Was too young to be around the dotcom bubble but was reading a little about it today and it feels eerily similar to crypto. IPOs doubling in their first day of trading. Investors blindly grabbing any new ICO.
investopedia.com
Wanted to know any anons experiences of those who lived through it. Any notable differences? Do you believe it's similar? If so, what to watch out for to avoid getting possibly burned? General thoughts?
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billions trillions etc etc
Every bubble has its own little difference, the tulip bulb bubble in the netherlands was the first one and the housing bubble in america was the last one. I did not have experience but I talked to my ex boss who was day trading in the 90s and he said it was exactly like the wolf of wall street.
Everything thats happening to this now is exactly the same thing. the only difference is that this is happening on a global scale with the only takers really being users under the age of 30. all the other bubbles happened to older people.
Shut up and buy the damn tulips. They'll only go up in value.
Very similar. During the dotcom bubble the dumbest businesses would get millions/billions of dollars. Same happening in crypto but the hype and pumping is much worse.
During dotcom at least the companies were regulated, now its a worse than the wild west.
I mean if we really are the Dotcom bubble, that means whoever picks the right few coins is going to be fucking loaded in 10 years
>Dotcom bubble was over $5 trillion in the US
>1 tulip would buy a house
>Crypto is $170 billion and is worldwide
>ayo buy dat shit
Anyone who thinks there's no risk of crash in crypto is an idiot and deserves to lose their money. The market can be literally crashed by Chinks and Gooks at a moments notice attempting to create a panic sale.
user here who was around the when the bubble blew and popped. We still have some way to go. Looking back the warning signs were there. The key is youre looking for overly exuberiant eye rolling media reporting. For example almost anytime you flipped unto CNBC you could see some news about some latest and great tech stock that was going to revolutionize the world. You had business magazines talking about millionaires under 25(all on paper). Stories non-ironically about guys who got VC funding with just an idea on a napkin. And how some teen became a millionaire after coding a simple script.
Mark Cuban getting into cryptoworld is definitely a redflag and recently i had someone ask me about bitcoin,( this person doesnt know how to print a document from an email).
Personally what i feel will happen is, there will be MASSIVE BLOODY price drop at which people will have two choices. Run and cry or Back the truck up and buy crypto like never before. But that will mean alot of shit-coins die due to people feeling burnt.
One thing you should know about human behavior...it never changes
like IOTA?
Like Iota.
Crypto is not a bubble. Fiat is just worthless. Fed printed trillions of dollars past 9 years and that reinflated the stock market and housing market so boomers could retire comfy after fucking up this country in a thousand different ways, and so bankers could retain their iron grip on power.
But now we have crypto and don't need bankers anymore, because the blockchain replaces all those supermoral (ya right) "trusted" (lol) middlemen who we needed to treat money with religious reverence to keep our economies going. Blockchain and crypto really are the future, and since fiat money is worthless, crypto literally cannot be in a bubble.
Market cap of all crypto is $160 billion. But there's $100 trillion of fiat in the world. And crypto enables growth in places that can't manage fiat economies because they don't have banks, lawyers, and universities and shit. So Crypto still has 2000% more to go, easily.
Within a generation too. 20 years. Pick good coins and you will be fine to retire.
Honestly yeah. I can see IOTA becoming the next big thing for crypto. Eventually the hardware for properly doing transactions perhaps gets put into to cell phones and we'll be paying for things with our phones at the store (assuming it picks up enough that transaction speeds will be incredibly fast)
yea thats why it tool 13 dollars and 45 fucking mins to send my freind some BTC
WOW THE FUTURE!! AMAZING
you idiot
>Blockchain and crypto really are the future
So how about IOTA with no fees and faster transactions the more people that use it?
you are the idiot for sending bitcoin to anything other than an exchange you fucking mong
Wat is monetary policy?
You realize the housing market crash happened because of loose regulations that allowed unsophisticated people access to insane credit, and it wasn't central banks gambling.
QE and the fed literally saved us from great depression 2.
Bitcoin is literally the worst crypto and is only valued so high because you can't by "alt-coins" with fiat. Newbies have to buy Bitcoin with fiat then trade bitcoin for altcoins on exchanges.
The only reason bitcoin is booming is because of demand for the altcoins and ico tokens that bitcoiners always trash lol. As soon as you can buy more shit directly with fiat the bitcoin will collapse.
We can let the banks collapse now though. What the fed did was flush the economy with a bunch of liquidity by printing infinite money and making the price of money free by setting interest rates to 0%.
But now we have crypto and infinite liquidity. The worst result of another big depression will be that no one has dollars to pay taxes unless the fed prints another $50 trillion. But we have infinite liquidity through cryptos and stuff like bancor now.
So crash these fucking banks with no survivors.
lol that guy looks like he's having a lot of fun with his sword :^)
>13 dollars
100% your choice to pick a fee that high holy shit
Transactions with much lower fees do go through.
Though with Lightning Network finally enabled by Segwit and coming soon, you'll be able to make instantly-confirmed transactions for tiny fees. For once, Bitcoin will be leading the pack rather than just being the conservative choice. I'm hype.
Now cue the BCH diehards who will claim stuff like the Lightning Network is what will kill BTC