Why the Bitcoin Bubble Burst is Good for Crypto

[justdimin]

People who want to earn quick and get out with quick profits are the root of what bitcoins problems are. Bitcoin shouldn't have been a thing that people get in to make profits to begin with.

Bitcoin is money in itself and can't be considered as some investment that will make you rich, you can still use it to trade in between other coins and even fiat if you have needs and calculate the amount of fiat you have according to btc you have and purchase games and vacations and whatever but in the end bitcoin supposed to be an idea, a project that could potentially change the world.

People who use it like gold or stocks are the cause of this problem and hopefully next time around with this bubble bursting only the people who live the idea behind bitcoin stays and we can increase it together without those "get rich quick" type of people.

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[deisik]

Yes, the bubble is a good thing because it is shuffling the market, removing the good from the bad and throwing the bad into the waste bin

I heavily disagree with this view

As I can't see how the bubble can be a good thing. Through bubbles rich people become even richer while poor people become poorer simply because the former have enough financial resilience and stamina to wait out the bad times (apart from causing these times in the first place) while the latter will have to sell at the lows as they have no such leverage. And this is true not only with respect to just cryptobubbles but any asset bubbles

[Upgrade00]

Organizations that were planning to launch their bitcoin-based services have delayed their projects or scrapped them entirely.

Any organization which falls into this category was only attracted by the hype that the high price created, and were interested in sharing in on some of those profits.
We need industries interested in developing this industry, the Bitcoin network.

[BrewMaster]

Organizations that were planning to launch their bitcoin-based services have delayed their projects or scrapped them entirely.

Any organization which falls into this category was only attracted by the hype that the high price created, and were interested in sharing in on some of those profits.
We need industries interested in developing this industry, the Bitcoin network.

you have a good point here.
people sometimes confuse the newbies who started "something" on the internet as "companies". for example during 2017 we had a lot of newbies starting "fund manager companies" where they fooled themselves and a lot of other newbies into altcoin bag holding. obviously they all failed as the altcoin bubbles bursted.