Bitcoin is not a new dotcom bubble it is the "automobile menace" of our era

[Bonheur]

I always give the same example to people who trash talk about bitcoin.
They always say bubble.Dotcom bubble or tulip mania.İt changes.
And I always say automobile.When automobiles emerged, they said it was a menace and noone should be allowed to use it.İt was also unnecessary.Horses were way better and they were legacy.There was no road for automobiles.There were no gas staitions for automobiles.İt was dangerous.But now it is the dominant for of travel as all of us know.
if you own a horse farm, if you are selling horses than it is a very bad thing that there is something called automobile.Same goes for owning a bank or banks.The things people who were against automobiles said is very similar.
The things the supporters of automobiles done is similar too.Forming clubs and using automobiles agains all odds.
A new and disruptive technology always get push-back.it took years and years but automobiles are here.
Bitcoin will be too.Don't worry.Hodl.

[Argoo]

I always give the same example to people who trash talk about bitcoin.
They always say bubble.Dotcom bubble or tulip mania.İt changes.
And I always say automobile.When automobiles emerged, they said it was a menace and noone should be allowed to use it.İt was also unnecessary.Horses were way better and they were legacy.There was no road for automobiles.There were no gas staitions for automobiles.İt was dangerous.But now it is the dominant for of travel as all of us know.
if you own a horse farm, if you are selling horses than it is a very bad thing that there is something called automobile.Same goes for owning a bank or banks.The things people who were against automobiles said is very similar.
The things the supporters of automobiles done is similar too.Forming clubs and using automobiles agains all odds.
A new and disruptive technology always get push-back.it took years and years but automobiles are here.
Bitcoin will be too.Don't worry.Hodl.

Bitcoin, of course, brought great opportunities for people in the world of finance, because it made it possible to conduct mutual settlements between people in various places of our planet bypassing all state conventions, at any time of the day without the participation of third parties, quite quickly and almost anonymously. However, its use mainly as a means of accumulating value led to a sharp increase in its value and therefore it began to manifest itself as a financial bubble. Of course, it changes and will change the financial world for the better, but raising its price can also destroy it.

[hatshepsut93]

No, Dotcom bubble is a pretty spot-on comparison for the whole cryptocurrency market. Domtcom bubble wasn't like tulip mania, since the fundamental technology was valuable, it just wasn't developing at the same pace as investing in it - the market became speculative and overoptimistic, which lead to a crash when the rally slowed down and investors noticed that most of the companies had no products. It's very close to what we see with altcoins and ICO's, except for the fact that cryptocurrency is nowhere near as influential as the Internet. Bitcoin could change the world if it was adopted by everyone, but this won't happen because governments and banks won't give up so easy, and most of the people in the world are satisfied with the status quo. The most realistic scenario for Bitcoin is that it will be a relatively small alternative economic system for those who are not using banks for some reason.

[Bonheur]

No, Dotcom bubble is a pretty spot-on comparison for the whole cryptocurrency market. Domtcom bubble wasn't like tulip mania, since the fundamental technology was valuable, it just wasn't developing at the same pace as investing in it - the market became speculative and overoptimistic, which lead to a crash when the rally slowed down and investors noticed that most of the companies had no products. It's very close to what we see with altcoins and ICO's, except for the fact that cryptocurrency is nowhere near as influential as the Internet. Bitcoin could change the world if it was adopted by everyone, but this won't happen because governments and banks won't give up so easy, and most of the people in the world are satisfied with the status quo. The most realistic scenario for Bitcoin is that it will be a relatively small alternative economic system for those who are not using banks for some reason.

when automobiles emerged people tried to make them illegal and ban its use.I am giving that example because it did not work.One way or another automobiles won. Life finds a way.İ think in the long run bitcoin and alts will be like that.Maybe a hybrid system but changed and improved.
Dotcom bubble and price going up uncontrollably for every company in the market is spot on. But not quite right when people are giving that example to tell that everything iin the market will crash and burn and no crytocurrency will be left.
I understand you.İcos and many alts are like that.No product but great value.Just like dotcom bubble.But not ever project crashed and burned.Yes crashed very badly but hold their ground like amazon, google and yahoo.they are born from that crash.If people are giving that example than they would mean that the real good coins will be here in the long run.I guess people who are giving that example to me does not know what dotcom bubble really is

[bycocoricos]

While some parallels can be made and I like your comparison, the main reason why it doesn't work is that it was proportionally much harder back then to start producing cars than it is now to create a crypto company. This is where the dot.com comparison works better as both it and crypto were characterized by a million incompetent imitators popping up around the "big thing", mostly because the costs required to start and maintain a tech/crypto company were/are proportionally a lot lower than the costs that were required to start producing cars in 1918. Just my two cents.

[cellard]

No, Dotcom bubble is a pretty spot-on comparison for the whole cryptocurrency market. Domtcom bubble wasn't like tulip mania, since the fundamental technology was valuable, it just wasn't developing at the same pace as investing in it - the market became speculative and overoptimistic, which lead to a crash when the rally slowed down and investors noticed that most of the companies had no products. It's very close to what we see with altcoins and ICO's, except for the fact that cryptocurrency is nowhere near as influential as the Internet. Bitcoin could change the world if it was adopted by everyone, but this won't happen because governments and banks won't give up so easy, and most of the people in the world are satisfied with the status quo. The most realistic scenario for Bitcoin is that it will be a relatively small alternative economic system for those who are not using banks for some reason.

The dotcom bubble comparative is acceptable due the endless influx of nonsensical altcoins getting millions worth of funding. This is what makes Bitcoin look bad in the eyes of potential serious investors, they see a bunch of trash getting hyped and they think it's all a joke. There is a lot of people out there with a lot of fiat to spend on the latest and greatest, and they get advised to buy some ICO instead of buying Bitcoin. The bubble will keep growing for as long as other's have success stories to talk about. At some point it will collapse and there will be no winners to keep attracting capital. This will be the end of the bubble and we'll have a period of a general consensus of "crypto being dead". At some point, BTC will go up and FOMO will kick in again like never before.

If you want to know what that will look like, look at the Amazon stock in the dotcom burst and look at the current price.

[hatshepsut93]

The dotcom bubble comparative is acceptable due the endless influx of nonsensical altcoins getting millions worth of funding. This is what makes Bitcoin look bad in the eyes of potential serious investors, they see a bunch of trash getting hyped and they think it's all a joke. There is a lot of people out there with a lot of fiat to spend on the latest and greatest, and they get advised to buy some ICO instead of buying Bitcoin. The bubble will keep growing for as long as other's have success stories to talk about. At some point it will collapse and there will be no winners to keep attracting capital. This will be the end of the bubble and we'll have a period of a general consensus of "crypto being dead". At some point, BTC will go up and FOMO will kick in again like never before.

If you want to know what that will look like, look at the Amazon stock in the dotcom burst and look at the current price.

Only nocoiners and FUDsters say that Bitcoin will die, what I'm saying is that Bitcoin is not an automobile or the Internet - it may be quite fundamental, but it won't be adopted by the whole population like those technologies that people compare Bitcoin to. Bitcoin's innovation is very specific, it offers financial freedom, and there's very low demand for it, because people don't care about their freedom.
Sure, we hodlers will make huge profits in the next 5-10 years, but I don't expect it becoming the main currency of the world.

[pooya87]

the thing about "bubble" is that at some point it started being used as a tool to scare people. they have turned it into a scary word. you never read "bitcoin is in a bubble" or "...was..." you always read "bitcoin is a bubble". and the articles saying that are always hinting that bitcoin is all bubble and nothing else and will die, blah blah....

the fact is just like any other asset with value, bitcoin also goes into bubbles. we have had many bubbles in the past ranging from small ones to gigantic ones. the latest was $20,000 bubble. but the thing that none of these articles will ever mention is that just like any other asset the bubbles pop and the market corrects itself and gets ready for the next chapter. and bitcoin is not at that point. we have had our bubble pupped and the market was corrected. we even had a bigger drop than the correction so if anything we are in a negative bubble which means underpriced bitcoin.