Bitcoin Forum

There is a story, as on the eve of the Great Depression Rockefeller was cleaning his shoes from a street cleaner. And the cleaner asked him if it was worth selling shares or waiting a little longer? After that, Rockefeller called his stock exchange broker with the order to sell all the securities at once: "If there is already a shoe cleaner on the stock exchange, then there's nothing for me to do!".

Even if this story is fake, do you think it can happen with bitcoin?

i think yes

Doesn't matter what people say, if its a bubble or not. As long as the price goes up (which will) more and more merchants/businesses will be forced/interested to implement Bitcoin as payment method. I believe that this will be mostly case in 2018 as hype will increase dramatically.

If it's a bubble that's implying that it won't go up, but simply 'pop' and take a substantial value hit. Hype is also a good and bad thing, the thing with hype is that it's usually short term and causes much instability and personally I don't think many merchants are going to be interested until it's a little more stable that it has been the past few years.

Personally, I believe Bitcoin isn't a bubble overall, but it's inevitable that we will go through bubbles throughout it's time. 

I think it is very likely for bitcoin to pop sometime soon, but It will also likely recover.

The pic pretty much describes Bitcoin's long term progression:
https://i.imgur.com/yH87lPS.png

An interesting story, I've never heard of it, thank you. But your question vryatle people have a 100% correct answer. Perhaps bitcoin is a bubble, but it will burst within 2-5 min. And now just shave the hamsters and the growth will continue. Invest in longevity. 8)

I don't think Bitcoin is a bubble but it definalty has the potential to just drop at any point just like it did a few years ago.

Bitcoin is not a bubble and it will not burst, no fear because of that. But there are similarities with the story because at the begininig Bitcoin was reserved for technology guys and people who were oriented to virtual world and it was not well known like today. Now it's available to anyone or better to say very different types of people having in mind their education, age, gender etc. they all are interested in Bitcoin and using it.

Bitcoin is not just numbers on the Internet. It is increasingly being introduced into the world economy, many entrepreneurs are using it in their activities, more people are investing in it their means. He can not so take and disappear. This is the opinion of skeptics.

Bitcoin is not a bubble, I am 200% sure its not a bubble. People who hate bitcoin for any reason calls it a bubble, also some people who just bash bitcoin mostly to gain attendance just like that Dimon always bash it and claims its a bubble and it will destroy one day bla bla bla. I want to pay tribute to dimon that 7500$ price salutes him lol.
Sure-thing bitcoin won go down any soon.

Absolutely! Btw, the phenomenom of a popping bubble has already occured several times in the case of Bitcoin; summer of 2011, spring of 2013, fall/autumn of 2013, and now this one. So far ups and downs in a trend that goes upwards since the emergence of BTC. The story could be relevant in the sense that many ordinary people are now jumping into crypto as part of a buying frenzy, driving the price up tremendously and increasing the chances of a following sell-off.

After Bitcoin went to $1000 it have been always considered a bubble, however people era confused about Bitcoin. Its value is not increasing because of marketplace lies. It is increasing because it is a life-changing financial invention. It is increasing because more people are adopting it. The “network effect” is in full swing. The price could be affected if something bad were to happen to the protocol that underlies it. If this kind of event ever occurred, people would certainly lose faith in bitcoin and its price would collapse.

It depends on what you think is a bubble is.
If you think a bubble is something that reaches a high price and suddenly loses price for any reason, than yes, it is a bubble, and "popped" a lot of times. But always started to be  inflated again and became bigger than is was before.
But if think a bubble is something that is priced higher than it should be, and it would make the bubble explode, no, it is not a bubble. I think Bitcoin can be priced a lot higher than is is right now, because just a very small fraction of world population knows about bitcoin.
Everyone knows what gold is. They know gold is a rare metal and a limited resource, but nobody knows when it will not be found anymore on gold mines, and that's what makes gold to be so valuable. But Bitcoins is more "predictable". We know that only 21 billion Bitcoins will be mined. Now, imagine what would be Bitcoin price if at least 10% of the world knew about it and wanted to have it?
Asking whether bitcoin is bubble is so nonsense as asking whether gold is a bubble, in my opinion. Bitcoin is the "new gold".

Sure. But the bitcoin market's decentralization helps prevent the rapid nature of the fall. Whereas in this Rockafeller story, most of the people that owned wealth in the New York Stock Exchange lived in New York, the wild fire rumors of "sell! sell! sell!" had a significant impact because owners were so consolidated.

That kind of news can move around the world just as fast, but it doesn't have the same meaning. It doesn't have the same impact as it would if all the people who live in your building or on your street were telling you the same thing.

It is currently in the new paradigm stage so the only way is down! The question is when - most likely after the fork i recon

There are still so many people don't know bitcoin yet, it is still in the beginning.

What is you said is true. Only a small percent of the population are aware of bitcoin and the crypto world currently. This is truly the beginning and bitcoin has a long way to go. Imagine how high the value of bitcoin will go once the majority of the world embraces bitcoin. HODL all the way.

Actually the result of having a high value is the opposite of you just stated, if the price goes too much many businesses and merchants will try not to implement it as it is already too expensive. Anyways bitcoin is not a bubble, you call something a bubble when it is being brought regardless of the price being too much for its cause and as much as I concern bitcoin is functioning well and is being develop.

Never heard nor read this story but sounds interesting. It can happen to bitcoin but there's a strong resistance coming from its supporters so for me, its just a plain high demand. This is the nth time I've read about bitcoin is a bubble. And I want to say and support it that it is not.

I agree with the graph above. To add, a lot of people now are getting into Bitcoin because it is hyped, it is booming. And these new users might be here only for the short run growth of Bitcoin. The tendency is that these new users might not be aware that Bitcoin price is high in volatility. And if it starts going down, many may panic sell and contributes to a big drop of value.

Or anlther scenario is that there could be a price ceiling that if it was reached, people again will start on panic selling.

But as what sir said, I also believe that it can still survive and recover.

Cute story but never heard of it before nor read it from an online article.
Bubble or not we cant hide the fact that bitcoin price is gaining more and more and lots of people have been making profit from bitcoin.

Everybody says it's a bubble, in my country when it's 1000, they say bubbles should be careful, when they're 2000 they say it's bubbling so be careful, then 3000 say it's bubbling. Be careful of 4000, 5000, 6000, 7000 and they continue to be bubbles. I think it is money, but it is worth it because of everyone's trust. Only believe in bubbles, not BTC.

One day it will fall

LoL, funny story from a shoe cleaner, I guess.
Consider Rockefeller wealth, this family could pump bitcoin from $1000 to $7500 instantly, within a month or in few phase within a year, collecting so many bitcoins for them.
Waiting bitcoin increase even bigger, maybe $15,000 or $20,000 and then cash out their investment. We may see this digital currency crash again as people will follow to panic sell, it become a bigger snow ball everyday. But, bitcoin has so many supporters around the world, and it's not easy to manipulate bitcoin price, in this case; the Rockefeller family may not invest in bitcoin at all.

i think it is not a bubble ,when the price is double in one day ,and then we can talk about the bubble .maybe we need to holding the coins ,and enjoy the bubble.

Maybe, and maybe Bitcoin is in a bubble, but what if it’s not? What if it keeps rising? I’ve missed out on making a lot of money because of timing the market incorrectly in the past. If I had just bought and held Bitcoins that I bought in 2012 and 2013, I would be much better off than I am now after spending years trading to gain more Bitcoins. All that work didn’t help me. Now I’m just going to hold and see what happens. The worst case scenario is that I have to wait out a crash.

Well you can't go high unless you go low. Bitcoin already crashed a couple of times (a stock loses 20% or more of its value within a short period of time). Expect a dip, it can't just bull run forever without going trough a bearish period. To say it will actually crash to the point that its worth almost nothing like at its initial start, don't really see that happening.. but who knows? History repeats itself often enough, don't see why it would not again. Its worth the ride anyway, if you're someone who's investing/gambling their entire savings or pension fund then you should really know better.

I think it depends on how to use bitcoin users. Of course the price seems somewhat high but is not the most important. The most important thing in my opinion is to establish the possibility of using bitcoins in the development of economy and trade. In this case, bitcoin will himself earn the capitalization and become a full-fledged currency.