
Bitcoin, the Biggest Bubble in History, Is Popping - samsgro
https://www.bloomberg.com/news/articles/2018-04-09/bitcoin-seen-popping-like-the-greatest-bubbles-by-bofa
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andrepd
What a silly article. The metric they use for reaching the conclusion that
bitcoin is the biggest (??) bubble in history is... peak multiple of an
arbitrarily defined "starting value"...

I don't know what's worse, the cargo cult of bitcoin or the reactionary hate.

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paulpauper
doesn't even qualify as an article. just a chart of some bubbles that have
popped implying that bitcoin is the same

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Pxtl
Viewed on a logarithmic scale it looks like an adjustment back to the trend-
line:

[https://blockchain.info/en/charts/market-
price?timespan=all&...](https://blockchain.info/en/charts/market-
price?timespan=all&scale=1)

~~~
totally
Why would it make more sense to look at this as log and not linear?

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delecti
Because of how exponential growth works, regardless of whether you consider
inflation, or the price of stocks or commodities to be more relevant to the
discussion of bitcoin.

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hapnin
Bitcoin is worth 5x what it was this time last year. BoA is huffing glue.

~~~
bdamm
Understanding of Bitcoin surely can be modeled, and the price and hash rate
are parts of that proxy model. Can its uptake be compared to other challenging
ideas, such as global climate change, or propagation of more effective forms
of government? Does this form of bubble, crash (but not as far), slow up-take,
and re-bubble (3x now for Bitcoin) compare at all to how other disruptive
concepts have been propagated?

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TekMol
That's the most absurd article ever. With 3 lines of text and laughable graph.
"Years from peak". There have been so many peaks in the history of Bitcoin,
what is the reason to think this is the final one? No word on that.

But hey, let's talk about Bitcoin? Why not! It's super interesting. I think
there is not enough real debate about it on HN!

I think we are facing a massive wave of change due to the crypto technology
that is currently developed. I expect it will be as big or bigger then the
internet. But I am skeptical about Bitcoins share in the long run. I doubt we
really need the mining. I expect that there will be new technologies that
enable crypto without proof of work. And they will become strong competition
to Bitcoin.

However, the market is so enormous that even with a small market share,
Bitcoin _could_ be worth the $100B it is currently traded for.

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prolikewhoa
Excellent, I can't wait for accellerated climate change & global warming from
even more mining! /s

This seems like fanboyism and marketing. Crypto around for 9-10 years now and
I haven't seen it change anything in the world for the better. I worked for
exchanges and worked on multiple crypto projects, but due to the nature of the
cryptocurrency community being extremely toxic, I could no longer handle the
death threats and pulled out of crypto entirely. Feel free to name something
that it's changed. What do you think it's going to change and how?

~~~
redblacktree
For one thing, it's much easier to buy drugs on the internet now. People can
use it to skirt capital controls. It may have some uses in money laundering.
You can gamble with crypto much more easily than with a credit card. These may
or may not be positive things, depending on your point of view, but they are
things that have changed.

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21
If the Internet is a series of tubes, well, Bitcoin is a series of bubbles.

~~~
bitxbitxbitcoin
With each one getting progressively bigger. Does that mean it is constantly
popping but sometimes inflating more than it is popping?

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prolikewhoa
You only have two samples. Not exactly a fantastic sample size.

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21
There are 2 other major ones in 2011 and start of 2013, so sample size 4.

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prolikewhoa
I'm only seeing two major rises when looking at the price chart (ALL). 2011
didn't make it past $20 and and 2013 was its rise to the Mt. Gox scam.

Are you also accounting for Mt. Gox creating the first one in Dec 2013?
Technically, there was only one real big non-manufactured rise and it happened
in late 2017.

You have a sample size of 1.

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jmagaro88
Sounds like it's time to buy.

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eaandkw2
Good. Maybe I can start shopping for graphics cards again.

~~~
jimmaswell
Graphics cards haven't been relevant to bitcoin in a long time, unless you
mean the ripple effect this might have on the price of other cryptos.

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ghostbrainalpha
The graphics card I want retails for $700. It is getting more and more
possible to find it at that price, but NEWEGG is still charging $1,000 for it.

So I think its a little premature to say that Graphics Cards unaffected by
crypto.

[https://www.digitaltrends.com/computing/cryptocurrency-
minin...](https://www.digitaltrends.com/computing/cryptocurrency-mining-
graphics-card-prices/)

~~~
darkstar999
> So I think its a little premature to say that Graphics Cards unaffected by
> crypto.

The person you responded to said "graphics cards haven't been relevant to
bitcoin" (not crypto)

Bitcoin isn't mined with GPUs any more. The GPU shortage is because of the
ethereum hype which is strongly linked to bitcoin hype.

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21
One important thing to know that many are not aware, is that banks don't trade
on their public research. Because it's useless. Nobody made any money trading
banks research ever.

If you have a real investment idea, you don't broadcast it to the world.

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gota
Is it 'popping' or _has it popped_? The other example bubbles don't all drop
to zero. Notably that 'gold' bubble (that I admit I've never heard of). I'll
say it has popped with certainty only when it's been years and the price
hasn't risen again.

Also what's with the Mississippi Company value having distinctive step-like
patterns? I assume they represent the banks refusing to pay for long periods

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411mrc
This kind of volatility is nothing new for Bitcoin. This kind of volatility in
an asset with that market cap is fairly rare.

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thisisit
Is it just me or does that read - _Mulriple_ from starting levels? If yes,
that is some poorly written and edited report.

