This bubble reminds me of something.. - page 2.

zeroday

donator

Activity: 784

Merit: 1000

It's not a ponzi scheme, it's classical bubble like dot com or real estate.

Starting from March 16 crowds of greedy inexperienced people (zombies) rush for bitcoin because of "As Seen on TV" factor.
They don't realize what bitcoin is and how does it work, the only thing they believe is that it is everlastingly deflating and profitable.

But every bubble has its peak and then crash.

To start the crash it's only necessary to make a prime time TV show telling a horror story, something like
"poor single mother sold everything to buy BTC at $200 and then committed suicide after it dropped to $150".
Bump! And hordes of greedy zombies are running to sell sell sell in panic.

However, bitcoin will not die. Just a year later the bubble will happen again, then again, and again. I'd say Perpetum Bubble Grin

justusranvier

legendary

Activity: 1400

Merit: 1013

Muis

newbie

Activity: 43

Merit: 0

Quote

This is a current exchange price, no entity guarantee its rise that way. In the ponzi case, the entity guarantee that. Both can not sustain for ever, but ponzi is a scam, this is purely "hope"

To be specific Pirate also never guaranteed anything about the interest rates, he even announced changes in advance. And ofcourse I understand that Bitcoin is totally different from a ponzi, but I just wanted to make the comparison anyway

There was a lot of excitement and profit those days, just like there is now, and it seems people tend to forget this growth rate will soon be over.

twolifeinexile

full member

Activity: 154

Merit: 100

Quote from: Muis on April 02, 2013, 07:49:34 PM

I just saw someone posting on IRC:

Quote

at current rate of change (+4% a day) it will take 231days until BC is at 1M USD

And I had an immediate flashback to the whole Pirate ponzi.

Everyone on this forum realised 1% interest per day was completely unsustainable, but still we were all excited, and most of us invested huge sums. Those who didn't were the critics that told us everyday that 1% per day is impossible. Now everyone earns even more than that just by holding coins, and suddenly they act like its a completely natural growth. Just because Pirate was a ponzi and Bitcoin is a coin?

This is a current exchange price, no entity guarantee its rise that way. In the ponzi case, the entity guarantee that. Both can not sustain for ever, but ponzi is a scam, this is purely "hope"

Muis

newbie

Activity: 43

Merit: 0

I just saw someone posting on IRC:

Quote

at current rate of change (+4% a day) it will take 231days until BC is at 1M USD

And I had an immediate flashback to the whole Pirate ponzi.

Everyone on this forum realised 1% interest per day was completely unsustainable, but still we were all excited, and most of us invested huge sums. Those who didn't were the critics that told us everyday that 1% per day is impossible. Now everyone earns even more than that just by holding coins, and suddenly they act like its a completely natural growth. Just because Pirate was a ponzi and Bitcoin is a coin?

I'm not saying I'm expecting the same kind of dramatic collapse, but all those people opening up topics about triple digits, should tamper their enthousiasm and realise this growth is unsustainable before they advice all their family and friends to put their life savings into BTC.

Topic: This bubble reminds me of something.. - page 2. (Read 4351 times)