Extraordinary Popular Delusions and the Madness of Crowds

[MissouriTiger]

If you have read this book, I want to hear from you. Tell me why you believe Bitcoin will - or - will not become a chapter in the next edition of the book?

[MonopolyCoins]

https://www.amazon.com/Extraordinary-Popular-Delusions-Madness-Crowds/dp/1463740514

Oh cool its an actual book haha. I thought you were just making a joke.

I think I will check out the cliff notes. And to answer your question, yes this looks to be very applicable to bitcoin

[MissouriTiger]

It's a fascinating book & I highly recommend it. Some of the more bizarre phenomena covered include a tulip craze in Europe, when a single tulip bulb could go for a fortune, and a Japanese country club membership mania, when people in Japan were buying & selling club memberships for insane sums. There are lots of other good ones. In the end they all collapsed, since there wasn't enough intrinsic value to justify the crazy prices.

I believe cryptocurrencies in general will eventually collapse as well, but I am looking for reasons why perhaps they won't.

It is worth noting that the reason the US dollar holds value as well as it does, is because the most powerful government in the world acts on its behalf. When it comes to bitcoin, no one is standing behind it.

[guybrushthreepwood]

No, I haven't. But I've just started downloading the audiobook and will give it a listen and report back.

I believe cryptocurrencies in general will eventually collapse as well, but I am looking for reasons why perhaps they won't.

It is worth noting that the reason the US dollar holds value as well as it does, is because the most powerful government in the world acts on its behalf. When it comes to bitcoin, no one is standing behind it.

Why must we have a government behind it? Why not just people power? Bitcoin can become much bigger than the United States. The USA is just one country whereas bitcoin can be worldwide, and that's what I personally see it as... a worldwide currency that exists outside of the mainstream and corrupt banking institutions, and that's why I think it holds value... and a lot of it. Sure, bitcoin may collapse at some point and be replaced by another crypto or something else entirely but there will very likely always a be a crypto or something else like it running alongside fiat because there needs to be.