I agree with OP, because at one point I was turning the page with BTC, in 2017 there was also a fever called "ICO" which many investors got carried away and began to invest largescam results, of course there were some projects that turned out to be successful and still standing.
Taking into account the great relevance that it has, NFTs are the boom today, I do not know if the comparison with ICOs would fit, but at least it is having a lot of success with NFT games that are entering a large number of people taking advantage of the community of gamers, which this represents a great business model.Of course now give it the name known as almost a tulip, it is neither bad nor good, only time is what can give the solution.
Topic: Tulip Mania 2.0 - page 4. (Read 636 times)
There are many nocoiners that claim that Bitcoin is “Tulip Mania 2.0”, but it has been 10 years. How long must the protocol keep running before the rest of the world accepts that Bitcoin is not going anywhere. In fact, it opened a Pandora’s Box of new possbilities. BUT, I believe the next “Tulip Mania” for this bull cycle are, NFTs.
First of all tulip mania lasted longer than 10 years, it lasted a few decades but not at that level of course, and eventually crashed. The problem here is that Crypto is not a speculative asset but something that people could use. What is the real value of a tulip? Probably something like a dollar? few dollars? It is not an investment and it is only a plant. Whereas crypto is a currency which means that there is a lot of reasons why people could use that, it is not a tulip to plant into your garden and hope to grow more out of it, it is literally a currency. This means that crypto will never be a tulip mania, at the very best it is a very bull hyped market and that's it.NFT or DeFi or anything like that will not become tulip mania neither, they are just markets and maybe they will drop down but it will not be from 10 years worth of salary into few dollars, that difference is HUGE and will never happen again.
There are many nocoiners that claim that Bitcoin is “Tulip Mania 2.0”, but it has been 10 years. How long must the protocol keep running before the rest of the world accepts that Bitcoin is not going anywhere. In fact, it opened a Pandora’s Box of new possbilities. BUT, I believe the next “Tulip Mania” for this bull cycle are, NFTs.
It's true considering the number of NFTs around I can easily say that it's tulip mania, but just like the altcoins cycle, the ones that gained steam the earliest will surely survive in the long run, the prices might not remain this high but the technologies and ideas definitely will. The problem with NFTs is obviously the utility, they are collected merely as a rarity token and are currently going up due to their trend, once the trend is over obviously 70-80% will regret buying one and the other side is also true that 90% will regret not buying one by seeing high prices of the ones that gained steam early or would still remain popular at that time. There are many nocoiners that claim that Bitcoin is “Tulip Mania 2.0”, but it has been 10 years. How long must the protocol keep running before the rest of the world accepts that Bitcoin is not going anywhere. In fact, it opened a Pandora’s Box of new possbilities. BUT, I believe the next “Tulip Mania” for this bull cycle are, NFTs.
They are uninformed or even worse they have been feed false information, it is difficult for a bubble to last more than a decade, now this market can be manipulated and bubbles can indeed form but there is a difference between that and the whole market being a bubble, this is similar to what happened with the dot com bubble, people called it a bubble and back then the price of many undeserving companies were overvalued, but the market itself was not a bubble, and now a few decades after it those companies are some of the most powerful around the world, and I expect something similar to happen in this market. 
To be fungible is a positive thing because that gives liquidity to the item, NFT boasts about a negative and yet is neither unique which means its bad on both counts. I like that artists can monetize their work but if gives little purpose then the value is limited. I compare them to painting prints which are neither unique or limited, but perhaps a connection to the original artist is what is collectible.
I dont especially think most NFT has a special artist worth to it. However in art we know silly values have been there for years at times. A pile of bricks was sold for great amount, the guy who did art for the Facebook company entrance hall was paid in shares worth many millions but then I like his art and think he qualifies long term for demand even though its close to graffiti he does it well. 90% of NFT value will likely fade but is this any worse then typical art sales, even the finest art paintings boom in value during economic expansion and fall greatly later.
We know QE is a unique factor to modern times, likely we have prices booming. We cant be too surprised in wild effects appearing, just dont bet your house on it continuing forever.
I dont especially think most NFT has a special artist worth to it. However in art we know silly values have been there for years at times. A pile of bricks was sold for great amount, the guy who did art for the Facebook company entrance hall was paid in shares worth many millions but then I like his art and think he qualifies long term for demand even though its close to graffiti he does it well. 90% of NFT value will likely fade but is this any worse then typical art sales, even the finest art paintings boom in value during economic expansion and fall greatly later.
We know QE is a unique factor to modern times, likely we have prices booming. We cant be too surprised in wild effects appearing, just dont bet your house on it continuing forever.
Wasn't there an NFT sold that was literally a tulip?
The mania is crazy. NFTs are certainly very applicable in fields of music, copyright, reward schemes and collectables going into the future but a lot of these projects bring absolutely no value to the community whatsoever.
Teenagers flipping NFTs for a profit and thinking that this is going to be sustainable is going to be in for a nasty surprise.
The mania is crazy. NFTs are certainly very applicable in fields of music, copyright, reward schemes and collectables going into the future but a lot of these projects bring absolutely no value to the community whatsoever.
Teenagers flipping NFTs for a profit and thinking that this is going to be sustainable is going to be in for a nasty surprise.
How does that fit in with (for example) Pokemon trading cards or similar? I'm the first to admit I also missed the NFT boat when it sailed. Is it a digital fingerprint or signature of the image that's embedded in the blockchain?
I mean the tulip mania only went south because people found no other use for tulips other than ornaments and decoration, but as for the case of NFTs, since most of them run within the blockchain technology found notable use-cases that show great promise for the future of collectibles, currency, art, and ownership. NFTs may look absurd right now knowing that people buy otherwise standard pieces of digital art for as much as the price of Mona Lisa, but I guess this is just the beginning. We can still see more from NFT come the future.
I personally never understood what the NFTs are about. I only see them in passing while online and never paid attention coz it was like everyone and their grannies are pumping them out so I thought, how could they be valuable?
NFTs are basically coin with an image or illustrations attached to it. Just like cryptocurrencies, they take up space in the blockchain that no other cryptocurrency could fill, but what makes them different is that there is traceability, an owner could trace the details of his NFT back to him which will of course indicate that he is the sole owner of that particular NFT. This makes NFT suitable for collectibles, games that involves items, and much more. 
I personally never understood what the NFTs are about. I only see them in passing while online and never paid attention coz it was like everyone and their grannies are pumping them out so I thought, how could they be valuable?
Bitcoin is the future of money. The history of Bitcoin has seen many people smear and slander, but its value still increases. Bitcoin has been recognized as a payment unit in many countries. Today, El Salvador officially bought Bitcoin and adopted Bitcoin payments across its country. It is a major milestone in the valuation of Bitcoin, proof that Bitcoin cannot be a scam.
~~~
That's about right, and overall I think the longer the duration of a "mania" the more it becomes a normal thing, and we shouldn't call it "mania" anymore.
Yes, that's what I mean, basically. People that were buying those tulip bulbs for thousands of guilders weren't as stupid as many think of them now. First off, some of them made good money in the process. Yeah, I realize that it was more like making money on a Ponzi scheme, but there were others who lost a lot of money, but they also weren't stupid imo. In a fortuitous turn of events, this mania could last for many decades. There are Pokémon Cards worth thousands USD today. For how long this mania will last? Actually, no one knows.
But Bitcoin isn't Pokémon Cards, nor it is this painting by Jackson Pollock bought for $140 Million in 2006
or a similar one worth tens of millions. Will Pokémon Cards or such paintings integrate into the future is a big question. But Bitcoin surely will. In fact, we are dealing with something from the future in the form of BTC right now. How much it will cost if all people in the world will be using it? You know the max supply of BTC and you can check the world population forecasts. You can do the math.
There are many nocoiners that claim that Bitcoin is “Tulip Mania 2.0”, but it has been 10 years. How long must the protocol keep running before the rest of the world accepts that Bitcoin is not going anywhere. In fact, it opened a Pandora’s Box of new possbilities. BUT, I believe the next “Tulip Mania” for this bull cycle are, NFTs.
Could be. If you think of it, an NTF does make sense for many games in which you have in-game items that are unique or have a limited occurrence. Getting these does require either effort, a payment or both, so they actually do have some intrinsic value. However, the same could be said about tulip bulbs: you can actually use them to grow a tulip - which by the way will come out every year for a long time, so they do have an intrinsic value.
So when does the tulip mania start? When you are paying for something that you are not going to use, simply thinking that someone else will pay even more.
Do you believe that paying more than $1,000 for NFTs to play the current “blockchain games” that’s lower in quality of game play a fair valuation? It’s merely part of another hype cycle. Most of them will crash, and fail. The games left will be forgotten.
For BTC being tulip 2.0, at this point even discussing it is just silly, it's not and cannot be just by it's nature at this point. Too spread out, and too many people using it.
Tulips, for all the mania back in the day were way more localized.
Tulips, for all the mania back in the day were way more localized.
As Rockefeller is reputed to have said after the Great Depression had come and gone how he'd managed to foresee the impending crash and sold everything making a profit enabling his empire to continue, he is reputed to have replied:
"When the person who shines your shoes starts giving you stock-market advice, THAT'S the time to sell."
I haven't had shiny shoes for a while, so I don't envisage a crash coming anytime soon.
There are many nocoiners that claim that Bitcoin is “Tulip Mania 2.0”, but it has been 10 years. How long must the protocol keep running before the rest of the world accepts that Bitcoin is not going anywhere. In fact, it opened a Pandora’s Box of new possbilities. BUT, I believe the next “Tulip Mania” for this bull cycle are, NFTs.
Maybe its better some people are still convinced that crypto is ponzi, that means we can expect healthy and slow market rise as opposed to a quick spike like it was with tulip mania. Those really never end well and deniers will sooner or later have to accept that this in the new reality.
~~~
That's about right, and overall I think the longer the duration of a "mania" the more it becomes a normal thing, and we shouldn't call it "mania" anymore.
Tulips were not new where as BTC and its various levels of usage are new in the world so the technology as a phenomena will not halt like Tulip mania did. However neither did Tulips cease to be used it was always just proxy for some effects at that time. The pricing collapsed as it had no purpose vs any other asset , we cannot say such a price inflation comparison is complete until QE programs cease and desist. We arent in the end game for debt financing of fiscal and trade deficits world wide, that will unwind someday but I dont know if we will be waiting forever like it took USSR to finish its failed economy finally and end its curse upon its people.
I hope one day we find our way back to capitalism away from this centralism and FIAT central bank derailment of society, clearly thats not today so its hard to say where is the end of the Mania as I dont think BTC was ever the cause of it.
I hope one day we find our way back to capitalism away from this centralism and FIAT central bank derailment of society, clearly thats not today so its hard to say where is the end of the Mania as I dont think BTC was ever the cause of it.
NFTs has no max supply and if anyone could create their own avatar or graphic art they can make money out of it. Metaverse and Loot are big projects in NFTs. And we are just in the begining because the music industry is also about to be revolutionized too with the same concept as NFT which anyone can own a song.
Games is already big, Tulip mania it is.
Games is already big, Tulip mania it is.
And the altcoin bubble (2013-2014) and a few others.
I look at NFTs like artwork. There will be the few that maintain their value, for this or that reason, but most will fade into obscurity.
Just like Renaissance painters. We know the big ones, we don't remember the others.
Banksy NFTs will be worth money. DaveF NFTs, will not be.
-Dave
Same opinion. The common opinion among Bitcoiners is that everything is going to zero. While it's not impossible, I don't think so. And mooost probably not like 6-7 digits worth. But I could be wrong with that as well. The likes of Crypto Kitties and CryptoPunks I think has some cultural and historical relevance. (and no, I don't own any of both)I look at NFTs like artwork. There will be the few that maintain their value, for this or that reason, but most will fade into obscurity.
Just like Renaissance painters. We know the big ones, we don't remember the others.
Banksy NFTs will be worth money. DaveF NFTs, will not be.
-Dave
Were masternodes ever a bubble? There aren't that many altcoins that operate using that model that I can think of--Dash, PIVX....and I can't think of any others off the top of my head. Nor do I remember them being hyped up like NFTs, ICOs, and IEOs. Plus you can still own a masternode and make money, though they're not nearly as popular or talked about as they once were.
Definitely not like ICO-levels of a bubble, but the masternode coins were definitely widespread as well. I was really interested in crypto YouTube at those times, and almost everyone's holding some masternode projects for "passive income". It sure did end up disastrously though LOL; at least with ICOs, a few actually survived. But now, DASH is pretty much irrelevant. 
Just like the "masternode" bubble
Were masternodes ever a bubble? There aren't that many altcoins that operate using that model that I can think of--Dash, PIVX....and I can't think of any others off the top of my head. Nor do I remember them being hyped up like NFTs, ICOs, and IEOs. Plus you can still own a masternode and make money, though they're not nearly as popular or talked about as they once were.I wouldn't be surprised if some would have some historical value in the future.
I'd agree with that. I wasn't even saying that NFTs have zero value or would go to zero over time, just that there's a mania for them right now that I don't think is justified given what they are. Once the history of the first 25 years of cryptocurrency is written (as I'm sure it will be, and I'll buy a copy if I'm still alive), no doubt NFTs will be included. What will be written about them depends on what happens in the market from their beginning until then, and that I'm not completely sure about (though I made my prediction in my last post).there are many NFT's that did make people rich in matter of seconds, then again bitcoins were also labelled as tulip mania but now we are in 2021 and I do think that it can go either way
Again, bitcoin has been labeled a fad, a tulip, a scam, and many other things in the past--and so far all of those monikers have been disproven. That doesn't necessarily mean that similar monikers for NFTs are wrong, because bitcoin and NFTs are two completely different things, and I think it's a mistake to conflate the two. 
For BTC being tulip 2.0, at this point even discussing it is just silly, it's not and cannot be just by it's nature at this point. Too spread out, and too many people using it.
Tulips, for all the mania back in the day were way more localized.
And the altcoin bubble (2013-2014) and a few others.
I look at NFTs like artwork. There will be the few that maintain their value, for this or that reason, but most will fade into obscurity.
Just like Renaissance painters. We know the big ones, we don't remember the others.
Banksy NFTs will be worth money. DaveF NFTs, will not be.
-Dave
Tulips, for all the mania back in the day were way more localized.
Just like the "masternode" bubble and the ICO bubble, NFTs will surely have a huge crash as well. But I personally think that some NFTs won't go to zero. I know NFTs don't make any sense for most people, but I wouldn't be surprised if some would have some historical value in the future.
And the altcoin bubble (2013-2014) and a few others.
I look at NFTs like artwork. There will be the few that maintain their value, for this or that reason, but most will fade into obscurity.
Just like Renaissance painters. We know the big ones, we don't remember the others.
Banksy NFTs will be worth money. DaveF NFTs, will not be.
-Dave
Jump to: