History is always on the side of innovation(bitcoin), not the side of skeptics

[DanWalker]

An article I found says what I think is true about what's happening with Bitcoin and crypto.
The market is going through bear days, it's a bit bad, but this is not the end of Bitcoin, it's just the beginning of a revolution called Bitcoin.

(Remember, there was a time in the early 1800s when multiple governments even outlawed bicycles because they also considered that technology ‘dangerous’.)

Before bicycles became popular and widespread, they also faced a series of suspicions and bans from around the world.

There were plenty of idiotic ideas and useless companies that went public in the 1990s during the dot-com boom. And when the bubble burst, many of them were washed away forever.
But there are plenty of successful businesses which still dominate today, including Amazon, Google, and Nvidia, that were founded during the mania of the 1990s.

Dotcom bubbles have burst, but the internet has become an integral part of our lives today.

The price of Bitcoin is now down ~70% from its most recent peak. And, almost on cue, the crypto grave-dancers (like Bill Gates) are now insisting that they were right for predicting its demise.

Bill Gates and Warren Buffett, many skeptics are now dancing over the graves of crumbling crypto companies and claiming to be right. But they forgot one thing, technology markets always attract capital and boom, then restructure their markets... Those are the stages of a new industry's maturation. The price going up and down in a moment does not reflect the primary value of that technology, It only reflects the current sentiment of investors.





Amazon's stock in the period 1997-2016 declined by 50%, 60% at one point, encountered many challenges to become a giant in the technology industry.






As long as Bitcoin exists, we will always hear "Bitcoin dead", "Bitcoin bubble burst". Currently, Bitcoin is dying at 20k and we will wait until next ATH season they will come back and tell us the Bitcoin bubble will burst at 300k.

Internet speed has increased 1000 times since the Dotcom bubble. This was followed by an increase in users and super companies like Google, Facebook, etc...We are at the beginning of this Broadband phase with Crypto. We will move to super assets and number of users after that...Try to survive and grow with Crypto in this golden population age.
The bicycle and the internet have gone through these things before becoming important parts of our lives, so I believe the same is true for Bitcoin.

Read more: https://www.zerohedge.com/crypto/history-not-side-cryptos-grave-dancers?fbclid=IwAR2DZea2N92-mler5X0WZNYpzfq0awYfxEtuFOb7TwUBwsl5FbXy8E0ech8

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[yazher]

Both scenarios have their own critics that's why we need to be careful when we take their words because most of the time as the graph shows, they've just blabbering their mouths without any knowledge of how bitcoins work and how will it evolve throughout the times. What I mean, is the more people prepare it, the more its price goes up and down but in the end, it will stay there as people will continue to use it, especially those who know exactly what bitcoins are for.

[pooya87]

The market is going through bear days, it's a bit bad, but this is not the end of Bitcoin, it's just the beginning of a revolution called Bitcoin.

It is not bad, it is an opportunity to buy bitcoin at a huge discount.
It is also not the beginning of the revolution, technically that was 2009 when bitcoin was introduced.

An article I found says what I think is true about what's happening with Bitcoin and crypto.

Bill Gates and Warren Buffett, many skeptics are now dancing over the graves of crumbling crypto companies and claiming to be right.

This is a clear example of what I warned about years ago. People look at "crypto" aka shitcoins and then judge bitcoin based on those shitcoins.
A large majority of altcoins have been dying longer than the recent dump and a lot of people have been celebrating this purge but only a few like those who you named are associating that with bitcoin to try and discredit bitcoin just because altcoins are shitcoins!

But they forgot one thing, technology markets always attract capital and boom, then restructure their markets.

That also attracts scammers. Lets use your example about dotcom bubble. The internet (aka the underlying technology that started all of it) wasn't bad or scam. It was an innovation that changed the world and it is widely used today. But a lot of garbage was made using that technology and people were scammed out of their money.

It is the same with bitcoin. Bitcoin itself is the innovation and the technology that started all this but a lot of scams are being created using that technology to rob people. When the scams are pumped and the altcoin market grows to be worth trillions that doesn't mean we are looking at a booming technology market! It means we are looking at a massive scam.

[Kakmakr]

Yes, every "bubble" has to burst at some time .... (Examples : Property Bubble / DotCom Bubble / stock market bubble ) ....but look at them now... they recovered and they are much stronger than before.

All commodities goes through a "Boom" and "Bust" cycle... and Bitcoin is not different, so we expect that this will happen sooner or later and also that it will recover.

The things that are hurting Bitcoin the most, are the scams related to Stable coins and NFTs and Ponzi schemes, where bitcoins are used as a payment option. All of these scams are linked to Bitcoin, because they are Crypto currencies, but it has nothing to do with Bitcoin. 

[Lucius]

An interesting comparison of Bitcoin to bicycles, so even though I didn’t know they were banned a long time ago - I would personally ban the bikes you portrayed in your post because they were really dangerous to anyone who rode them because of their height - imagine falling without a protective helmet that did not even exist at the time, a blow to the head would often be fatal.

In addition, there are few examples where Bitcoin is banned in the true sense of the word, and these are mostly countries with very low human rights and a degree of democracy. In most countries, Bitcoin is not illegal and no one prevents people from buying/selling /owning it - but the problem is that most people still have a rather negative attitude towards such things. Therefore, I think that it will take a long time to progress in that sense, because it is not just ordinary people who are in question, but also those who decide everything and we call them politicians.

[Welsh]

That also attracts scammers. Lets use your example about dotcom bubble. The internet (aka the underlying technology that started all of it) wasn't bad or scam. It was an innovation that changed the world and it is widely used today. But a lot of garbage was made using that technology and people were scammed out of their money.

It is the same with bitcoin. Bitcoin itself is the innovation and the technology that started all this but a lot of scams are being created using that technology to rob people. When the scams are pumped and the altcoin market grows to be worth trillions that doesn't mean we are looking at a booming technology market! It means we are looking at a massive scam.

Right. That isn't Bitcoin's problem at its core, rather it's the problem of people, and dare I say it capitalism actually encourages people to try, and find a way of escaping the rat race as some people put it. So, naturally people resort to crime out of desperation. I mean, just look at all the statistics out there, and it'll suggest the poorer a region is, the more crime there is. I'm not saying that the rich haven't pulled a scam or two, because they definitely have. However, crime is more prominent in low income regions or those with high levels of poverty.

Fundamentally, Bitcoin isn't at fault. It's the system, and people that are. We can't protect against that. I know Bitcoin being a currency which doesn't allow chargebacks can be seen as a negative, and a way of encouraging scammers, but I think a lot of people forget it's a two way street. Sellers, as well as buyers get scammed, even with chargebacks. Sellers get hit the most with chargebacks obviously, and it's a real problem. Paypal for example will almost always side with the buyer. Sellers are currently getting the short hand. That doesn't happen with Bitcoin. Instead, its encouraged, and almost the unwritten code that a escrow is involved, therefore you're safe from chargebacks fundamentally with how Bitcoin works, as well as reducing the chances of a seller pulling off a scam, because of the escrow.

So, scammers do exist in Bitcoin, and will always exist. Exactly how they'll always exist in the fiat dominant world. I could put in a common search phrase into any search engine right this second, and be served up a site that scams. That's the reality, but people seem to forget this when comparing Bitcoin, and fiat.

The only difference is in fiat you have a safety net, if you're on the right side of the transaction. However, in another way there isn't enough protection for sellers, since chargebacks can, and do happen frequently.

[hd49728]

Innovations are necessary for civilization and after 14 years, Bitcoin innovation has changed the world. As the first successful and accepted cryptocurrency, Bitcoin changes the world. It also makes a foundation for blockchain technology that will be very important in many industries.

Though it is good technically and socially, it will be better in furture when people use it naturally like they are naturally usong Internet now. Currently, people use Bitcoin, cryptocurrency with mostly intention to get rich. That is bad but it will change in future.

Individually, there are pessimistic, optimistic and skeptic people. Nobody, no entity, no technology, no project can satisfy all people on Earth. It's unrealistic.

[Text]

Thanks OP for bringing it up here, it's nice to read such articles containing comparisons between history and today. A kind of clueless at first but enrich your knowledge as you progress to know what our ancestors went through. It's just like history repeating itself but we look forward to the brighter side of a different concept.

We can't escape the fact that Bitcoin has been around for a decade but there are still doubters, it's okay, it's part of it. As long we are here that more understand this technology, how this works, and how we use this, I think that is what matters most. Bitcoin and blockchain technology, in general, give us freedom in our financial aspects. We know to ourselves how this innovation helped us in this modern era, from online transactions, contributions, developments, etc. that make our online works more convenient and beneficial.

[hatshepsut93]

This is a typical survivorship bias. Everyone knows about big ground-breaking innovations that changed the world, and how they started small and had critics, so it's tempting to compare any innovation, in this case Bitcoin, with them. What gets ignored is millions of innovations that ultimately failed. Tons of innovations didn't go past the prototype phase, or they had fatal flaws that became obvious at early stages, or maybe they just weren't needed, or their flaws far outweighed their gains.

Also with your logic that Bitcoin is destined to succeed simply because its innovation, one could say that ETH will kill Bitcoin, because it's innovation over Bitcoin, and then some "eth killer" shitcoin will kill ETH, because it's also innovation, and then it will repeat again and again.

[ChiBitCTy]

As I always say, progression always wins in the end.  Conservative ideals are a perfect example of this.  Over the course of time the conservative ways/ideals end of being phased out.  In this exampled I would compare traditional fiat to the conservative ideals and bitcoin to progression.  There is always resistance in the beginning, but progress ends up prevailing over time.  Bitcoin is going to take some time to realize it's full potential, so "hate" along the way should not be surprising to anyone.

[Rruchi man]

Also with your logic that Bitcoin is destined to succeed simply because its innovation,

I agree that this logic is simply not just enough to offer assurance, there should be something more. Kudos OP, although you have offered hope to many here with your comparison of the innovations of the bicycle and the dotcom bubble, but just as pointed out, how about those ideas that were called innovations, went through this phase, but never made it through? We have to anchor the survival of bitcoin to something more than just analysis. The structures that are in place already as regards bitcoins ensures that it doesn't just cease to exist. 

[Bitcoin_Arena]

An article I found says what I think is true about what's happening with Bitcoin and crypto.
The market is going through bear days, it's a bit bad, but this is not the end of Bitcoin, it's just the beginning of a revolution called Bitcoin.

I can relate to what you put up there in the OP bud.

Almost a year ago, I came across an interesting picture that I shared here about regulatory authorities trying to ban internet phone software but the rest is now history. It's exactly the same narrative with what's happening to cryptos

In 1996, the regulatory bodies tried to ban Internet phone software, the rest is history 


Image source

[franky1]

alot of sceptics bring up "tulip mania"
thinking tulips did not survive the 17th century and they all died..

so lets do some history.
not all tulips were priced at high prices.. infact it was only the most rarest of tulips

for instance the Semper Augustus, was the rarest of all. and only a few bulbs were sold. and it sold during tulip mania for the price of a house
but regular tulips were not priced at a house value. but at the price of a loaf of bread.
only one or two bulbs were sold for the price of a house.. (6x minimum wage of years salary)

where thousands and millions of bulbs were still being traded in the 17th century at normal prices..

even today you can buy regular tulips for a loaf of bread value. and rarer tulips today for more..

people think after it has been several hundreds of years that no one buys tulips anymore.. they are wrong. people still do and people still make money selling tulips. (visit any garden centre and surprise yourself with a bunch of tulips sitting behind a price tag)

just think about that. tulips still exist and bought and sold today..

oh.. and even in the 21st century..
in 2005 there was a rare orchid that sold for $200k..
,,, i guess the mania didnt end (Shenzhen Nongke Orchid)

[davis196]

Bitcoin/crypto being constantly compared to the Dotcom bubble is something I'm annoyed with.
Bitcoin is not a company and it never will be. Don't compare Bitcoin to Amazon, compare Coinbase to Amazon.
Bitcoin(blockchain technology) is a technology and we should compare it to other technologies, not companies.
There are many inventions and innovations, that were promising, but failed eventually. Nobody can guarantee that Bitcoin(blockchain) will be successful in the long run. There's no other utility for the blockchain other than serving as an infrastructure for Bitcoin. The experts in the past were claiming that blockchain can be used in multiple industries, but there's no successful example of blockchain technology helping a certain industry. Perhaps this might happen in the future.

[GreatArkansas]

Few will understand this.
For sure that most of the people who are crying because of this small dump are those people who bought Bitcoin just for money. They don't understand innovation, how Bitcoin works and how Bitcoin will help our finance.
We should always have a long-term mindset here.

[franky1]

Few will understand this.
For sure that most of the people who are crying because of this small dump are those people who bought Bitcoin just for money. They don't understand innovation, how Bitcoin works and how Bitcoin will help our finance.
We should always have a long-term mindset here.

very few people know of the extra utility function bitcoin has compared to fiat money.

for instance i can move wealth to a family trust or a offshore wealth store in bitcoin without the need of bank managers, accountants, tax forms or lawyers to draw up paperwork and without notaries to witness it.
i just simply make a multisig, and give keys to whom i want involved in the trust/offshore system. or they can provide their own keys to fdorm the multisig. and then simply pay the multisig address.. simple. no middlemen required no legal contracts no managers, accountants or lawyers.

bitcoin also represents a unit. a unit you can redefine as anything. you can lock up a unit and then represent it elsewhere as something else. its a reserve to then use and create other networks where you could represent 1btc as 'bunnies' and then create a 'bunny' network

you can create NFT's too
lock up Xbtc. and then create a nft network where you split that reserve into shares or units of a NFT brand. where you only produce X amount of NFT brand products that are registered with their own representation of the reserved/locked btc. thus giving them value as a way that people can destroy their product and subsequent NFT and redeem some btc, or keep it and use that value peg as a value to measure the nft against

bitcoin can be locked into addresses and then make physical 'Casascius' coins

there are many many things that you can do.
represent an allotment of sats as a award for some competition trophy/school gold star token.

you can even program an algo that turns on a machine and performs a certain task depending on how many sats are confirmed to an address

[darkv0rt3x]

Charles Darwin have a very good lesson to teach to all humanity. But some humans still refrain from learning that same lesson. Evolution will always make us go further, research more, be more efficient, etc. The ones who are willing to acknowledge it and work hard towards evolution and natural selection, will strive. Bitcoin is here to help with that and to destroy all the noise around!

[kryptqnick]

While I agree that innovation is important, and skeptics are often wrong, I wouldn't say history is always on the side of innovation. At least, it doesn't apply to all innovations. Sometimes a thing can be relatively new and interesting but get very soon replaced by something else (like pagers did). Sometimes it's just not the right time, and something fails even though at some point something very similar becomes a hit (Virtual Boy).
I do think that Bitcoin arrived on time, and it's not one of those things that will soon (like, within a decade) be replaced by something else, but it's understandable that some might disagree and believe it's one of those innovations that can fail for some reason, and for instance, actually be like a part of dotcom bubble, and that eventually way better cryptos will emerge and become a hit.

[DanWalker]

Few will understand this.
For sure that most of the people who are crying because of this small dump are those people who bought Bitcoin just for money. They don't understand innovation, how Bitcoin works and how Bitcoin will help our finance.
We should always have a long-term mindset here.

90% of people invest in bitcoin and cryptocurrencies based on the returns they bring, few do it based on the technology behind it. Truth be told, most people here don't care what bitcoin is, what its technology is, or what it's going to do in the future . They are just investing blindly in the hopes of quickly becoming millionaires and exiting when they get there. I have seen a lot of people get rich from bitcoin and crypto but then they just enjoy life by doing expensive shopping and spending all night. They don't want or do nothing to spread the magic of bitcoin, that's really sad.

The market is going through bear days, it's a bit bad, but this is not the end of Bitcoin, it's just the beginning of a revolution called Bitcoin.

It is not bad, it is an opportunity to buy bitcoin at a huge discount.
It is also not the beginning of the revolution, technically that was 2009 when bitcoin was introduced.

It's a bit sad because our assets have decreased but It is a great chance for those who see bitcoin's potential and who have not had the chance to buy cheap bitcoin before.
I mean, bitcoin is a new beginning and the stories of bitcoin's devaluation are only a small part of the bitcoin revolution. There is no peace without bloodshed and loss.

[Text]

90% of people invest in bitcoin and cryptocurrencies based on the returns they bring, few do it based on the technology behind it. Truth be told, most people here don't care what bitcoin is, what its technology is, or what it's going to do in the future . They are just investing blindly in the hopes of quickly becoming millionaires and exiting when they get there. I have seen a lot of people get rich from bitcoin and crypto but then they just enjoy life by doing expensive shopping and spending all night. They don't want or do nothing to spread the magic of bitcoin, that's really sad.

That's part of the bad story, they are just after the money. There are also some knowledgeable in this technology but choose and use it in the wrong way, they take advantage of this innocent new to the industry who are just want to make and earn money too. Instead of guiding and teaching these newbies, they will lure the target until they what they wanted. After they earn and spend the money, they get back with new schemes so it's a cycle. They put this technology into a bad image.

Maybe some innovations are not for the bitcoin that's why it fails for whatever the issue that comes up. The evolution may stop if it already reached what is it meant to be or the final stage. But I know that blockchain and bitcoin will exist in more decades, we will count more years with non-stop developments, and we will see more good outcomes.