Clearly, anyone who knows anything about a singularity knows that Bitcoin is not one. But it is either worth nothing or quite a lot. If it's worth quite a lot, it will have to rise to get there. That in itself is a recipe for irrational exuberance and bubbles and busts. But there will be an underlying rise.
Your assertion that this bust will be so much worse than the others is just a different take on "It's different this time" and is more an expression of your bearish nature than reflecting anything real.
I see it as a singularity actually -- perhaps not in the physics sense but as a singular event. Ignoring the momentary drops into the 50s and 60s, an investment when it was priced USD 5-10 (or .05 to 1 for the even earlier adopters) is worth 25 - 50x the investment after. For anyone who made a non-trivial investment, it will be the largest share of their holdings no matter how much fiat is put in now.
Same thing now. For anyone who bought in the flat around $100 or buys up to about 500 -- that's going to be their main holdings when we hit 1000, 5 or 10k.
WRT moving up so fast, it really IS different this time. The engine is firing on more cylinders -- USA, Europe, Asia. I feel that the last "bubble" was mostly driven by USA. Of course Europe was a major player but rallies occurred during USA day time (mostly). In contrast this 65+ rally seemed to be USA, 130+ rally was pulled by Asia, but now the Second Market fund, Canada ATM news, etc is also driving the exchanges up 24 hrs a day. Note how major psychological barriers are just blown through -- for every barrier 1500, 2000 CNY, 200,250,300USD, 200EU, there are 2 other currencies where that level is irrelevant.
Africa, India, and much of South America are still missing. They will be instrumental for the next one...
The question is, "will this difference translate into a sustainable rally at these rates?" I think the answer is that it will be sustainable at higher rates, but of course in the end there will be a blow-off. There always is. Personally, I'm hoping for a daily-pullback today, I think we need one...
But think on this: Has there EVER been something that hit its exponential adoption curve simultaneously worldwide before?
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