Tulip Mania 2.0

[Wind_FURY]

There are many nocoiners that claim that Bitcoin is “Tulip Mania 2.0”, but it has been 10 years. How long must the protocol keep running before the rest of the world accepts that Bitcoin is not going anywhere. In fact, it opened a Pandora’s Box of new possbilities. BUT, I believe the next “Tulip Mania” for this bull cycle are, NFTs.

[Kong Hey Pakboy]

That's my argument too when someone says that bitcoin or worse, cryptocurrencies are like the Tulip Mania, I always say to them that how come bitcoin's going to be the same when it has been a decade since the genesis block and the original Tulip Mania only lasted for about 2 or 3 year iirc.

[blockman]

They can't accept the fact that bitcoin is becoming one of the greatest assets if not, as a store of value. As for NFTs, it's like the ICO craze a few years ago and likely it's really in a bubble that might burst soon. But with bitcoin, they just have to move on and accept what's on it and have to understand the basic technicality of it that having a limited supply and an activity, the halving which creates a cycle and lessens the reward for miners, in short will create a greater value and pricing for bitcoin in the upcoming years.

[NeuroticFish]

BUT, I believe the next “Tulip Mania” for this bull cycle are, NFTs.

Indeed, NFTs have a big chance to be Tulip 2.0, ICO 3.0, and so on.
Also to be kept an eye on Eth, since with the move to PoS it can easily move way down.

[Betwrong]

That's my argument too when someone says that bitcoin or worse, cryptocurrencies are like the Tulip Mania, I always say to them that how come bitcoin's going to be the same when it has been a decade since the genesis block and the original Tulip Mania only lasted for about 2 or 3 year iirc.

That's about right, and overall I think the longer the duration of a "mania" the more it becomes a normal thing, and we shouldn't call it "mania" anymore.

Wanna laugh? Look at this pic I found while searching about the topic:




It's from 2018, and today, in 2021, it just looks ridiculous that's all. 

[Kittygalore]

That's my argument too when someone says that bitcoin or worse, cryptocurrencies are like the Tulip Mania, I always say to them that how come bitcoin's going to be the same when it has been a decade since the genesis block and the original Tulip Mania only lasted for about 2 or 3 year iirc.

And with that kind of argument, they won't be able to counter it because they're incoming argument will be stupid and it's not like bitcoin has given evidence or proof that it will last forever.

[Kakmakr]

There are many nocoiners that claim that Bitcoin is “Tulip Mania 2.0”, but it has been 10 years. How long must the protocol keep running before the rest of the world accepts that Bitcoin is not going anywhere. In fact, it opened a Pandora’s Box of new possbilities. BUT, I believe the next “Tulip Mania” for this bull cycle are, NFTs.

The "Tulip Mania" song are getting very old and I think shills have to sing another tune now, because Bitcoin has long past the stage where it can be compared to a mythical "Tulip" Ponzi scheme.

The NFT's will follow the same route at ICO's (initial coin offering) schemes, where it will be the "Cool" new thing for a short while and then it will fade away ...and be replaced by the new "Cool" project.

Bitcoin has since grown to the world's biggest decentralized payment network, with the most users and the biggest merchant network accepting it as a payment option. (No Ponzi scheme operate like this, if you have any real knowledge about Ponzi schemes, you will be able to spot the difference)  

[paxmao]

There are many nocoiners that claim that Bitcoin is “Tulip Mania 2.0”, but it has been 10 years. How long must the protocol keep running before the rest of the world accepts that Bitcoin is not going anywhere. In fact, it opened a Pandora’s Box of new possbilities. BUT, I believe the next “Tulip Mania” for this bull cycle are, NFTs.

Could be. If you think of it, an NTF does make sense for many games in which you have in-game items that are unique or have a limited occurrence. Getting these does require either effort, a payment or both, so they actually do have some intrinsic value. However, the same could be said about tulip bulbs: you can actually use them to grow a tulip - which by the way will come out every year for a long time, so they do have an intrinsic value.

So when does the tulip mania start? When you are paying for something that you are not going to use, simply thinking that someone else will pay even more.

[Lucius]

There are many nocoiners that claim that Bitcoin is “Tulip Mania 2.0”, but it has been 10 years.

Time is not a factor they take seriously when defending their position, because even if at this point Bitcoin would be something that has existed for 20 years, I don’t believe they would give up advocating their thesis. The same thing is with those who keep repeating that Bitcoin mining is responsible for drastic changes in the environment with its 0.2% share of electricity consumption (and at least 50% comes from renewable sources). Or to those who claim that it is a tool used by criminals to hide their transactions, and all research shows that Bitcoin is almost insignificant in the share of illegal transactions and total world crime.

What will be the next Tulip Mania🌷? I'm not sure that's going to be what most people think, but I'm pretty sure it's not going to be Bitcoin.

[mindrust]

There are many nocoiners that claim that Bitcoin is “Tulip Mania 2.0”, but it has been 10 years. How long must the protocol keep running before the rest of the world accepts that Bitcoin is not going anywhere. In fact, it opened a Pandora’s Box of new possbilities. BUT, I believe the next “Tulip Mania” for this bull cycle are, NFTs.

But you exactly sound like a nocoiner when you say that you don't believe in NFT's... because that was the exact same argument that nocoiners brought when they were dissing BTC.

I'll admit that I also don't see any value in NFT's but if bitcoin is here to stay, so are NFT's.

I don't think they'll just disappear. To me defi was horse shit too but they are also still around.

[The Sceptical Chymist]

BUT, I believe the next “Tulip Mania” for this bull cycle are, NFTs.

I'm with you there.  Just like ICOs, exchange tokens, and probably some other forms of crypto before them, NFT owners/enthusiasts will eventually realize that those super-duper-unique "tokens" aren't worth nearly as much as they're selling for.  That was my first reaction upon hearing about digital artwork in the form of an NFT, and I'm sticking to it.  The only question in my mind is how long it's going to take for the market to crash.  It could be a while, but in the interim I'm going to remain a no-NFT'er.

Bitcoin (and a lot of altcoins, too) isn't in a bubble, however.  As far as how long it'll take for the world to accept that crypto is something real and valuable, I'm betting it'll take a generation--15-20 years or so.  That's because older investors see crypto as an oddity, something that isn't quite a viable currency and definitely not a stock, and they're not having any of it.  The newer generation, however, will have grown up with bitcoin already in existence and it'll be familiar to them.  Whether they'll adopt it or not is a question I don't have an answer to, but I'd bet they'll be more likely to than the older generation(s).

BTW, I thought bitcoin was a "tulip" when I first heard about it, which was way back when it was skyrocketing past $1000 and Mt. Gox was imploding.  Then I kept watching it and people's conversations about it, and it became clear to me that it wasn't just a fad.

But you exactly sound like a nocoiner when you say that you don't believe in NFT's... because that was the exact same argument that nocoiners brought when they were dissing BTC.

I'll admit that I also don't see any value in NFT's too but if bitcoin is here to stay, so are NFT's.

Just because NFTs might be in a tulip state doesn't mean bitcoin is, or that altcoins are.  Things with real value will stand the test of time, which is why all those ICO tokens are worthless and bitcoin is above $50k as I write this.  So I wouldn't link bitcoin and NFTs like that.  The latter may exist in years to come, but I seriously doubt that there's going to be even 25% as much interest in them in 5 years as there is now.

[fiulpro]

NFT's are not something that is useless, you have to understand that, Tulip Mania might be something there for the future for some of the NFT's but at the same time not for every single one of them..I do think that we don't even need to associate them much with the
cryptocurrencies..there are many NFT's that did make people rich in matter of seconds, then again bitcoins were also labelled as tulip mania but now we are in 2021 and I do think that it can go either way, the choice is yours entirely, invest wisely.

[mk4]

Just like the "masternode" bubble and the ICO bubble, NFTs will surely have a huge crash as well. But I personally think that some NFTs won't go to zero. I know NFTs don't make any sense for most people, but I wouldn't be surprised if some would have some historical value in the future.

[DaveF]

For BTC being tulip 2.0, at this point even discussing it is just silly, it's not and cannot be just by it's nature at this point. Too spread out, and too many people using it.
Tulips, for all the mania back in the day were way more localized.

Just like the "masternode" bubble and the ICO bubble, NFTs will surely have a huge crash as well. But I personally think that some NFTs won't go to zero. I know NFTs don't make any sense for most people, but I wouldn't be surprised if some would have some historical value in the future.

And the altcoin bubble (2013-2014) and a few others.
I look at NFTs like artwork. There will be the few that maintain their value, for this or that reason, but most will fade into obscurity.
Just like Renaissance painters. We know the big ones, we don't remember the others.

Banksy NFTs will be worth money. DaveF NFTs, will not be.

-Dave

[The Sceptical Chymist]

Just like the "masternode" bubble

Were masternodes ever a bubble?  There aren't that many altcoins that operate using that model that I can think of--Dash, PIVX....and I can't think of any others off the top of my head.  Nor do I remember them being hyped up like NFTs, ICOs, and IEOs.  Plus you can still own a masternode and make money, though they're not nearly as popular or talked about as they once were.

I wouldn't be surprised if some would have some historical value in the future.

I'd agree with that.  I wasn't even saying that NFTs have zero value or would go to zero over time, just that there's a mania for them right now that I don't think is justified given what they are.  Once the history of the first 25 years of cryptocurrency is written (as I'm sure it will be, and I'll buy a copy if I'm still alive), no doubt NFTs will be included.  What will be written about them depends on what happens in the market from their beginning until then, and that I'm not completely sure about (though I made my prediction in my last post).

there are many NFT's that did make people rich in matter of seconds, then again bitcoins were also labelled as tulip mania but now we are in 2021 and I do think that it can go either way

Again, bitcoin has been labeled a fad, a tulip, a scam, and many other things in the past--and so far all of those monikers have been disproven.  That doesn't necessarily mean that similar monikers for NFTs are wrong, because bitcoin and NFTs are two completely different things, and I think it's a mistake to conflate the two.

[mk4]

And the altcoin bubble (2013-2014) and a few others.
I look at NFTs like artwork. There will be the few that maintain their value, for this or that reason, but most will fade into obscurity.
Just like Renaissance painters. We know the big ones, we don't remember the others.

Banksy NFTs will be worth money. DaveF NFTs, will not be.

-Dave

Same opinion. The common opinion among Bitcoiners is that everything is going to zero. While it's not impossible, I don't think so. And mooost probably not like 6-7 digits worth. But I could be wrong with that as well. The likes of Crypto Kitties and CryptoPunks I think has some cultural and historical relevance. (and no, I don't own any of both)

Were masternodes ever a bubble?  There aren't that many altcoins that operate using that model that I can think of--Dash, PIVX....and I can't think of any others off the top of my head.  Nor do I remember them being hyped up like NFTs, ICOs, and IEOs.  Plus you can still own a masternode and make money, though they're not nearly as popular or talked about as they once were.

Definitely not like ICO-levels of a bubble, but the masternode coins were definitely widespread as well. I was really interested in crypto YouTube at those times, and almost everyone's holding some masternode projects for "passive income". It sure did end up disastrously though LOL; at least with ICOs, a few actually survived. But now, DASH is pretty much irrelevant.

[bittraffic]

NFTs has no max supply and if anyone could create their own avatar or graphic art they can make money out of it. Metaverse and Loot are big projects in NFTs.  And we are just in the begining because the music industry is also about to be revolutionized too with the same concept as  NFT which anyone can own a song.

Games is already big, Tulip mania it is.

[STT]

Tulips were not new where as BTC and its various levels of usage are new in the world so the technology as a phenomena will not halt like Tulip mania did.  However neither did Tulips cease to be used it was always just proxy for some effects at that time.  The pricing collapsed as it had no purpose vs any other asset , we cannot say such a price inflation comparison is complete until QE programs cease and desist.   We arent in the end game for debt financing of fiscal and trade deficits world wide, that will unwind someday but I dont know if we will be waiting forever like it took USSR to finish its failed economy finally and end its curse upon its people.
   I hope one day we find our way back to capitalism away from this centralism and FIAT central bank derailment of society, clearly thats not today so its hard to say where is the end of the Mania as I dont think BTC was ever the cause of it.

[Kong Hey Pakboy]

~~~

That's about right, and overall I think the longer the duration of a "mania" the more it becomes a normal thing, and we shouldn't call it "mania" anymore.

What do you mean a normal thing exactly? Because from what I interpret from that is that you're trying to say that it becomes a thing for awhile meaning that it doesn't go down in prices but instead just integrates into something.

[wissy]

There are many nocoiners that claim that Bitcoin is “Tulip Mania 2.0”, but it has been 10 years. How long must the protocol keep running before the rest of the world accepts that Bitcoin is not going anywhere. In fact, it opened a Pandora’s Box of new possbilities. BUT, I believe the next “Tulip Mania” for this bull cycle are, NFTs.

Maybe its better some people are still convinced that crypto is ponzi, that means we can expect healthy and slow market rise as opposed to a quick spike like it was with tulip mania. Those really never end well and deniers will sooner or later have to accept that this in the new reality.