When will the Bitcoin bubble burst?

STEVE THE ADDICT^^^^^^""""-""""--'-"--^' wrote:

Many have already got rich. They can either hold or get in and out at the right time for quick profits.

Tulips didn't make tens of thousands of people millionaires. That comparison is nonsensical. Those who missed the boat clearly have some jealousy and animosity. They're hoping others fail because they're either too broke or too risk averse/scared to dive in when they secretly want to join the party.

It’s nonsensical in a discussion about bubbles to bring up tulip mania?

STEVE THE ADDICT^^^^^^""""-""""--'-"--^' wrote:

Tulips didn't make tens of thousands of people millionaires. That comparison is nonsensical.

"Tens of thousands of people" did not become millionaires because of bitcoin (unless their net worth was already in the $999K range before they bought in).

You become an actual millionaire when you sell off that crypto and put it in something much less volatile. Otherwise, it's just like owning Pets.com stock.

I'm not a bitcoin guy, but most of the criticisms of bitcoin could also be levied at gold. I would bet bitcoin will eventually surpass $200K, it will be above $30K 3 years from now, and it will be very close to $0 10 years from now.

I agree

mr38 wrote:

most of the criticisms of bitcoin could also be levied at gold

I disagree. Gold has physical uses that would cause it to have reasonable value outside of being an investment vehicle - it's used in electronics, dentistry, aerospace, gold jewelry looks nice and has appeal, etc. It might be costly to mine but once mined it doesn't have a high cost to transact, its pricing is not exactly stable but doesn't jump and drop too crazily.

Bitcoin on the other hand has only speculative value and value to criminals/online drug sellers/etc who would all be better suited by a more privacy-focused coin like Monero. It also uses way too much electricity for simple transactions, and due to the level of speculation the prices swings crazily.

L.A.'s Staples Center is getting renamed to Crypto.com Arena

Whoever designed the Bitcoin blockchain should be prosecuted for climate crimes against humanity. What a dumb world we live in.

China did the rational thing and banned crypto due to their energy crisis. US should follow.

mpaceplusone wrote:

Whoever designed the Bitcoin blockchain should be prosecuted for climate crimes against humanity. What a dumb world we live in.

China did the rational thing and banned crypto due to their energy crisis. US should follow.

I would tend to agree,

Does its benefits outweigh the environmental harm it causes? That would be a tough argument to make.

This is about the major reason I try to avoid dabbling in it.

Ernest wrote:

short seller wrote:

I'm guessing mid-2022. A few months after that, the bagholders will be left with nothing.

At least tulips and Beanie Babies still have a use.

There will always be demand for electronic fiat currency as long as Russian Hackers and Online Dope Dealers want to get paid. That genie ain't going back in the bottle. But Bitcoin speculation is what is really blowing the bubble - it's grossly overvalued relative to demand and ripe for collapse and wild fluctations - there is nothing or real value underpinning it except an enormous waste of electricity.

What is going to kill Bitcoin... and many block-chain type currencies, is Government regulation. Uncle Sam and all his kissing cousins want their piece of the action or, better yet, to take over the operation.

Yup. I think many libertarians champion BTC and other cryptos as this futuristic government defying currency but they don't realize that there really is no foundation for it. It's not immune to economic downturns, nor a hedge against inflation. Once the US bans it (if it does) it will collapse.

But even then it needs to have an actual use for everyday people and right now it can really buy you much. Then of course it's horribly energy inefficient.

Maybe it's the future, but it has a long, long way to go.

mpaceplusone wrote:

Whoever designed the Bitcoin blockchain should be prosecuted for climate crimes against humanity. What a dumb world we live in.

China did the rational thing and banned crypto due to their energy crisis. US should follow.

Thanks for sharing some Chinese propaganda. Lol.

cecevans wrote:

Yup. I think many libertarians champion BTC and other cryptos as this futuristic government defying currency but they don't realize that there really is no foundation for it. It's not immune to economic downturns, nor a hedge against inflation. Once the US bans it (if it does) it will collapse.

But even then it needs to have an actual use for everyday people and right now it can really buy you much. Then of course it's horribly energy inefficient.

Maybe it's the future, but it has a long, long way to go.

Bitcoin is already used to defy government crackdowns on bank accounts.

Debunking the environmental argument:

Crypto trade of turds wrote:

WinnytheBish wrote:

You guys keep saying BTC is fake and I'll keep making REAL money off of it.

Unrealized gains at the casino?

Nah, I've realized ALL of my gains.

El Keniano wrote:

Any time before the next halving in 2024. Expect tears and suicides all around.

I expect bloodbaths out on the streets. So many idiots with nothing have invested their life savings. This is the greatest con/Ponzi of human existence. El Salvadorians will burn everything the whole country down.

roller coaster wrote:

mpaceplusone wrote:

Whoever designed the Bitcoin blockchain should be prosecuted for climate crimes against humanity. What a dumb world we live in.

China did the rational thing and banned crypto due to their energy crisis. US should follow.

Thanks for sharing some Chinese propaganda. Lol.

Let’s burn some more coal at idled power plants for Bitcoin mega-miners! Makes total sense. People who spread crypto propaganda are a subtraction.

The bubble might have already burst. Bitcoin was at $63K at the time of the original post but is now at $39K.

Oh no! Its totally burst and bitcoin is done! Sound the alarm!

Bitcoin is now at $23K.

Down and down, and down it goes, and where it stops, nobody knows...

OP called it