Tulip Mania 2.0

[Timelord2067]

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.

As Rockefeller is reputed to have said after the Great Depression had come and gone how he'd managed to foresee the impending crash and sold everything making a profit enabling his empire to continue, he is reputed to have replied:

"When the person who shines your shoes starts giving you stock-market advice, THAT'S the time to sell."

I haven't had shiny shoes for a while, so I don't envisage a crash coming anytime soon.

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[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.

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.

Do you believe that paying more than $1,000 for NFTs to play the current “blockchain games” that’s lower in quality of game play a fair valuation? It’s merely part of another hype cycle. Most of them will crash, and fail. The games left will be forgotten.

[Betwrong]

~~~

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.

Yes, that's what I mean, basically. People that were buying those tulip bulbs for thousands of guilders weren't as stupid as many think of them now. First off, some of them made good money in the process. Yeah, I realize that it was more like making money on a Ponzi scheme, but there were others who lost a lot of money, but they also weren't stupid imo. In a fortuitous turn of events, this mania could last for many decades. There are Pokémon Cards worth thousands USD today. For how long this mania will last? Actually, no one knows.

But Bitcoin isn't Pokémon Cards, nor it is this painting by Jackson Pollock bought for $140 Million in 2006



or a similar one worth tens of millions. Will Pokémon Cards or such paintings integrate into the future is a big question. But Bitcoin surely will. In fact, we are dealing with something from the future in the form of BTC right now. How much it will cost if all people in the world will be using it? You know the max supply of BTC and you can check the world population forecasts. You can do the math.

[wack slacker]

Bitcoin is the future of money. The history of Bitcoin has seen many people smear and slander, but its value still increases. Bitcoin has been recognized as a payment unit in many countries. Today, El Salvador officially bought Bitcoin and adopted Bitcoin payments across its country. It is a major milestone in the valuation of Bitcoin, proof that Bitcoin cannot be a scam.

[TheCoinGrabber]

I personally never understood what the NFTs are about. I only see them in passing while online and never paid attention coz it was like everyone and their grannies are pumping them out so I thought, how could they be valuable?

[pinggoki]

I mean the tulip mania only went south because people found no other use for tulips other than ornaments and decoration, but as for the case of NFTs, since most of them run within the blockchain technology found notable use-cases that show great promise for the future of collectibles, currency, art, and ownership. NFTs may look absurd right now knowing that people buy otherwise standard pieces of digital art for as much as the price of Mona Lisa, but I guess this is just the beginning. We can still see more from NFT come the future.

I personally never understood what the NFTs are about. I only see them in passing while online and never paid attention coz it was like everyone and their grannies are pumping them out so I thought, how could they be valuable?

NFTs are basically coin with an image or illustrations attached to it. Just like cryptocurrencies, they take up space in the blockchain that no other cryptocurrency could fill, but what makes them different is that there is traceability, an owner could trace the details of his NFT back to him which will of course indicate that he is the sole owner of that particular NFT. This makes NFT suitable for collectibles, games that involves items, and much more.

[Timelord2067]

How does that fit in with (for example) Pokemon trading cards or similar?  I'm the first to admit I also missed the NFT boat when it sailed.  Is it a digital fingerprint or signature of the image that's embedded in the blockchain?

[timerland]

Wasn't there an NFT sold that was literally a tulip?

The mania is crazy. NFTs are certainly very applicable in fields of music, copyright, reward schemes and collectables going into the future but a lot of these projects bring absolutely no value to the community whatsoever.

Teenagers flipping NFTs for a profit and thinking that this is going to be sustainable is going to be in for a nasty surprise.

[STT]

To be fungible is a positive thing because that gives liquidity to the item, NFT boasts about a negative and yet is neither unique which means its bad on both counts.   I like that artists can monetize their work but if gives little purpose then the value is limited.   I compare them to painting prints which are neither unique or limited, but perhaps a connection to the original artist is what is collectible.
   I dont especially think most NFT has a special artist worth to it.   However in art we know silly values have been there for years at times. A pile of bricks was sold for great amount, the guy who did art for the Facebook company entrance hall was paid in shares worth many millions but then I like his art and think he qualifies long term for demand even though its close to graffiti he does it well.  90% of NFT value will likely fade but is this any worse then typical art sales, even the finest art paintings boom in value during economic expansion and fall greatly later.

We know QE is a unique factor to modern times, likely we have prices booming.   We cant be too surprised in wild effects appearing, just dont bet your house on it continuing forever.

[Silberman]

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.

They are uninformed or even worse they have been feed false information, it is difficult for a bubble to last more than a decade, now this market can be manipulated and bubbles can indeed form but there is a difference between that and the whole market being a bubble, this is similar to what happened with the dot com bubble, people called it a bubble and back then the price of many undeserving companies were overvalued, but the market itself was not a bubble, and now a few decades after it those companies are some of the most powerful around the world, and I expect something similar to happen in this market.

[teosanru]

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.

It's true considering the number of NFTs around I can easily say that it's tulip mania, but just like the altcoins cycle, the ones that gained steam the earliest will surely survive in the long run, the prices might not remain this high but the technologies and ideas definitely will. The problem with NFTs is obviously the utility, they are collected merely as a rarity token and are currently going up due to their trend, once the trend is over obviously 70-80% will regret buying one and the other side is also true that 90% will regret not buying one by seeing high prices of the ones that gained steam early or would still remain popular at that time.

[lixer]

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.

First of all tulip mania lasted longer than 10 years, it lasted a few decades but not at that level of course, and eventually crashed. The problem here is that Crypto is not a speculative asset but something that people could use. What is the real value of a tulip? Probably something like a dollar? few dollars? It is not an investment and it is only a plant. Whereas crypto is a currency which means that there is a lot of reasons why people could use that, it is not a tulip to plant into your garden and hope to grow more out of it, it is literally a currency. This means that crypto will never be a tulip mania, at the very best it is a very bull hyped market and that's it.

NFT or DeFi or anything like that will not become tulip mania neither, they are just markets and maybe they will drop down but it will not be from 10 years worth of salary into few dollars, that difference is HUGE and will never happen again.

[LUCKMCFLY]

I agree with OP, because at one point I was turning the page with BTC, in 2017 there was also a fever called "ICO" which many investors got carried away and began to invest largescam results, of course there were some projects that turned out to be successful and still standing.

Taking into account the great relevance that it has, NFTs are the boom today, I do not know if the comparison with ICOs would fit, but at least it is having a lot of success with NFT games that are entering a large number of people taking advantage of the community of gamers, which this represents a great business model.Of course now give it the name known as almost a tulip, it is neither bad nor good, only time is what can give the solution.

[so98nn]

Many thoughts pointing out NFT as the greatest proclamation in the near future. Although this does not seem to be the case if you study bitcoin properly. It took bitcoin almost a decade to reach hearts of peeps throughout the globe and the journey was not easy. So many regulations, unwanted bans, uplifting of the infra for miners and what not. I am not against NFT but if you think it is taking time for bitcoin (after a decade) then what’s so important about NFT that will make it acceptable all the way over bitcoin?

The scenario just does not work bitcoin against NFT, simply it’s idea to show bitcoin as failed asset which is not the case at all.

[LogitechMouse]

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.

I'm a big fan of game in general and I know that NFT doesn't pertain only to games but other digital arts too. With what you said though, I agree with you that NFT will be the next one.
ICO, DeFi and now NFT. Many more in the future so just be ready.

People didn't accept paper money in the past that easily. Maybe it took decades for some merchants to accept it and it will be the same as Bitcoin and crypto. Bitcoin will be accepted in some parts and in some countries until the time comes that it will be accepted in the world, just like what happened to paper money.

Nocoiners?? Let them say what they want . After all if they prove that they are all wrong they will just simply buy Bitcoin and keep silent.

[Silberman]

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.

I'm a big fan of game in general and I know that NFT doesn't pertain only to games but other digital arts too. With what you said though, I agree with you that NFT will be the next one.
ICO, DeFi and now NFT. Many more in the future so just be ready.

People didn't accept paper money in the past that easily. Maybe it took decades for some merchants to accept it and it will be the same as Bitcoin and crypto. Bitcoin will be accepted in some parts and in some countries until the time comes that it will be accepted in the world, just like what happened to paper money.

Nocoiners?? Let them say what they want . After all if they prove that they are all wrong they will just simply buy Bitcoin and keep silent.

Exactly, bitcoin is a revolutionary concept and things like that take time for people to accept, imagine the first person that came up with the idea of money, instead of exchanging products directly someone imagined a world in which you used a single unit of account and priced everything according to it, people of the time probably thought of this person as crazy and yet here we are and money is probably one of the most impressive concepts we have developed, bitcoin is the same but once people finally accept bitcoin is the future we will see bitcoin being used everywhere and by everyone.

[V-t.Ester]

Think, after huge corporations invested in BTC, a lot of countries legalized it and even some countries started to use it together with national currency, you can finally breathe. It’s nothing to worry about: BTC will obviously not vanish and not dump to zero.
You’ve right. NFT right now really looks as “Tulip mania”. Future of NFT is bleak. It’s smth new and in trend now and no one knows what will be with NFT in several years. That’s why it attracts and disturbs at the same time. However, lots of traders liked such interesting and perspective investments. They feel themselves not only traders but collectors also. They are fond of collecting NFT. So probably NFT won’t vanish and will be popular for many years more like cryptokitties.

[Betwrong]

How does that fit in with (for example) Pokemon trading cards or similar?  I'm the first to admit I also missed the NFT boat when it sailed.  Is it a digital fingerprint or signature of the image that's embedded in the blockchain?

No, there's no such thing with Pokemon cards, but just like NFTs and legit cryptocurrencies they can't be forged, and that's what counts when you are paying big money for something: the thing must be unique, or be one of the few unique things. When that condition is fulfilled it doesn't make the thing valuable yet. Unique doesn't mean useful, let alone valuable.

One day all those mega expensive NFTs(and Pokemon cards) may become worthless, despite their uniqueness. This will never happen to Bitcoin because it has other than being "beauty is in the eye of the beholder" utilization.

[el kaka22]

Could someone explain to me why REALLY the tulip mania happened? I mean in order to understand if bitcoin is like tulip mania or basically like any other bubble back in the day, we need to understand why it happened.

I understand that tulips were scarce and that is why it costed a lot back in the day but we all know (at least know) that it is something you can take the seed and farm a lot more, you could have tulip farms as far as eye can see, why would it cost so much when it is known that it could be farmed in thousands? Did they not know it? Did people back in the day thought that tulip was just grown unexpected in some places and can't be farmed?

I mean bitcoin is valuable because it is a currency, you can't just get one bitcoin and then farm it to reach thousands, so why would it be any similar to tulip right now? We can only learn it when we understand tulip mania.

[ChiBitCTy]

Yeah I think it is funny when I hear people saying things like this.  More often than not those who are saying things like this have absolutely no clue what they are talking about and couldn't even tell you what the blockchain is.  I don't pay much attention to people like this because in all reality there is very little chance they will ever change their mind because bitcoin goes past their level of knowledge, what they are willing to learn and their social and economical beliefs.