This is WHY Bitcoin is the mother of all Bubbles. What you must know about Bitcoin now if you own it, or if you're thinking about buying Bitcoin (which many don't know about Bitcoin now). Must read:
Bitcoin is already slower than other competing cryptos now.
Bitcoin has more expensive transaction fees than other competing cryptos now.
Bitcoin can handle much fewer transactions per second than other competing cryptos now.
Bitcoin has much less circulation that other competing cryptos now.
All these comparable facts above remain intact, even with Bitcoin's recent change.
With that, Bitcoin is already obsolete right now - today - and we have seen its peak in price, already. A further tell sign is when Goldman Sachs came out and pumped Bitcoin.
Yet, people blindly pump and praise Bitcoin as being the dominate crypto in the future - and many people blindly believe Bitcoin's empty-hype without acknowledging the comparable facts above, which is detrimental for Bitcoin.
Those buying $2750+ Bitcoin today is like seeing those buying inflated internet stocks in the dot.com bubble, when internet Companies were not making any money, they had fewer sales than their competitors, they had slower and smaller operations compared to their quicker and bigger competitors, and they were making much less money than than their competitors, or no money at all. Yet, people blindly poured in and bought internet stocks in the dot.com frenzy-fad-bubble without ever asking any questions, nor seeing the writing on the wall.
Likewise, many today are pouring in and buying Bitcoins in its short-lived-frenzy-fad-bubble, without ever asking any questions, nor knowing or acknowledging the comparable facts above that make Bitcoin obsolete right now - today. Such need to see the writing on the Bitcoin wall today.
Also, don't believe the hype that Bitcoin is anonymous; for whatever exchange you use has all your personal information and every time you buy or sell Bitcoin or whatever crypto, it's recorded in the blockchain and your exchange knows every transaction you make - and so does the Gov't.
Lastly, saying Bitcoin is one and the same "preservation of wealth" as owning physical gold and silver is massive deception by the Bitcoin pumpers. For buying Bitcoin at $2750 and seeing it crash down below $2000 again is devouring and decreasing your wealth; not preserving your wealth.
You may mock the price of gold, but you don't wake up seeing gold crashing down $600 or more, like you see with Bitcoin - and it will happen again.
Buying Bitcoin today is financial suicide.
endtimenews
Financial suicide might be taking it too far. Bitcoin will keep rising, and yes, there will be dips in price along the way. My advice is to buy the dips and sell when the price skyrockets (you can sell when you've made a 5-10% gain, but that's not going to make you rich).
While I respect your intelligence and the thoughtfulness you put into this article, Bitcoin is going to go way over $3000... even $50k in the next few years is reasonable. It is a store of value, and unlike gold, decentralized and portable. People who traditionally buy gold have already started replacing gold with BTC in their portfolios.
Bitcoin is the first crypto currency it was never hacked like other cryptocurrecnies there are other features that make the bitcoin a very valid a nd robust currency - the crypto gold.
I like and own gold and as you say it will not cost 20,000$/Kg (50% less) in one year time but it will also won't cost double - 80,000 it just keeps its value.
I think the price of the bitcoin is undervalued.
After the uncertainty we have now - facing the fork, the bitcoin shows resistance at levels of between 2000 and 2800 (it was less than 2000 in the beginning of may 3 month ago) I cannot assure what will happen in the future but i am positive that in 3 month time we will not see the price of bitcoin at 2800 any more as it will go probably to 3800 and above , as the price of bitcoin is very volatile - when it will be "crashing " people will say bitcoin went below 3000 loosing 30% of its value and than back (like now).
when more and more people will be aware of the cryptocurrencies and will start buying bitcoins the price of bitcoin will explode.
already we see now that big funds are starting to have interest in the bitcoin
check this article here below - even the Rothschild Investment Corporation are buying bitcoins
http://www.econotimes.com/Rothschild-Investment-Corporation-invests-in-bitcoin-via-Bitcoin-Investment-Trust-816275
any way ...only time will tell if bitcoin is a good investment or it is a bubble
@endtimenews, which cryptocurrency would you say is good to buy right now and when do you think bitcoin will crash again and by roughly how much?
Etherium is the one I think will go big next ... intel microsoft and JPMorgan are backing it I heard ... now they will take it over but it will go up from that kind of interest ... you are selling your soul to use there crypto but money and greed will rule the day as always ....
@thelifeofbrian good to know.
Physical gold and silver is good to buy right now.
That's a really interesting article. Thanks for a contrarian view. With all this hype it's easy to overlook the other side.
Where do you see the money flowing if it leaves Bitcoin?
Physical gold and silver will be the next stampede.
gold backed crypto like OneGram will be interesting ... upvoted
You only lose money when you sell :)
Not true. If you paid $2900 for Bitcoin and it never goes back up to $2900 ever again, you lose money the very second you bought $2900 Bitcoin. Don't be the last buyer in the Bitcoin Ponzi-scheme, lest you lose money.