RE: Why I Buy Bitcoin During Crashes Despite Calling it a Bubble
Again, another good video by you, and you’re very intelligent....BUT again, you still are not addressing so many factors when I comes to a “bubble“.... again, first of all we have 1/2 of 1% of the world being involved in crypto, and a very huge demand from many who want to be involved but don’t know how, are not able to, or they are not ready yet. This fact alone shows that it is NOT a bubble. Supply vs. demand simply states the fact! Very few fiat gateways. They are expanding rappidly.
Just this week on Robinhood, 1.2 million users are waiting in line to use it to buy crypto. The square trade app is already having similar results. Coin base is still the number one downloaded app, with nearly 1,000,000 downloads every week. There is a HUGE demand, but it is difficult to get in. Exchanges are blowing up with new users, so much so that it can’t even handle the volume. Binance for example opens up, and in one hour time. Gets over 300,000 new users, in one hour! Not to mention, the United States stock market alone has around $27 trillion. Worldwide CryptoCurrency Market Capitalizations $500 billion. In looking at the supply and demand ratio there, there’s no comparison. If anything is a bubble, its the US stock market for sure. Just imagine when there is an 8 to 10% marketshare in crypto currency, which is just the beginning, and it takes up to 40 to 50% participation and marketshare. The potential for crypto currency to even eventually hit $100000,000,000,000.10 years down the road is a very real possibility. At that point, yeah, I’ll call it a bubble.
Also, you just don’t seem to believe crypto currency as a whole. Philosophically, looking at the technology, the projects, etc., doesn’t seem to play much of a factor for you. As David Hay says, I believe that in the same way we use the Internet now to access information, we will eventually have the same phenomenon with The way we access money in crypto currency.
It’s funny that in your mind you actually said that “you hope you are putting people at ease with this video.” I think your videos do anything but put people at ease LOL... quite the opposite, my friend... you are really good at freaking people out, and I think you kind of get off on it and a weird twisted way LOL. no surprise that you said yesterday in your video that it “pisses you off when people say ‘It’s FUD’”.... because you are the king of “FUD”. LOL... The notion of crypto currency being a “bubble“ is total bullshit. Plain and simple. It is FUD! The news that you referenced yesterday is total BS, twisted, and the reporters feed into that big time. Most of the news articles were total bullshit, from China, to South Korea, and now India. It is FALSE REPORTING! It is spreads FUD! People panic, and get out. It just is what it is.
Sorry for being so hard on you, I actually love your videos I watch them every time, but you drive me crazy! You nailed it on the Bifinex and tether issue months ago though, I’ve stayed away from that ever since.
Well said. There are lots of positive developments in crypto which are just being ignored by lots of commentators. Take for example, the Brazilian government developing an app based upon the Ethereum platform for petitions to its congress or the biggest public pension fund in Canada investing in Ethereum.
Long term investments in good crypto projects will pay dividends and help make the world become a better place to live in. There is a new project out called Medichain which gives patients ownership of their own medical data in a secure way and gives specialists access anywhere. It will help boost medical research. How good is that.
He is saying that it is a bubble.
Let's take Investopedia's definition of a bubble.
"A bubble is an economic cycle characterized by rapid escalation of asset prices followed by a contraction. It is created by a surge in asset prices unwarranted by the fundamentals of the asset and driven by exuberant market behavior. When no more investors are willing to buy at the elevated price, a massive selloff occurs, causing the bubble to deflate."
We could argue all day, but most of the people that got into cryptocurrencies in the past few months, especially Bitcoin weren't driven by utopian promises to unbanked the banked or banked the unbanked but by the prospect of making money. I know when my roommate got in, he couldn't care less about the tech. He wanted the moon and the lambos. I think it is safe to say that it is a bubble, like almost all financial asset are. A bubble is just a market pattern driven by human emotions. But it hasn't popped. It probably has a long way to go.
I love Bitcoin, don't get me wrong. But if you look at it from a technological stand point it is probably overvalued. It isn't ready for the masses and nothing tells us it ever will. Time will tell I guess.
I watched the video and it didn't freak me out at all. In fact I found it reassuring that he was buying BTC in this dips coz I was too. BTC has changed the world by bringing blockchain to the world. We have oppened Pandora's box, it can never be closed.
I don't think we should get attached to any particular coin and just look for the ones with the best real world applications and uses. Bitcoin might or might not survive but crypto will dominate for sure.
Anyway, you bring up some great points and it feels like there is so much room to grow still. Definitely stay out of tether, you're right about that.
A worthy arguement, gets my upvote