August 1st... Y2K 2.0?

[flipper55]

For those who don't remember the Y2K bug was supposed to kick in on Jan, 1st 2000, giving computers worldwide an invalid date, causing bank computers to lose all your money, aviation computers would fail causing planes to fall from the sky, Nukes would be inadvertently launch, the vaticans computers would fail releasing Lucifer from his prison in hell... 

Then, nothing happened. Why? people had a plan, and the plan was executed. The panic that was Y2K masked the true big baddy that investors should have been fearful of.... a big .com bubble.

Sound familiar, a scary technical issue that really amounts to nothing, in a overhyped, bloated industry, where a good chunk of businesses/coins offer no true value/innovation, and IPOs/ICOs business model starts and ends with "Collect Money"....

After August 1st, if prices shoot to the moon... be very weary. Bitcoin is strong, but just like the .com burst, the strong survived... but they didn't survive without a beating.

Not saying it's going to happen, just words from a dude that lost money during the .com burst, and just something that I will be watching closely.

[buwaytress]

I doubt you're alone in having lived through the .com bust or even the digital cash crash that followed years after (I'm a vet of the latter).

Haven't forgotten my lessons, and have never risked anything. All my coins are earned and a lot of it goes out to fiat to support income. If "this" bursts, I'll definitely hurt. But it won't be the end of the world.

It won't be for most of us, hopefully.

[amaral1977]

If people treat crypto as what it it. HIGH, VERY HIGH risk investment an inside crypto consider all the alts and tokens around as start ups. No one puts all of his money in an unknown startup...they shouldnt do it either for most crypto projects, if not all...

[HeRetiK]

The ICOs are very reminiscent of the dot com bubble. I daresay it's even worse in terms of over-evaluation. I probably know too little about current ICOs, but so far none of them have stricken me as the next Google or Amazon. To me personally they all look like Pets.coms.

About Bitcoin / Ethereum in general I don't worry so much, personally. While a lot of companies went bust during the dot com bubble, the infrastructure, the internet itself kept growing regardless. I think Bitcoin and Ethereum are more akin to the internet, than to the dot com companies in this case.

[buwaytress]

The ICOs are very reminiscent of the dot com bubble. I daresay it's even worse in terms of over-evaluation. I probably know too little about current ICOs, but so far none of them have stricken me as the next Google or Amazon. To me personally they all look like Pets.coms.

About Bitcoin / Ethereum in general I don't worry so much, personally. While a lot of companies went bust during the dot com bubble, the infrastructure, the internet itself kept growing regardless. I think Bitcoin and Ethereum are more akin to the internet, than to the dot com companies in this case.

Funny you mentioned pets.com. The ICOs look like Myspace profiles competing for upvotes.

I can't speak other than from the history I've managed to gather from old threads but this 2017 ICO flurry seem to be a repeat cycle of 2014/15, except perhaps with a more pronounced presence. The proliferation of alts and development of tokenisation on blockchains in 2016 probably led up to this moment. The ICOs are definitely a reflection of the dot-coms. Wildly speculative IPOs and aggressive marketing - without the extreme overheads of the dotcoms who hired in the hundreds and opened lavish offices.

[BitcoinHodler]

you are overreacting to this!

first of all this is not the first time bitcoin has had a big drama like this. and it is all a shitshow. we have a couple of these each year. last year's biggest ones were the bitfinex hack and the bitcoin developer Mike Hearn making a dick out of himself calling bitcoin dead.

secondly this industry is just bitcoin and bitcoin alone. with only a handful of altcoins worth even looking at that are really working for some innovation and their prices and their market cap is usually low that nobody even sees them.
the rest is just noise in the background and it has nothing to do with anything. they are too insignificant and short lived to even begin to matter.