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Author Topic: The danger of the last wave of adoption.  (Read 1465 times)
mmitech
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September 01, 2014, 10:22:53 PM
 #1

Hal finney once said:

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The danger is if people are buying bitcoins in the expectation that the price will go up, and the resulting increased demand is what is driving the price up. That is the definition of a BUBBLE, and as we all know, bubbles burst.


sadly, he was right about that, I think we are all spending too much time in the speculation forum, calling for bubbles and waiting when a new bubble will occur!!  many of us visit only this sub-forum, I my self do, a as an IT guy I should be ashamed of that, instead I should be spending time trying to give something back to this community, maybe try to offer services... anything will make the infrastructure stronger, except speculation and waiting for a bubble.

I did quit my job mainly to be more involved with this community, to make something that counts for, but I've been wasting my time and making worthless arguments about worthless subjects instead of doing something helpful.

try to spend less time on here and do more thinking about how to make Bitcoin a better experience.
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September 01, 2014, 11:03:44 PM
 #2

Amen to that.

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September 01, 2014, 11:07:53 PM
 #3

Great post. Valid points.
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September 01, 2014, 11:16:59 PM
 #4

This is true that people buying bitcoin for the sole reason is that they expect the price to go up would create a bubble, however I don't think this is why most people are buying bitcoin today. I think people are buying today to be able to use it aka spend it at stores that accept it for payment.
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September 01, 2014, 11:29:19 PM
 #5

Go wine on 4chan if you want some attention you moron.
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September 02, 2014, 12:05:41 AM
 #6

Time to come back to earth for a lot of the people here.  It was almost like people handing us money for so long.  I for one was like that til reality hit.
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September 02, 2014, 01:07:24 AM
 #7

Hal finney once said:

Quote
The danger is if people are buying bitcoins in the expectation that the price will go up, and the resulting increased demand is what is driving the price up. That is the definition of a BUBBLE, and as we all know, bubbles burst.


sadly, he was right about that, I think we are all spending too much time in the speculation forum, calling for bubbles and waiting when a new bubble will occur!!  many of us visit only this sub-forum, I my self do, a as an IT guy I should be ashamed of that, instead I should be spending time trying to give something back to this community, maybe try to offer services... anything will make the infrastructure stronger, except speculation and waiting for a bubble.

I did quit my job mainly to be more involved with this community, to make something that counts for, but I've been wasting my time and making worthless arguments about worthless subjects instead of doing something helpful.

try to spend less time on here and do more thinking about how to make Bitcoin a better experience.

Last wave of bubble is always hysterical. I am not convinced we are on the last leg of the bubble yet as most people still do not know or hold any bitcoin.

Wall Street money still not in bitcoin yet, the potential of how high bitcoin will go depend on sentiment of money manager.
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September 02, 2014, 01:22:45 AM
 #8

Hopefully, the last bubble won't 'burst'.
People will gradually get tired of waiting for the price to increase and then cash out. Then we won't see any sudden drops.


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Cluster2k
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September 02, 2014, 01:27:25 AM
 #9

One would logically think the run up within a year from $10 to almost $1200 was one hell of a bubble.  Trouble is it hasn't really burst.  Sitting around $450-$550 isn't really a burst level.  It would suggest speculators may be viewing the current price as somewhat of a floor, with anticipation of higher prices ahead (aka it can't possibly go any lower).  The biggest speculative bubble may yet be in front of us.  Cash in when it comes.

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September 02, 2014, 05:18:41 AM
 #10

People throw around the word "Bubble" when there hasn't been one.

Digital currency like all popular technology based assets follows an upward S-curve. These are price corrections as the value both financial and adoption increase exponentially
as infrastructure is put into place and user rate grows.

We won't see a real bubble until Wallstreet has jumped on board and everyone and their grandmother are using bitcoin. This will be at least another 2 years away but probably much longer
as unlike the dot com boom this isn't just a revolution in communication but also in banking, remittance,  digital commerce, black market, money laundering, wealth preservation, and as
Argentine demonstrates possibly even a reserve global currency, or the preferably way to be oil as Saudi Arabia has released a report that at least one of their think tanks are toying with
the idea.

Early adopters hoarding bitcoin while the infrastructure put into place is fine as it adds stability to the market price and keeps miners from getting screwed as they try to pay bills, while
day traders narrow the price fluctuations as they must compete with each other.

Now we are waiting for summer to be over and ETF's to go online which will bring in 100's of millions but of fresh blood but more importantly when a lot of rich individuals see that big name
Stock market groups are buying then they will be willing to put their own money in.

That's assuming the US economy holds together as it could fall apart at any time. 
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September 02, 2014, 06:11:47 AM
 #11

Mr. Finney was without question a genius ahead of his time.  He will be sorely missed.

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September 02, 2014, 06:47:56 AM
 #12

I agree. I don't know the exact statistics but I think it is safe to assume a majority of people who come into BTC are speculators waiting for the next big rise. That is why the alt section is so vibrant because people are constantly trying to speculate instead of actually use it.
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September 03, 2014, 02:52:50 AM
 #13

At least until now, in addition to do trading, I have not used Bitcoin once.
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September 03, 2014, 04:26:37 AM
 #14

The current value of BTC could be based on only 25% of the mined coins, the active ones. BTC still needs more demand before its full potential can be realized. I believe it is vastly undervalued, soon a Satoshi will be worth more then a penny

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