There will be way bigger bubbles than the 1K one.
There is a chance of this happening. A wealthy individual with a gambling problem could cause another rise to 1k$ for instance.
But the odds of this happening are just bad. In my judgement, playing with bitcoin is just a bad bet.
The bitcoin network is wasteful and bloated, so it's eating value out of the market. The bitcoin market has to have at least 3600 btc worth of fiat coming in every day for the price to be sustainable. What the key players in the bitcoin market (the exhanges) don't share with you, is that currently there is very little new money coming in and the price can only be sustained by miners operating at a loss. Considering that most of the business plans in mining were based on debt, then to me it's only logical to conclude that the bitcoin mining scenery will soon face a catastrophic collapse, with the involved companies going bankrupt and all hoarded coins dumped on the market.
The only real chance that bitcoin had, was around 14 months ago. Bitcoin would have recovered if the drops would have been deeper and the price would have stayed there longer. It would have cooled down the overheating of bitcoin mining, that's practically a monkey on the markets weak back. But the amateurish "to the moon" attitude tried to jumpstart new bubbles out of nothing, and by that fueled more needless optimism to the mining scenery. Now bitcoin is in a position where time will only add weight to this final collapse that the overheating in mining will cause.
There is very little difference between pyramid or ponzi, this is semantics U are abusing, sad sad
A pyramid scheme and a ponzi scheme are different animals if you know what you're talking about.
For instance bitcoin is a pyramid scheme by it's characteristics, and it can also be a ponzi if things turn out accordingly.
1) Bitcoin is a Ponzi scheme when one day Satoshi will dump 1mil.+ coins to the market, and by that would eat out all the wealth from the market.
2) Bitcoin will stay only a pyramid scheme if that won't happen.
Pyramid schemes are open by nature and things are as they seem - new members joining the pyramid will make older members of the pyramid rich. The main attraction to join the pyramid will be hopes of more people joining after you. There are no direct lies or deception about the nature of the system. To put it simply, it's honest about being a pyramid.
Ponzi in another hand is fraudulent by nature. The claimed rules and goals are deceptive. It's main attraction are straight out lies about it's mechanics and goals.
To sum it up, bitcoin is a pyramid scheme and only time will tell if it will also turn out to be a ponzi.
