Bitcoin Forum

Disclaimer: I don't own any crypto currently, and haven't done so for a few months now. I left the market in profit, and haven't been able to appropriately value bitcoin since, so haven;t made a new entry yet.

Ok, first of all, I know this is going to be an unpopular opinion on a Bitcoin forum, but here goes.

Every time I first sit down at my computer each day, I trawl through the relevant cryptocurrency related subreddits, news sites and of course this forum. Day in and day out, without missing a heartbeat, I see a flood of incredibly optimistic hype posts relating to crypto and its future success. Whether it's the age old comparison between the bitcoin price a few years ago compared to today to the ever popular debate about it solving all the financial problems in the world, the content never ends! I'm struggling to actually determine if I'm burnt out from all the talk over the years or if its actually a real problem formed by a large following of overly delusional bitcoin fanatics who aggressively believe that bitcoin is the be all and end all solution to all the worlds problems. I can't help but feel the more and more I get involved with crypto, the more and more I feel like it's just a well orchestrated ponzi scheme, that has a large amount of people fooled into believing it's their gateway to a better world and financial freedom.

Does anyone else share similar feelings, or do I need a break from crypto to level my head? I am not saying that bitcoin isn't a revolution, I'm saying that its being pushed by brainwashed people far beyond the extent of its appropriate reach.

Bitcoin was definitely over hyped in it's peak last December-January. Right now though? It's quite debatable. I still see bitcoin as a new technology that can definitely helped the unbanked billions of people worldwide. But do you know what's surely overhyped? The cryptocurrency markets. We still see a lot of coins and tokens that doesn't do much that are worth millions of dollars in marketcap(yes, I know marketcap as a statistic is quite inaccurate, but you get my point). While it's quite debatable that some of them could definitely work and be useful in the future, they're still worth too much. I mean, take a look at Tron and EOS! I don't even know why they're in the #6 and #11 spot. That's to be expected in a quite unregulated market I guess? A lot of clueless people just throwing their money in and shilling their coins/tokens as if their lives depend on it.

Bitcoin or the cryptocurrency markets in general does definitely look like a ponzi scheme sometimes especially if you're new, and I can't blame them for that. We always see a lot of people on social media shilling their coins and tokens like there's no tomorrow as if the coin/token their holding is like sort of the solution to poverty or something; so in a way, the greater fool theory could actually apply I think. But if you look at bitcoin as a technology, and what it's trying to achieve while ignoring the prices, you'd be amazed. The first time I realized what bitcoin is actually for, I barely slept because I was so overwhelmed and amazed. No exaggeration.

I still find it hard to suggest to friends and family to buy in right now. I also didnt encourage them to buy during the hype either. I don't see a value entry point until the $2k mark, and wouldn't reccomend anyone enter until it hits closer to that level.

some people have always been FUDing and some other people have always been Hyping bitcoin. these days that price is making a move the both groups are actively at work! although it is surprising to me that you have only seen the hype since with a quick look at this board or on some news sites you can see that the majority of the posts are negatively FUDing bitcoin.

as for being "over hyped", the answer is no. the hype w as over about 9 months ago when the bubble burst and the price corrected itself by dropping more than 60% and the majority of hyped up newbies with weak hands who wanted to become rich overnight left the market.

now bitcoin is under-valued.

Maybe I'm looking in the wrong places, but I'm confident that I am still seeing a vast majority of hype towards crypto, that really hasn't ever subsided. Perhaps, the problem might also be that crypto news sources are from specifically crypto based sites and subreddits and not financial or real world sources.

I don't know about you, but I heavily suggest against suggesting friends and family to buy an extremely volatile asset. Teach them about the technology instead. I don't think suggesting them to speculate won't do any good. If they get interested enough with bitcoin and after doing their own research and they end up liking bitcoin, chances are that they're going to decide on their own even without you pushing them to "invest".

You are not alone in your sentiments. There are times when I cringe hard from posts that completely ignore the current state of the market and believes nothing and accepts no any other opinion that is more plausible than their own. I get that some people are permabulls, but there are times that it's slowly being annoying to the point that it does not show any sense at all. Bitcoin will never address wealth inequality head-on, but it will help; bitcoin will not replace the current financial system but it will exist with it side-by-side; lastly, bitcoin's growth isn't measured by its price alone but also infrastructures and people surrounding it.

You are not a pessimist, you are just being sensible, and that's perfectly fine.

To be honest, this was also my idea at the start, back when I was still thinking twice and was always prodded to try it. But when I entered into the community and has a stake already in its rise and fall, my mind has drastically changed. The objectivity has been gone. I can be accused of bias right now because I have BTC in my wallets.

But my idea is that the vision is real. It is always real. The problem comes when people are buying BTC without even knowing the vision, concerned only of the price. The blind hyping and promotion led a lot of people to join the bandwagon and eventually think, when the prices go down so low, that this is just a kind of a scheme or an experiment, and leave. But the truth is that they do not know the real idea behind the creation of the coin.

I think the technology speaks for it self, because even Banks and large financial institutions are copying the concept now. Remember, when you visit Crypto currency related site, people will be optimistic about the content that they support.

It is not always optimistic, because these forums and platforms are targeted by shills and they spread a lot of FUD too. Could it be over hyped... Yes. <let's be real> Do we need to over hype it? ...No, because the technology is ground breaking and disruptive.  ;) 

Hope, you decide to get back in, because you might be surprised by the new technologies that are being developed now.  ;D

It's good to read that I am not alone. I cringe a lot, especially as of late. The sad thing is I used ot get all caught up in the hype without doing proper research or even just evaluating the article. It's very easy to be bias towards one thing when you're so heavily invested into the concept.

with an uncertain market situation like this I agree with you, it's better to play alone without involving other people, the risk of falling prices can still occur suddenly

with all the coins dropping since the Q1 of the year, most are undervalued already as of today including bitcoin. some had made an entry in the mid of the year thinking its gonna go up eventually but didn't even this year end. its been a harder to earn since then. still, its not good to encourage people to buy right now. they'd blame you if the tokens starts to crumble again.

I understand your opinon.Bitcoin kinda looks like a useless tool(you can use it for gambling or speculation).The mass bitcoin adoption across all type of online businesses just isn't going anywhere and BTC remains as "digital gold".This is frustrating for me as well.99% of the people don't care about decnetralization or figthing against the bank system.They just want to make money.

If Bitcoin has no value, what else has value? Bitcoin is overvalued? Maybe, but who can say it? the price is what you have after buyers and sellers, and manipulation..
Bitcoin could be overvalued, but what about fiat currencies? if you see the value, the real value is 0, like a piece of paper.. they are just about trust, trust from idiot people.. so in comparison, bitcoin has a lot of value.

The biggest problem now is that many holders/purchasers are not really people who love Bitcoin. They don't care about the future of Bitcoin ,all they care about is the interest behind Bitcoin.
In fact, I am as pessimistic as you are now, not because I lost my confidence in crypto, but because almost all of the crypto-related projects I have seen are over-hyped.
Crypto is not without the future, but this expectation for the future should be based on a reasonable basis. Blind investment will only destroy crypto. I am very sad. This is not the crypto I want to see.

Sure it does. My fy "feelings" about Bitcoin are expressed here: https://youtu.be/wQJCL4s2GH0

All they care about the money to be made. Which is quite unfortunate, but there's definitely nothing we can do about that. This in my opinion is one of the main reasons why people see bitcoin or cryptocurrencies as a huge ponzi scheme.

I share your sentiments regarding altcoins. EOS is a great example. It is centralized, it is corrupt, it exists entirely to make profit for the 21 Block Producers who have complete control over all EOS coins, including the ability to reverse transactions, freeze accounts, even confiscate your coins or transfer them to someone else, all without your consent or even knowledge. It prints new EOS out of thin air every day and uses it to reward the Block Producers for being corrupt. Most of the dev team took their profits from the frankly ridiculous ICO and left, having delivered nothing but promises and no actual product. The entire thing is a joke, and yet it has a "marketcap" of $3.2 billion and the altcoin sections are filled with people shilling this trash who have absolutely no understanding of any of the points I just made.

Blockchain technology in general suffers from the same blind shilling. Again, you can find people all over this forum and others saying how blockchain is going to revolutionize *insert industry here*, with no details whatsoever as to how exactly it is going to do so, as if it is some magic spell - simply invoke the "blockchain" and your company will be more successful! I've been called an idiot on these forums for suggesting that perhaps blockchain isn't required is literally every industry. It's this kind of blind faith and shilling that makes us look shady to the rest of the world.

I pay almost zero attention to the day-to-day price of bitcoin, and wouldn't have known about this recent dip were it not for the forum being flooded with newbies proclaiming that "bitcoin is dead!!!11". I think a bear market is a good thing right now - the entire market was overvalued and overhyped. Some time for many of these trash altcoins to die and to flush out the "get-rich-quick" type folk is badly needed.

I partly agree; however, I think that that hype is coming from the promotion people want to exude to enable Bitcoin to climb up the market even more. We should understand that since the market is constantly in a bad state, together with its assets. Then, people who are in it find ways to boost it in one way or another. That way, their investments won't just be in vain, together with all the investments of the many that venture in the cryptocurrency market. There is nothing wrong to be hopeful about something that can really rake in big bucks, but one should also keep that cautious attitude since although it's just digital money like everyone says, people who are in it still invest time, effort and most important, money.

Definitely 100%. Even though if the block producers aren't really corrupt? Knowing that they have a huge control over everything is something to worry about. It's a huge, red, glowing potential point of failure. Quite unfortunate that people got easily sold on the "Ethereum killer" marketing title that a lot of people associate EOS with.

Yea. When the ICO craze started, I was like "damn people are going to regret this in a few months". Guess what? Even after more than a year and after this big crash, these useless coins/tokens still has a good number of holders and people being optimistic on them. One thing's for sure, they definitely are blinded by the fact that they think "investing" in these crap projects will be their shortcut out of poverty or shortcut to riches.

There's definitely nothing wrong with hoping that bitcoin will hit it big. I mean, I definitely hope it would. The bad thing here is shilling coins/tokens, telling people with guarantee and confidence that these certain coins/tokens will multiply in price after a certain amount of time. There is no guarantee. Theoretically speaking even bitcoin can fail as the failure rate is definitely non-zero.

I agree with you the author. we did grow up very much last year though we didn’t deserve it

I agree with you a lot more than with the op. The way I have seen it over the last 8 months, the majority of news is negative. China banning cryptos (fake), Google banning ads, Facebook banning ads, China banning ICOs... And then come the news about some famous people predicting that cryptos will crush. Another kind of news is just appearing regularly when there's nothing left to say. I'm talking about news like 'the market lost ... billion dollars today', 'trading volume dropped ..%' and stuff. Even people on this forum used to be particularly pessimistic last spring and summer. Bitcoin used to be overhyped last autumn and I thought it was crazy and not safe. I didn't think the prices would go all this way down, though. I really don't understand why people are not buying cryptos actively now. The prices are unbeliavably good.

Maybe people think the price will go lower still. I've seen the number $3000 be used by quite a few people as where they think the support currently lies. I wouldn't put a number on it myself, but I don't think we've seen the bottom yet.

Many people are just fickle, however. During the bullrun the board was filled with topics of people lamenting they hadn't bought more when the price was cheap, or even hoping for another dip so they could load up. Now that dip is here, and instead we are flooded with topics about this being the end of bitcoin. These are the largely the same people we were just discussing who jump on any bandwagon they can find and shill their trash all over the place.

There are definitely a decent number of "bad news" this year, but if I remember correctly, I think we had worse last year. I personally think the crash was still more of due to cryptocurrencies in general being too overhyped.

Probably not in a while. The weak hands or the "crypto is finished" people are shaken out, or at least most of them. We're going to need to have new money to get to new highs in my opinion.

And yeah, people are also expecting lower. $3000 is a well known target like o_e_l_e_o said, as I think $3000 is also the target of Tone Vays(a quite famous trader). Time will tell.

Bitcoin has nothing to do with the financial freedom or anything like that. In fact, Bitcoin is just a payment system that has more benefits as compared to that of traditional payment system which is based on fiat currency. I believe that Bitcoin is undervalued at this stage not because the price is low but the adoption of it is very less as compared to that of the global population of humans using the money. The scope of growth is tremendous for it considering the current level.

Bitcoin was overhyped for over 1-2 years maybe. We are going to a more realistic price. It doesn't mean we won't see the $20.000 again but it will come in a more natural way, gradually and organically. Because it deserves it, not because of a buzz.

I disagree. Bitcoin DOES has something to do with financial freedom. Bitcoin IS financial freedom. I'm definitely not saying that you should hold like majority of your funds on bitcoin right in this decade(because you know, volatility and stuff), but if you hold bitcoin, there's no way for the government to confiscate your bitcoin; of course, unless you let everyone know that you do have bitcoin and the government puts a gun up your head.

This tweet should convince you.

but fiat currencies has more reliability, namely physical evidence and of course many accept it, from beggars to hypermarkets, while crypto?
there are only two choices, a particular market or you use in the platform that adopts it, which of course is now less than 1% of places that adopt crypto as additional payment.

Bitcoin is only 10 years old. It takes time for something to be developed and globally adopted. It's slowly and surely getting there. Let's not focus too much on the present, but think about the future also. Lightning is just right around the corner if one of your complaints is the slow transactions.

As with the physical property of fiat, it definitely can be a significant advantage in 3rd world countries where physical fiat money is still widely used. But also know that the world as a whole is slowly moving towards digital payments.

At this time, you should buy but do not suggest anyone to buy because you never know what will happen in the future, should not recommend if you don't want to be blamed for

well "real hype" is not about what news sites say or what random users on the internet say. it is about their actions otherwise words are wind. for instance last year when blockchain in general was super hyped you could see prices shooting up because of it, you could also see that everyone was trying so hard to implement blockchain technology in literary anything no matter how irrelevant and stupid it looked like.

 It is the terminology that someone is  pessimistic or optimistic as regards BTC in the age of digitalization ,pepole are becoming more and more lazy and wants easy way to their lives whether it is currency or otherwise so the BTC is the solution with future modifications.

Many people over optimistic on cryptocurrency because they believe on the technology. I dont think bitcoin is over hyped investment, the price rising last year because market mechanism and i think its very normal fluctuating and the price drop like what happen right now.
But bitcoin is not a way  to rich instantly, its need patient and i am believe its long term investment. Better keep optimistic on bitcoin rather than pesimistic on our own investment

I would separate discussion about being hyped and price prediction from each other because in my experience something can be hyped up while its price doesn't rise whilst something else can not have any hype while it is rising in value then gets some hype.

right now I don't believe bitcoin is at all hyped. if anything it may even be under hyped. but I am still not making any decisions for entrance because the market seems to me to be extremely manipulated and that makes it unpredictable and at times like this I would wait until the manipulation is over before making an entrance.

I don't know where exactly you are drawing your inference of bitcoin over hyping from and how in anyway bitcoin has similarities with ponzi scheme. It is normal for people to express various kinds of opinions (both positive and negative) concerning anything that is thriving and capable of changing people's lives. I have even heard more negative news about bitcoin than what you call the hype.

Any technical revolution occurred with ups and downs, and not for 1 year. And even in our progressive time, the financial revolution has the same problems. And it makes no sense to wait soon for any cardinal news, especially if you have weak nerves. I think it makes sense to give crypto time for becoming, approval and adaptation. And you don’t need to worry about crypto either. It’ll make her way.

yes you are right, but there are a lot of people who are pessimistic when they try to work here, or you can say they don't feel at home. they don't believe that everything will return to normal and experience an increase so they are pessimistic and just leave it. of course everyone wants to get money and work quickly or well, but expectations are not in accordance with reality.

Last days I think just the same. Everybody who wanted cashed out at 20k point and from that moment it started a new story "do not worry! Bitcoin will recover it soon and the price will go to 50k$" and people were investing, so I was at 10k and I was waiting and waiting and now I am more than twice in minus with all this waiting and positive expectations.

I would even like to say that the sentiment is stacking up against Bitcoin with how people start to blame it for altcoins losing value in the process. I remember the same anti Bitcoin sentiment back in 2015 when it was bottoming.

It's pretty interesting how people continue to say that historical events don't mean the same will happen in the future, which is partly right, but with how similar the cycles are in crypto, events do rhyme to a greater extent.

People got so comfortable with the $6000 mark this year, that they really believed it was an unbreakable base support level, especially with how the media kept hyping up how $6000 is what miners pay to generate a whole Bitcoin.

Even if that was true, that still doesn't mean traders, old hands and bag holders won't be dumping the market down at a later point.

 When you think about bitcoin, I mean its original aim, technology, and potential effects to financial system, it seems like something to be sent from the future. Doing tranactions and payments without banks or financial institutions.  But it is overhyped and it is made a investment tool  by people (by us). There are a lot of coins and tokens that doesn't do much so much and nobody knows why they are worth millions of dollars.

I think you know better than thinking this is a ponzi scheme. The ponzi scheme is really the mind of those people that's here to gain financially and nothing else. If you believe in the advocate of cryptocurrency in general, you can filter those good ones and just continue to fight for those. Imo it's just you're really overly dosed of the FOMOs and FUDs of the content you see everyday. It's really not good mentally and can affect other aspects of life later on.

I'll tell you how I calculate it. Bitcoin was worth 20000 dollars for a while and it stayed for 4-6000 for months before the ATH and months after it. In fact Bitcoin was priced above 5000 for a year now. The whole mining industry and, stores accepting it, pay processors, everything worked for a year at 5000+ dollars. Now we are at 4000, so why would we still be overhyped? Because some people on forums and youtube believe in it? They should be because it's still very small. This forum is very small when compared to other payment processors and banks.
Deutche Bank's income is over 26 billion dollars a year! It's only 1 bank! Whole Bitcoin isn't worth 70 billion now, so one bank is earning per year 35% of while Bitcoin's value. It's not worth 35%, it's earning 35%! And tell me again that a global payment system of decentralized money is overvalued if it's worth less than 3 times the yearly income of one bank.

Just this last week alone, the normal go to news site for crypto have been a lot more bearish/fudding than usual. A lot of old news has been recycled again and thrown in our faces. The same old story being told over and over. I do not think it's over hyped at the moment.