BestMiner (OP)
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November 29, 2013, 08:46:06 PM
Last edit: November 29, 2013, 09:04:56 PM by BestMiner |
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In 2012 BitCoin was about 10 bucks. The value has increased by more than one hundred since then, and gone up by 500% since the beginning of November. Sounds like tulip bulbs from three hundreds years ago. History repeats after a few generations as nobody is around to share learning from the earlier episode. But I hope it isn't, yet  |
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manoamano
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November 29, 2013, 08:48:46 PM |
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Recent increase is quick and I would say too quick. But it will decrease, and then even go higher. Price should be controlled  |
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freethink2013
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November 29, 2013, 08:51:20 PM |
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Hadn't heard the tulip analogy before. Thanks for sharing!
Tulips, Beanie Babies, Dollars can all be manufactured almost limitlessly. Bitcoin can't.
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manoamano
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November 29, 2013, 08:56:34 PM |
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Hadn't heard the tulip analogy before. Thanks for sharing!
Tulips, Beanie Babies, Dollars can all be manufactured almost limitlessly. Bitcoin can't.
What do you mean exactly? Offers are limited for tulips, dollars... |
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awazus
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November 29, 2013, 08:57:55 PM |
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Tulip mania !!!!!!
I really dont think bitcoin will be a tulip mania. C'mon the people back then went crazy for a stupid tulip bud Who does that . With bitcoin it has intrensic value a utility in it.
NO Not another Tulip mania.
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manoamano
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November 29, 2013, 09:00:23 PM |
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Tulip mania !!!!!!
I really dont think bitcoin will be a tulip mania. C'mon the people back then went crazy for a stupid tulip bud Who does that . With bitcoin it has intrensic value a utility in it.
NO Not another Tulip mania.
I really wonder: what is the "intrensic" value of btc? lol. Some bits in a blockchain  |
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freethink2013
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November 29, 2013, 09:02:36 PM |
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Hadn't heard the tulip analogy before. Thanks for sharing!
Tulips, Beanie Babies, Dollars can all be manufactured almost limitlessly. Bitcoin can't.
What do you mean exactly? Offers are limited for tulips, dollars... You can grow tulips easily, make bb, and print dollars, all relatively easily. There's no limit on how many of any of them you can have in total. There can only ever be 21 million bitcoin and they are very difficult to produce and getting more difficult. With the others they get easier to produce the more you create. One is a limited resource (bitcoin) the others are reproducible with no real limits. |
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grux
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November 29, 2013, 09:02:55 PM |
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Bitcoin will spend nearly it's entire existence running away from mentions of "tulip mania".
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hilariousandco
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November 29, 2013, 09:05:27 PM |
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Yes. It's also a pyramid and ponzi and a scam and lol it's just bits of code it doesn't even exist.
Jokes. It's not any of those things. It's a currency and it's rising in value because it's in demand. Somebody can't grow bitcoin.
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Lethn
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November 29, 2013, 09:05:43 PM |
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People are incorrectly trying to treat Bitcoin as a commodity when it's a currency, the reason the BTC/USD price is so high is because there are so many dollars and so few Bitcoins to trade for them so the price is being pushed up further and further as demand grows.
I don't think Bitcoin is actually rising in value or falling I think it's staying exactly the same.
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freethink2013
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November 29, 2013, 09:06:50 PM |
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Tulip mania !!!!!!
I really dont think bitcoin will be a tulip mania. C'mon the people back then went crazy for a stupid tulip bud Who does that . With bitcoin it has intrensic value a utility in it.
NO Not another Tulip mania.
I really wonder: what is the "intrensic" value of btc? lol. Some bits in a blockchain Gold isn't really that intrinsically valuable either. Neither were tally sticks. The value is in utility. Someone working abroad and sending money home sees the value of bitcoin. Try flying gold out of a country or cash. |
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manoamano
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November 29, 2013, 09:10:21 PM |
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You can grow tulips easily, make bb, and print dollars, all relatively easily. There's no limit on how many of any of them you can have in total. There can only ever be 21 million bitcoin and they are very difficult to produce and getting more difficult. With the others they get easier to produce the more you create.
One is a limited resource (bitcoin) the others are reproducible with no real limits.
You can't get as many tulip as you want. And you can change the number of bitcoins at any time. Maybe in the future, bitcoins will not have 8 digits but 12 or 15. |
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freethink2013
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November 29, 2013, 09:10:56 PM |
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At first i was thinking how is tulip related to bitcoins, what's a flower to do with the growth of bitcoin.
Then the all mighty google showed me what the tulip mania was. and how closely the rise of the two commodities is so similar, in economical terms.
I am starting to wonder if bitcoins will crash or keep increasing.
So far we've had 3 (or was it 4) major crashes and somehow managed to get to four figures |
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syp
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November 29, 2013, 11:01:38 PM |
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Unless bitcoins soon start getting used as a currency rather than a speculators dream it will likely crash sometime soon.
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mindfulmojo
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November 29, 2013, 11:47:44 PM |
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It's not likely to crash anytime soon.... The bankers actually like bitcoin, which surprised me at first. They know they can buy it out in a second if they need to, so they can control it and it's useful to them so far... They could cause to crash and burn at anytime though...  I hate bankers...lol |
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bitcoin44me
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November 29, 2013, 11:51:15 PM |
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It's not likely to crash anytime soon....
Yes, but if it crashes, it will be quick (maybe even less than 1 hour). |
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CryptoJunky
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November 29, 2013, 11:53:07 PM |
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In 2012 BitCoin was about 10 bucks. The value has increased by more than one hundred since then, and gone up by 500% since the beginning of November. Sounds like tulip bulbs from three hundreds years ago. History repeats after a few generations as nobody is around to share learning from the earlier episode. But I hope it isn't, yet I don't think the tulip analogy is all that accurate. The same argument would have seemingly been just as valid when it hit 260 earlier this year or 27 in 2011, yet Bitcoin continues to perform well. The price is a reflection of an increase of use and an increase in size of the Bitcoin network. I would hypothesize that there is a correlation between acceptance and size of the Bitcoin network and the price. It is possible that it is overvalued at the moment, but equally valid is the argument that it is undervalued. It has attributes that make it far superior to traditional currencies in many respects which will lend to its value in the long term. |
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LitecoinStore.com
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November 30, 2013, 12:11:51 AM |
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That argument is old and holds no tie to reality.
Bitcoin is a form of currency, plain and simple.
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pand70
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November 30, 2013, 12:16:08 AM |
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Hadn't heard the tulip analogy before. Thanks for sharing!
Tulips, Beanie Babies, Dollars can all be manufactured almost limitlessly. Bitcoin can't.
Because thats the only difference between tulips and bitcoins |
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Mike Christ
aka snapsunny
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November 30, 2013, 12:17:10 AM |
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One of these things is not like the others!   One of these things just doesn't belong! |
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