Mark Cuban's attack on Bitcoin

[Kprawn]

Mark Cuban is the typical arrogant rich asshole who thinks he knows everything about every subject and only he is right. Have you watched any

of the Shark Tank episodes? Read Robert Herjavec's book, The Will to Win and you will see the perfect gentleman and a good example of how a

rich person should be. {humble} .... Mark will never admit that he is wrong, because he is a know it all. I will never do business with people like

him. Robert Herjavec's opinion will mean something because he knows something about internet security.

https://en.wikipedia.org/wiki/Robert_Herjavec

[dinofelis]

"Mark Cuban has attacked Bitcoin on Twitter, claiming it is not a currency, it is a bubble, and that the whole system of valuation concerning it is wrong. But is he right?" 
https://futurism.com/mark-cuban-asserts-that-bitcoin-is-not-currency/

His comment caused the Bitcoin price to drop before it hit $3000.  He said Bitcoin's increasing price now is a bubble.  What do you think?

He's right, of course.  What he's missing, is that bitcoin and the rest of crypto are perfect speculative assets (by definition "bubbles") and that finance loves to gamble on speculative assets.  That's why bitcoin has indeed a bright future - but not as a currency, but as the thing it has been doing since the beginning: a greater-fool game.  There's still a world of greater fools to take.  The whole gambling sector of speculative finance (the derivatives market cap) is 10 times the world economy (about 1.2 quadrillion dollars).  This is the sector that crypto plays in, not "fiat money" (which is 100 times smaller).

[Bitcoin Guy]

New article from MarketWatch.com.

Is bitcoin in a bubble? This metric suggests there’s more room to grow
http://www.marketwatch.com/story/is-bitcoin-in-a-bubble-this-metric-suggests-theres-more-room-to-grow-2017-06-08

A new P/E ratio approach.

[imeetup]

"Mark Cuban has attacked Bitcoin on Twitter, claiming it is not a currency, it is a bubble, and that the whole system of valuation concerning it is wrong. But is he right?" 
https://futurism.com/mark-cuban-asserts-that-bitcoin-is-not-currency/

His comment caused the Bitcoin price to drop before it hit $3000.  He said Bitcoin's increasing price now is a bubble.  What do you think?

He's right, of course.  What he's missing, is that bitcoin and the rest of crypto are perfect speculative assets (by definition "bubbles") and that finance loves to gamble on speculative assets.  That's why bitcoin has indeed a bright future - but not as a currency, but as the thing it has been doing since the beginning: a greater-fool game.  There's still a world of greater fools to take.  The whole gambling sector of speculative finance (the derivatives market cap) is 10 times the world economy (about 1.2 quadrillion dollars).  This is the sector that crypto plays in, not "fiat money" (which is 100 times smaller).

The growth of Bitcoin hasn't even really begun yet. Like @dinofelis said by calling it a 'greater fools' game, it is true that a massive amount of the world population doesn't even have a clue about crypto yet... there is so much room for exponential growth left. The next few years the amount of people involved in crypto will be 5 to 10 times greater than it is now, maybe even more.

[imeetup]

Mark Cuban thinks it's a bubble. Clint Eastwood has an interesting opinion as well as I found in this article.

http://www.zerohedge.com/news/2017-06-06/clint-eastwoods-advice-bitcoin-speculation

[Bitcoin Guy]

Mark Cuban thinks it's a bubble. Clint Eastwood has an interesting opinion as well as I found in this article.

http://www.zerohedge.com/news/2017-06-06/clint-eastwoods-advice-bitcoin-speculation

Clint Eastwood said "Go ahead, make my money!"

Based on the current price, if the price grows 55% annually for the next 3 years, the price will exceed $10,000.

[Bitcoin Guy]

And a 44% annual increase for the next 10 years will give us $100,000 per BTC.  The number of mined bitcoins qill be closed to 20 millions.  That will give us a market cap of $2 Trillions. 

Assume Apple stock price increase at 10% annually, after 10 years it will have $2T of market cap as well.

[mindrust]

He says bitcoin is a religion just like gold. GOLD!

He is talking shit about gold and favoring stocks over PM's. This alone enough to invalidate the rest of his arguments. Anything comes and about to come out of him is nothing but shit. I bet he is one of those SNAP investors.

[Harry Callahan]

I am hearing this name for the first name,on further searching about him i really did not understand what significant contribution did he do anything regarding technology and if the price of bitcoin goes down simply because someone said something,then it is not fundamentally strong.

[JGoRed]

He says bitcoin is a religion just like gold. GOLD!

He is talking shit about gold and favoring stocks over PM's. This alone enough to invalidate the rest of his arguments. Anything comes and about to come out of him is nothing but shit. I bet he is one of those SNAP investors.

Wow, I guess I didn’t realize he hated gold too. I guess we should be taking this as a complement if he’s comparing Bitcoin to Gold .

[fan_of_things_and_stuff]

Well to be fair I've never really understood why BTC keeps rising in price. At the end of the day it is designed to not be much than a USD or Euro right? So why has it 1000x its value in the last 5-7 years? Not being an expert myself, I'd say that looks a lot like a word I know that starts with b and rhymes with stubble

[AGD]

The difference between Tulips and Bitcoin:

- the total quantity of Tulips is not limited.
- Tulips can rot
- Tulips can not be used for transactions over large distances
- Tulips can't be divided into valuable fractions
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Btw. There are plants nowadays, that are a lot more expensive than these tulips in the 17th century, like I remember some type of a rose, that was sold for 5 mio USD a few years ago.

Comparing Bitcoin with the tulip mania is just a dull attempt to explain something , that has never happened before.