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Author Topic: [2017-09-01] Bitcoin's nearly five-fold climb in 2017 looks very similar to tech  (Read 4604 times)
Karartma1
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September 01, 2017, 06:20:37 AM
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When charted, bitcoin's rapid gains resemble how stocks surged into the tech bubble before collapsing.

David Ader, chief macro strategist at Informa Financial Intelligence, matched a graph of the Nasdaq Telecommunications Index at its peak in 2000 to bitcoin's five-year run to all-time highs.

"This is the price chart for an overly frothy market, in my opinion. I just don't see anything quite as comparable to this in bubblelicious terms," said Ader, a former top-rated bond market strategist.

More @ https://www.cnbc.com/2017/08/31/bitcons-nearly-five-fold-climb-in-2017-looks-very-similar-to-tech-bubble-surge.html


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September 01, 2017, 10:53:45 AM
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So what is the point of this article again? Does it mean the bitcoin is a bubble that is waiting to burst anytime soon like the dotcom bubble of the last 90's to early 00's? I don't really understand those mainstream media pointing that bitcoin is like dotcom bubble. Or are they just creating a buzz and riding it because bitcoin is now known that ever? No one from the mainstream media has covered bitcoin from the last 8 months and all of a sudden they are jumping on bandwagon.

For me, I don't believed that we are in a bubble, but if ever we are, bitcoin has proven it can recover and even grow strong as time passes by. Unlike those dotcom that wasn't able to recover once they are burst.

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September 01, 2017, 11:00:00 AM
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However, digital currency expert Chris Burniske points out the market value of bitcoin is still a fraction of what stocks were during the dot-com boom.
Chris Burniske, author of the upcoming book, "Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond."
"If people think this is the 'big bubble,' then they don't have an appreciation for how big the idea of cryptoassets really is," he said.


I like this man, a digital currency expert.
So, bitcoin just a fraction and more likely to continue to rise.
And he has a point, even though most people thinks that bitcoin is bubble but this currency really has huge potential to become major payment method across the continent. I consider bitcoin still on the beginning of development, as long as scale solution could works, nothing can't stop it.

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September 01, 2017, 06:51:07 PM
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In my opinion this is a very naive approach to analyze Bitcoin's price, if you simply match some charts from the past with current price chart, it doesn't in any way guarantee that the pattern will continue. Technical analysis like that can only have a small edge in predicting small fluctuations caused by speculations, but it's pretty bad at predicting macro patterns. Dotcom bubble was caused by unrealistic expectations for Internet technology, and while the same might happen with ICO's and altcoins, Bitcoin itself is pretty safe, because it's already working great for 8 years, and I think it will only continue to grow because it's so underpriced for the value it has to offer - financial independence.

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September 01, 2017, 08:38:08 PM
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To summarize:

"OMG THIS LOOKS LIKE A BIG RALLY AND IT WILL DECLINE"

Yes, Bitcoin veterans have been through this numerous times before. Thanks for your "warning" which really isn't much of one at all.

I always laugh when someone used to the plodding slowness of Equity markets gets their knickers in a twist about our rises and falls.

Its a perfect Bitcoin "noob" indicator.

fortitudinem multis - catenum regit omnia
iram1011
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September 02, 2017, 09:48:05 AM
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Why people are comparing stocks and shares with Bitcoin when they are completely different?

What happened in one commodity might not be the case with others. Cryptocurrencies are completely different monetary system which is completely decentralised unlike stocks. The user base is still very low(might be less than 100 million) where Bitcoin is targeting the population of Billions. It still has huge potential market and supply is limited. Recently there is increase in demand and popularity. I see this growth as natural and genuine. There would definitely be some small dips with growth but there won't be any huge crash.

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