I think what he means is Bitcoin is rising too much too fast. It would be better for people to buy and hold for a long time and let the price rise slowly. Instead people are buying and selling fast. That will cause a crash.
I prefer to look at
BitcoinAverage in log-view:
This graph has been going up steeper than average lately, just like it did before the previous drops. If there is anything you can predict from this graph, I think it's that Bitcoin will go up long-term.
A month ago "everybody" was predicting Bitcoin to go up to $50k, $500k or $1M! Basically, when it goes up, all "predictions" are that it will go up more, and when it goes down a bit, "everybody" says it's a bubble that will crash. And the beauty of all this: they'll all be right at some point in the future! How easy is it to say: "I told you so" if everybody is right at some point? Mark my words, I'll tell you "I told you so" later
It's just in Bitcoin's nature to go up and down a lot, and the shitload of altcoins is accelerating this. High fees, miner's electricity bills, exchanges' commission and altcoins/ICOs are all draining money from the Bitcoin ecosystem, and yet, it's worth more than it ever was a month ago!
Of course Bitcoin has been rising too fast, and altcoins even faster. There's not much logic in going up 100x or more in a year.
Who here even knows most ICOs are actually ITOs? They don't even have Coins, they sell Tokens! Altcoins are created with only one goal: earn money for the creator, and Ethereum is the one that enables many other Tokens to be sold at high prices, meanwhile increasing it's own price.
I'm hoping that this bubble does burst so that we can shakeout the greedy investors that Bitcoin has currently groomed.
You'll never get rid of "greedy investors". I don't think many people joined Bitcoin (or this forum) for any other reason than trying to earn some money.
Using Bitcoin to top up my prepaid phone, or to order ebooks online... Those were the glory days.
It pains me to see this isn't possible anymore due to high fees, and I don't believe this can't damage Bitcoin. Bitcoin is designed to be electronic cash, but it's too expensive to use.
took the opportunity to start hodling and introducing friends and family to BTC
I know several people who are interested in Bitcoin, and would like to buy some, but I can't in good conscience recommend doing so at current fees.
Example: the most popular site to buy/sell Bitcoin in the Netherlands (Bitonic) sells a minimum of 0.01642589
BTC for 200 euro. If you would want to sell it again (0.01562589
BTC after fee), you get 170.58 euro back. That's an instant 30 euro loss (the site takes a few percent only, the rest is caused by fees). I hate it, but because of this I can't recommend buying small amounts of Bitcoin now.
I can imagine many people keep their coins on an exchange. This saves fees, but you risk everything to do so.