OK my apology Bitcoin is not a PONZI but I still call it a huge bubble

[thecodebear]

Sounds like the OP is on a slow path to understanding Bitcoin. Thought it was a ponzi, realized that's wrong. Think it is in a bubble, soon enough he'll realize that rather than a bubble it is very cheap right now. Soon enough he'll realize people would be desperate to turn back time and buy in a $60,000-something.

[decodx]

Sounds like the OP is on a slow path to understanding Bitcoin. Thought it was a ponzi, realized that's wrong. Think it is in a bubble, soon enough he'll realize that rather than a bubble it is very cheap right now. Soon enough he'll realize people would be desperate to turn back time and buy in a $60,000-something.

You forgot to mention that he thought Satoshi Nakamoto was actually Steve Jobs and all the coding was done by Steve Wozniak. Also, he wonders if he can mine a block with a desktop computer and that diffuculty should be reset to 1.

And a few more stupid questions.

[STT]

These questions are ten years old but most of the world still needs to consider so its a valid conversation to have, stating it as a conclusion is obviously going to upset people.    The main reason why bubble as a label exists for any pricing is because the FIAT or political control of Conventional money supply is causing asset price inflation but the source of that dilution is not Bitcoin.
   In Zimbabwe while under going thousands of percent increase in prices, they accused the stock market of producing inflation via higher prices, this also was not the cause of their problems.  They forced their market to close, all that happened is the pricing resumed at a higher level when open trading was allowed again as the money had fallen even further in value mean time.

[LogitechMouse]

After reading all those reply in this forum

please accept my apology for calling bitcoin a ponzi scheme

but I still call it a huge bubble

It may be the best investment vehicle in our lifetime

but at over 64K a piece

how much money do you willing to spare to buy bitcoin?

What's important is that you accepted your mistake. That is enough already.
Now with regards to Bitcoin being a bubble, many might see it as a bubble right now because it is making a parabolic rise these past few months and it is almost the same as the 2017 parabolic rise and we know what happened months after that in 2018 .

How much do I spare to buy Bitcoin?? None TBH because I'm just currently holding it right now and I'm not buying it. One reason too is that I'm waiting for the market to make its huge correction in the succeeding months and I'm selling gradually some of my holdings to take some profits. I might be wrong with this but I'm just making myself ready with the worst situation that might happen. I don't want to be sitting in my chair while watching the markets go down while holding some coins.

[maydna]

It will not be a problem if you want to call bitcoin is a huge bubble because we have our own opinion about bitcoin.

Even if the bitcoin price $64k, bitcoin will be still the best investment for us, especially if we believe that bitcoin will increase higher by more than $100k. People will still invest in bitcoin, especially if they see bitcoin can give them a big profit in the future.

I don't just invest in bitcoin, but I also traded it to make money because that is why I increase my bitcoin amount and make money from crypto.

[ultrloa]

Sounds like the OP is on a slow path to understanding Bitcoin. Thought it was a ponzi, realized that's wrong. Think it is in a bubble, soon enough he'll realize that rather than a bubble it is very cheap right now. Soon enough he'll realize people would be desperate to turn back time and buy in a $60,000-something.

Now he realized his mistale for thinking that bitcoin is ponzi and now also I can't blame him to call it bubble since imagine how big the price acquired by bitcoin since last year it could really make those new people wonder on why this one happen. But if OP could do more researcg about what happen from the past for sure his outlook towards bitcoin will be change.

[Yaunfitda]

Sounds like the OP is on a slow path to understanding Bitcoin. Thought it was a ponzi, realized that's wrong. Think it is in a bubble, soon enough he'll realize that rather than a bubble it is very cheap right now. Soon enough he'll realize people would be desperate to turn back time and buy in a $60,000-something.

You forgot to mention that he thought Satoshi Nakamoto was actually Steve Jobs and all the coding was done by Steve Wozniak. Also, he wonders if he can mine a block with a desktop computer and that diffuculty should be reset to 1.

And a few more stupid questions.

Lol, I haven't read his post but it looks like he really need to study what bitcoin is and what it is not a ponzi scheme. Of course, it will bubble but the thing is that bitcoin can go and recover again after the bubble cycle. I would say that it very simple to understand bitcoin, unless he wants to go on the technical aspects. But majority of us are very happy that we have discovered it and just thanks Satoshi with that (no need to unravel him as well because we can't).

[slapper]

Yeah, to many people it is bubble. But as long as it still provides the opportunity to make money, I mostly do not care much about it. I will and only sell my bitcoin when there is a precise indication showing that bitcoin is going to explode

Some consider $64k is too high to buy while others can afford to gather more. That is how supply and demand works. It also is the force pushing the price of bitcoin higher. Moreover, even if right now bitcoin is overbought, in the far future, you will never have a good chance to see bitcoin wandering around $65000, to be honest

[JimboToronto]

[slaman29]

Hope OP doesn't have to feel the need to make another apology thread down the line and say he's sorry for calling it a huge bubble;) I mean you know guys I like to see people having different opinions and it's so fun to read all these bad news and FUD. If everyone was shilling BTC to the sky every day in every post, I would be wary;)

[Rana590]

Why you are making bitcoin is so complicated? By telling bitcoin as a bubble, you can't imagine that bitcoin can reach in how much in a time. Don't waste your time by saying negative things about bitcoin. Still there are opportunities to make money by investing on bitcoin.

[SaShiRaJaVu]

please accept my apology for calling bitcoin a ponzi scheme
but I still call it a huge bubble

I does not even matter what you call, if you have the power to change the market situation then i would have said something regarding that but since you have nothing to hold the market, it does not matter what you think.

It may be the best investment vehicle in our lifetime
but at over 64K a piece
how much money do you willing to spare to buy bitcoin?

There is a point of time for entry and this is not the best time to invest in a high volatile asset and i will not dare to invest at this price. I am rather looking for the market to go down for a massive correction for me to invest again.

[franky1]

if people were to mine it..

the cheapest mining is china/iceland  mining farms which can mine for $21k/btc
the most expensive country to mine is germany home hobby mining which is upto $72k/btc

so the window of value is $21k-$72k
yep right now germany wont want to mine because they can buy it at ~$60k meaning they save money by just buying instead of mining.
china.iceland are mining and selling so they wont be buying because they can mine it cheaper


if the price spiked above $72k then its a bubble as there is no reason at all in any way to sustain it above $72k
no one sees it as sustainable above $72k right now so no one but foolish drama speculators would.. which would then correct

bubbles do not mean its pricing something of no value. it means its over pricing excessively something of lower value

even today. tulips are being bought and sold. go visit a garden store/centre
tulips are still of value.. but just no longer excessively priced

2018's $20k was above the value window. so it did not sustain. that 2018's $20k was a temporary bubble

[milewilda]

After reading all those reply in this forum

please accept my apology for calling bitcoin a ponzi scheme

but I still call it a huge bubble

It may be the best investment vehicle in our lifetime

but at over 64K a piece

how much money do you willing to spare to buy bitcoin?



P.S.   I am not a bitcoin hater

I Respect  Satoshi  and all the early pioneer to promote bitcoin to the mass
all their effort and all the early adaptor of bitcoin

Thank You

You can call it a bubble if this or bitcoins price isnt backed by something or shall we say that it had been pumped out without knowing the reason behind just like what happened on that 2017
where i can really or we can really say that the bubble had popped but now on the current state of bitcoins price where it did hit 60k+ then this isnt something that we can compare into those
previous years which we dont know on whats the reason behind those pumps not compared into this current situation where we can see that big companies and institutions are really making
out some involvement with bitcoin or cryptocurrency as a whole which does signify the difference.

[philipma1957]

Good to know that you have taken the time to see tho viewpoints of other people. That's impressive given the modern predisposition of self-delusion.

Anyhow, I only partially agree with your statement. What I do agree with is that BTC is not going to be generating as spectacular of returns as it has been for the past decade. That shouldn't come as a surprise given the fact that the bulk of the institutional and retail adoption is already behind us.

I do not agree with the statement that BTC is a huge bubble, though. Whilst the price has risen exponentially, it is merely reflective of the strengthened fundamentals.

Yeah it went for under 1 dollar to over 64000 dollars.

from 2009 to 2021 that is 12 years.

It is about 1.1 or 1.2 trillion

If it took over most of golds share of wealth due to Musk mining the gold asteroid it could become worth 10x to 15x.


https://alienstar.net/elon-musk-and-nasa-will-try-to-bring-this-giant-gold-asteroid-to/


So basically I do not think of it in a bubble but I do think it won't growth beyond 500k to 1 million that easily .

But 500k to 1000k I give it a fair shot.

[slaman29]

bubbles do not mean its pricing something of no value. it means its over pricing excessively something of lower value

And that's why I have always believed there's nothing necessarily wrong with being a bubble, just depends on what type of bubble. NFT bubble may burst and never recover, just as ICOs did, like tulips as you say, they will still have value but never excessively priced again.

Real Estate and Stock Market are bubbles like Bitcoin, they will always blow up and burst, but rise again as new bubbles in cycles.

[Becky666]

Buy a little fraction in satoshi and you will be fine
So many in the past refuse to buy one coin for a $ but you see what one is today. Don't cry bubble so it doesn't melt in your eyes lol. Procrastination is killer of many dreams. Dreams live in the grave. 

The moment in the pass is what others are lingering to have again but the past can't be reverse again, there are still people that won't believe until everyone has done the needful before they act and such individuals won't be lucky such like OP. Well, believe or not Bitcoin has done some wonders that the world won't forget in a hurry, so, the ones that don't embrace the system will surfer in future. Ponzi or not ponzi bitcoin has done more that anyone other digital coin has done, so, embrace or not it same Bitcoin.

[peter0425]

After reading all those reply in this forum

please accept my apology for calling bitcoin a ponzi scheme

but I still call it a huge bubble

It may be the best investment vehicle in our lifetime

but at over 64K a piece

how much money do you willing to spare to buy bitcoin?



P.S.   I am not a bitcoin hater

I Respect  Satoshi  and all the early pioneer to promote bitcoin to the mass
all their effort and all the early adaptor of bitcoin

Thank You

Actually ? we dont care mate , whatever you think about Bitcoin because you have no count in Bitcoin progress and you dont even counted as Investor.
so what are you doing here? spreading BS?

[traderethereum]

Even if bitcoin is a bubble and explode at a high price, bitcoin will survive in any situations. But bitcoin is not a Ponzi, and only people who can not profit from bitcoin will call bitcoin a Ponzi.
If they know what bitcoin can give to them, they will not say bitcoin is a Ponzi.
If you ask me how much money I am willing to use to buy bitcoin, I will be going to buy bitcoin no matter if that means I can only buy it for a small amount because I believe that bitcoin is really worth it for you and me.
So that will depend on yourself, how much money you will use to buy bitcoin and how long you will buy bitcoin.

[davis196]

P.S.   I am not a bitcoin hater

I Respect  Satoshi  and all the early pioneer to promote bitcoin to the mass
all their effort and all the early adaptor of bitcoin

Thank You

You say you are not a Bitcoin Hater,but you called Bitcoin a ponzi scheme.There's a contradiction here.
If you have a certain point of view,every financial asset can be called a bubble.Tesla stocks are a bubble,real estate prices are a bubble,NFTs are a bubble,gold price is a bubble.
Human perception of value can be weird.People are spending hundreds of thousands of dollars for shitty and pointless NFTs,rather than investing in something that makes sense,like Bitcoin.
I guess that scholars and scientists will have to re-write all the books about economics and finance.
The future economy is going to be way different than everything we know.
Nobody knows whether or not Bitcoin is in a "bubble phase" or a "stable growth phase".