https://www.cnbc.com/2017/07/20/bit...ip-mania-from-400-years-ago-elliott-wave.html I do not really subscribe to the waves but look at the charts. Pure madness. And this is article from July I think, was just searching for Tulip bubble chart.
And this just in... "Bitcoin thread-madness has gripped EliteTrader. A single thread which spawned many alt-threads, now consolidated into a main price thread, continues to spawn alt-threads in multiple forks."
I do believe Bitcoin is a massive bubble, but it is important to remember - Tulipmania was able to produce that crazy price chart in a country of 800,000 people, none who had access to digital media, social media, phones, text messages, online brokerages, etc. Bitcoin can be bought relatively easy by at least half our global population today with access to trillions of dollars in capital - when you think of things in that context, who knows how high this thing can climb.
shitz been out of control for some time now said long ago, there will be two classes of people , btc barons and you, their slaves hope you like cleaning toilets and scrubbing floors, because if you're not big in btc , you will be impoverished
Bitcoin is a service, and as such, only has value to the degree that that service is 'moat-able.' (The same is true for FB, AMZN, YHOO ("Ooops! Nearly gone!), AOL (Ooops! Gone!") When they can dig a moat, I'll take interest. But right now, they are a hackable hack product -- that *happens* to be fashionable. (Much like YHOO ate AOL's lunch, long ago. And MySPace ('Remember them?!?") drank YHOO's milkshake way back when. And how FB has completely p'owned MySpace & YHOO, and how, out there right now, is another party, looking at some service provider (LNKD?? MeetUp??) with a cludgy platform and an intrusive and hungry data engine, and sayyyyyyy, "Nope! You guys SUCK! We can do it better!" and the moat-breaching commences. How many block-chain purveyors are out there right now? Okay, how 'bout now? And now? By the time you type your answer, you're out-of-date. Bitcoin is a freakin' tulip. I'm not sayin' it's not *pretty!!! But it's jus' a freakin' flower. And with a smidge of time, "If you don't sell me the bulbs I want, I'll jus' go down the road to the next stand...." (And for the record, GOOG is in there, too -- both in terms of Milkshake Drinkers, AND in terms of .....shallow-moated technologies that I would recommend for investment only on the basis of earnings, earnings, and, oh yeah, earnings.)
Bitcoin (and other cryptos) erode the power of government, the only entity who is able to force people to do something... In a world where the predominant currencies are descentralized, free market rules... And in a Free Market, there are no "barons", except those that gain money through merit... But even the richest, in this model, can only get things by buying things from others... And since the rich need much more then people to clean toilets and scrub floors to live the kind of life they want to live, your hypothesis is completely flawed... On the other hand, in today's world of completely centralized currencies, it is EXTREMELY common to see real barons who do and produce absolutely nothing(a.k.a. government officials), but live as kings... And they do whatever they want with your money, especially through inflation, since they are the ones that print the money being used, which gives them almost unlimited power, including the power to create bubbles and crisis, such as the one in 2008 and 1929...
Your toilet cleaner may become richer than you.Think about it...s/he might have bought 100 bitcoins for pennies.