Vlog #93: Bitcoin is worse than Tulip Mania! (according to bankers, lol)
It appears we are in a Bitcoin Bubble according to JP Morgan Chase chief executive Jamie Dimon.
Apparently, it's worse than Tulip Mania.
The Tulip Mania bubble is very famous. At some time in history (17th century), the Dutch went nuts for tulips and the price shot up to extreme levels.
It is said that some tulips sold for over 10x a skilled craftsman salary.
When the people collectively realized this was nuts, the price plunged and the bubble popped.
But Bitcoin is worse, so I'm told by a guy who's industry is under threat if cryptocurrencies succeed. I think that's funny.
If only they were this good at warning us of a housing bubble.
The total cryptocurrency market cap is 140 billion dollars. Bitcoin is 65 billion. That is less than the European Central Bank print every month to keep the economy going.
The debt of the US just went through 20 trillion (20.000 billion). Just to put it in some more perspective.
I'll think I'll keep my crypto for a while longer!
Have a great day.
Bitcoin SwC Poker, download and use affiliate code: Blazin8888
► Watch on DTube
► Watch Source (IPFS)
Nice and interesting post. I think cryptocurrencies can look everything from undervalued to tulip-mania style according to how you look at things. Money are really just a medium of exchange, but most people are brainwashed for far too long to understand this. Also, nobody I know except some close friends know what the fractional reserve banking is. The fiat monetary system itself it a bubble. I do believe that blockchain technology is going to revolutionise the monetary system, but how this will affect the price of digital assets, I do not know. I remember watching this video with Peter Thiel that the X value an entity creates is independent of the value it captures Y% of X.
When I have time, I'll watch this. Looks interesting. Thanks!
Really glad you touched on this topic. For an asset to be considered in a bubble it's price must have inflated to much greater levels than the fundamental value of the asset where the average person can no longer afford it. As we know, it's ludicrous to say BTC is in a bubble b/c it can be purchased in a fractional nature. The term "bubble" is the one of the favorite terms the financial sector likes to throw around to create FUD in any markets nowadays.
The crypto market is so small, (along with the Gold and Silver markets) that's it's quite easy to manipulate by spinning a narrative to create fear and uncertainty. One thing BTC has going for it write now is that it can't be shorted by paper derivatives, but the the financial sector is working to fix that in the future by creating derivatives exchanges where this will be possible.
You hit the nail on the head about cypto being a major threat to the banking sector, in my opinion it's their greatest threat they've ever faced. The mainstream acceptance of crypto which would inevitably promote peer to peer exchanging of funds would cost them hundreds of billions annually in fees, and if a crypto lending system would ever be developed, derailing their fractional reserve banking system, it would make them obsolete.
It will be quite interesting to see how hard the banks push back against crypto in the coming years as more and more people discover the many positives crypto currencies can bring to their lives. Great topic and have a great day brother!!
Yes, I also think we are far away from a bubble if you can even call it that. I wish you a fantastic day as well, and thanks again for an awesome comment.
nice post @exyle, no doubt many govt and bankers want to destroy bitcoins bcoz it is one of the biggest threats for them, but it's upto peoples now how they can see bitcoin, i think bitcoin is fantastic, bitcoin really destroy the involvement of any third party and peoples now buy many things online with bitcoins and many peoples have their savings in bitcoins, so these developments makes bankers and govt. crazy and they just want to stop the growth of cryptos, but i like to say that trying to ban cryptos is just like trying to ban rain, impossible. Thanks for sharing
Thanks for uploading on YouTube too because dtube doesn't work for me! It seems like something suspicious might be going on, possibly big bankers trying to suppress the price so that they can buy in at a lower point?
It works ok for me now, but I heard it's not working for everyone right now, hence I use a SD youtube backup :)
Sup bro ? Still waiting for your installment on part 3 of your previous post.
That aside, the fact that bitcoin is compared to the tulip mania by someone who's main source of income comes from the centralized monetary system is laughable.
The tulip mania is driven primarily by speculation with little use save for a little bit of aesthetics purposes. Bitcoin on the other hand; may not be completely devoid of speculations but it is afterall the branding of the blockchain technology where application is only limited to our creativity.
it is also funny how the person who came out with such a comment is actually trying to implement a blockchain of their own.
Part 3 will come at some point don't worry :). I also think the guys comments are funny.
I actually don't trust the opinion of anyone who's industry is directly threatened by it. BTC is not like Tulipmania in that in actually has a good real world use. It can be used as a source of payment to others who accept it. Others use it as a store of wealth in countries that suffer from hyperinflation of their fiat currencies. Just these two things alone are a lot more than you could have done with Tulips in the past.
Even though some altcoins are bubbles , bitcoin and its blockchain technology is a great threats to bankers and governments , hence they wil surely attack it however we the people will stand firm and make it a success including steemi(pls see my post for some tips). Another good post and vlog from you my buddy, keep it up and more success
Thanks, man!
welcome and more success to you bud
How can you say such bad things about a man who tries his best to protect us from losing money. This JP Morgan man is some kind of mother Theresa, who has nothing but our interests at heart. No, he more like some angel sent to us by God Himself to make sure we do not fall into these evil traps.
lol :)
I think you're thinking of JG Wentworth
LOL
By holding a combination of precious metals, bitcoin and Steem, we can be personally insulated from the big banks and bankers. The evils of the fiat currencies and the debt based economic system will cause their product to rot through inflation... just like tulips.
Why all of a sudden bitcoin is been attacked from every side?
So the weak hands will sell and the rich will continue collecting.
I also feel strange-bitcoin being attacked from every side all of sudden!
Wow yea why is bitcoin being attack from every side now?