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Author Topic: Ill give you 1 tulip bulb for 6 bitcoins  (Read 6358 times)
Stampbit
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April 09, 2013, 04:58:40 PM
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At the height of the mania, in what seems a complete loss of sanity, the bulbs were deemed too valuable to risk planting by their (formerly) wealthy purchasers, and it became popular to display the plain ungrown bulbs. In at least one instance the plan for safety backfired when a visiting sailor mistook a tulip bulb for an onion, and proceeded to eat it for breakfast.

The height of the bubble was reached in the winter of 1636-37. Tulip traders were making (and losing) fortunes regularly. A good trader could earn up to 60,000 florins in a month-- approximately $61,710 adjusted to current U.S. dollars. With profits like those to be had, nothing local governments could do stopped the frenzy of trading. Then one day in Haarlem a buyer failed to show up and pay for his bulb purchase. The ensuing panic spread across Holland, and within days tulip bulbs were worth only a hundredth of their former prices. The tulip bubble had burst.
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April 09, 2013, 05:01:13 PM
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And? Bitcoin is magical and different. It's a growing snowball - not a bubble. It can't burst.

@DanielJonss. On a long enough timeline, the survival rate for everyone drops to zero.
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April 09, 2013, 05:02:59 PM
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And? Bitcoin is magical and different. It's a growing snowball - not a bubble. It can't burst.

Mmm. Maybe it is time to sell some BTC for fiat after all... Grin

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April 09, 2013, 05:03:50 PM
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And today tulips are a multibillion dollar industry in Holland alone.

Edit - no one ever talks about 'what happend next'

.com bubble ----> google, facebook, twitter, ebay et al.
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April 09, 2013, 05:13:16 PM
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And today tulips are a multibillion dollar industry in Holland alone.

Edit - no one ever talks about 'what happend next'

.com bubble ----> google, facebook, twitter, ebay et al.


second. just haters dont listen.

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April 09, 2013, 05:14:35 PM
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Man, this comparison is really over used. This must the 50th time someone has tried to compare bitcoins with tulips in the last 2 months.
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April 09, 2013, 05:15:30 PM
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And? Bitcoin is magical and different. It's a growing snowball - not a bubble. It can't burst.

Mmm. Maybe it is time to sell some BTC for fiat after all... Grin

Eh, you obviously are an economist. And we all know that educated, experienced economists don't understand this new currency bitcoins. Because bitcoin is open source, p2p, fancy-smancy and mining - only we geeks can understand the value of it. (Just joking.  Wink )

@DanielJonss. On a long enough timeline, the survival rate for everyone drops to zero.
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April 09, 2013, 05:15:53 PM
 #8

Bitcoin is an amazing piece of technology - anyone can go dig up a tulip bulb this comparison is ridiculous

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April 09, 2013, 05:21:10 PM
 #9

Bitcoin might be in a bubble, and that bubble might burst.

TC is having trouble keeping dollars in stock over at FC4B, so maybe the bitcoin bubble is collapsing right now, but the dollar and euro bubbles are collapsing faster.
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April 09, 2013, 05:21:27 PM
 #10

Bitcoin is an amazing piece of technology - anyone can go dig up a tulip bulb this comparison is ridiculous

Tulips are an amazing piece of natural bioengineering, and anyone can go mine a coin. I think this comparison is comparable.
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April 09, 2013, 05:31:27 PM
 #11

Bitcoin is an amazing piece of technology - anyone can go dig up a tulip bulb this comparison is ridiculous

Tulips are an amazing piece of natural bioengineering, and anyone can go mine a coin. I think this comparison is comparable.

The market cap for tulips is currently higher than the market cap for bitcoins. Add daffodils, and roses and we are entering stratospheric prices.
And that's discounting the lily and the orchid as a minor players in this market.
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April 09, 2013, 05:47:20 PM
 #12

Bitcoin is an amazing piece of technology - anyone can go dig up a tulip bulb this comparison is ridiculous

Tulips are an amazing piece of natural bioengineering, and anyone can go mine a coin. I think this comparison is comparable.

The market cap for tulips is currently higher than the market cap for bitcoins. Add daffodils, and roses and we are entering stratospheric prices.
And that's discounting the lily and the orchid as a minor players in this market.

You are comparing natural resources with a currency. And during the tulips mania the tulips obviously weren't bought for their physical properties, which explains the crash, because people realized that the tulips as products weren't worth the ridiculous price.

@DanielJonss. On a long enough timeline, the survival rate for everyone drops to zero.
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April 09, 2013, 05:53:42 PM
 #13

Bitcoin is an amazing piece of technology - anyone can go dig up a tulip bulb this comparison is ridiculous

Tulips are an amazing piece of natural bioengineering, and anyone can go mine a coin. I think this comparison is comparable.

The market cap for tulips is currently higher than the market cap for bitcoins. Add daffodils, and roses and we are entering stratospheric prices.
And that's discounting the lily and the orchid as a minor players in this market.

You are comparing natural resources with a currency. And during the tulips mania the tulips obviously weren't bought for their physical properties, which explains the crash, because people realized that the tulips as products weren't worth the ridiculous price.

Quote
In Mackay's account, the panicked tulip speculators sought help from the government of the Netherlands, which responded by declaring that anyone who had bought contracts to purchase bulbs in the future could void their contract by payment of a 10 percent fee.
https://en.wikipedia.org/wiki/Tulip_mania

So .gov said you only had to guarantee 10% of the bid, then sellers raised asks 10x. The entire thing is more like a myth.

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April 09, 2013, 06:11:03 PM
 #14

Bitcoin is an amazing piece of technology - anyone can go dig up a tulip bulb this comparison is ridiculous

Tulips are an amazing piece of natural bioengineering, and anyone can go mine a coin. I think this comparison is comparable.

Can you mine a coin by picking it up off the ground without any other hardware, knowledge, investment and skills?

Bitcoins are carefully crafted piece of tech - tulip bulbs are also a carefully crafted piece of tech by nature - but their use value is far lower than that of Bitcoin, clearly. A tulip bulb has been around for tens of thousands of years and will probably remain the same for another few millenia at least, Bitcoin is an emerging, carefully crafted technology which may have effects as profound as the internet itself. No comparison.

MatTheCat
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April 09, 2013, 07:31:39 PM
 #15

Bitcoin is an amazing piece of technology - anyone can go dig up a tulip bulb this comparison is ridiculous

Tulips are an amazing piece of natural bioengineering, and anyone can go mine a coin. I think this comparison is comparable.

Can you mine a coin by picking it up off the ground without any other hardware, knowledge, investment and skills?

Bitcoins are carefully crafted piece of tech - tulip bulbs are also a carefully crafted piece of tech by nature - but their use value is far lower than that of Bitcoin, clearly. A tulip bulb has been around for tens of thousands of years and will probably remain the same for another few millenia at least, Bitcoin is an emerging, carefully crafted technology which may have effects as profound as the internet itself. No comparison.

blah blah blah...

If the bulls are right, the bears will have to eat their words. If the bears are right, the bulls will eat their words, will most probably choke on thier tongues, and find themselves running out of skyscraper windows.

Obviously the only comparison between a 17th century dutch tulip bulb and a modern day Bitcoin, is that the prices of both were dramatically inflated by people investing in them purely seeking profit, having no intention of actually using the item for its practical intended purpose.

It is said that that one tulip bulb at the height of the mania could buy a house next to the royal palace. Whilst Bitcoin has seen astounding gains in the past few months, it is certainly a long way from that.

As has been pointed out, Bitcoin poses a threat to the status quo of the entire preexisting financial establishment. This fact alone, suggests to me that if one thing is guaranteed with Bitcoin, it is that it is not going to be left to have a smooth ride, and indeed, perhaps this is what we are seeing now. The price being artifically driven exorbitantly higher, in order that the price of Bitcoin one day can have such a an almighty crash, that it leaves a very sour taste in most peoples mouths and in the mean time, its valuation behaves with such volatility, that no serious business can afford to risk touching it with a 10 foot long shitty bargepole.

Jumping on Bitcoin, or already being on Bitcoin, is like being on a thrilling roller coaster ride that keeps spiralling higher and higher into the heavens, but that one day, is guaranteed to go flying off over a cliff edge. Those people who cannot recognise this (i.e. the majority on here), are those who are most likely to get seriously burned.

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April 09, 2013, 08:03:05 PM
 #16

Enough with this comparison. I think I'll go plant some bitcoins and increase availability some (not)!!!  Cheesy
Mike Christ
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April 09, 2013, 08:06:50 PM
 #17

At first I thought tulip bulbs were code for some strange currency.

Nope.  Literally the bulbs of tulips.

Seriously u guise.

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April 09, 2013, 08:14:33 PM
 #18

Bitcoin is an amazing piece of technology - anyone can go dig up a tulip bulb this comparison is ridiculous

Tulips are an amazing piece of natural bioengineering, and anyone can go mine a coin. I think this comparison is comparable.

Can you mine a coin by picking it up off the ground without any other hardware, knowledge, investment and skills?

Bitcoins are carefully crafted piece of tech - tulip bulbs are also a carefully crafted piece of tech by nature - but their use value is far lower than that of Bitcoin, clearly. A tulip bulb has been around for tens of thousands of years and will probably remain the same for another few millenia at least, Bitcoin is an emerging, carefully crafted technology which may have effects as profound as the internet itself. No comparison.

blah blah blah...

If the bulls are right, the bears will have to eat their words. If the bears are right, the bulls will eat their words, will most probably choke on thier tongues, and find themselves running out of skyscraper windows.

Obviously the only comparison between a 17th century dutch tulip bulb and a modern day Bitcoin, is that the prices of both were dramatically inflated by people investing in them purely seeking profit, having no intention of actually using the item for its practical intended purpose.

It is said that that one tulip bulb at the height of the mania could buy a house next to the royal palace. Whilst Bitcoin has seen astounding gains in the past few months, it is certainly a long way from that.

As has been pointed out, Bitcoin poses a threat to the status quo of the entire preexisting financial establishment. This fact alone, suggests to me that if one thing is guaranteed with Bitcoin, it is that it is not going to be left to have a smooth ride, and indeed, perhaps this is what we are seeing now. The price being artifically driven exorbitantly higher, in order that the price of Bitcoin one day can have such a an almighty crash, that it leaves a very sour taste in most peoples mouths and in the mean time, its valuation behaves with such volatility, that no serious business can afford to risk touching it with a 10 foot long shitty bargepole.

Jumping on Bitcoin, or already being on Bitcoin, is like being on a thrilling roller coaster ride that keeps spiralling higher and higher into the heavens, but that one day, is guaranteed to go flying off over a cliff edge. Those people who cannot recognise this (i.e. the majority on here), are those who are most likely to get seriously burned.

Except there is no gavitational attraction between the price of BTC and the number zero. I hate clumbsy analogies so much because lead you to think you undestand something, when really you dont

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April 09, 2013, 09:29:34 PM
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Except there is no gavitational attraction between the price of BTC and the number zero. I hate clumbsy analogies so much because lead you to think you undestand something, when really you dont

I believe that number last time wasn't zero, but 2! A drop of around 95%. If history was to repeat itself, that would mean Bitcoin going down to ~$10 at current prices. Or if ti Bitcoins go to 500%, a 95% hit would take it to $25. How would you like those prices?

Ultimately, nobody really knows (or very very few people know) what the main or crucial driving forces in the Bitcoin market are and everyone is allowing thier emotions to bias their thinking. Whether a person is already up 1000%, and is growing increasingly risk averse, or whether they dived in at $150, and are anxious to get a slice of the exponential profits that the early adopters have gotten.

No, thier is no gravitational force attracting Bitcoin to zero. What there might be is a lack of people willing to buy Bitcoins at any given price. Say this price is $500, and even the most risk taking/avaricious investors into Bitcoins, are getting itchy hands and are thinking that they really have maximised thier profits, and start selling. Then the price goes down, but with the already insanely exponential increases in Bitcoin, no serious money is willing to enter the market even at the marginally reduced price point resulting from the early sell offs, which leaves the Silk Road punters which presently represent about 0.01% of the Bitcoin market in terms of volume in USD as the core group of steady Bitcoin buyers. At this point supply far outstrips demand, and we have a glut of speculators who have either made 2000% profits and are looking to maximise their gains sensing that the game is up. We then have a landslide in the price of Bitcoin. With no clumsy analogies applied, this is typical of any commodity market that experiences mass exponential price inflation whilst the fundamentals that underpin that commodities value remain essentialy unchanged (i.e. experience only steady growth as opposed to exponential growth).

Of course, all the above only applies if the Bitcoin bubble were to be of the honest variety without any manipulative hands involved. Considering the weighty and indeed revolutionary implications that Bitcoin could have for the current global political and financial establishment, I think it is highly unlikely that the current monetary lords would be happy to leave Bitcoins to naturally grow. They can flatter the Bitcoin market to giddying height, before pumping it up the ass, and make decent gains in USD doing so, ensuring that Bitcoin can never be seen by the mainstream as a true alternative currency.

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April 09, 2013, 11:30:32 PM
 #20

And? Bitcoin is magical and different. It's a growing snowball - not a bubble. It can't burst.

Mmm. Maybe it is time to sell some BTC for fiat after all... Grin

Eh, you obviously are an economist. And we all know that educated, experienced economists don't understand this new currency bitcoins. Because bitcoin is open source, p2p, fancy-smancy and mining - only we geeks can understand the value of it. (Just joking.  Wink )
as you have a Cloud Atlas avatar, I can safely say that your opinion is not worth listening to

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