It's Not Just a Bitcoin Bubble – It's Far Worse
Seekingalpha needs to seek a better quality content and better quality writers.
Researching stocks - I finding these "wisdom" advisory gems from seekingalpha:
"While I wish I had held on to [stock that shoot up] until now (instead of selling post-Q2), I wouldn't be holding past this point."
In other words the writer affirms that he is a bad stock picker and immediately offers stock picking advise.
Lol
> That being said, blockchain technology is not Bitcoin. Blockchain technology will likely be revolutionary, while Bitcoin is essentially worthless.
People keep saying this but what exactly is the value proposition of blockchain again?
As a developer I've had many people reach out to me on how they can "bring their business to the blockchain". It's a stretch for most of them but there seems to be some fever among non-technical CEOs that they need to ride this wave.
Each Bitcoin transaction uses 100 - 200kwh. It's absurd if you think about it. Isn't this going to be what dooms block chain let alone Bitcoin?
For what it’s worth, there are 2 insights here:
1. Cryptocurrency is a bubble.
2. Surface-level associations or mere mentions of associations with cryptocurrency is a bubble.
Both are reliant on the vague “bubble” term, but I think #2 is the conversation that not enough people are having. Most people I know who discuss cryptocurrency on a daily basis care next to nothing about what it is for, or the technology involved. They are entirely captivated by something limited to buzz, and anything beyond that or in oppositition to it is processed by them as unsavory.
This observation, at least, decidingly bysteps debate over whether cryptocurrency has value, and points to the incredible amount of willful delusion invited by it’s fans. This phenomenon is of course attributed to so much of how late capitalism persists. But, when it happens on such a bloated level around something that should by any sober account be a critical ordeal, there is some significance to that conversation.
The particular observations of mere phonetical and marginal associations with blockchain leading to overnight exhorbitant values should be understood as a very seperate discussion from “Is crypto a bubble?”.
Have the greedy every changed the world, for the better?
Bitcoin adopters continue to religiously engage the same fraud that was adopted by initial promoters, peddling fantasies about decentralization, anonymity, transaction costs and taking on the global banking system. None of this is real, and on the last the slightest hint of adoption by the establishment send prices soaring and palpable excitement among supporters.
So if it has no utility, with supporters who lie, then where are the absurd valuations coming from? Bitcoin exists without relation to economics, demand, utility or value, and with negative externalities for efficiency and the environment making rational discussion redundant.
Why bother creating value to generate revenue, when you can print the revenue, literally. It's like a group of people get together to make IOU tokens and are convinced the world will one day accept their paper. Well if it has some utility the world may, but not simply because you want to gain something for nothing.
> So, if it can’t be used as a currency to buy anything, and when you “invest” in it you’re not having any ownership in a company, what is it truly worth? What is a fake coin in your electronic wallet truly worth?
What is SeekingAlpha.com truly worth? What is a fake newspaper on your electronic screen truly worth? What is the software you used to write the article worth?
The value of digital assets lies in their usefulness, and how many people use them. The usefulness of the software "Bitcoin" is that it allows people to store a record of value -- like the numbers in your bank account -- in a reliable, secure, trust-worthy, fungible way that is practically immune to corruption, control, and seizure, and can be transferred to anyone else anywhere in the world almost instantly, for practically free.
But that's just Bitcoin, the very first of its kind. The thriving technology ecosystem that Bitcoin birthed is boiling over with potential.
Far too simplistic view IMHO.
Outline link for those who run into the signup wall:
This has been said over and over again among enthusiasts — I don't really know what value this article adds, in all honesty.
Here come the naysayers.
>What is a fake coin in your electronic wallet truly worth?
How much is the piece of paper in your wallet worth?
Maybe bitcoin will burn and crash or maybe it will be a million dollars a piece. We don't know. People are buying bitcoin and that is driving the prices up. South Korea has been the biggest buyer of BTC (perhaps fear of NK?)
Don't confuse the value of a cryptocurrency (Bitcoin) with companies that are riding it's wave
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I don´t think so, clickbait
Bitcoin is not a bubble, it's a pin.