Bitcoin vs "Silicon Valley" plot

[Biodom]

The last episode of Silicon Valley was uncanny...and I think that it is related to what happened to bitcoin.
"Silicon Valley" (HBO show)Plot: Richard is voluntarily reducing his company valuation in the series A round on the advice from Monica as to not to have a crazy initial valuation that "Pied Piper"-their company- cannot live up to. Presumably, this would cause up-rounds and steadily increased valuation later on.
How this relates to bitcoin?

It was better for bitcoin to be at $10-30 and rising as it was in 2012 at 200-300% a year.
Instead, bitcoin blew up sky high to $1200, X100 fold or 10000% in a year!
Bitcoin could not hold valuation, and as a result, it is facing an equivalent of valley's "down" round, which manifested itself in criticism for excesses, Foundation alleged insolvency, overall negativity etc. etc. Who wants to be associated with a currency in decline?
Best bitcoiners should have limited the parabolic rise, instead, they praised it and now almost all long positions are losing money, reducing the desire of anyone to open a new long position.
Steady rise would have been so much more conducive to bitcoin development.
Oh, well.

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[Cconvert2G36]

Welcome to the wacky intersection of euphoria, technology, confirmation bias, and money.

The difference in the comparison to the rest of the startup "scene"... you can't buy a series A or B round with dwolla/gox, or a woolly Charlie. This wrinkle put some gas on the fire, helped by some chinese gamblers, a mad frenchman, and some "late" SV/wall street bets. Price has a fancy way of diversifying people with outsize expectations, through suggestion or force.

Bitcoin is a better idea than a majority of these startups, but still may fail with the majority of them. Latter chapters of the saga are still in the works.

[Toxic2040]

The above nugget is why I still read thru this section. Once in awhile you get a gem of truth thrown out in a intelligent concise way.

"golf clap"

[AtheistAKASaneBrain]

When something is truly new and has nothing that you could compare it to, you never know where it will take you. Therefore people get carried away in rallies. But the big picture is the price is always going up, but it takes too much of a big vision on it to realize, and a lot of people will jump off the train before they get it.

[Torque]

The last episode of Silicon Valley was uncanny...and I think that it is related to what happened to bitcoin.
"Silicon Valley" (HBO show)Plot: Richard is voluntarily reducing his company valuation in the series A round on the advice from Monica as to not to have a crazy initial valuation that "Pied Piper"-their company- cannot live up to. Presumably, this would cause up-rounds and steadily increased valuation later on.
How this relates to bitcoin?

It was better for bitcoin to be at $10-30 and rising as it was in 2012 at 200-300% a year.
Instead, bitcoin blew up sky high to $1200, X100 fold or 10000% in a year!
Bitcoin could not hold valuation, and as a result, it is facing an equivalent of valley's "down" round, which manifested itself in criticism for excesses, Foundation alleged insolvency, overall negativity etc. etc. Who wants to be associated with a currency in decline?
Best bitcoiners should have limited the parabolic rise, instead, they praised it and now almost all long positions are losing money, reducing the desire of anyone to open a new long position.
Steady rise would have been so much more conducive to bitcoin development.
Oh, well.

It's almost as if powerful, wealthy people might have "pumped" bitcoin, just so that it's price can fall from an unsustainably high place, having the effect of actually discouraging the Joe Public from buying it because they don't trust it.

Oh, wait...