The Tulip Mania 2.0

[coolcoinz]

I remember various traders tried to make us think we'd go to 1000 when we were at 3000 in 2019, but it didn't work out for them. Now we are in another cycle so 3000 is gone forever.
I know it's nice to dream about buying at less than 5% of ATH but the market will not let you. People know how much potential there is in Bitcoin and the lower we get the more buyers there will be. Leveraged market reaches maybe down to 20k. Everything below is holders so you'd have to persuade people who held for over 12 months to sell at a loss. Wishful thinking.

[Wilhelm]

When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

Ok go read about crypto, the maths behind it and economics.
Then watch the YouTube video about how the US monetary system works. https://m.youtube.com/watch?v=iFDe5kUUyT0

Get back to us after that and tell us which one has more value...

[UnDerDoG81]

Oh yeah I love these newbie Bitcoin is death accounts. They always came up when the bottom was near.

[jaberwock]

When the tulip bubble popped it went to $0 pretty quick. Experts had been warning this crypto stuff was all hype / BS. I don't see $0 but I see $1000 or so in a few more months. Start investing again when that happens.

This could be true on some specific coins. They are scams and some are only in for hypes but for the coins that represents the crypto market, no they are serious and have a real objective on why there are here.

Those so called experts that says negative stuffs like this are not really an expert because they didn't do a research but there are true experts that encourage everyone to keep on buying during this dip. They are the ones that knows the technology behind cryptos. Cryptocurrencies are not only about the price anyway but their main purpose is about being used as a currency. Bitcoin that 22k right now, is still the bitcoin that we know when its value is at 30k.

[Jating]

Oh yeah I love these newbie Bitcoin is death accounts. They always came up when the bottom was near.

Lol, but yeah, it give us something to ponder in the morning and then make a good laugh out of it. Not sure how many times we heard Tulip Bubble = Bitcoin scenario because it is not.

The OP should read the Tulip Mania history and maybe come back here and see if he can identify the difference. But I guess not, this is just another newbie again talking just coming back when we are about to hit the bottom and then have the audacity to say "bitcoin is dead".

[STT]

We need more of these threads, when people are all doom its time to be optimistic so I celebrate and thank OP for the insight into crowd dynamics in fear.    It would be best not to name 1 particular nominal figure because Dollar is not static anyway, we keep printing more of them into circulation far more then GDP growth would justify.   Whatever the bottom price it'll be tested more then once I think or we'll get some ridiculous spike down that we barely see because it was done and dusted before most had time to trade it personally.  That how I view 20k mostly, it was too brief imo and Im not sure it contains alot of volume so I expect multiple tests.

Tulips are a product still used hundreds of years later, if thats the comparison I hope BTC does as well.

[adaseb]

Basically a few months ago, people were saying they would buy at the 200 WMA or at $20K and now people are saying they will buy at $1000-$10000. Which leads me to believe that a bottom might be somewhere close.

Way too many bearish people and people are moving their buy in targets and usually when that happens it bottoms out. This is similar how $6k broke and people were calling for $1K Bitcoin which never happened.

[PokestarFan]

I imagine that if the market could ever hit $1000 it would much rather hit $0. Unless the difficulty goes back to what an average consumer CPU/GPU can easily work with, no ASIC miner can profitably run at $1000 per bitcoin.

[Wilhelm]

I imagine that if the market could ever hit $1000 it would much rather hit $0. Unless the difficulty goes back to what an average consumer CPU/GPU can easily work with, no ASIC miner can profitably run at $1000 per bitcoin.

Not really accurate I think... this is how it works to my knowledge (correct me if I'm wrong)

Bitcoin has a fair value which should be the mining cost.
Going under the mining cost is possible for a while, however a point will arise where miners shut down.
When miners shut down, the hash rate goes down. After a number of blocks the difficulty will go down.
A $1000 a coin point could happen if you wait long enough but it's unlikely because miners are likely to mine again when mining is profitable against market values.

So market value affects mining and mining affects the value. Greed is the balancing mechanism.