Am I pessimistic or is bitcoin still over hyped?

[:wq]

Disclaimer: I don't own any crypto currently, and haven't done so for a few months now. I left the market in profit, and haven't been able to appropriately value bitcoin since, so haven;t made a new entry yet.

Ok, first of all, I know this is going to be an unpopular opinion on a Bitcoin forum, but here goes.

Every time I first sit down at my computer each day, I trawl through the relevant cryptocurrency related subreddits, news sites and of course this forum. Day in and day out, without missing a heartbeat, I see a flood of incredibly optimistic hype posts relating to crypto and its future success. Whether it's the age old comparison between the bitcoin price a few years ago compared to today to the ever popular debate about it solving all the financial problems in the world, the content never ends! I'm struggling to actually determine if I'm burnt out from all the talk over the years or if its actually a real problem formed by a large following of overly delusional bitcoin fanatics who aggressively believe that bitcoin is the be all and end all solution to all the worlds problems. I can't help but feel the more and more I get involved with crypto, the more and more I feel like it's just a well orchestrated ponzi scheme, that has a large amount of people fooled into believing it's their gateway to a better world and financial freedom.

Does anyone else share similar feelings, or do I need a break from crypto to level my head? I am not saying that bitcoin isn't a revolution, I'm saying that its being pushed by brainwashed people far beyond the extent of its appropriate reach.

[1714160946]

1714160946

[mk4]

Bitcoin was definitely over hyped in it's peak last December-January. Right now though? It's quite debatable. I still see bitcoin as a new technology that can definitely helped the unbanked billions of people worldwide. But do you know what's surely overhyped? The cryptocurrency markets. We still see a lot of coins and tokens that doesn't do much that are worth millions of dollars in marketcap(yes, I know marketcap as a statistic is quite inaccurate, but you get my point). While it's quite debatable that some of them could definitely work and be useful in the future, they're still worth too much. I mean, take a look at Tron and EOS! I don't even know why they're in the #6 and #11 spot. That's to be expected in a quite unregulated market I guess? A lot of clueless people just throwing their money in and shilling their coins/tokens as if their lives depend on it.

Bitcoin or the cryptocurrency markets in general does definitely look like a ponzi scheme sometimes especially if you're new, and I can't blame them for that. We always see a lot of people on social media shilling their coins and tokens like there's no tomorrow as if the coin/token their holding is like sort of the solution to poverty or something; so in a way, the greater fool theory could actually apply I think. But if you look at bitcoin as a technology, and what it's trying to achieve while ignoring the prices, you'd be amazed. The first time I realized what bitcoin is actually for, I barely slept because I was so overwhelmed and amazed. No exaggeration.

[:wq]

Bitcoin was definitely over hyped in it's peak last December-January. Right now though? It's quite debatable. I still see bitcoin as a new technology that can definitely helped the unbanked billions of people worldwide. But do you know what's surely overhyped? The cryptocurrency markets. We still see a lot of coins and tokens that doesn't do much that are worth millions of dollars in marketcap(yes, I know marketcap as a statistic is quite inaccurate, but you get my point). While it's quite debatable that some of them could definitely work and be useful in the future, they're still worth too much. I mean, take a look at Tron and EOS! I don't even know why they're in the #6 and #11 spot. That's to be expected in a quite unregulated market I guess? A lot of clueless people just throwing their money in and shilling their coins/tokens as if their lives depend on it.

Bitcoin or the cryptocurrency markets in general does definitely look like a ponzi scheme sometimes especially if you're new, and I can't blame them for that. We always see a lot of people on social media shilling their coins and tokens like there's no tomorrow as if the coin/token their holding is like sort of the solution to poverty or something; so in a way, the greater fool theory could actually apply I think. But if you look at bitcoin as a technology, and what it's trying to achieve while ignoring the prices, you'd be amazed. The first time I realized what bitcoin is actually for, I barely slept because I was so overwhelmed and amazed. No exaggeration.

I still find it hard to suggest to friends and family to buy in right now. I also didnt encourage them to buy during the hype either. I don't see a value entry point until the $2k mark, and wouldn't reccomend anyone enter until it hits closer to that level.

[pooya87]

some people have always been FUDing and some other people have always been Hyping bitcoin. these days that price is making a move the both groups are actively at work! although it is surprising to me that you have only seen the hype since with a quick look at this board or on some news sites you can see that the majority of the posts are negatively FUDing bitcoin.

as for being "over hyped", the answer is no. the hype w as over about 9 months ago when the bubble burst and the price corrected itself by dropping more than 60% and the majority of hyped up newbies with weak hands who wanted to become rich overnight left the market.

now bitcoin is under-valued.

[:wq]

some people have always been FUDing and some other people have always been Hyping bitcoin. these days that price is making a move the both groups are actively at work! although it is surprising to me that you have only seen the hype since with a quick look at this board or on some news sites you can see that the majority of the posts are negatively FUDing bitcoin.

as for being "over hyped", the answer is no. the hype w as over about 9 months ago when the bubble burst and the price corrected itself by dropping more than 60% and the majority of hyped up newbies with weak hands who wanted to become rich overnight left the market.

now bitcoin is under-valued.

Maybe I'm looking in the wrong places, but I'm confident that I am still seeing a vast majority of hype towards crypto, that really hasn't ever subsided. Perhaps, the problem might also be that crypto news sources are from specifically crypto based sites and subreddits and not financial or real world sources.

[mk4]

*snip*

I still find it hard to suggest to friends and family to buy in right now. I also didnt encourage them to buy during the hype either. I don't see a value entry point until the $2k mark, and wouldn't reccomend anyone enter until it hits closer to that level.

I don't know about you, but I heavily suggest against suggesting friends and family to buy an extremely volatile asset. Teach them about the technology instead. I don't think suggesting them to speculate won't do any good. If they get interested enough with bitcoin and after doing their own research and they end up liking bitcoin, chances are that they're going to decide on their own even without you pushing them to "invest".

[dothebeats]

You are not alone in your sentiments. There are times when I cringe hard from posts that completely ignore the current state of the market and believes nothing and accepts no any other opinion that is more plausible than their own. I get that some people are permabulls, but there are times that it's slowly being annoying to the point that it does not show any sense at all. Bitcoin will never address wealth inequality head-on, but it will help; bitcoin will not replace the current financial system but it will exist with it side-by-side; lastly, bitcoin's growth isn't measured by its price alone but also infrastructures and people surrounding it.

You are not a pessimist, you are just being sensible, and that's perfectly fine.

[Periodik]

To be honest, this was also my idea at the start, back when I was still thinking twice and was always prodded to try it. But when I entered into the community and has a stake already in its rise and fall, my mind has drastically changed. The objectivity has been gone. I can be accused of bias right now because I have BTC in my wallets.

But my idea is that the vision is real. It is always real. The problem comes when people are buying BTC without even knowing the vision, concerned only of the price. The blind hyping and promotion led a lot of people to join the bandwagon and eventually think, when the prices go down so low, that this is just a kind of a scheme or an experiment, and leave. But the truth is that they do not know the real idea behind the creation of the coin.

[Kakmakr]

I think the technology speaks for it self, because even Banks and large financial institutions are copying the concept now. Remember, when you visit Crypto currency related site, people will be optimistic about the content that they support.

It is not always optimistic, because these forums and platforms are targeted by shills and they spread a lot of FUD too. Could it be over hyped... Yes. <let's be real> Do we need to over hype it? ...No, because the technology is ground breaking and disruptive.   

Hope, you decide to get back in, because you might be surprised by the new technologies that are being developed now. 

[:wq]

You are not alone in your sentiments. There are times when I cringe hard from posts that completely ignore the current state of the market and believes nothing and accepts no any other opinion that is more plausible than their own. I get that some people are permabulls, but there are times that it's slowly being annoying to the point that it does not show any sense at all. Bitcoin will never address wealth inequality head-on, but it will help; bitcoin will not replace the current financial system but it will exist with it side-by-side; lastly, bitcoin's growth isn't measured by its price alone but also infrastructures and people surrounding it.

You are not a pessimist, you are just being sensible, and that's perfectly fine.

It's good to read that I am not alone. I cringe a lot, especially as of late. The sad thing is I used ot get all caught up in the hype without doing proper research or even just evaluating the article. It's very easy to be bias towards one thing when you're so heavily invested into the concept.

[geminiboy]

*snip*

I still find it hard to suggest to friends and family to buy in right now. I also didnt encourage them to buy during the hype either. I don't see a value entry point until the $2k mark, and wouldn't reccomend anyone enter until it hits closer to that level.

I don't know about you, but I heavily suggest against suggesting friends and family to buy an extremely volatile asset. Teach them about the technology instead. I don't think suggesting them to speculate won't do any good. If they get interested enough with bitcoin and after doing their own research and they end up liking bitcoin, chances are that they're going to decide on their own even without you pushing them to "invest".

with an uncertain market situation like this I agree with you, it's better to play alone without involving other people, the risk of falling prices can still occur suddenly

[electronicash]

with all the coins dropping since the Q1 of the year, most are undervalued already as of today including bitcoin. some had made an entry in the mid of the year thinking its gonna go up eventually but didn't even this year end. its been a harder to earn since then. still, its not good to encourage people to buy right now. they'd blame you if the tokens starts to crumble again.

[davis196]

Disclaimer: I don't own any crypto currently, and haven't done so for a few months now. I left the market in profit, and haven't been able to appropriately value bitcoin since, so haven;t made a new entry yet.

Ok, first of all, I know this is going to be an unpopular opinion on a Bitcoin forum, but here goes.

Every time I first sit down at my computer each day, I trawl through the relevant cryptocurrency related subreddits, news sites and of course this forum. Day in and day out, without missing a heartbeat, I see a flood of incredibly optimistic hype posts relating to crypto and its future success. Whether it's the age old comparison between the bitcoin price a few years ago compared to today to the ever popular debate about it solving all the financial problems in the world, the content never ends! I'm struggling to actually determine if I'm burnt out from all the talk over the years or if its actually a real problem formed by a large following of overly delusional bitcoin fanatics who aggressively believe that bitcoin is the be all and end all solution to all the worlds problems. I can't help but feel the more and more I get involved with crypto, the more and more I feel like it's just a well orchestrated ponzi scheme, that has a large amount of people fooled into believing it's their gateway to a better world and financial freedom.

Does anyone else share similar feelings, or do I need a break from crypto to level my head? I am not saying that bitcoin isn't a revolution, I'm saying that its being pushed by brainwashed people far beyond the extent of its appropriate reach.

I understand your opinon.Bitcoin kinda looks like a useless tool(you can use it for gambling or speculation).The mass bitcoin adoption across all type of online businesses just isn't going anywhere and BTC remains as "digital gold".This is frustrating for me as well.99% of the people don't care about decnetralization or figthing against the bank system.They just want to make money.

[Roidz92]

If Bitcoin has no value, what else has value? Bitcoin is overvalued? Maybe, but who can say it? the price is what you have after buyers and sellers, and manipulation..
Bitcoin could be overvalued, but what about fiat currencies? if you see the value, the real value is 0, like a piece of paper.. they are just about trust, trust from idiot people.. so in comparison, bitcoin has a lot of value.

[Iwillgotothemoon]

The biggest problem now is that many holders/purchasers are not really people who love Bitcoin. They don't care about the future of Bitcoin ,all they care about is the interest behind Bitcoin.
In fact, I am as pessimistic as you are now, not because I lost my confidence in crypto, but because almost all of the crypto-related projects I have seen are over-hyped.
Crypto is not without the future, but this expectation for the future should be based on a reasonable basis. Blind investment will only destroy crypto. I am very sad. This is not the crypto I want to see.

[fxsurfer]

Disclaimer: I don't own any crypto currently, and haven't done so for a few months now. I left the market in profit, and haven't been able to appropriately value bitcoin since, so haven;t made a new entry yet.

Ok, first of all, I know this is going to be an unpopular opinion on a Bitcoin forum, but here goes.

Every time I first sit down at my computer each day, I trawl through the relevant cryptocurrency related subreddits, news sites and of course this forum. Day in and day out, without missing a heartbeat, I see a flood of incredibly optimistic hype posts relating to crypto and its future success. Whether it's the age old comparison between the bitcoin price a few years ago compared to today to the ever popular debate about it solving all the financial problems in the world, the content never ends! I'm struggling to actually determine if I'm burnt out from all the talk over the years or if its actually a real problem formed by a large following of overly delusional bitcoin fanatics who aggressively believe that bitcoin is the be all and end all solution to all the worlds problems. I can't help but feel the more and more I get involved with crypto, the more and more I feel like it's just a well orchestrated ponzi scheme, that has a large amount of people fooled into believing it's their gateway to a better world and financial freedom.

Does anyone else share similar feelings, or do I need a break from crypto to level my head? I am not saying that bitcoin isn't a revolution, I'm saying that its being pushed by brainwashed people far beyond the extent of its appropriate reach.

Sure it does. My fy "feelings" about Bitcoin are expressed here: https://youtu.be/wQJCL4s2GH0

[mk4]

The biggest problem now is that many holders/purchasers are not really people who love Bitcoin. They don't care about the future of Bitcoin ,all they care about is the interest behind Bitcoin.

All they care about the money to be made. Which is quite unfortunate, but there's definitely nothing we can do about that. This in my opinion is one of the main reasons why people see bitcoin or cryptocurrencies as a huge ponzi scheme.

[o_e_l_e_o]

-snip-

I share your sentiments regarding altcoins. EOS is a great example. It is centralized, it is corrupt, it exists entirely to make profit for the 21 Block Producers who have complete control over all EOS coins, including the ability to reverse transactions, freeze accounts, even confiscate your coins or transfer them to someone else, all without your consent or even knowledge. It prints new EOS out of thin air every day and uses it to reward the Block Producers for being corrupt. Most of the dev team took their profits from the frankly ridiculous ICO and left, having delivered nothing but promises and no actual product. The entire thing is a joke, and yet it has a "marketcap" of $3.2 billion and the altcoin sections are filled with people shilling this trash who have absolutely no understanding of any of the points I just made.

Blockchain technology in general suffers from the same blind shilling. Again, you can find people all over this forum and others saying how blockchain is going to revolutionize *insert industry here*, with no details whatsoever as to how exactly it is going to do so, as if it is some magic spell - simply invoke the "blockchain" and your company will be more successful! I've been called an idiot on these forums for suggesting that perhaps blockchain isn't required is literally every industry. It's this kind of blind faith and shilling that makes us look shady to the rest of the world.

I pay almost zero attention to the day-to-day price of bitcoin, and wouldn't have known about this recent dip were it not for the forum being flooded with newbies proclaiming that "bitcoin is dead!!!11". I think a bear market is a good thing right now - the entire market was overvalued and overhyped. Some time for many of these trash altcoins to die and to flush out the "get-rich-quick" type folk is badly needed.

[Xising]

Bitcoin was definitely over hyped in it's peak last December-January. Right now though? It's quite debatable. I still see bitcoin as a new technology that can definitely helped the unbanked billions of people worldwide. But do you know what's surely overhyped? The cryptocurrency markets. We still see a lot of coins and tokens that doesn't do much that are worth millions of dollars in marketcap(yes, I know marketcap as a statistic is quite inaccurate, but you get my point). While it's quite debatable that some of them could definitely work and be useful in the future, they're still worth too much. I mean, take a look at Tron and EOS! I don't even know why they're in the #6 and #11 spot. That's to be expected in a quite unregulated market I guess? A lot of clueless people just throwing their money in and shilling their coins/tokens as if their lives depend on it.

Bitcoin or the cryptocurrency markets in general does definitely look like a ponzi scheme sometimes especially if you're new, and I can't blame them for that. We always see a lot of people on social media shilling their coins and tokens like there's no tomorrow as if the coin/token their holding is like sort of the solution to poverty or something; so in a way, the greater fool theory could actually apply I think. But if you look at bitcoin as a technology, and what it's trying to achieve while ignoring the prices, you'd be amazed. The first time I realized what bitcoin is actually for, I barely slept because I was so overwhelmed and amazed. No exaggeration.

I partly agree; however, I think that that hype is coming from the promotion people want to exude to enable Bitcoin to climb up the market even more. We should understand that since the market is constantly in a bad state, together with its assets. Then, people who are in it find ways to boost it in one way or another. That way, their investments won't just be in vain, together with all the investments of the many that venture in the cryptocurrency market. There is nothing wrong to be hopeful about something that can really rake in big bucks, but one should also keep that cautious attitude since although it's just digital money like everyone says, people who are in it still invest time, effort and most important, money.

[mk4]

I share your sentiments regarding altcoins. EOS is a great example. It is centralized, it is corrupt, it exists entirely to make profit for the 21 Block Producers who have complete control over all EOS coins,

Definitely 100%. Even though if the block producers aren't really corrupt? Knowing that they have a huge control over everything is something to worry about. It's a huge, red, glowing potential point of failure. Quite unfortunate that people got easily sold on the "Ethereum killer" marketing title that a lot of people associate EOS with.

Blockchain technology in general suffers from the same blind shilling. Again, you can find people all over this forum and others saying how blockchain is going to revolutionize *insert industry here*, with no details whatsoever as to how exactly it is going to do so, . . . .

Yea. When the ICO craze started, I was like "damn people are going to regret this in a few months". Guess what? Even after more than a year and after this big crash, these useless coins/tokens still has a good number of holders and people being optimistic on them. One thing's for sure, they definitely are blinded by the fact that they think "investing" in these crap projects will be their shortcut out of poverty or shortcut to riches.

There is nothing wrong to be hopeful about something that can really rake in big bucks, but one should also keep that cautious attitude since although it's just digital money like everyone says, people who are in it still invest time, effort and most important, money.

There's definitely nothing wrong with hoping that bitcoin will hit it big. I mean, I definitely hope it would. The bad thing here is shilling coins/tokens, telling people with guarantee and confidence that these certain coins/tokens will multiply in price after a certain amount of time. There is no guarantee. Theoretically speaking even bitcoin can fail as the failure rate is definitely non-zero.