>a rising price due to speculation that the price will rise
>people constantly trading it against the dollar, even though it has little real value
>at some point people are going to start selling en masse
When did you realize cryptocurrencies were a bubble?
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> "I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed, is a reliable e-cash." - Nine years later, Bitcoin was born. - by Professor Milton Friedman, 1999
Back in April. Then the bubble burst. Then the bubble formed again. Then the bubble burst. Now the bubble has formed again and will burst in the next 1-2 months. The cycle will repeat.
Mainstream investors still can't grasp the fact that this market has defied everything they know about investing/trading.
Also, based Milton.
exactly.
terrible choice of econ, op.
>a rising price due to speculation that the price will rise
Maybe not all of crypto, but you literally just described bitcoin. People are buying it solely because they want to sell it. No one even uses it as a digital currency because it's not even useful. It takes hours for a transaction to confirm, and it can't even handle the transaction volume of a medium sized walmart.
Don't try to deny it. You're only buying it because you expect it to go up. So is everyone else. 90% of the people in bitcoin now probably don't even know what blockchain technology is and don't care. If you ask them what bitcoin is, they'll vaguely say something about internet money or something and then tell you how it's going to go up in price and make them rich.
Bubble
>>at some point people are going to start selling en masse
Yep, selling it to Wall Street that will be buying crypto by the billions.
sure but it doesn't mean the price will go down. paintings, old cars, gold, etc. are all worthless to varying degrees and don't decrease in value.
If you tell anyone a convincing enough narrative, they believe it. Do you think people, especially millenials/gen z do much thinking?
Bitcoin will continue to go up as long as we're all alive due to the nature of it's scarcity (even if they're not worth anything) and because there are already enough people on it. Once enough people believe it, they tell all their friends and relatives.
If we would come to a point where bitcoin dropped significantly, a lot of people with money would FOMO and ignore rational thinking.
Cryptocurrencies are now the topic most talked about in a lot of financial circles. This became so big that going back is impossible
This to be honest. Didn't the coinbase CEO say there's $10 billion sitting on the side waiting to flow into crypto? 2018 is going to be insane.
>when OP realizes even his old ass hero predicted the importance of Bitcoin
>reliable e-cash
>bitcoin
kek best joke ive heard on biz
>being able to store your value outside of the reach of (((the government))) and move it across borders at any time has no value
When will you low IQ cucks realize that it not only has value, but it is the most valuable asset ever? (which means it's undervalued as fuck)
Here's the chart you should have posted OP. Hope this helps
the market cap of crypto has already increased 20 billion since 2 weeks ago...
>bitcoin is the only crypto
You're never gonna make it kid
Hello new friend. Market cap is only the most recent price multiplied by the number of coins, it doesn't actually mean a literal 20 billion rolled in. It means that if everyone paid what the most recent guy did, THEN a literal 20 billion rolled in.
>bitcoin hits ATH
>nocoiners start coping
every time. still waiting for someone to post the meme graph.
muh bubble
Literally Big if Literally True
That means we can all multiply our hodlings by 27 to discover the top (before inflation)
>"this time it's different"
aaaaaaarg
You're talking about bitcoin, not about the cryptocurrencies market as a whole.
People buy BTC with the sole reason, that they think BTC's price will keep rising. No other reason.
Other than:
>Muh digital gold
>Muh store of value
One day, that bubble will burst.
But the altcoins market is different. People buy projects; they buy ideas, companies etc. And these things have real life usage, solve existent problems etc.
That's why blockchain and cryptocurrencies are here to stay, but no guarantee with bitcoin.
It's a series of bubbles that rise, pop, then rise again. What I notice though is that in spite of the boom/bust cycle it seems to have resulted in a rising tide of valuation that sticks.
I came in after the first bubble, when it went from $1 up to $35, then collapsed back down to around $3. I've watched it shoot up past $100, then the bubble burst around $1000, then it build up again. I'm waiting on it to pop somewhere upwards of $10,000 when people sell in mass before I buy in, so I'm essentially skipping this round, but I'm guessing that the next resistance point will be just a bit before $25,000.
The volatility draws in high risk-tolerance people as early adopters, but hopefully it will stabilize enough to draw in larger markets who, ironically, will propel more short-term volatility.
op btfo
>muh dotcom bubble
That's nothing. Try x1000.
>please buy my bags I lost my BTC on shitcoins
what this user said. It's a series of bubbles
I don't see the big bubble popping anytime soon unless we're talking about trillions of dollars market cap.
says increasing nervous bagholder for the 191st time
>he doesn't realize bitcoin is different
literally, the dumbest shit i've read on Veeky Forums
Most recent was this weekend. Dragon slayer haha