Bitcoin is not a bubble

[b!z]

Credits to whoever made this.

[1715063054]

1715063054

[HappyBitCoinUser]

Bubble, Snowball, any label, whatever, price go up fast, will come down fast. Doesn't matter what you call it.

[yokosan]

Bubble, Snowball, any label, whatever, price go up fast, will come down fast. Doesn't matter what you call it.

Ding! Ding! Ding! Ding! Ding!

We have a winner!

[ruski]

I find it amazing that Bitcoin, despite its stated goal of being a currency uncontrolled by bankers etc, is the purest construct of fiat currency ever witnessed. Government issued fiat has no intrinsic value, except that which is assigned to it by the market, and backed in part by the issuer's guarantee. Everybody complains that the dollar is "essentially worthless."

And yet Bitcoin is absolutely worthless, save for the value assigned to it by the people using it. It's a tyranny not of the government but by the people themselves, and the only value it has, is that which is assigned to it by the people. There is no backing, no manipulation, no changing the rules. It is worth exactly what everybody thinks it's worth at any given time.

I could almost say that in a market with so few controls and sources of value other than the individual's opinion, bubbles and busts are sure to occur, and recur, and recur. Humans follow the herd mentality, when everyone else likes it, so do you, and when nobody else likes it, neither do you. With no other source of valuation... can it happen any other way?

[JimiQ84]

I find it amazing that Bitcoin, despite its stated goal of being a currency uncontrolled by bankers etc, is the purest construct of fiat currency ever witnessed. Government issued fiat has no intrinsic value, except that which is assigned to it by the market, and backed in part by the issuer's guarantee. Everybody complains that the dollar is "essentially worthless."

And yet Bitcoin is absolutely worthless, save for the value assigned to it by the people using it. It's a tyranny not of the government but by the people themselves, and the only value it has, is that which is assigned to it by the people. There is no backing, no manipulation, no changing the rules. It is worth exactly what everybody thinks it's worth at any given time.

I could almost say that in a market with so few controls and sources of value other than the individual's opinion, bubbles and busts are sure to occur, and recur, and recur. Humans follow the herd mentality, when everyone else likes it, so do you, and when nobody else likes it, neither do you. With no other source of valuation... can it happen any other way?

governement forces you to use fiat. No one forces you to use bitcoin. It's free, that's why it has value.

[ruski]

I find it amazing that Bitcoin, despite its stated goal of being a currency uncontrolled by bankers etc, is the purest construct of fiat currency ever witnessed. Government issued fiat has no intrinsic value, except that which is assigned to it by the market, and backed in part by the issuer's guarantee. Everybody complains that the dollar is "essentially worthless."

And yet Bitcoin is absolutely worthless, save for the value assigned to it by the people using it. It's a tyranny not of the government but by the people themselves, and the only value it has, is that which is assigned to it by the people. There is no backing, no manipulation, no changing the rules. It is worth exactly what everybody thinks it's worth at any given time.

I could almost say that in a market with so few controls and sources of value other than the individual's opinion, bubbles and busts are sure to occur, and recur, and recur. Humans follow the herd mentality, when everyone else likes it, so do you, and when nobody else likes it, neither do you. With no other source of valuation... can it happen any other way?

governement forces you to use fiat. No one forces you to use bitcoin. It's free, that's why it has value.

No, government forces you to accept fiat. There is a difference, however slight.

[BitcoinMillionaire]

When every one is selling and when blood is in the streets, and it seems like its the end of the world, this is the best time to be buying things. If you watch the technicals just wait for the MACD and stochastics to turn back up, and then go all in. Crashes happen really quickly.

Anything of value should be bought when everyone is panic selling and calling the end of the world. Because guess what, the world doesn't end and fundamentals will always apply. In this case, bitcoin will always be valuable because it is just like gold, and in many ways, more valuable than gold because you can transfer large amounts of bitcoin halfway across the world much quicker than you can move physical gold.

[HappyBitCoinUser]

much quicker than you can move physical gold.

Yeah, and you won't have your 2 tons of Gold confiscated by the police when you cross the boarded 

[wopwop]

When every one is selling and when blood is in the streets, and it seems like its the end of the world, this is the best time to be buying things. If you watch the technicals just wait for the MACD and stochastics to turn back up, and then go all in. Crashes happen really quickly.

Anything of value should be bought when everyone is panic selling and calling the end of the world. Because guess what, the world doesn't end and fundamentals will always apply. In this case, bitcoin will always be valuable because it is just like gold, and in many ways, more valuable than gold because you can transfer large amounts of bitcoin halfway across the world much quicker than you can move physical gold.

tldr; BUY BUY BUY

[Zangelbert Bingledack]

I find it amazing that Bitcoin, despite its stated goal of being a currency uncontrolled by bankers etc, is the purest construct of fiat currency ever witnessed. Government issued fiat has no intrinsic value, except that which is assigned to it by the market, and backed in part by the issuer's guarantee. Everybody complains that the dollar is "essentially worthless."

And yet Bitcoin is absolutely worthless, save for the value assigned to it by the people using it. It's a tyranny not of the government but by the people themselves, and the only value it has, is that which is assigned to it by the people. There is no backing, no manipulation, no changing the rules. It is worth exactly what everybody thinks it's worth at any given time.

I could almost say that in a market with so few controls and sources of value other than the individual's opinion, bubbles and busts are sure to occur, and recur, and recur. Humans follow the herd mentality, when everyone else likes it, so do you, and when nobody else likes it, neither do you. With no other source of valuation... can it happen any other way?

Gold's valuation has ~99% the same dynamic going on, yet gold holds relatively steady. So this theory is right out.

Occam's razor: Volatility is natural and inevitable in bootstrapping from nothing to something in the global financial world.

[BitcoinMillionaire]

Bitcoin to stabilise around $100, possible dip into double digits. Timeframe, within a week I'd say.

[Zangelbert Bingledack]

When every one is selling and when blood is in the streets, and it seems like its the end of the world, this is the best time to be buying things. If you watch the technicals just wait for the MACD and stochastics to turn back up, and then go all in. Crashes happen really quickly.

Anything of value should be bought when everyone is panic selling and calling the end of the world. Because guess what, the world doesn't end and fundamentals will always apply. In this case, bitcoin will always be valuable because it is just like gold, and in many ways, more valuable than gold because you can transfer large amounts of bitcoin halfway across the world much quicker than you can move physical gold.

Get out of here with your logic and reason.  /s

And nice chart. A reversion the already-extremely-bullish exponential trendline at $80-100, with some panic/despair a bit below for good measure, would be welcome and let me sleep at night. Still on target for $10,000 by Christmas, even with more bubble inflating and popping in the meantime. All par for the course.

Keep calm and carry on.

[proudhon]

When every one is selling and when blood is in the streets, and it seems like its the end of the world, this is the best time to be buying things. If you watch the technicals just wait for the MACD and stochastics to turn back up, and then go all in. Crashes happen really quickly.

Anything of value should be bought when everyone is panic selling and calling the end of the world. Because guess what, the world doesn't end and fundamentals will always apply. In this case, bitcoin will always be valuable because it is just like gold, and in many ways, more valuable than gold because you can transfer large amounts of bitcoin halfway across the world much quicker than you can move physical gold.

I agree, but I don't expect to see a good entry point for at least many months from now.  The market is wounded and bleeding, but in shock.  It'll be a few weeks before the market realizes just how bad things are, and then the real pain will begin.  If you think single digits are out of the question, then you don't know the bitcoin market very well.

[ruski]

Gold's valuation has ~99% the same dynamic going on, yet gold holds relatively steady. So this theory is right out.

Occam's razor: Volatility is natural and inevitable in bootstrapping from nothing to something in the global financial world.

Gold does not hold relatively steady. Gold bounces around like a jackrabbit, but on a longer time scale, since there are other controls on the price such as industrial consumption, physical vs paper gold, etc. BTC has no such controls. At all.

[wopwop]

bitcoin is massively undervalued right now

remember it was 250$ just yesterday and 500$ tomorrow, it was HUGE

BUY CHEAP COINS

[BitcoinMillionaire]

When every one is selling and when blood is in the streets, and it seems like its the end of the world, this is the best time to be buying things. If you watch the technicals just wait for the MACD and stochastics to turn back up, and then go all in. Crashes happen really quickly.

Anything of value should be bought when everyone is panic selling and calling the end of the world. Because guess what, the world doesn't end and fundamentals will always apply. In this case, bitcoin will always be valuable because it is just like gold, and in many ways, more valuable than gold because you can transfer large amounts of bitcoin halfway across the world much quicker than you can move physical gold.

I agree, but I don't expect to see a good entry point for at least many months from now.  The market is wounded and bleeding, but in shock.  It'll be a few weeks before the market realizes just how bad things are, and then the real pain will begin.  If you think single digits are out of the question, then you don't know the bitcoin market very well.

I do think single digits are out of the question simply due to all the new money and accounts mtgox says they are opening. Its obvious alot of european newbies are getting involved. And with a hedge fund entering the game, www.exante.eu , big money is going to be flowing in. But for the interim, I'm staying out. I'm just glad I cashed out 50% of my holdings at $250 

[HATA28]

bitcoin is massively undervalued right now

LOL
ofcourse it is my friend
please put all your savings in it and buy for your self, while we wait for it to go single digits

[wopwop]

bitcoin is massively undervalued right now

LOL
ofcourse it is my friend
please put all your savings in it and buy for your self, while we wait for it to go single digits

I dont know about you but yesterday everyone valued it at 250$ so by my logic tomorrow everyone can just value it at 250$ too it's really simple like that

[ruski]

I do think single digits are out of the question simply due to all the new money and accounts mtgox says they are opening. Its obvious alot of european newbies are getting involved. And with a hedge fund entering the game, www.exante.eu , big money is going to be flowing in. But for the interim, I'm staying out. I'm just glad I cashed out 50% of my holdings at $250 

You might want to get a few more posts under your belt so people won't just skim over your pseudo-technical analysis as a new guy attention whore pretending to be a pro.

[HATA28]

bitcoin is massively undervalued right now

LOL
ofcourse it is my friend
please put all your savings in it and buy for your self, while we wait for it to go single digits

I dont know about you but yesterday everyone valued it at 250$ so by my logic tomorrow everyone can just value it at 250$ too it's really simple like that

A lot of people on this forum didn't 'value' it at 250$ at all. Cause if everyone did, it wouldn't have dropped, it's really simple like that

[Zangelbert Bingledack]

Gold's valuation has ~99% the same dynamic going on, yet gold holds relatively steady. So this theory is right out.

Occam's razor: Volatility is natural and inevitable in bootstrapping from nothing to something in the global financial world.

Gold does not hold relatively steady. Gold bounces around like a jackrabbit, but on a longer time scale, since there are other controls on the price such as industrial consumption, physical vs paper gold, etc. BTC has no such controls. At all.

"Jackrabbit but on a longer time scale"? "Jackrabbit" IS tacitly indicating a timescale. Everything is volatile on a long enough timescale.

And 99% (or 90% or whatever; the vast majority) of gold's valuation owes to its monetary uses. That's the point.

[ruski]

"Jackrabbit but on a longer time scale"? "Jackrabbit" IS tacitly indicating a timescale. Everything is volatile on a long enough timescale.

And 99% (or 90% or whatever; the vast majority) of gold's valuation owes to its monetary uses. That's the point.

You call this stable?

[Zangelbert Bingledack]

*woosh*

[smoothie]

Bitcoin to stabilise around $100, possible dip into double digits. Timeframe, within a week I'd say.

ONce again drawing large red arrows in the direction you want on a chart doesnt make the price go in that direction. See me in a week or two and see who was wrong. lol