Bitcoin Forum

"Is the bubble about to burst?" - This has been a common narrative used by crypto haters ever since Bitcoin reach its first peak and MT Gox drawdown. Unfortunately, it seems this same narrative is spreading like a disease that is trying to shake the crypto foundations by turning crypto supporters against each other.

Today, I've received the Medium Daily Digest and an article caught my attention: We’re About to Witness the Great Cryptocurrency Reset (https://medium.com/concoda/the-crypto-movement-is-destroying-itself-11ce48a24fe3). It is a well-written article and I may say the guy makes some points over there. He starts by criticising how the original idea proposed by Satoshi has been overturned, how the crypto space is controlled by a bunch to finish off saying how bad actors are now turning it into what it was intended to fight against.

Would be great to hear some thoughts.

I try to take the time to read what the article has to say. After reading it I came to the conclusion that the statement not only appeared to provoke us, it was also one of the bad things about how he said the financial system in Bitcoin was not real.

He is too self-confident to forget how much Bitcoin has contributed during this pandemic, we or the people who are concerned about the digital era are starting to follow what Satoshi gave 13 years ago. I was quite angry, because he only said the bad side because the existence of Bitcoin had exposed the rottenness of the financial system in the bank.

If Bitcoin and cryptocurrencies are considered bad for fiat financial stability, then why are there so many geniuses who can't solve the economic system that requires only rich people to stand on top of the Pyramids? While our existence as people never had any influence in the financial world, finally we were able to make many changes little by little and did not depend on state finances. We appreciate the truth based on the agreed position that Bitcoin offers us the right choice.

Isn't it true? After "MT Gox drawdown" btc dumped 80%. After 2017 bubble BTC dumped 80%. Same will be now, no matter if it will be 2021 and dump from 69k to 15k or in 2022 from 250k to 50k. Is it wrong to say that bubble burst 3 times in crypto history? During 2019-2020 there were open telephone support lines for people who want to commit suicide because they have lost their life savings... I know it looks easy to hodl from the top of the bubble perspective. Its not that easy after 3 years in bear market and 80-99% dump (depends if btc or alts).

Nasdaq during dot.com bubble also dumped 80%. And it was a bubble... no one question that. But after that tech survived and nasdaq is now +2000% from bottom. Same in crypto. The difference is that crypto is so dynamic that new tech or new paradigms show up much faster. So after third bubble we will most likely see fourth.


Even if you will distribute all global weath equally I bet that in about 1 year 90% of people will have a worse standard of living than before the distribution of wealth from the rich and 10% will be driving lambos. Mostly because people do not know how to save money, they have no idea about the economy, about investing, about simple math.

The author is too concerned about the called crypto elites, who are the early adopters who accumulated most coins in their wallets during the first years since bitcoin was launched. He thinks it's too dangerous to give more power and money to these people, with the certainty they are going to become clones of the feared wall street whales and other establishment's billionaires in general.

For that reason I think the author is more like wishing for the bubble to burst than predicting it's going to happen... Because if it doesn't burst and the price keeps rising, the guys who he consider the villains of crypto universe are going to get stronger.

This is a good article and I must greet the writer, but I believe we shouldn't blame bitcoin and its ecossystem for not providing a real utopia for the human civilization on the practice, because that is actually impossible in a world characterized by the imperfection of human nature on its actions. Bitcoin is doing the best it can for now and I'm glad for that.

I somehow get the concern over pioneer investors. They really hold a lot of power in this market and for that reason the author is somewhat anticipating that they would soon turn into something so weetched and controlling like those billionaires in Wall Street does. Well, only a few of those pioneer investors hold huge stacks right now, while the rest are new investors who made enough money to go on a roll with bitcoin, but still the status that they have on this market is just the same.

The points that were laid out weren't really new, but the writer made it clear to express his thoughts across and not outright bash crypto just because he loved to.

It is true, it is really very dangerous having a vast amount of bitcoin in a single party. It will become more dangerous when that pioneer adopter bought his Bitcoin at the lowest price below $10k or $5k.
When a single party has a huge stock of Bitcoin purchased at a low price, they will be able to create a volatile market environment at any time.



But even if the bubble has burst what makes you think that the old Hodlers will sell their Bitcoins those they are holdings for years? The bubble may burst like 2017 but as well it will recover from time to time and pump 20x more than the previous ATH. Hodlers also can prolong their hodling time even they can increase their portfolio once again if they got chance buying lowest price.

Everyone can make their own prediction and speculation based on the current market status.

As the market is struggling now due to bitcoin dump, then it will be easier for them to once again spread some FUD.
I'm getting used to it already, as an investor, I just have to choose which article to read which would fit my personal belief and views of what would happen in the future.

As usual, whenever the market starts to dump, there will be an enormous criticism of the market with just and repetitive speculation about the bubble bursting and going through a bear market.
People always think of that as something going in whenever the market is no longer showing the green colors. But that's not new anymore when we see those reds on the streets. Articles like this may be right or not, we don't know as everyone is entitled for their opinion to be expressed.

We will hear these kind of things when crypto or specifically Bitcoin isn't performing best in the market, and, it never gets old to be perfectly honest. Well, anyone can criticize but Bitcoin is too huge to ignore and I don't think the bubble gonna burst, we heard it years ago.

That is true, the cycles of pumps and dumps should keep happening along the time. Meanwhile, whales are going to be always whales in crypto market, because they aren't going to sell most of their coins. Nevertheless, I think for each and every market manipulation whales attempt to launch, it's inevitable they end losing part of their holdings dumping the prices. And that is really good.

Everything another investors must do is to take the opportunity and buy the coins whales are going to sell. This way big investors lose their manipulative influence on long run, while bitcoins become splitted among more different hands.

While I get that most of Bitcoin is being held by a small percentage of addresses, I'm trying to understand what exactly the point is. Is the article indirectly implying that BTC and crypto in general also being manipulated to a great degree, creating a hype bubble which will eventually burst? You, as someone who looks like he's experienced with such incidents, what do you believe? Are we in a manipulated bubble about to burst? Or did I get it all wrong?
While I get your point of view, I was seeing it in real time when Bitcoin crashed in 2017, from what I've understood, the article is implying that it's not impossible for such an incident to occur again.

Bitcoin is going to die
Bitcoin bubble burst
Bitcoin go to zero

or simply talks on general on crypto market which its not something new so deal with it once you had
step your foot into this market because this wont be an easy ride.

You would really be having these kind of impressions anytime you do see declines.

It seems that people are starting to get worried when Bitcoin price slowly dumping each day. Well, it's just normal to see this and a common reaction to most people when there's a drop since it does happen in the past already and it will going to happen soon in Bitcoin market. But I am still bullish despite of this left and right FUDs from people who just have uncertainty whether they believe that Bitcoin is going to break $70k to $100k or is it just going to dump soon.

I think if Bitcoin drop below to $40k I think that's the start of the bear market since most weak-hands investors would just get out already if it isn't profitable.

Did anyone read the article? It appears much of you who replied in this thread did not read it.

In any case, @Blawpaw, the writer has the mind of the skeptic and the article is a skeptical view on what is happening behind the cryptospace while the larpers support what they do not really understand. The larpers cheer if bitcoin pumps without questioning why. They only assume that this is because of adoption, a favorite word in the cryptospace hehehe.

It should also make you question Bitcoin’s stock to flow model. What if the stock to flow model is only a marketing tool to trick everyone. What if it is Tether pumping the price to make it appear that the price is moving according to the model.

You don't need to have model to hold your Bitcoin from $10 to above $60,000. It is magic of HODLing!

All models are wrong but some are useful and Stock-to-Flow model is amongst some useful ones. However, as model basics, there are points it will have invalid times but such ones won't make the whole model becomes useless.

If you want to sell your Bitcoin above $100k, let's HODL it and wait till it reaches to that price. Obviously, this advice is not applied for Margin or Leverage trading. Indeed, it is for investment from your free capital and HODLing strategy.

But the writer stands that there was no reversal now or it wouldn't happen anymore, so to speak. The real question is, how does this reset gonna happen if we are already are colonized by these crypto elites and who monopolized it, as the writer explains? Seems Nakamoto's vision has been buried already, we may never know but isn't these maximalist are the one pushing as well price stability, correct me if I'm wrong.

The problem isn't with the statement you quoted, otherwise there are bubbles of different sizes in bitcoin that burst from time to time. We had multiple small bubbles during 2016, 2017, 2019, 2020 and 2021 that burst and we had 2 big bubbles in 2018 and 2014 that burst.

The problem is that some people tend to call everything a "bubble" without even knowing what a bubble means. For example price goes from $1000 to $2000 and they start calling it a bubble just because $2000 is bigger than $1000!!!

The other problem is that some people have very narrow views. They have read a single article about a single bubble (eg. the one in 2017) and now think  that every bubble burst has to be the same size meaning a >80% dump!
The reality is that such a huge drop market crash only happens when there is a huge bubble. As I said earlier there are different bubble sizes, a small bubble can not be followed by a massive market crash. For example I have said many times in the past 2 years that if we are to see another 80% crash we first have to see a massive rise to a price like $400k+ otherwise if the rise and the subsequent bubble is small we can no longer expect such a huge crash.

Could be. We can't know for sure. Last year it did and then it recovered again. Bubble pop don't necessarily mean it is not going to recover again. Amazon did pop in early 2000's and then it recovered and became bigger and stronger than ever. Sure lots of other tech companies didn't recover and vanished during the dotcom era but who cares? Most of them were shitty companies anyway. Look at pets.com. Who in the right mind would invest in that shit? Yet, lots of people did and lost money. I say they deserved it.

So what? Its always like that and you will never change it. Some people work 10h daily, are smart, brave, others live from social benefits. Some are focused on their hobbies, other or addictions (drugs, alcohol, pornography), others on earning and multiplying capital. One person buy new iPhone as soon as he manage to save 1000$ other use this money to start business or invest in others business. People are different so their wealth must be different.

 Its not about who have how many bitcoins. Bitcoin was not created in a way that everyone have 0.01 BTC and force people not to have more or less. Its impossible and in fact it blocks its main purpose (transfer of value).
Once again. Bitcoin was not made to make everyone wealth equal. It was made (one of its purpose) to make everyone chances equal. To transfer value without restrictions, to obtain asset that is not printed out of thin air by single centralized identity. Asset that its purchasing power did not decrease 95% in last 100 years (only because of printing and no max supply). Asset that cannot be seized by anyone.

Focus on your wealth and how you can multiply it instead of looking at others wallets.

I certainly agree, I never implied that Bitcoin was created in order to evenly distribute wealth. However, I'm pointing out that these few people, who are holding most of Bitcoin, can definitely play a vital role in the market. We all had our fair chances of obtaining Bitcoin, and most of us didn't, there's no one to blame for that. Bitcoin (and cryptocurrencies in general) provide us with capabilities that fiat currency cannot. 

The situation is certainly not ideal for us who follow what is happening in crypto. I am sure a lot of new small investors dont have any idea, how fast can things go south especially because way too much money goes to meme shitcoins and NTFs. For me, NTFs could be the new MtGox, there is just now way all that much content will keep the value in the future.

They can but they don't.
Most early adopters aren't participating in the market, they own bitcoin either through mining or having bought it and are either holding it or using it (getting paid or paying others) as a currency. That doesn't affect the market in any ways.

Your observation about the article is correct though. The view of the author is a naive one that I believe mainly comes from looking at useless tokens and altcoins that are created to only be pumped and dumped. If you look at other posts by the author they are always talking about doomsday of financial markets with similar naive interpretations. The author also seems to have a great love for possible central bank issued shitcoin which tells you a lot about their views.

Just had a look around to confirm what you said, most of their articles are focused on endless economic bubbles that are all about to burst or talking about the cryptocurrency bubble we've been hearing for quite a few years now. I don't believe that any kind of "Financial reset" is going to happen, regarding cryptos, I get that there can be periods where the market is bearish for quite a few months (or even a few years, back in 2017), and it's actually normal to be honest.

Because of that, bitcoin has received negative criticism from fiat lovers who are now saying that bitcoin is a bubble and anytime it could burst out. I don't think they should blame bitcoin for whatsoever reasons because the people have chose to invest and hold it since there are a lot of potentials in bitcoin that they can't find in fiat. And now, since bitcoin is having a hard time to recover again, they are now starting to spread negativity on bitcoin again and predicting that any time it will bound to end.

However, this is not new for us as bitcoin and crypto has been always attacked by close minded people. We just have to let them say their own opinions and continue minding on our own business.

Thank you for the article. I am yet to read it, but I will still put in my 2 cents. When we are talking about a bubble burst, we need to differentiate between a complete collapse of crypto (when it bursts) or just a restructure/reset. The complete collaps I don't buy. This has passed the point of no return and it will remain for the foreseeable future.

The restructuring/resetting part is more likely, however, crypto has been in that type of transition for the past 10 years, so that reset comes (on some level) with every cycle and some kind of restructuring is going on constantly. So the types of headlines that eye grab by saying something impactful will happen suddenly are just that, clickbait. All of this is a gradual and ongoing transition and a process where this is still too young of a concept to even be considered as a potential bubble burst.

Absolutely! what is the alternative?
FIAT, that thing which we are trying to escape
Gold, not practical

I have read the article and there are some interesting points, is it designed to spread FUD?

I would need to read it again to fully get my head around it but one thing stood out purely because
its something I have been thinking about for a while and that is in this line from the article


There is an elite and there is definitely market manipulation designed to relieve
us of your Bitcoin. The manipulation can burst a bubble, whatever bubble that is but it still
remains that in these current times Bitcoin is the only escape from the current financial
system and there are still only going to be < 21,000,000

Anybody can write what they feel or think will happen but at the end nature will take it's natural course, people say so much about btc bubble since from beginning and till now it hasn't happened and if it will happen nobody can know that for sure, to me it is the same with people directing their frustration on fiat and how the whole financial institutions are going down, but none has happened yet, so I won't worry much about all these writers trying to gain followers and attention.

This article is an example of how system is disrupted when it is perfect and is about to give you freedom. Bitcoin is that bubble which is so big that the whole universe is sitting inside it and no one would ever care if it exists or it is going to burst because its just making the progression in right direction. I have thought this through many times, year by year bitcoin is anyways going upwards as the emission keeps going on and on. With the 2024 we will have next bitcoin halving cycle, before that we will see massive dump in the bitcoin to overcome the miners rewards, profits, so that they can earn some handsome fortune after the halving is complete and reward is reduced.
Obviously today there are many rivals that are taking birth who will keep blaming the system whenever bitcoin literally falls in price. Thats the idiotic expression of these guys, they are the kind who will say yes I like the bitcoin when its going up and they will hate it when its dumping. Lolz.

Hasn't this, however, been going on for ages? I mean, I've entered the Bitcoin scene back in approximately 2013 or 2014, all I've been hearing since then was rumors about the upcoming bubble which is going to burst, every time it crashed. I'm pretty used to it and not slightly concerned to be honest. Let me also point out that the previous February/March, the market was bearish for quite a few months before it fully recovered, the same rumors kept popping up.

We have seen the so called "bubble" burst quite a few times in the history of bitcoin and still here we are going for the next ATH very soon.
It's quite normal for bitcoin to get dumped at such short intervals because of it's volatility and an open market.
Since there's nobody to control it people will buy and sell in huge loads of money and there will be nobody to ask them about it.
Right bitcoin has become stable at $54k which is still almost double than the price it was at the beginning of the year.
Even if it falls below $50k I won't be surprised since bitcoin does have these corrections occasionally.

But whats the problem with this? No matter how much bitcoins is in hands of few richest wallets ... they still cant control your bitcoins, can't seize them, can't take them from you, can't print more than max supply. All they can do is "manipulate"price but you also need to know that its not that easy... Even if you own 100 000 BTCs and you aim to short them at 60k push price down to 20k and buy back .... you never know if your sell older wont hit into FEDs (or other county central bank) unlimited money buy wall because of secretly building reserves in bitcoin... And you end up with fiats that's value continuously go to zero and problem with buying back your stack without pushing price to 100k.

Some people (f.e author of article) seams to not know that life is so much better and so much easier when you are focused on building your own wealth rather than crying about the fact that other people are richer and blame them for everything bad that happens to you.

IMO, I believe in the saying "history repeats itself, so that's the thing we should be concerned about and we should be ready for that event just in case. but I believe it will not happen until the second quarter of the year 2022 and maybe it can go back below $20K but today the market is slowly catching up but not for Bitcoin for what reason I don't know? but one thing is for sure the so-called bubble will burst again. Anyway thanks for the article I guess some of it was true but mostly is just speculation it's a crypto thing whether we like it or not we should accept it. 

The bubble is honestly something that in most cases is made up of doubts, doubts about uncertainty of the crypto market which does mean that people would honestly make assumptions about the market and some of the times it's those *FUD's* which fuels such crashes. I do think that the volatility is something that is an important part of crypto market therefore I do think that even if we talk about the history repeating itself people would still be able to :
Benefit from the day trading
Hold for long term after investing during the low time
There might be a lot of companies pooling it though which I do think can centralize the whole thing. Mt. Gox funds are something which are going to be released sooner or later and it's *right* for the investors as well. Just hold for the long time, have patience and everything else would be great, as long as you don't encash, you don't loose.

hoarders do not play the day to day markets.
having coins in cold store has no effect on the bitcoin price.

majority of coins on exchanges are new coins that move in and out regularly within the last 12 months

its the active investors that want to buy and sell regular that play the markets
and there is a known paradigm they play.

you can actually study the UTXO set and measure the price a utxo is created and set a price to each one of when it was acquired.
you can then measure percentages of these coins of how much % of those coins were acquired at what price level.

and see where some 'resistance' levels are where people wont sell below

..
also
if its cheap to mine in their country, much cheaper than to buy.. they will mine.
if its too expensive to mine. they will buy.

so you can measure this out too.. not really accurately because location info is not available. but you can guess the lowest most cheapest mining cost to work out the deepest bottom price people would dare sell for

at the moment the most efficient asic and the cheapest electric rate puts bitcoins mining bottomline value at about $30k right now. so thats the lowest level anyone on the planet in the active market/mining sector can get bitcoin.
with the market price being $55k the speculative bubble is about $25k (difference between $30k to $55k)
so its not even 2x of 'value'

back when the first ATH of over $60k hit in previous year the bottomline value was ~$21k giving it then a 3x
so this weeks $55k is not a massive bubble.

but if it was to burst. you would see resistance at like $47k where europe, and $40k where american average electric and costs puts them at the paradigm choice to give up mining and just buy as its cheaper


so to put it short
anyone thinking bitcoin can 'burst' and go down to zero. has no clue about the market play. and the value resistance.

at this moment even the most expensive energy price country does not have mining costs at over $75k so everyone on the planet could mine cheaper if the price went north of $70k so there is not much reason to pressure the price up to $100k
yes there might be some social drama media hype that causes a temporary bubble spike. but there is nothing sustainable to suggest bitcoin can go to and stay at $100k any time soon

Nothing is about to burst, this is a normal market correction which most of the crypto community people already use to, it is funny how the news sources operate, the moment the market is moving in a positive direction, all the good news and different predictions will fly, and once the market drops, they see the end,

Why will the bubble burst when crypto has advanced tremendously, a country has legalized the use of btc, there is Bitcoin city, some government officials taking their paycheck in btc, some btc old wallets are accumulating more even now and other important things happening, most of this news source just want to attract readers to their page.

The article was too long, just try to read some parts and realize what he wants to say. Those who don’t like Bitcoin or missed the Bitcoin train will always provide you with the reason why they don't like it. And the reasons and points will look valid to you because they are trying to wash your brain. I admit that Satoshi's goal hasn't been achieved hundreds of percent, but it's on the way to achievement. Most of us do not realize the technical use of Bitcoin, rather than we are just looking to make a profit from the volatility. That's what haters don't like actually and they always try to prove us wrong. It does a matter who is against Bitcoin, the Bitcoin community become mature enough and I don't think we have to care about this type of article.

So far .... But when it will develops to 80% dump ... no one know. In 2021 from 2.9T $ MC to 0,6T $ or in 2023 from 20T to 4T ... But sooner or later chart that did 10x in one years needs to stop and It wont be a sideways movement.


Marketcap went x10 in one years. Does all you just mentioned pushed crypto fundamentals 10x in last years. I guess not. You also need to know that fundamentals work in very long term. Like 5-10 years. Short term price action (0-2 years) are connected more to traders emotions, uncertainty in the market, amount of money on the market or investment alternatives (interest rates) etc. So its super likely that we will see few years of bear market now with 80% dump and another bull run right after.

People used that words because how bitcoin always collapse after making all time high value , or should we say the whole crypto market..? Because ever since before that's how the market works and infact there are some people saying its like a roller-coaster as well which is true because the price can be manipulate in a very low level because of some whales in the market.. Reason many people and investors until now were afraid to ride on it because of that factors especially how risky it is..

If you are old in crypto, you should not be panic of these dumps as such dumps won't last forever and eventually every crypto currency rises again.

Also i think that NFT has a very good use case and the hype of NFT wont die away. NFTs are not only used for digital art but we see many games have built-in NFT characters.

I don't take this to be totally true, if the crypto in question is Bitcoin, then it could be correct as Bitcoin is a long term project that's sustainable and has an actual use case, thus it could undergo correction periods and plunges, but it would eventually rise back up again, that's cause the demand will continue to rise and grow, with the influx of institutional investors, prominent individuals and the rest, Bitcoin is surely going to be around for the long term.

But having said that, I can't think the same of "every crypto", there are many pump and dump coins, lottery coins, useless/scam coins, etc, many of them are going to pump and then dump and never rise again, some others will just be pumped to scam people, and afterwards they'll dump forever, that's the situation with crypto, I believe only Bitcoin and a few other coins (like ethereum) can be trusted not to just dump outrightly.

Something like this could happen. If you see now there is a lot of manipulation going on in NFT and a lot of them are on the scam track. indeed this is not all but most now NFT is like that.
This can't be blamed because they've been too hype in recent months, especially in the last 2 months.
I think this is very vulnerable if NFT continues like this

The sole reason i am expecting a correction which can be a big one is simply because of the presence of huge institutional investors. They started accumulating the coins knowing about halving for over an year and it is impossible to predict when they will be booking their profit and considering they are having billions worth of BTCitcoin, it could have an impact on the market once they start booking their profit.

During the last correction, the price of ETH dumped from above $1000 to below $100. So expect something similar.

Honestly, I don't think we're near the end of the bull run. We haven't experienced a short term parabolic run yet, which usually precedes the end of the run, as was seen in 2017 and before in 2013/14.

Until we see Bitcoin's dominance drop to the low 30s or high 20s in terms of %, we're not approaching the end. That said, dominance is dropping slowly and we could be on the cusp of that run.

I give us several months of growth until we get rekt.

But what can we expect from people like that? It is obvious that those that are at the top of the current system will not like what bitcoin brings to the table as they see that they will not have full control of the system if something like bitcoin ends up imposing itself, so they are using the media to try to subvert bitcoin and point a negative light to bitcoin when in fact bitcoin has been a very positive influence during the pandemic, and bitcoin will keep doing exactly that, because if at some point the economy goes through even more troubles than the ones they are facing now, bitcoin will be there to help people out and give them a store of value just when they need it the most.

In fact, the current Bull Run cannot be compared with the bull run of 2017. you know, institutional phase investment was very fewer in 2017, now it is surpassed our imagination. at that time Bitcoin was viewed negatively. Currently, the whole world is very positive about Bitcoin. Bitcoin has created several new ATHs throughout the year, indicating how strong the market conditions are now. If we will not see any short-term parabolic movement, but I think it is very possible to break $90k by 1 green candle of weekly MACD.

That's why Bitcoin was created to be very complex and answer all the shortcomings that exist in the financial economy resources of the future. The answer to this shows that every ebb and flow of policy changes in order to emphasize the economy to tax stakeholders more than the elite who regulates the taxation of profits by avoiding it.


Then if so there will be the implementation of an equality recognized by some political beliefs as intended to make many contributions to the existence of Bitcoin.
The store of value should be narrowed down to the security of Bitcoin storage. Regarding the mainstream media who constantly carry out propaganda in order to cover up the existence of high-ranking officials who often avoid the public for the responsibility that has been done during inflation.

Ah yes. The bursting of the "bubble". You realise its just a FUD meme that has been proven wrong time and time again? Bitcoin is NOT a bubble nor will it ever be one. Yes, there will be corrections and dips and sometimes, due to compounding bad news, we might even see a downward slope which seems to last forever. But Bitcoin is a deflationary currency which will always overtake it's last ATH.

In Bitcoin we trust.

So I just read the article that you posted the link to, and from my understanding there isn’t really anything bad about what the author was saying. He’s just someone that is not happy about how things has been going in the cryptocurrency ecosystem.

Moreover he did make a few points which I am in support of him, and also there are some that I wouldn’t really be in support. Like when he said that people believes that cryptocurrency is the solution to all their problems, and that they are wrong for believing such, I think he’s right about that. It’s high time that a lot of people start understanding what Bitcoin is all about, and stop thinking that just because it favored a few people, that it is also going to favor all of them and be a source of getting rich quick.

If you want to get money, then you have to work for it, and it's good that there are so many opportunities that are being provided in the cryptocurrency community. Then he made mention of how the Elites has been taking over the cryptocurrency community and taken advantage of everything, and they are now the ones who are making money out of it.

It's quite a long article, but he did made some points. There are really a lot of things that needs to be fixed, and I would recommend everyone to read that article. Just like when he made mention that most people are not even making use of the blockchain direct, rather they prefer to make use of exchanges such as Coinbase and binance.com, while cryptocurrency was created for us to make use of direct, and not rely on all these exchanges who are using us and taking control over our assets. Like they say, not your keys, then it’s not your assets.

Bitcoin haters will continue to spread FUD saying Bitcoin is a bubble, but many times Bitcoin can prove itself can always overtake the last ATH.
So for people who study Bitcoin properly and have already felt the benefits of Bitcoin, assume the current price decline is not due to the bursting of
the bubble, this is only a temporary correction. I've been in the crypto world for about 5 years, so I really understand how Bitcoin works.
I strongly believe in the future of Bitcoin, so no matter how many FUDs there are, won't make me panic and change my mind about Bitcoin.
I am still optimistic that the price of Bitcoin will rise again in the near future, then I never hesitate to hold Bitcoin until the target I want is achieved.

The talking sock puppet is shocked at your disrespect of pets.com

https://i.imgur.com/HZnUFnhh.jpg


But anyway, there were many that were not 'shitty companies' but got crushed along with the rest of them, not because they were bad but because the financing dried up all at once for good and bad.

Which brings me to the point that there is no financing for BTC. It's all people like us, so even if the bubble bursts and BTC drops 80% again so what. WE use it and we will keep using it, and the price will come back. Big banks and finance companies will not matter. Small individual people will matter. That's what BTC was built for, people. And what we want to do with it.

But having a talking puppet as a mascot would still be cool :-)

-Dave

The decline or correction will surely come to an end, because the market is currently in a state of consolidation. Those who say that the bitcoin bubble has burst would expect bitcoin to drop and buy at the lowest price. Many FUDs are scattered saying bitcoin is over, but in fact bitcoin is still correcting and looking for a bounce to fly to new ATH prices again.

And I believe so. We could definitely think about the "bubble will burst" and also we could think that " the correction will end". It can never be all the time bearish nor it all be bullish, we have to think about how the volatility affects the market and make changes on the trend. Perhaps, this has been happening several times and I guess, we are about to learn it or we are already that.

FUDs? They killed positive mindset before but not now. People are becoming skeptical about that especially when there is no basis.

People have become more smart overtime. And believing that bitcoin is a bubble, of course not. It would have not survived in a decade if everything that's happening to bitcoin have no basis, so clearly bitcoin is not a bubble.

However, going back to the article, i might say that the author itself is anti bitcoin and this is the reason why he wants this article to be widespread so it can be a wake up call for everyone who believes in bitcoin. But not for now, because as time goes by, investors have become more wise and more brilliant when it comes to bitcoin investment.

Well, they just sugar-coated their title and their introduction by means of convincing the other that they are worried about what is about to happen if it's gonna blow in the future. But these guys are clearly suggesting their hostility towards bitcoins themselves. Looks like they posted such an article just to spread negativity about the current situation of the market. But if you were in this industry, you won't really care about what they said because it has been proven that nothing like that will happen and only fools will believe them cause they only speaking out of mere speculations where the fact is right in front of our eyes right now.

I wouldn't waste my time reading an article that repeats everything that BTC haters and FUDsters have been saying about Bitcoin during the last 10 years.
1.Bitcoin is a bubble?Yes,the Bitcoin market can form price bubbles.Every financial market is forming price bubbles.Is there something wrong with that?
2.The "crypto whales"/"crypto elite" is a bunch of greedy scammers.
Well,some of them can be called scammers,some of them are actually legit.Bitcoin cannot be called a scam only because scammers are using it.Being greedy is still not considered a crime.
3.Bitcoin is an investment/speculation tool rather than a real currency.
This is partially true and there's nothing we can do about it.

'tulip bubble'
hundreds of years later.. people can still go to a garden store and buy tulips

a bubble does not mean the item has zero value
a bubble does not mean once burst the value goes to zero

a bubble just means the price is inflated way above a viable value

housing bubbles did not kill real estate. people still buy houses

FUD is only an influence for fundamentals which of course has an impact on the price decline that will occur. Many FUDs are deliberately distributed.
The volatile cryptocurrency market makes the risk of trading in crypto higher. People who are sectarian about the volatile state of the market are certainly people who have no foundation or knowledge of cryptocurrencies.
positive mindset and broad knowledge will be needed before making an investment.

It is all what they have and each day their arguments are becoming less and less convincing, after all people will not go against their self-interests, if they can profit from bitcoin or at least they can protect their wealth with it then they will use regardless of all what they say, and this is what it is driving them crazy, they know they cannot kill bitcoin but they thought that they could at least discourage people from adopting it by spreading lies and old arguments like the ones you bring, but now that the economy is not going well they are realizing this is not something that can be done forever and this tactic is losing its effectiveness really quickly.

For a government that sees bitcoin illegally, then it will be expected that there will be people who will start attacking bitcoin and notice all its flaws and imperfections. I think that's normal for those close minded people and all they have are lies about bitcoin. But if they will start to go down deeper, i think they will see bitcoin as more profitable and has lot of potentials to make one's economy grow and prosper. But as long as the government still oppose in adopting bitcoin, then these people will not discover the real value of bitcoin.

However, bitcoin is definitely not a bubble because there's no bubble actually that can sustain its value and foundation over a decade.

I think that governments are still on the fence about what to do with bitcoin, on one hand this is a new industry and they would like to get a lot of taxes out of it, but at the same time they are doubtful as they know that bitcoin is a direct competitor to their own fiat currencies, so they are trying the best approach for them which is to try to regulate the industry as much as possible, but bitcoin was specifically designed to avoid this, so no matter what they do they will never get the control over this market they are looking for.

Government had definitely trying out their best on surpressing on cryptocurrencies  for years now and i dont believe that they had find up some way specially on technical aspects but for other things like on stricting regulations then this is the only way they could do things.

The market is really reactive to news specially in regulation and banning issues but doesnt mean that we would really burst up.

The market isnt something just like before where it is established by hype and fomo.Now we do have that strong support and adoption.

I do agree with you. The market may be easily affected by the negative news around and started to create prices declining but it does not end there. Bitcoin and good altcoins will always recover particularly now that there are a already big institutions who are now starting to backed crypto. So even if the government continues to ban crypto and impose strict regulations on its users, crypto is now becoming inevitable since the people are now starting to realize that crypto has more potentials than fiat and that they found good future in crypto.

The market gets impacted by negative news, what we see right now is a big change among the cryptocurrency users.

In the past Whales create panic waves through massive move of funds/creating some fake news on exchange hacks. People used to react instantly and the market crash happens all the way. Now people are good enough with better learning and understanding about the market. So, negative news and all doesn't make big impact over the market. The correction and other support movements were taking place on its own.