the ones that knows the technology behind cryptos. Cryptocurrencies are not only about the price anyway but their main purpose is about being used as a currency. Bitcoin that 22k right now, is still the bitcoin that we know when its value is at 30k.

UnDerDoG81

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Oh yeah I love these newbie Bitcoin is death accounts. They always came up when the bottom was near.

Wilhelm

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Quote from: pkersey on June 13, 2022, 08:08:39 PM

When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

Ok go read about crypto, the maths behind it and economics.
Then watch the YouTube video about how the US monetary system works. https://m.youtube.com/watch?v=iFDe5kUUyT0

Get back to us after that and tell us which one has more value...

coolcoinz

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I remember various traders tried to make us think we'd go to 1000 when we were at 3000 in 2019, but it didn't work out for them. Now we are in another cycle so 3000 is gone forever.
I know it's nice to dream about buying at less than 5% of ATH but the market will not let you. People know how much potential there is in Bitcoin and the lower we get the more buyers there will be. Leveraged market reaches maybe down to 20k. Everything below is holders so you'd have to persuade people who held for over 12 months to sell at a loss. Wishful thinking.

TravelMug

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Quote from: pkersey on June 13, 2022, 08:08:39 PM

When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

Lol, I love this newbies suddenly popping out and putting their loom and doom prediction.

And this is 2018 all over again, for sure those perma-bears are going to come out from under the stone and continue with their narratives.

Well you can say that the bubble has been burst in 2017 and yet we achieved a all time high last year at around $69k. so I don't know how can you say that crypto stuff is a bubble or even going to $1k. And don't listen to those so called "experts", they are just like you and me, just wild and educated guess.

barbara44

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Everyone keeps talking about the same thing over and over again. If you search "tulip mania" in bitcointalk forums, you will find maybe at least 100 topics like this. Whenever the price is down, there are some people who think that crypto is just like tulipmania.

I am sure that when dotcom bubble burst, everyone talked about tulipmania there as well, and we can see how amazon is doing, or microsoft is doing, even after 2 decades later. So all in all, you can keep on saying tulip mania to crypto, but the reality is that bitcoin and a few others will always go up, and it will make people money, there is nothing illogical about the current situation.

Lorence.xD

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If you're seeing 1000 USD as the lowest for bitcoin then it's not the same as Tulip Mania, 1000 is a big difference when compared to zero, tulip became worthless while bitcoin still has some worth in it so you're already contradicting your own statement by comparing bitcoin to tulip and speculating that it will go down to 1000 instead of doubling down on your stupidity that it will go to 0.

hatshepsut93

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Every time there's a serious crash, some trolls create new accounts to spread FUD that Bitcoin goes to zero. IDK what's their motive or whomever hired them - to bring Bitcoin price lower to buy more, or just damage the image of Bitcoin, or just for fun - but this won't work. It happened countless times, and Bitcoin always recovered and then reached new highs.

Rikafip

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Quote from: pkersey on June 13, 2022, 08:08:39 PM

Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months.

Oh hello Mr. Nostradamus, I haven't recognized you. By the way, where were you with these kind of predictions when BTC was at the ATH? Probably too busy buying bitcoin at the all time high, and that's the reason you are salty now. I am sure that you will put your money where your mouth is and that you will short the shit out of bitcoin as you expect it to reach $1k.

NeuroticFish

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Quote from: pkersey on June 13, 2022, 08:08:39 PM

When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

You compared apples with oranges and came with a conclusion that doesn't really apply neither to apples, nor to oranges.
Will Bitcoin price drop? Maybe. But DCA is better than waiting a price mark, especially if it's so extremely low as 1000$, because the lower it is, the lower the chance to happen to touch that value.
Will "this crypto stuff" drop to zero? Most of the altcoins, tokens and "crypto stuff" probably will. But most of those are just noise around Bitcoin...

Bitcoinking99

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What more can I say about tulips? I wonder how many times this tulip has grown before. It has long been seen that $1000 will be a huge purchase. The current state of the cryptocurrency market makes it seem better for me to buy Bitcoin now.

coinycoiny

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Quote from: Despairo on June 13, 2022, 11:27:53 PM

The tulip mania history is different with Bitcoin, tulip have an infinite supply since you can grow it and collect the seeds, while Bitcoin do have limited supply. Both of them are valuable because of the high demand and speculative asset, but the high demand of tulip only on Dutch, while Bitcoin are worldwide. The use cases also completely different, tulip is never considered as a future, while Bitcoin is considered as a future of both currency and decentralization.

The most comparable with Bitcoin is gold, but Bitcoin way more better than gold and I don't see anytime Bitcoin will go down as $1K.

There is an infinite supply of cryptos, btc is just one tulip.

Snowshow

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Quote from: pkersey on June 13, 2022, 08:08:39 PM

When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

You cannot compare tulips to ponzi units. Tulips have intrinsic value, ponzi units don't. Bitcoins are the units in a ponzi and people can return their investment in that ponzi only if other people join the ponzi. In tulip mania people invested in tulips and thus, they had something by definition, without other people joining the mania. If no one joins the bitcoin ponzi people are left with nothing.

aoluain

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Ah here go again with the Tulip comparison, I wonder how many times this has been brought
up in the past already? and yea always when rhere is a big price "correction".

At what point along this fictitious journey back to $1000 will there be MASSIVE buy pressure?
At what point will more people realise its an unbelievable opportunity to avail of the SUPER
KNOCK DOWN CLEARANCE SALE price for Bitcoin and sell everything to buy Bitcoin?

Now perhaps?

avikz

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Quote from: pkersey on June 13, 2022, 08:08:39 PM

When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

The tulip mania was based on aspirational value and the price of bitcoin is based on demand supply and production value. Both are different. Whatever experts have spoken against bitcoin, are the agents of banking industry. So I prefer not to look at them.

Also I disagree when you say 1k is a good buying price! Bitcoin will never go back to that price again. So it's wise to start cost averaging by buying in small units at the current price level. If you wait for 1k, you will miss the entire opportunity.

Poker Player

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Quote from: pkersey on June 13, 2022, 08:08:39 PM

When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

This doubly confirms to me that it is a good time to buy. I have seen people saying that the S&P 500 is going to go below 2,000, people saying that Bitcoin is going to go much lower than $20K, like in this case, that a crisis like we have never seen before is coming, much worse than the crash of '29.

When you have been in this for a while you know that times like this are the best times to buy, just like last year when we hit $70K and the predictions were for a low of $100K, in some cases even approaching $0.5M for this cycle, it was a good time to sell.

Kakmakr

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Imagine this.....

The Trolls/Shills are now speculators too... Grin

In the past they used this "Tulip" song when there were a drop in the price, but I think "greed" have infiltrated their ranks now. Grin

So, please listen to their advice, because that is what we we saying all the time... if you want to use Bitcoin as a commodity... get in low and wait, because the market will recover and you will make a decent profit when it bounce back.

Who would have thought "Trolls" and "Shills" will give good advice. Roll Eyes

NotATether

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Quote from: pkersey on June 13, 2022, 08:08:39 PM

Experts had been warning this crypto stuff was all hype / BS.

Which crypto stuff?

There are two kinds of crypto which experts lump into one category and don't bother differentiating between:

- Useful (ancient cryptos such as BTC, LTC & ETH)
- and Useless (literally every token and coin made after the crypto rush including Solana)

Experts should've been saying "The useless cryptos are hype/BS" instead of dumping them together with the lot of widely used and established cryptos on the sole pretense that "they are all traded together!".

dimonstration

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Dimon69

Quote from: pkersey on June 13, 2022, 08:08:39 PM

When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

Targetting 1000$ or so for price of Bitcoin while there's a lot of institutional investors holding more than billions of dollars in Bitcoin is insane. Who the fck will dump that hard even for months while you can gain easily if you long the dip of Bitcoin.

15K to 10K is possible but for 1K is insane price prediction(no offense). Even pandemic can't bring down Bitcoin at the level even though the price when pandemic hits was only 10K or so.

Despairo

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The tulip mania history is different with Bitcoin, tulip have an infinite supply since you can grow it and collect the seeds, while Bitcoin do have limited supply. Both of them are valuable because of the high demand and speculative asset, but the high demand of tulip only on Dutch, while Bitcoin are worldwide. The use cases also completely different, tulip is never considered as a future, while Bitcoin is considered as a future of both currency and decentralization.

The most comparable with Bitcoin is gold, but Bitcoin way more better than gold and I don't see anytime Bitcoin will go down as $1K.

mk4

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I'm fine with people being short-mid term bearish from time to time — but come on now, $1000? lmao. If ETH then probably but if you're talking about BTC you gotta stop smoking whatever you're smoking.

LegendaryK

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Quote from: pkersey on June 13, 2022, 08:08:39 PM

When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

Bitcoin Mining network will crash long before the price could drop to $1000.
Miners have a breakeven price , it was $34K, so now at ~$22K, they lose ~$12K every bitcoin mined.
BTC miners are not going to last long , unless Venture Capitalist float them.
And Rumors are VC money is drying up because of the baby boomer retiring from investing in speculation. Tongue

Hispo

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Quote from: pkersey on June 13, 2022, 08:08:39 PM

When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

Do you mean Bitcoin at 1000$ for you to buy in?
I am neither a financial advisor nor a trader, but I believe that target price is a little bit exaggerated in my opinion, but again I am not an expert.

Perhaps you are feeling specially bearish about this down cycle. If you are seeking to discuss price speculation, I'd suggest you to move this thread to a more suitable section where you will likely find traders on: Speculation, Trading Discussion, etc.

Haven't you considered to DCA during the bear market instead waiting such a low price as 1K$ instead? Why are you betting on such price, might I ask?

pkersey

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When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

Topic: The Tulip Mania 2.0 (Read 284 times)