Is Bitcoin and blockchain a bubble?

[Digital Mutant]

It's long time ago when I started studying markets, marketing and economics, but what's happening now with bitcoin is very different. Sometime it seems that everything in the markets is a bubble, and very often it is, but what's happening with Bitcoin Alt and cryptos in general, is very different.

Why?

Because behind all this stuff there's a lot of people that is really believeing that we could really change the world. And so it will be, because blockchain tecnology is going to be applicated to every single piece of our society, from cities to space crafts. Who tink that all this is temporary, is wrong.

This is the engine that move all this stuff, the people, the devs, the investors, the evangelists, all of them believeing in the same idea, maybe someone in his own way, but in general all of us want someting new, something diffrent.

Many years ago in the organizations or in the enterprises people were just a number, but today a part of them have changed.

Now we are smart and we collaborate together, we are quick and changes are so fast that we don't even recognize them.

So when I read these kind of articles:

https://www.forbes.com/sites/johnwasik/2017/09/06/why-you-should-worry-about-a-bitcoin-crypto-bubble/#46d76dca5130
https://www.tradingview.com/chart/BTCUSD/5kL1VA2y-BITCOIN-IS-A-BUBBLE/

...is when I understand how many people really know and understand blockchain and bitcoin.....very few!

And when I see China go against ICO and crypto exchange is when i see the real power of the tecnology, not of the currency!

Things like these make me feel how powerful we are, all that are behind this.

Not just because I want to lie to myself...but because I really see the blindness of banks and dinosaurs that want to learn how to do it, but thay can't (of course they can buy knowledge and there's a lot of peole that will sell it to them, but it is not a problem, is part of the process)!
Because they are not fast.

They are slow and centralized, and we are fast and decentralized.

But we have to wait a little bit more, we have to develop a better security and a better interface in order to reach the goal.

Remember: Blockchain is an industry, there are moments of high production and moments of low demand...

Congratulations to everybody whose are in this 

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[hodlftw]

Oh man, great post. I got goosebumps thinking about the future. Crazy thing is that future is nearer than we think. I think blockchain could be in our day to day lives for most people

with internet within 5 years. I think that kind of power behind this technology is exactly what you were referring to and I think the power is immense as well. Thats why you see govts

who try to stop it, give in. Because they cannot stop it. As well most of the mainstream articles written about bitcoin bubbles are almost laughable because the knowledge is so limited.

Kudos to you for recognizing the true power behind blockchain and bitcoin. Its only a matter of time before the rest join in. We are early adopters seen in the picture below

https://imgur.com/a/7zi6w

Next step is early majority and I think we are seeing those type of people get in now. Great time to be alive 

[Merovius]

Yes, I am still reading about many people who think that bitcoin is simply a speculative bubble, often comparing it to the Dutch tulip mania in the 1600s or the dotcom bubble in the 1990s. Some of these people are calling bitcoin a bubble probably because of their own interests and agendas; for example Peter Schiff has been dismissing bitcoin as a bubble but he is also heavily invested in gold and gold-related services and companies, so apparently sees bitcoin as competition to precious metals and does not want too much money flowing into other "safe haven" assets instead of gold.

Others just think bitcoin must be some sort of Ponzi scheme because the price seems to keep increasing with more people investing into it. These are people who do not really understand the blockchain or the underlying technology and are just looking at the price volatility. They do not realize that bitcoin can be used as a currency and a payment gateway as opposed to a simple stock or mutual fund that people invest in with the hope of an increase in value. Many of them also do not realize that even with the spectacular price increase since the beginning, there is still only a relatively small percentage of people who actually own or are using bitcoin, so there is still much potential for further increase in the bitcoin value if we ever truly reach mass adoption on the scale of a major payment processor or currency. 

[Zimbabwecoin]

I don't think bitcoin is in a bubble. But I hope it goes down so that I can buy more at a discount. Long term it can only go up.

[NewBet]

Blockchain isn't a cryptocurrency, bro. It is the technology on which Bitcoin is founded. Bitcoin is the cryptocurrency, and I do believe we are in a bubble that will burst within a couple of months. The price simply cannot continue rising indefinitely.

[CryptoBry]

But we have to wait a little bit more, we have to develop a better security and a better interface in order to reach the goal. Remember: Blockchain is an industry, there are moments of high production and moments of low demand...

Yes, there is indeed a need to develop a better security platform using the blockchain technology so as to protect innocent people and punish evil ones who are using Bitcoin for their criminal acts. Personally, I am hoping that there would be no big bubble to pop but rather value corrections from time to time. Bitcoin is still a young currency and we need more time to help it evolved and develop further as far as usage and utilization are concerned.

[Digital Mutant]

Blockchain isn't a cryptocurrency, bro. It is the technology on which Bitcoin is founded. Bitcoin is the cryptocurrency, and I do believe we are in a bubble that will burst within a couple of months. The price simply cannot continue rising indefinitely.

I didn't said That Blockchain is a cryptocurrency...
If you want to understand what I am talking about take a look at these articles:
http://www.goldmansachs.com/our-thinking/pages/blockchain/
https://www.financemagnates.com/cryptocurrency/innovation/us-state-illinois-may-transition-blockchain-based-system/?utm_content=buffer95cae&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
...and imagine apply blockchain to just any of these applications:
https://es.mathworks.com/content/dam/mathworks/tag-team/Objects/d/80879v00_Deep_Learning_ebook.pdf
I am not talking only about financial aspect....

[Idaho]

Crypto currencies have huge *potential* but are currently not particularly useful. The price they are currently trading at is either an optimistic assessment of their value once they become more useful, or an optimistic assessment of how likely they will become useful.

As such they are overpriced for the situation we have right now. But *could* be cheap compared to what they might become in a few years.

The dotcom boom did see a lot of frothy nonsense getting investment. Stuff that evaporated once confidence ran out. But a decade later some of the dotcom companies are now the biggest companies in the world.

Likewise with tulips. The Dutch tulip industry is a multi billion euro industry.

[Digital Mutant]

I tried to develope little bit more the topic, so i wrote a new steemit article re revisited here:
 
https://steemit.com/blockchain/@digitalmutant/is-bitcoin-digital-currencies-and-blockchain-a-bubble

[Kyraishi]

I don't know. Short term we are definitely in a bubble as the price has simply risen by so much in the past few months that this is not going to be sustained growth. Profits will slow down or even go into the negatives soon.

Is it a bubble in the long run though? No, defintiely not. Bitcoin has the ability to go much higher if the conditions are right, e.g. enough people adopt it and merchants start accepting bitcoin for payment.

But it's definitely not the wisest thing to do to buy right now, you can likely buy at the dip when everyone panic dumps and the bubble bursts and get a better price.

[btcney]

I think that we are currently still at an early adopter stage where only the technology-savvy peolpe that has an interest in Fintech as well are able to comprehend and appreciate the true worth in bitcoin, thus bitcoin is still undervalued in the long run.

However as kyraishi said this is not sustainable growth for the short to medium term and we may indeed see a pop of the bubble. I think that the price will go up to around $6000 before the popping of the bubble is even in the equation.

But is it worth buying in if you are going to hold long term? Absolutely. Just don't put all your life savings in, as you may be tempted to panic sell all of your coins leading to significant losses.

[Digital Mutant]

I think that we are currently still at an early adopter stage where only the technology-savvy peolpe that has an interest in Fintech as well are able to comprehend and appreciate the true worth in bitcoin, thus bitcoin is still undervalued in the long run.

However as kyraishi said this is not sustainable growth for the short to medium term and we may indeed see a pop of the bubble. I think that the price will go up to around $6000 before the popping of the bubble is even in the equation.

But is it worth buying in if you are going to hold long term? Absolutely. Just don't put all your life savings in, as you may be tempted to panic sell all of your coins leading to significant losses.

Definitively yes.
Research and study as much coins as you can, let yourself flow with proyects (remember that lot of Altcoins are proyects developing day by day, give to yourself some time to understand what's going on in the short therm), go deep inside proyects and people who's inside the teams, try to figure out what's the key that make the coin you like different or what do it offer that make the difference and organize them in a scheme. Erase as much as you can.

Do not invest all your money, be prudent, wait, sometime waiting is better than acting, but definively is a long therm hold.

[bamb]

One statement that struck me in your write-up is when you said and I quote.
"They are slow and centralized, and we are fast and decentralized". This is exactly the picture of things at the moment. If you ask me about the worth of bitcoin and blockchain, I would say is worthy more than all the gold in the world. One bitcoin could actually reach 1million dollar. But not yet, we still have to wait.

[Digital Mutant]

One statement that struck me in your write-up is when you said and I quote.
"They are slow and centralized, and we are fast and decentralized". This is exactly the picture of things at the moment. If you ask me about the worth of bitcoin and blockchain, I would say is worthy more than all the gold in the world. One bitcoin could actually reach 1million dollar. But not yet, we still have to wait.

Yes! And also is important the people that's behind Blockchain.
It's a new generation of thinkers.
We are diffrent from the busy jungle of making money only for making money within empty proyects and zero objectives.
We always try to see the conjunction between tech and economy and let me say society.
It's someting that we have in the Dna
People is the fuel of this sector, it is a very specialized one, and at the end it meens strenght. A commodity always is analized for his nature, blockchain, bitcoin, ethereum, etc is a commodity that have a real plus inside. It is like it is alive, as I said in other posts, in a certain way we are tecnocrats and the world need us.