Tulip Mania 2.0

[Wind_FURY]

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.

Simply people, especially the rich/wealthy, found that Tulips were beautiful and bought the most expensive Tulips in the market to show his/her friends. His/her friends, wanted the same “status-symbol”, also started buying Tulips. An open market was made because there was demand for Tulips. Tulips of low quality were planted, to meet demand. Then, people across all economic classes began trading Tulips, to get rich. Is that NFT or Bitcoin?

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[Oceat]

It's just a matter of time before they realize that NFT is the real or next tulip mania and not the Bitcoin itself. Clearly they don't understand how blockchain works that's why they keep spitting BS on their mouth when all they can do is to find someone who wants to buy all of their shitbag of coins.

Let them have their status as the rich while it's still convenient since this is actually working for them in a long time but I believe in the future that we will be seeing people using Bitcoin as a normal currency that has a stable price. We might not be alive by the time it happens but I hope so that it would actually continue to operate just like what Satoshi wanted it to happen.

[davis196]

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 original Tulip mania was one gigantic price bubble,which popped and the tulip prices never reached the same level.Bitcoin price is going up and down,while maintaining a price growth in the long term.
There were multiple price bubbles in the history of BTC,but all of them popped and the market price recovered and gained even more value after that.There's no room for comparison with the original Tulip mania,which happened in the Netherlands a few centuries ago.
NFTs are the next "shiny object" that will attract all the "financial gamblers",pump&dump traders and speculators seeking for "the one big hit".4 years ago,ICO tokens were the same thing,now the NFTs took over.

[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.

The original Tulip mania was one gigantic price bubble,which popped and the tulip prices never reached the same level.Bitcoin price is going up and down,while maintaining a price growth in the long term.
There were multiple price bubbles in the history of BTC,but all of them popped and the market price recovered and gained even more value after that.There's no room for comparison with the original Tulip mania,which happened in the Netherlands a few centuries ago.
NFTs are the next "shiny object" that will attract all the "financial gamblers",pump&dump traders and speculators seeking for "the one big hit".4 years ago,ICO tokens were the same thing,now the NFTs took over.

Plus to those people/nocoiners who kept telling us that Bitcoin is a “Bubble”, let’s ask, HOW LONG MUST THE PROTOCOL RUN FOR THEM TO STOP CALLING IT A PONZI/BUBBLE? It has been 10 years, and Bitcoin has kept chugging along, despite the FUD, the BANS, the multiple declarations that it’s DEAD. HOW LONG?

[Betwrong]

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.

First off I'd like to say that I agree with you, Bitcoin and Tulip Mania have nothing to do with each other.

To me, what really resembles Tulip Mania is CryptoKitties NFTs's rush, which is still not completely out btw, the daily trading volume reaches millions of USD sometimes these days. The similarity lies in the fact that both, tulips and kitties, are breedable, and people buy them not simply to possess and admire, or get get some kind of status among their friends, but hoping to make money on a unique and desirable strain.

[Wind_FURY]

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.

First off I'd like to say that I agree with you, Bitcoin and Tulip Mania have nothing to do with each other.

To me, what really resembles Tulip Mania is CryptoKitties NFTs's rush, which is still not completely out btw, the daily trading volume reaches millions of USD sometimes these days. The similarity lies in the fact that both, tulips and kitties, are breedable, and people buy them not simply to possess and admire, or get get some kind of status among their friends, but hoping to make money on a unique and desirable strain.

The only people who keeps repeating, and keeps making us believe in the narrative that NFTs are “here to stay” are those same people who have invested much of their coins in them. Why would I convert my precious Bitcoins to a shitcoin, to invest in an NFT?

[Silberman]

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.

If I remember correctly what happened is that even if Tulips were not rare there was a mutation that caused the Tulips to have slightly different colors and other characteristics and it was this mutation which was very rare, then Tulips became a status symbol and this increased their price, but what really pushed things into overdrive was that the first futures market was created, basically a futures market is when you sell something that you do not have yet but you are expected to have at a fixed price in the future, like new tulip bulbs coming from a harvest, so people began buying the rights to the tulips before the tulips even existed, eventually the public noticed and entered the market and this created the famous Tulip mania.

[eaLiTy]

~
The only people who keeps repeating, and keeps making us believe in the narrative that NFTs are “here to stay” are those same people who have invested much of their coins in them. Why would I convert my precious Bitcoins to a shitcoin, to invest in an NFT?

Even i was confused in the beginning when people were spending huge amount for basically small pictures in digital form, Everydays: The First 5000 Days of an artist sold for $69 million which is crazy and some of the CryptoPunk collections sold over multiple million dollars. I started venturing into the NFT market with a team who sells aNFT and there are many users that are new to the cryptocurrency market who are there just to purchase the aNFT of their favorite sports person and Lionel Messi was a huge success.

Will see how the NFT market would be in the next couple of years and then i will make a comment  .

[jaberwock]

The original Tulip mania was one gigantic price bubble,which popped and the tulip prices never reached the same level.Bitcoin price is going up and down,while maintaining a price growth in the long term.
There were multiple price bubbles in the history of BTC,but all of them popped and the market price recovered and gained even more value after that.There's no room for comparison with the original Tulip mania,which happened in the Netherlands a few centuries ago.
NFTs are the next "shiny object" that will attract all the "financial gamblers",pump&dump traders and speculators seeking for "the one big hit".4 years ago,ICO tokens were the same thing,now the NFTs took over.

Plus to those people/nocoiners who kept telling us that Bitcoin is a “Bubble”, let’s ask, HOW LONG MUST THE PROTOCOL RUN FOR THEM TO STOP CALLING IT A PONZI/BUBBLE? It has been 10 years, and Bitcoin has kept chugging along, despite the FUD, the BANS, the multiple declarations that it’s DEAD. HOW LONG?

Until it doesn't hurt them anymore. Bitcoin and crypto in general turned so much of new generation away from banks and into crypto. Even when we are putting our savings into crypto we are hurting banks. How? Well, banks are so huge that they would rather have the money in their deposit account, and not that we are not doing that again, how do you think all these exchanges hold your money?

When you give fiat to coinbase and get bitcoin, they are keeping that in a bank, but it still hurts them because it is in the hands of one giant corporation and not millions of small retail investors and that giant one could use that power to get much better situation for themselves instead of million smaller investor that would be forced to accept banks terms. This is why crypto gives us power over banks and they hate it and they pay people to keep saying bad stuff about us. The moment banks can store crypto, the moment they will start calling it awesome.

[kryptqnick]

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.

There are things in the crypto industry that explode in popularity at some point and then fade away because they weren't that cool and useful after all. At first, we had the ICO boom of 2017, then there was a time of DeFi projects in 2020, and NFTs exploded in 2021. These are similar to tulip mania in the sense that they are overhyped, and yet even all these things are not exactly the same with tulip mania and have more value in them. There's only so much you can do with flowers, but ICOs gave birth to some pretty cool projects, and I'm sure DeFi wasn't all that bad, while some NFTs really helped talented creators to gain support from their admirers.

[Wind_FURY]

~
The only people who keeps repeating, and keeps making us believe in the narrative that NFTs are “here to stay” are those same people who have invested much of their coins in them. Why would I convert my precious Bitcoins to a shitcoin, to invest in an NFT?

Even i was confused in the beginning when people were spending huge amount for basically small pictures in digital form, Everydays: The First 5000 Days of an artist sold for $69 million which is crazy and some of the CryptoPunk collections sold over multiple million dollars. I started venturing into the NFT market with a team who sells aNFT and there are many users that are new to the cryptocurrency market who are there just to purchase the aNFT of their favorite sports person and Lionel Messi was a huge success.

Will see how the NFT market would be in the next couple of years and then i will make a comment  .

If NFT should truly be valuable, then I believe it can only truly exist in the most truly valuable blockchain, that’s truly decentralized and censorship-resistant. Those other shitcoin blockchains are only mere databases. HODLing anything in them is a risk.

[SquallLeonhart]

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.

Honestly NFT's are definitely like tulip mania 2.0, that is not even a hard guess. It is obvious that people are not doing anything that makes sense during this period, they are spending money on things that actually has no worth at all. I hope that one day people will realize that they are doing something wrong, but the moment that is realized we are talking about something that is very horrible for all those people who spent that much money so far.

I hope that one day we will reach to a place where it slowly goes down, not over night but like in a year. So that people who spent so much money end up losing only a little, and everyone else loses only a little and there aren't like a horrible crash that sees billions of dollars taken away from NFT world in under a month. That would hurt crypto world as well, it would not be really a good thing for any of us.

[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.

Honestly NFT's are definitely like tulip mania 2.0, that is not even a hard guess. It is obvious that people are not doing anything that makes sense during this period, they are spending money on things that actually has no worth at all. I hope that one day people will realize that they are doing something wrong, but the moment that is realized we are talking about something that is very horrible for all those people who spent that much money so far.

I believe it would help give NFTs “value” if they were issued in the Bitcoin blockchain. The NFTs themselves might be a victim of bull-bear/mania-depression cycles, but they will be encased in a multi-generational protocol in Bitcoin. Shitcoin blockchains will die, Bitcoin chugs along.

[jaysabi]

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.

Honestly NFT's are definitely like tulip mania 2.0, that is not even a hard guess. It is obvious that people are not doing anything that makes sense during this period, they are spending money on things that actually has no worth at all. I hope that one day people will realize that they are doing something wrong, but the moment that is realized we are talking about something that is very horrible for all those people who spent that much money so far.

How are NFTs different from Bitcoin at all?  The value of each is based only on speculation, they're premised on a manufactured scarcity to give the impression of being valuable because they are somewhat rare, people are only interested in them as a get rich quick vehicle... the comparison is perfect. I see no difference between NFTs and Bitcoin, so for someone to criticize NFTs as an investment vehicle and not crypto is the peak of cognitive dissonance to me.

[Betwrong]

~

How are NFTs different from Bitcoin at all? The value of each is based only on speculation, they're premised on a manufactured scarcity to give the impression of being valuable because they are somewhat rare, people are only interested in them as a get rich quick vehicle... the comparison is perfect. I see no difference between NFTs and Bitcoin, so for someone to criticize NFTs as an investment vehicle and not crypto is the peak of cognitive dissonance to me.

Well, to give you a short answer, Bitcoin is a payment method, and NFTs are far from it.

You can buy BTC for $48k apiece, and since Bitcoin is accepted by 15,000 businesses worldwide, including major companies like PayPal, Microsoft, AT&T, Starbucks etc., the same day you can pay for their goods and services at more or less the same rate. Theoretically, we could be doing the same thing with NFTs using barter system, but good luck with buying an NFT for $48k and expecting provision of goods and services for this amount.

[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.

Honestly NFT's are definitely like tulip mania 2.0, that is not even a hard guess. It is obvious that people are not doing anything that makes sense during this period, they are spending money on things that actually has no worth at all. I hope that one day people will realize that they are doing something wrong, but the moment that is realized we are talking about something that is very horrible for all those people who spent that much money so far.

How are NFTs different from Bitcoin at all?  The value of each is based only on speculation, they're premised on a manufactured scarcity to give the impression of being valuable because they are somewhat rare, people are only interested in them as a get rich quick vehicle... the comparison is perfect. I see no difference between NFTs and Bitcoin, so for someone to criticize NFTs as an investment vehicle and not crypto is the peak of cognitive dissonance to me.

You can argue for that, and I would respect it. Plus using ONLY the market as the main standpoint for your argument, I would say you’re right. But Bitcoin is more than the market. It’s also the protocol, the incentive structure, EVERYTHING about it that makes the system stick together IS the true value. NFTs are issued somewhere in a shitcoin blockchain that might not exist in 10 years.

The “art” in NFT are also not good. Most of them are worthless or will be, and stupid. It’s Tulip Mania 2.0.

[Kittygalore]

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.

More than not having any clue what they're talking about, they're probably ignorant and bitter about crypto too because you wouldn't talk shit when you have a stake or interest in something. Or much worse, these types of people are just plain envious of the people that have crypto and making a lot of money from it.

[bitgolden]

I believe it would help give NFTs “value” if they were issued in the Bitcoin blockchain. The NFTs themselves might be a victim of bull-bear/mania-depression cycles, but they will be encased in a multi-generational protocol in Bitcoin. Shitcoin blockchains will die, Bitcoin chugs along.

Is that even possible? I did not know that NFT's could be in bitcoin blockchain as well, I assumed that the blockchain of bitcoin doesn't allow such things to happen. I am fine with ETH by the way, their blockchain is fine and their price is fine as well and certainly do not consider it a shitcoin. The NFT's in ada, sol and similar stuff would be bad in the future, those are still not "shit" coins as we can see from their rank but just because something is top 10 doesn't mean it will stay in top 10.

ETH on the other hand has been second ranked for a long time, way too long and I do not think that it will drop anytime soon. The reason why most people here do believe that NFT's are like tulip mania 2.0 is because they do not really have a value on their own, people put value in it but they are useless as well that's the problem, bitcoin can be sent or received, eth could be used for many things, NFT's are... just NFT.

[jaysabi]

~

How are NFTs different from Bitcoin at all? The value of each is based only on speculation, they're premised on a manufactured scarcity to give the impression of being valuable because they are somewhat rare, people are only interested in them as a get rich quick vehicle... the comparison is perfect. I see no difference between NFTs and Bitcoin, so for someone to criticize NFTs as an investment vehicle and not crypto is the peak of cognitive dissonance to me.

Well, to give you a short answer, Bitcoin is a payment method, and NFTs are far from it.

You can buy BTC for $48k apiece, and since Bitcoin is accepted by 15,000 businesses worldwide, including major companies like PayPal, Microsoft, AT&T, Starbucks etc., the same day you can pay for their goods and services at more or less the same rate. Theoretically, we could be doing the same thing with NFTs using barter system, but good luck with buying an NFT for $48k and expecting provision of goods and services for this amount.

Kinda missed my point.  I'm not talking about the literal differences between bitcoin and NFTs, I'm talking about what makes each "valuable."  You probably should have been able to pick that up from the context of the rest of the post.  Your post didn't address the substance of my post, which is how are you drawing an arbitrary line between NFTs and Bitcoin and trying to pretend they're different when it's the exact same thing that makes each valuable- large groups of people who arbitrarily agree they are.

And you're grossly overstating Bitcoin's utility as a payment method.  15k businesses worldwide is nothing, and extreme volatility makes it a piss poor currency.  Bitcoin is a speculative asset, same as NFTs.  Anyone pretending otherwise is perpetrating a fiction.

You can argue for that, and I would respect it. Plus using ONLY the market as the main standpoint for your argument, I would say you’re right. But Bitcoin is more than the market. It’s also the protocol, the incentive structure, EVERYTHING about it that makes the system stick together IS the true value. NFTs are issued somewhere in a shitcoin blockchain that might not exist in 10 years.

The “art” in NFT are also not good. Most of them are worthless or will be, and stupid. It’s Tulip Mania 2.0.

Fair enough, but everything you're saying about NFTs are the exact same thing that's been said about Bitcoin (and continues to be said about Bitcoin by the naysayers) that you take such exception to.  You're just drawing a line that around NFTs and saying "Come on, how is that going to be worth anything in the future?" the same way the mainstream financial media has been doing about bitcoin since it started gaining widespread notoriety.  It does remain highly amusing to me that anyone who thinks bitcoin is the future uses the same arguments against NFTs that they have rejected against Bitcoin for the last 10 years without a hint of irony.  Highly amusing.

[mindrust]

I believe it would help give NFTs “value” if they were issued in the Bitcoin blockchain. The NFTs themselves might be a victim of bull-bear/mania-depression cycles, but they will be encased in a multi-generational protocol in Bitcoin. Shitcoin blockchains will die, Bitcoin chugs along.

Is that even possible? I did not know that NFT's could be in bitcoin blockchain as well, I assumed that the blockchain of bitcoin doesn't allow such things to happen.

I don't know what Wind is talking about but Bitcoin originally don't allow such things. However, there are side chains like RSK would allow them. They add  unnecessary complexity so they are not really popular when compared to ETH, so I can't blame you for not using those. Side chain stuff on btc just didn't make the same impact which ETH accomplished.